AGENDA ITEM SUMMARY
Approve a resolution authorizing the execution of Amendments to (i) a certain Plant Vogtle Additional Units Non-PPA Power Sales Contract (the "Non-PPA Contract"), (ii) a certain Plant Vogtle Additional Units PPA Power Sales Contract (the "PPA Contract") and (iii) a certain Plant Vogtle Additional Units PPA-2 Power Sales Contract (the "PPA-2 Contract", and together with the Non-PPA Contract and the PPA Contract, the "Contracts"), each dated as of June 15, 2008, with MEAG Power. Electric Director Bill Bosch will address. Approved.
SPECIAL CONSIDERATIONS OR CONCERNS: |
The purpose of the Amendments is to allow MEAG Power to take advantage of the DOE Guaranteed Loan (as defined in the Amendments) in order to effect lower financing costs for the Plant Vogtle Additional Units Non-PPA Project, the Plant Vogtle Additional Units PPA Project, and the Plant Vogtle Additional Units PPA-2 Project.
Staff recommends approval.
MEAG Power is projecting an annual savings in excess of $45 million per year, of which Griffin would benefit based on our ownership share of the projects. |