Oglethorpe Power

We are a Georgia electric membership corporation (an EMC) incorporated in 1974 and headquartered in metropolitan Atlanta. We are owned by our 38 retail electric distribution cooperative members. Our principal business is providing wholesale electric power to our members. As with cooperatives generally, we operate on a not-for-profit basis. We are one of the largest electric cooperatives in the United States in terms of revenues, assets, kilowatt-hour sales to members and, through our members, consumers served. We are also the second largest power supplier in the state of Georgia. We have 299 employees. Our members are local consumer-owned distribution cooperatives that provide retail electric service on a not-for-profit basis. In general, our members' customer base consists of residential, commercial and industrial consumers within specific geographic areas. Our members serve approximately 1.9 million electric consumers (meters) representing approximately 4.2 million people. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES."


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Financial data from company earnings reports.

Financial report summary

  • Facility Ownership, Operation and Construction Risk Factors
  • Our participation in the construction of Vogtle Units No. 3 and No. 4 could have a material impact on our financial condition and results of operations.
  • We own and are participating in the construction of nuclear facilities which give rise to environmental, regulatory, financial and other risks.
  • We could be adversely affected if we or third parties operating certain of our co-owned facilities are unable to continue to operate our facilities in a successful manner.
  • If we were unable to obtain an adequate supply of fuel, our ability to operate our facilities could be limited.
  • We, the co-owners or the operating agent for our co-owned coal plants may retire one or more of our coal-fired generation units in advance of our currently assumed retirement dates which could result in rate recovery challenges.
  • The operational life of some of our generating facilities exposes us to potential costs to continue to meet efficiency, reliability and environmental compliance standards.
  • Our access to, and cost of, capital could be adversely affected by various factors, including market conditions, limitations on the availability of federally-guaranteed loans and our credit ratings. Significant constraints on our access to, or increases in our cost of, capital may limit our ability to execute our business plan by impacting our ability to fund capital investments and could adversely affect our financial condition and results of operations.
  • Our capital expenditures, particularly in relation to the additional units under construction at Plant Vogtle, are projected to be significant and will continue to increase our debt, which is constraining certain of our financial metrics and may also adversely affect our credit ratings which would likely increase our borrowing costs and could decrease our access to capital.
  • Changes in fuel prices could have an adverse effect on our cost of electric service.
  • Our ability to meet our financial obligations could be adversely affected if our members fail to perform their contractual obligations to us.
  • Regulatory, Legislative and Legal Risk Factors
  • Our costs of compliance with environmental laws and regulations are significant and have increased in recent years. Potential new or stricter environmental laws and regulations, including those designed to address air and water quality,
  • greenhouse gas emissions, including carbon dioxide, coal combustion residuals and other matters, may result in significant increases in compliance costs or operational restrictions.
  • General Business Risk Factors
  • We and our members are subject to risks related to the COVID-19 pandemic.
  • Advances in power generation and energy storage technologies, including decreasing renewable energy costs and the broad adoption of distributed generation technologies, in our members’ service territories could result in the cost of our electric service being less competitive.
  • We are subject to the risk that counterparties may fail to perform their contractual obligations which could adversely affect us.
  • Regardless of our financial condition, investors’ ability to trade our debt securities may be limited by the absence of an active trading market and there is no assurance that any trading market will develop or continue to remain active.
Management Discussion
  • Our net margins for the three-month period ended March 31, 2021 were $26.0 million compared to $23.2 million for the same period of 2020. Through March 31, 2021, we collected approximately 45% of our targeted net margin of $57.8 million for the year ending December 31, 2021. These collections are typical as our capacity revenues are generally recorded evenly throughout the year. We anticipate our board of directors will approve a budget adjustment by year end so that margins will achieve, but not exceed, the 2021 targeted margins for interest ratio of 1.14. As a result, we assessed our projected margin and annual revenue requirement to meet the targeted margins for interest ratio to determine if a refund liability should be recognized. As a result of this assessment, we did not recognize a refund liability as of March 31, 2021 or March 31, 2020. For additional information regarding our net margin requirements and policy, see "Item 7—MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Summary of Cooperative Operations—Margins" in our 2020 Form 10-K.
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