Friday, May 1, 2009

Oglethorpe Power Closes Purchase of Heard County Power Generation Facility

Oglethorpe Power Corporation has closed on its purchase from Dynegy Inc., of that company's Heard County Power Generation Facility and associated power purchase contract. The total cost was $105 million. Oglethorpe Power and Dynegy had announced a deal for the purchase on February 25, 2009.

The natural gas-fired plant is an approximately 500-megawatt peaking facility, located in Heard County, Georgia. Since 2003, several of Oglethorpe Power's member cooperatives have received the output of the facility through a power purchase contract that terminates in 2015. After the contract expires, the facility will be available to help meet the needs of most of Oglethorpe Power's member cooperatives.

"We look forward to adding the Heard County plant to our power generation portfolio to serve the existing contract and for expanded use at the end of the contract period," said Elizabeth B. Higgins, Executive Vice President and Chief Financial Officer of Oglethorpe Power Corporation.

Oglethorpe Power Corporation (OPC) is the nation's largest power supply cooperative with approximately $5 billion in assets serving 38 Electric Membership Corporations which, collectively, provide electricity to 4.1 million Georgia citizens. A proponent of conscientious energy development and use, Oglethorpe Power balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 4,700 megawatts (MW), as well as purchased power. Oglethorpe Power was established in 1974 and is owned by its 38 Member Systems. It is headquartered in Tucker, Georgia.

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