/PRNewswire/ -- Oglethorpe Power Corporation today completed the purchase of two natural gas-fired, combined cycle generating units in Murray County, Ga. with the acquisition of KGen Murray I and II, LLC, a wholly owned subsidiary of KGen Power Corporation. The purchase price was approximately $529 million, including working capital and other closing adjustments.
The two Murray units represent an aggregate summer planning reserve generating capacity of about 1,220 megawatts (MW). This brings Oglethorpe Power's total owned generating capacity to approximately 7,048 MW.
The Murray acquisition also includes an existing power purchase and sale agreement with Georgia Power Company for the entire output of Murray I through May 31, 2012. Initially, both units are planned to be operated independently of the other generating facilities owned and operated by Oglethorpe Power but will be integrated into the system as needed.
Oglethorpe Power first disclosed that it was negotiating to purchase some then-unnamed natural gas facilities in October 2010 and followed in January 2011 with an announcement that it had signed a purchase and sale agreement for the Murray units, subject to applicable regulatory approvals and approval by KGen stockholders.
"We couldn't be more pleased with today's acquisition," said Elizabeth B. Higgins, executive vice president and chief financial officer. "This purchase gives Oglethorpe Power and our Member Systems a significant block of generating capacity at a very reasonable cost without the added time and additional expense of constructing a new facility."
In purchasing the Murray units, Oglethorpe Power has now officially canceled construction of a planned 605-megawatt, combined cycle generating plant that was in the siting stage.
Ms. Higgins said Oglethorpe Power expects long-term financing for the Murray units to come primarily from loans guaranteed by the Rural Utilities Service (RUS). Taxable bonds would make up the difference for any amount not funded through the RUS loan program.
Oglethorpe Power Corporation (OPC) is the nation's largest power supply cooperative with more than $7 billion in assets serving 39 Electric Membership Corporations which, collectively, provide electricity to 4.1 million Georgians.
A proponent of conscientious energy development and use, OPC 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 7,048 MW, as well as purchased power.
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Showing posts with label oglethorpe. Show all posts
Showing posts with label oglethorpe. Show all posts
Friday, April 8, 2011
Tuesday, February 1, 2011
Oglethorpe Power to Purchase Combined Cycle Units
/PRNewswire/ -- Oglethorpe Power Corporation announced today that it has entered into a purchase and sale agreement with an affiliate of KGen Power Corporation to acquire two combined cycle generating facilities in Murray County, Ga.
The Murray I and Murray II natural gas units, located just outside Dalton, Ga., have a combined summer planning reserve generating capacity of approximately 1,220 megawatts. The purchase price, exclusive of working capital and other closing adjustments, is approximately $531 million.
Oglethorpe Power announced in October 2010 that it had entered a non-binding agreement to purchase existing gas-fired facilities but did not identify the seller or location for reasons of confidentiality. Since that time, the corporation has completed its due diligence, and its Board and Member Systems have approved the transaction.
The acquisition is still subject to applicable regulatory approvals, the approval of KGen Power stockholders, and other customary closing conditions. If the transaction is completed, closing is expected in April 2011.
"This acquisition of an existing, low-cost and proven facility in Georgia to help meet our Members' future power supply needs is a good strategic fit for our power supply portfolio," said Elizabeth B. Higgins, executive vice president and chief financial officer. If successful, this will be Oglethorpe Power's third power generating facility acquisition over the last two years.
Oglethorpe Power will cancel a 605-megawatt combined cycle plant currently under development if the Murray purchase is completed. The corporation had not announced a final location for that facility but had been considering property it already owns in Monroe County, Ga., among other options.
Independently from the combined cycle facilities acquisition, Oglethorpe Power has deferred development of a previously announced 100-megawatt biomass plant in Warren County, Ga. as it continues to monitor regulatory and legislative developments related to biomass electricity generation.
Oglethorpe Power engaged Sutherland as legal counsel for the transaction and is not utilizing a financial adviser.
Oglethorpe Power is the nation's largest power supply cooperative with approximately $6.5 billion in assets, serving 39 Electric Membership Corporations (EMCs) providing power to more than 4.1 million Georgians.
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 5,790 megawatts (summer planning reserve capacity), as well as purchased power.
Oglethorpe Power was established in 1974 and is owned by its 39 Member Systems. It is headquartered in Tucker, Ga.
