Project

Project One (acquired in 1977 and in subsequent transactions) established and financed under the Power Revenue Bond Resolution, consists of 17.7 percent ownership interest in Generation Station Hatch and Generation Station Vogtle (photo, right), each consisting of two nuclear generating units and common facilities, 10.0 percent ownership interest in the two coal-fired generating units and common facilities at Generation Station Wansley, including the Generation Station Wansley Combustion Turbine, 10.0 percent ownership interest in two of the four coal-fired generating units (Generation Station Scherer Unit Nos. 1 and 2), and 5.0 percent ownership interest in the common facilities at Generation Station Scherer, certain transmission system facilities and working capital. Generation Station Wansley was retired on August 31, 2022.

Following that retirement, MEAG Power’s ownership interests included in Project One represent a total of 693 MW of nominally rated nuclear capacity, and 162 MW of nominally rated coal-fired capacity. Georgia Power Company (GPC), Oglethorpe Power Corporation (an Electric Membership Corporation) (OPC) and the City of Dalton, Georgia (Dalton) are co-owners of the generating units with MEAG Power. GPC has contracted to operate and maintain these jointly-owned facilities as agent for the respective co-owners.

In addition to these generation facilities, MEAG Power, GPC, and Georgia Transmission Corporation (GTC; formerly OPC's transmission division) and Dalton are joint owners of the Integrated Transmission System (ITS), which provides transmission access to 90 percent of transmission systems in the State of Georgia. The ITS was first formed in l973 and represents an asset for all its owners as it ensures checks and balances on individual new investment expenditures while providing each owner nearly statewide access. Individual transmission lines and substations are owned and maintained by the individual entities but they are planned and operated as one system. GPC has contracted to operate and maintain these jointly-owned facilities as agent for the respective co-owners.

As of December 31, 2022, MEAG Power’s ITS facilities and other transmission facilities consist of approximately 1,323 miles of transmission lines, 18 transmission substations, and 196 distribution substations and certain distribution substation investments at certain substations owned by GPC and GTC.  MEAG Power’s aggregate investment in such facilities at year-end 2022 totaled approximately $1.0 billion.

Project One is supported by take-or-pay contracts with each of MEAG Power’s 49 Participants in such projects, which are entitled to a percentage, or Entitlement Share. Each Participant is obligated to pay a percentage equal to its Entitlement Share of MEAG Power’s costs with respect to such generation and transmission facilities.  To the extent capital improvements for these project are not paid from revenues, the costs are financed under the Power Revenue Bond Resolution.