MEAG Power

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MEAG Power

Issuer Type: Power/Gas

Bond Ratings

1 of 8

Project One Senior Lien

Moody's
A1
S&P
A
Fitch
A-

Project One Subordinated Lien

Moody's
A2
S&P
A-
Fitch
BBB+

General Resolution Projects Senior Lien

Moody's
A1
S&P
A
Fitch
A-

General Resolution Projects Subordinated Lien

Moody's
A2
S&P
A-
Fitch
BBB+

Combined Cycle Project

Moody's
A1
S&P
A-
Fitch
BBB+

Vogtle Units 3&4 Project M

Moody's
A2
S&P
A
Fitch
BBB+

Vogtle Units 3&4 Project J

Moody's
Baa1
S&P
A
Fitch
BBB+

Vogtle Units 3&4 Project P

Moody's
Baa2
S&P
BBB+
Fitch
BBB+
Edward E. Easterlin

On behalf of MEAG Power, I would like to welcome you to our investor relations website. We appreciate your interest and investments in MEAG Power bonds. They allow us to make critical investments in public infrastructure throughout our service area.

I hope you find this website useful as you seek to better understand the credit fundamentals of MEAG Power. Please don't hesitate to contact our team with any questions. Thanks again for your interest in our bond program.

Edward E. Easterlin, Senior Vice President and Chief Financial Officer

News & Highlights

April 26, 2021

News
Final module placed for Vogtle 3 & 4 project

The following is a Georgia Power news release:

All modules for the Plant Vogtle units 3 & 4 nuclear expansion project have now been set, as a massive water tank has been lifted into place atop the Unit 4 containment vessel and shield building roof. The placement also represents the last major crane lift at the project site.

The Passive Containment Cooling Water Storage Tank, known as CB-20, is a major part of the AP1000 reactor's advanced passive safety system. Standing 35 feet tall and weighing more than 720,000 pounds, the large component will hold approximately 750,000 gallons of water ready to flow down in the unlikely event of an emergency to help cool the reactor. The water can also be directed into the used fuel pool, while the tank itself can be refilled from water stored elsewhere on site.

The AP1000 plant's passive safety systems require no operator actions to mitigate potential emergency situations. These systems use only natural forces such as gravity, natural circulation and compressed gas to achieve their safety function. No pumps, fans, diesels, chillers or other active machinery are used, except for a few simple valves that automatically align and actuate the passive safety systems.

For more information:

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April 26, 2021

News
Vogtle Unit 3 begins Hot Functional Testing

The following is a Georgia Power news release:

Hot functional testing has begun for Vogtle Unit 3. Hot functional testing marks the last series of major tests underway for the new nuclear unit ahead of initial fuel load. The testing represents a significant step towards operations and providing customers with a reliable, carbon-free energy source for the next 60 to 80 years.

Hot functional testing is conducted to verify the successful operation of reactor components and systems together and confirm the reactor is ready for fuel load. As part of the testing, the site team will begin running Unit 3 plant systems without nuclear fuel and advance through the testing process towards reaching normal operating pressure and temperature.

Over the next several weeks, nuclear operators will use the heat generated by the unit’s four reactor coolant pumps to raise the temperature and pressure of plant systems to normal operating levels. Once normal operating temperature and pressure levels are achieved and sustained, the unit’s main turbine will be raised to normal operating speed using steam from the plant. During these series of tests, nuclear operators will be able to exercise and validate procedures as required ahead of fuel load. Hot functional testing is expected to take six to eight weeks.

For more information:

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January 25, 2021

News
Plant Vogtle Unit 4 begins Integrated Flush

The following is a Georgia Power news release:

Plant Vogtle Unit 4 has begun integrated flush, the testing process that pushes water through the permanent plant system piping that feeds into the reactor vessel and reactor coolant loops. This is the latest in a number of significant milestones recently achieved at the Vogtle nuclear expansion project and marks another step towards operations and providing customers with a clean, carbon-free energy source.

Last month the project received the historic first nuclear fuel shipment for Vogtle Unit 3, placed the two-million-pound roof of the Vogtle Unit 4 shield building and completed the pre-operational condenser vacuum test of the Vogtle Unit 3 turbine system in preparation for hot functional testing.

Integrated flush represents a critical step as the process is key to helping ensure the safe startup of Unit 4 and marks the start of extensive testing ahead for the unit's systems. Over the next few months, site personnel at the Vogtle nuclear expansion project will work through this process to clean and test the system piping ahead of testing of Unit 4.

For more information:

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