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The Murray I and Murray II natural gas units, located just outside Dalton, Ga., have a combined summer planning reserve generating capacity of approximately 1,220 megawatts. The purchase price, exclusive of working capital and other closing adjustments, is approximately $531 million.
Oglethorpe Power announced in October 2010 that it had entered a non-binding agreement to purchase existing gas-fired facilities but did not identify the seller or location for reasons of confidentiality. Since that time, the corporation has completed its due diligence, and its Board and Member Systems have approved the transaction.
The acquisition is still subject to applicable regulatory approvals, the approval of KGen Power stockholders, and other customary closing conditions. If the transaction is completed, closing is expected in April 2011.
"This acquisition of an existing, low-cost and proven facility in Georgia to help meet our Members' future power supply needs is a good strategic fit for our power supply portfolio," said Elizabeth B. Higgins, executive vice president and chief financial officer. If successful, this will be Oglethorpe Power's third power generating facility acquisition over the last two years.
Oglethorpe Power will cancel a 605-megawatt combined cycle plant currently under development if the Murray purchase is completed. The corporation had not announced a final location for that facility but had been considering property it already owns in Monroe County, Ga., among other options.
Independently from the combined cycle facilities acquisition, Oglethorpe Power has deferred development of a previously announced 100-megawatt biomass plant in Warren County, Ga. as it continues to monitor regulatory and legislative developments related to biomass electricity generation.
Oglethorpe Power engaged Sutherland as legal counsel for the transaction and is not utilizing a financial adviser.
Oglethorpe Power is the nation's largest power supply cooperative with approximately $6.5 billion in assets, serving 39 Electric Membership Corporations (EMCs) providing power to more than 4.1 million Georgians.
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 5,790 megawatts (summer planning reserve capacity), as well as purchased power.
Oglethorpe Power was established in 1974 and is owned by its 39 Member Systems. It is headquartered in Tucker, Ga.
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Wednesday, May 26, 2010
GreyStone Power Corporation Enters Into $600 Million + Power Purchase and Scheduling Agent Services Agreement with Morgan Stanley Capital Group
/PRNewswire/ -- On May 12, 2010, the Board of Directors of GreyStone Power Corporation ("GreyStone") approved a five-year Power Purchase and Scheduling Agent Services Agreement with Morgan Stanley Capital Group. The Agreement is valued at more than $600 million.
Background
GreyStone is a member-owned, non-profit rural electric distribution cooperative located on the west side of Atlanta serving portions of eight metropolitan Atlanta counties. Its main office is located at 4040 Bankhead Highway, Douglasville, GA 30134.
GreyStone is one of the largest members of Oglethorpe Power Corporation, the generation supplier from which GreyStone purchases most of its power needs. Under its agreement with Oglethorpe, GreyStone is permitted to procure its remaining power requirements from competitive wholesale power suppliers if it so chooses.
Morgan Stanley Capital Group is a subsidiary of Morgan Stanley and is engaged in wholesale sales and purchases of electricity throughout the United States, including Georgia. Morgan Stanley has been an active participant in the Georgia market for a number of years.
GreyStone conducted a competitive procurement beginning in January by issuing a form of agreement to a selected list of potential power suppliers. GreyStone negotiated an agreement with each potential power supplier and asked each to price their respective agreement. GreyStone selected Morgan Stanley from the competing power suppliers based on the consideration of price and contract terms.
The Power Purchase and Scheduling Agent Services Agreement
The agreement provides that Morgan Stanley will schedule the energy from GreyStone's resources or provide power from the market, whichever is more economical, to serve all of GreyStone's load.
The agreement will allow GreyStone to adapt to changing legal, public policy and regulatory requirements, and to purchase renewable and alternative energy, and implement demand response, net metering and other new technologies.
Gary Miller, the President and Chief Executive officer of GreyStone, stated: "We selected Morgan Stanley after an extensive and competitive procurement process in which we sought the best combination of price and contract terms. We were pleased with Morgan Stanley's willingness to work with us and believe we have obtained a well priced agreement for GreyStone's members that also provides flexibility to adapt to changing circumstances in the future."
