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Projects M, J, and P – the Vogtle Units 3&4 Project

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MEAG Power, through the Vogtle Units 3&4 Project Entities, is also a participant, along with GPC, OPC and Dalton, in Vogtle Units 3&4. Vogtle Units 3&4 will consist of two Westinghouse AP1000 reactors, each with a nominally rated generating capacity of 1,102 MW.  MEAG Power’s ownership interest in Vogtle Units 3&4 was 22.7 percent, representing 500.308 MW of nominally rated generating capacity. 

MEAG Power structured its ownership interest in Vogtle Units 3&4 into three separate projects. The first project (“Project M”) comprised approximately 33.871 percent of MEAG Power’s ownership interest, representing 169.458 MW of generating capacity based upon the nominal rating of Vogtle Units 3&4. The second project (“Project J”) comprised approximately 41.175 percent of MEAG Power’s ownership interest, representing 206.000 MW of generating capacity based upon the nominal rating of Vogtle Units 3&4. The third project (“Project P”) comprised approximately 24.955 percent of MEAG Power’s ownership interest, representing 124.850 MW of generating capacity based upon the nominal rating of Vogtle Units 3&4. 

Project M, Project J, and Project P are collectively referred to as the “Vogtle Units 3&4 Projects.” On June 24, 2015, MEAG Power transferred its ownership interest in Vogtle Units 3&4 to the Vogtle Units 3&4 Project Entities. As a result of its entry into the Vogtle Units 3&4 Power Purchase Agreements, MEAG Power is entitled to all of the capacity and output of each Vogtle Units 3&4 Project Entity’s Ownership Interest in Vogtle Units 3&4, and the Vogtle Units 3&4 Projects now include all of MEAG Power’s right, title, and interest in and to the capacity and output of such Ownership Interests.

Project M, Project J, and Project P are supported by take-or-pay power sales contracts with 29, 39 and 39, respectively, of MEAG Power’s Participants, which are entitled to a percentage, or Entitlement Share. In addition, Project J and Project P are supported by take-or-pay purchase power agreements with JEA and PowerSouth Cooperative, respectively, for the first 20 years of operation after the commercial operation date of each unit.

Each Participant, JEA, and PowerSouth are obligated to pay a percentage, equal to its Entitlement Share, of MEAG Power’s costs with respect to such generation facilities. To the extent capital improvements for these projects are not paid from revenues, the costs are financed under the Project M Resolution, Project J Resolution or Project P Resolution, respectively.