HISTORY

1975

FORMATION: 

MEAG Power is created as a public power entity by an Act of the Georgia General Assembly on March 18, 1975. Prior relationships with energy providers had left cities vulnerable to supplier’s ratemaking and service delivery. The formation of MEAG Power gives cities an option and enables local governments to control their energy decision-making. Forty-seven Georgia communities elect to join MEAG Power immediately. The city of Oxford joins in l986 and Acworth joins in 2002, bringing the total to 49.
1999

Creation of Municipal Competitive Trust: 

In 1999, MEAG helps Participants form the Municipal Competitive Trust to ready them for deregulation. While such legislation does not come to Georgia, the Competitive Trust helps Participants manage their long-term financial security. The Competitive Trust has been applauded by the credit rating industry and has been instrumental in securing low cost funding for MEAG Power and our Participants.
2004

Combined Cycle Project at Plant Wansley Completed: 

This state-of-the-art natural gas-fired facility enhances MEAG Power’s generation resources and broadens the company’s fuel portfolio, thus expanding dispatch selection options.

Fuel diversity gives MEAG Power the ability to lower Participants’ costs by buying and selling energy in the most favorable arena.
2005

Expansion of Nuclear Plant Vogtle Considered: 

The price volatility of fossil fuels, government incentives to pursue nuclear powered generation and the projected need for more energy prompted the owners of Plant Vogtle, including MEAG Power, to consider adding two new units to the facility.
2006

ITS Agreement Extended: 

Co-owners approved the extension of the Integrated Transmission System contract to 2027 thus ensuring a seamless transmission grid throughout the state.
2008

New Transmission Training Center Opened: 

MEAG Power creates a new facility in Forsyth, Georgia offering classes as well as hands-on training. The Center is also offered to Participants as a meeting site.
2008

Plant Vogtle Expansion Moves Ahead: 

A number of MEAG Power Participants sign Power Purchase Agreements to take a certain percentage of generation from the new nuclear units if, and when, they are put in service.
2008

Power Purchase Agreements Signed: 

MEAG Power Participants negotiate 20-Year Power Purchase Agreements with two utilities to buy 330 MW of the total 500 MW of power that MEAG Power will own from the proposed Units 3&4 at Plant Vogtle.
2009

Plant Vogtle Expansion Progress Continues: 

The Nuclear Regulatory Commission names the expansion at Plant Vogtle as the "reference site" for the AP1000 product.
2009

Plant Vogtle Units 1 and 2 Licenses Renewed: 

The Nuclear Regulatory Commission approves operation of these units for another 20 years.
2009

Plant Vogtle Units 3&4 Receive ESP and LWA: 

Plant Vogtle Units 3&4 received Early Site Permit (ESP) and Limited Work Authorization (LWA) from the Nuclear Regulatory Commission.
2010

Conditional Commitment for Loan Guarantees from DOE: 

MEAG Power receives an offer for a conditional commitment from the U.S. Department of Energy (DOE) for approximately $1.8 billion in loan guarantees.
2010

Largest Ever Financial Transaction: 

MEAG Power sells $2.7 billion in mostly Build America Bonds to fund the Plant Vogtle expansion of Units 3&4. The transaction is the single largest new money financing in the history of public power and was named "Deal of the Year" by SMITH's Research & Gradings.
2011

NRC Certifies AP1000 Reactor Design: 

The Nuclear Regulatory Commission certifies AP1000 reactor design to be used in the expansion at Plant Vogtle as meeting all safety and regulatory requirements.
2012

NRC Approves Vogtle COL: 

The Nuclear Regulatory Commission voted to approve the issuance of the Combined Construction and Operating License (COL) for Plant Vogtle Units 3&4, the first such license ever approved for a U.S. nuclear plant. Receipt of the COL signifies that full construction can begin.
2013

First Nuclear Concrete Placed at Vogtle Unit 3: 

The placement of basemat structural concrete for the nuclear island at the Vogtle Unit 3 nuclear expansion site is a significant achievement in the building of the first new nuclear units in the United States in 30 years.
2013

Smart Grid Project: 

Completed a $25 million Smart Grid Project involving 133 substations in 49 Participant communities. Half of the investment cost was funded by the U.S. Department of Energy.
2014

Plant Vogtle 3&4 Key Milestones: 

Unit 3-successful placement of the auxiliary building module, CA-20 & the successful placement of the structural module, CA-05. Unit 4-successful placement of the containment vessel bottom head (CVBA).
2015

Federal Loan Guarantees: 

Closed on $1.8 billion in funding from the U.S. Department of Energy toward construction of nuclear Plant Vogtle Units 3&4.
2015

Plant Vogtle Expansion Litigation Settlement: 

MEAG Power and the other Vogtle co-owners (Georgia Power Company, Oglethorpe Power Corporation and Dalton Utilities) agreed on terms to settle all claims currently in litigation with the project's contractors, committing the contractor to the current schedule and including revisions to the engineering, procurement and construction contract that make it more difficult for the contractor to increase prices based on Nuclear Regulatory Commission actions.
2015

Retirement: 

Robert P. Johnston, the Authority's longest serving President & CEO, announces his retirement effective December 31, 2015. The Board of Directors selects James E. Fuller, MEAG Power's Senior Vice President and Chief Financial Officer as the New President & CEO.