Alex Tolstykh, Managing Director and Head of Southeast/Mid-West Power and Gas at Morgan Stanley said: "We are excited to be selected as supplier to GreyStone and look forward to doing a great job serving GreyStone's power needs during the contract and beyond."
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Background
GreyStone is a member-owned, non-profit rural electric distribution cooperative located on the west side of Atlanta serving portions of eight metropolitan Atlanta counties. Its main office is located at 4040 Bankhead Highway, Douglasville, GA 30134.
GreyStone is one of the largest members of Oglethorpe Power Corporation, the generation supplier from which GreyStone purchases most of its power needs. Under its agreement with Oglethorpe, GreyStone is permitted to procure its remaining power requirements from competitive wholesale power suppliers if it so chooses.
Morgan Stanley Capital Group is a subsidiary of Morgan Stanley and is engaged in wholesale sales and purchases of electricity throughout the United States, including Georgia. Morgan Stanley has been an active participant in the Georgia market for a number of years.
GreyStone conducted a competitive procurement beginning in January by issuing a form of agreement to a selected list of potential power suppliers. GreyStone negotiated an agreement with each potential power supplier and asked each to price their respective agreement. GreyStone selected Morgan Stanley from the competing power suppliers based on the consideration of price and contract terms.
The Power Purchase and Scheduling Agent Services Agreement
The agreement provides that Morgan Stanley will schedule the energy from GreyStone's resources or provide power from the market, whichever is more economical, to serve all of GreyStone's load.
The agreement will allow GreyStone to adapt to changing legal, public policy and regulatory requirements, and to purchase renewable and alternative energy, and implement demand response, net metering and other new technologies.
Gary Miller, the President and Chief Executive officer of GreyStone, stated: "We selected Morgan Stanley after an extensive and competitive procurement process in which we sought the best combination of price and contract terms. We were pleased with Morgan Stanley's willingness to work with us and believe we have obtained a well priced agreement for GreyStone's members that also provides flexibility to adapt to changing circumstances in the future."
Alex Tolstykh, Managing Director and Head of Southeast/Mid-West Power and Gas at Morgan Stanley said: "We are excited to be selected as supplier to GreyStone and look forward to doing a great job serving GreyStone's power needs during the contract and beyond."
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Wednesday, March 10, 2010
Oglethorpe Power To Build Gas-Fired Generating Plant
/PRNewswire/ -- Oglethorpe Power Corporation will construct a new 605-megawatt, natural-gas-powered "combined-cycle" generating facility in Georgia to help meet the growing energy needs of its members, the company announced today. The corporation recently received final approval from its member EMCs to proceed with the project.
The facility, which represents a capital investment of about $750 million (including interest during construction), will use natural gas to produce electricity and will gain additional efficiency by capturing waste heat from the combustion process and using it to generate more power. The final location for the project has not yet been determined. However, land already owned by Oglethorpe in Monroe County, as well as several other unspecified sites, will be considered.
Oglethorpe Power Chief Operating Officer Mike Price said combined cycle facilities offer many benefits, including very high efficiency, low emissions and good track records for reliability. "We expect this facility to be an outstanding addition to our power generating portfolio, providing clean, reliable electricity for our member owners throughout the state," Price said.
Over the coming months, Oglethorpe Power will be evaluating several potential sites for the plant, then will make a decision on a preferred location. Construction on the facility would begin in 2013, and the plant would become operational in 2015. About 22 full-time employees would operate the facility. In addition, up to 250 workers would be needed during the approximately 30-month construction period.
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The facility, which represents a capital investment of about $750 million (including interest during construction), will use natural gas to produce electricity and will gain additional efficiency by capturing waste heat from the combustion process and using it to generate more power. The final location for the project has not yet been determined. However, land already owned by Oglethorpe in Monroe County, as well as several other unspecified sites, will be considered.
Oglethorpe Power Chief Operating Officer Mike Price said combined cycle facilities offer many benefits, including very high efficiency, low emissions and good track records for reliability. "We expect this facility to be an outstanding addition to our power generating portfolio, providing clean, reliable electricity for our member owners throughout the state," Price said.
Over the coming months, Oglethorpe Power will be evaluating several potential sites for the plant, then will make a decision on a preferred location. Construction on the facility would begin in 2013, and the plant would become operational in 2015. About 22 full-time employees would operate the facility. In addition, up to 250 workers would be needed during the approximately 30-month construction period.
