| AGENDA ITEM SUMMARY
Approve directing MEAG Power to add $209,776 per month to the MEAG bill, and deposit $136,354.40 per month to the New Generation and Capacity Funding Account/Intermediate Extended MaturityPortfolio, and $73,411.60 to the MEAG Competitive Trust, Short Term Portfolio beginning in January, 2015. Electric Director Bill Bosch will address. Approved unanimously on motion/second by Commissioners Morrow/McCord.
| SPECIAL CONSIDERATIONS OR CONCERNS: |
The above recommendation is based on a proposed 10 year plan presented previously for the use of funds to be returned to the City of Griffin from the Municipal Competitive Trust (MCT) as a credit on the monthly MEAG Power bill. The election proposed is for calendar year 2015 only, and would be adjusted and renewed on an annual basis.
Staff recommends approval.
The total amount to be returned to the City from the MCT is projected to be $27,961,255. The amount to be returned in 2015 is $2,517,317,by depositing funds in the New Generation and Capacity Funding Account. This plan would restrict $20,248,000 for use in offsetting the cost of new power supply projects like the Plant Vogtle expansion and future peaking units, while making $7,713,252 available for implementing Automatic Meter Reading and making future system improvements. This action would result in no additional increase of the overall MEAG bill. | | | |