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Wednesday, October 14, 2009
Oglethorpe Power Closes Purchase of Hartwell Electric Generating Plant
/PRNewswire/ -- Oglethorpe Power Corporation has closed on its purchase of the Hartwell electric generating plant from International Power and its partner. The purchase price for the northeast Georgia facility was $148.5 million, which includes approximately $53.5 million of existing project level debt that Oglethorpe Power paid off at closing.
Oglethorpe Power previously purchased the entire output of the approximately 300-megawatt oil and gas-fired plant under a contract set to expire in 2019. A right-of-first refusal clause in that contract gave the corporation first purchase rights to the facility if it was sold. In April of 2009, International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself. In July 2009, Oglethorpe Power notified the plant's owner that it would purchase the facility.
"Purchasing and operating the Hartwell facility as part of our own generating portfolio will help ensure that the plant continues to provide needed peaking power to Georgia's EMCs and the citizens of our state," said Elizabeth B. Higgins, Chief Financial Officer of Oglethorpe Power.
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Oglethorpe Power previously purchased the entire output of the approximately 300-megawatt oil and gas-fired plant under a contract set to expire in 2019. A right-of-first refusal clause in that contract gave the corporation first purchase rights to the facility if it was sold. In April of 2009, International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself. In July 2009, Oglethorpe Power notified the plant's owner that it would purchase the facility.
"Purchasing and operating the Hartwell facility as part of our own generating portfolio will help ensure that the plant continues to provide needed peaking power to Georgia's EMCs and the citizens of our state," said Elizabeth B. Higgins, Chief Financial Officer of Oglethorpe Power.
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Wednesday, August 26, 2009
Plant Vogtle Receives Early Site Permit
/PRNewswire/ -- The Nuclear Regulatory Commission today issued an Early Site Permit (ESP) for the two new units of the Vogtle Electric Generating Plant in Waynesboro, Ga. Plant Vogtle is owned by Georgia Power, Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia [MEAG Power] and Dalton Utilities.
The ESP is another step in the Nuclear Regulatory Commission's (NRC) new, streamlined licensing process designed to reduce regulatory uncertainty by completing the process in stages. Completion of the ESP process resolves many site-related safety and environmental issues, determines that the site is suitable for construction of a nuclear energy plant and successfully demonstrates the NRC's licensing process. Southern Nuclear filed an application for the ESP in August 2006.
"This is an important step for the Vogtle project, because the demand for electricity in the Southeast, and particularly in Georgia, will continue to grow," said Mike Garrett, president and CEO of Georgia Power. "The new Vogtle units will help meet our growing energy needs by providing safe, reliable and economical electricity with a zero-emission technology. The project represents a $14 billion capital investment in Georgia that will create thousands of construction jobs and 800 permanent jobs once the units are operational."
"Receiving this ESP on behalf of Plant Vogtle co-owners is a significant accomplishment for Southern Nuclear and for the nuclear industry," said Buzz Miller, executive vice president of nuclear development for Georgia Power and Southern Nuclear. "Southern Nuclear's ESP is the first one in the industry based on a specific technology, the Westinghouse AP1000. It is also the first ESP that includes a Limited Work Authorization (LWA) which allows for certain safety-related activities to begin prior to receiving a Combined License (COL) from the NRC."
In addition to the ESP, in March 2008, Southern Nuclear filed an application for a Combined License (COL) at the Vogtle site. The COL provides one license to construct and operate a nuclear power plant. The COL application is under review by the NRC. Pending appropriate approvals, Unit 3 will begin operating in 2016 and Unit 4 will become operational in 2017.
Southern Nuclear, a subsidiary of Southern Company, operates the Edwin I. Hatch Nuclear Plant near Baxley, Ga., the Joseph M. Farley Nuclear Plant near Dothan, Ala. and the Alvin W. Vogtle Electric Generating Plant near Waynesboro, Ga.
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The ESP is another step in the Nuclear Regulatory Commission's (NRC) new, streamlined licensing process designed to reduce regulatory uncertainty by completing the process in stages. Completion of the ESP process resolves many site-related safety and environmental issues, determines that the site is suitable for construction of a nuclear energy plant and successfully demonstrates the NRC's licensing process. Southern Nuclear filed an application for the ESP in August 2006.
"This is an important step for the Vogtle project, because the demand for electricity in the Southeast, and particularly in Georgia, will continue to grow," said Mike Garrett, president and CEO of Georgia Power. "The new Vogtle units will help meet our growing energy needs by providing safe, reliable and economical electricity with a zero-emission technology. The project represents a $14 billion capital investment in Georgia that will create thousands of construction jobs and 800 permanent jobs once the units are operational."
"Receiving this ESP on behalf of Plant Vogtle co-owners is a significant accomplishment for Southern Nuclear and for the nuclear industry," said Buzz Miller, executive vice president of nuclear development for Georgia Power and Southern Nuclear. "Southern Nuclear's ESP is the first one in the industry based on a specific technology, the Westinghouse AP1000. It is also the first ESP that includes a Limited Work Authorization (LWA) which allows for certain safety-related activities to begin prior to receiving a Combined License (COL) from the NRC."
In addition to the ESP, in March 2008, Southern Nuclear filed an application for a Combined License (COL) at the Vogtle site. The COL provides one license to construct and operate a nuclear power plant. The COL application is under review by the NRC. Pending appropriate approvals, Unit 3 will begin operating in 2016 and Unit 4 will become operational in 2017.
Southern Nuclear, a subsidiary of Southern Company, operates the Edwin I. Hatch Nuclear Plant near Baxley, Ga., the Joseph M. Farley Nuclear Plant near Dothan, Ala. and the Alvin W. Vogtle Electric Generating Plant near Waynesboro, Ga.
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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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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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Thursday, February 26, 2009
Oglethorpe Power Purchases Dynegy's Heard County Power Generation Facility
/PRNewswire/ -- Oglethorpe Power Corporation announced today that it has reached agreement with Dynegy Inc. to acquire that company's Heard County Power Generation Facility and associated purchase power off-take contract for $105 million.
This natural gas-fired peaking facility is located in Heard County, Georgia and has a generating capacity of approximately 500 megawatts. It has been serving the needs of several of Oglethorpe Power's member cooperatives since 2003 through a purchase power contract that terminates in 2015. In 2016, the facility will be available to meet the needs of a broader group of Oglethorpe's member cooperatives.
"This is a unique opportunity to acquire an asset already operating in Georgia that fits very nicely into Oglethorpe's power supply portfolio," said Elizabeth B. Higgins, Executive Vice President and Chief Financial Officer of Oglethorpe Power Corporation. The sale of the facility is subject to various approvals and is expected to close in the second quarter 2009.
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This natural gas-fired peaking facility is located in Heard County, Georgia and has a generating capacity of approximately 500 megawatts. It has been serving the needs of several of Oglethorpe Power's member cooperatives since 2003 through a purchase power contract that terminates in 2015. In 2016, the facility will be available to meet the needs of a broader group of Oglethorpe's member cooperatives.
"This is a unique opportunity to acquire an asset already operating in Georgia that fits very nicely into Oglethorpe's power supply portfolio," said Elizabeth B. Higgins, Executive Vice President and Chief Financial Officer of Oglethorpe Power Corporation. The sale of the facility is subject to various approvals and is expected to close in the second quarter 2009.
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Wednesday, October 1, 2008
Helping Hands Clean Up Creek Beds and Banks
PRNewswire/ -- Employees of Georgia Electric Membership Corp. (EMC), Oglethorpe Power Corp., Georgia Transmission Corp. and Georgia System Operations Corp. will join forces on Saturday, Oct. 4 to lend support and considerable "sweat equity" during Hands on Atlanta (HOA) Day.
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More than 140 employees, friends and family members will gather at Mason Mill Park near Toco Hills to clean up the banks and surrounding areas of Burnt Fork Creek. The community service effort will benefit the Rivers Alive project, Georgia's annual volunteer waterway cleanup event. Last year, volunteers collected a ton of trash -- literally, one metric ton -- during the three-hour project.
Hands On Atlanta Day has become the largest centralized day of service in the nation and serves as a catalyst for corporate community service within Hands On Georgia (HOGA) Week, an initiative launched by Gov. Sonny Perdue in 2004. This year, HOGA Week projects will take place in all 159 counties in the state. Last year, more than 68,000 Georgians participated in service projects across the state during HOGA Week.
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