Oglethorpe Power Corporation is a large, not-for-profit wholesale electric utility serving most of Georgia through a network of member cooperatives, with extensive investments in nuclear, gas, coal, hydro, and renewable generation resources, generating over $2 billion annually.

# Oglethorpe Power Corporation - Company Summary

## Business Overview
- **Type:** Georgia electric membership corporation (EMC)
- **Founded:** 1974
- **Headquarters:** Tucker, Georgia
- **Ownership:** Owned by 38 retail electric distribution cooperatives (members)
- **Principal Business:** Provides wholesale electric power to its members on a not-for-profit basis
- **Industry Position:**
  - One of the largest electric cooperatives in the United States by revenue, assets, kilowatt-hour sales, and consumers served
  - Second largest power supplier in Georgia

## Operations
- **Employees:** 379 (as of December 31, 2024)
- **Customer Base (through members):**
  - Serves approximately 2.2 million electric consumers (meters)
  - Represents about 4.7 million people
  - Service area covers roughly 38,000 square miles (approximately 65% of Georgia’s land area, across 151 counties)

## Financial Highlights (2022-2024)
- **Total Revenue:**
  - 2024: $2.145 billion
  - 2023: $1.682 billion
  - 2022: $1.975 billion
- **Net Income (Net Margin):**
  - 2024: $70.5 million
  - 2023: $65.8 million
  - 2022: $61.7 million
- **Total Assets:**
  - As of December 31, 2024: $16.478 billion
- **Total Long-term Debt:**
  - As of December 31, 2024: $12.687 billion
- **Patronage Capital & Membership Fees (Equity):**
  - As of December 31, 2024: $1.328 billion
- **Operational Data:**
  - Kilowatt-hours sold to members in 2024: over 31 million MWh
  - Member energy requirements in 2024: approximately 44.2 million MWh
  - Energy supplied by Oglethorpe to members: 70% of their requirements
- **Financial Ratios:**
  - Margins for Interest Ratio (2024): 1.14 (above the minimum requirement of 1.10)
  - Equity Ratio (2024): 9.5% (below the 20% covenant limit, but no current default)

## Key Initiatives & Infrastructure
- Operates a diverse generation portfolio including nuclear, coal, natural gas, oil, and hydroelectric units
- Notable projects include:
  - Vogtle Units No. 3 and No. 4 nuclear units (both operational by 2024)
  - New gas-fired and renewable generation projects (e.g., 1,425 MW combined cycle plant, 240 MW combustion turbine, and 75 MW battery storage under the GRIP program)
- Contractually committed to long-term wholesale power agreements extending to 2085 with specific provisions for cost sharing and responsibilities
- Owns or manages 9,323 MW of summer planning reserve capacity (as of December 2024) across various types of generation assets
- Supplies capacity and energy primarily through owned assets and some purchased from external suppliers

## Corporate Principles & Strategy
- Managed on a not-for-profit basis, with margins reinvested or returned based on board decisions
- Focused on cost-effective, reliable power supply
- Committed to environmental regulation compliance and reducing greenhouse gas emissions
- Supports community initiatives and emphasizes diversity, safety, and innovation among its workforce

**In summary, Oglethorpe Power Corporation is a large, not-for-profit wholesale electric utility serving most of Georgia through a collaborative network of member cooperatives, with extensive investments in nuclear, gas, coal, hydro, and renewable generation resources, generating over $2 billion annually and maintaining substantial assets and debt levels.**

Oglethorpe Power Corporation is a Georgia-based not-for-profit electric membership corporation that provides wholesale electric power to 38 member distribution cooperatives serving approximately 2.1 million retail consumers across Georgia.

# Oglethorpe Power Corporation Summary

## Company Overview
Oglethorpe Power Corporation (OPC) is a Georgia-based electric membership corporation (EMC) that operates on a not-for-profit basis. Founded in 1974 and headquartered in Tucker, Georgia, OPC primarily provides wholesale electric power to its 38 member distribution cooperatives, which in turn serve retail electric consumers across the state.

## Key Operations
- **Member Cooperatives**: OPC is owned by 38 retail electric distribution cooperative members. Together, they provide electric service to approximately **2.1 million consumers** (or about **4.5 million people**) across **151 out of 159 counties** in Georgia.
- **Employee Base**: The corporation employs **337 full-time staff** dedicated to maintaining and managing its operations and infrastructure.
- **Generation Capacity**: As of December 31, 2023, OPC's generation fleet consists of **8,525 megawatts** of summer planning reserve capacity. This capacity is sourced from various types of generating facilities including nuclear, coal, natural gas, and hydroelectric resources.

## Financial Performance
- **Revenue**: For the fiscal year ended December 31, 2023, OPC generated **$1.68 billion** in operating revenues, a decrease from **$1.97 billion** in 2022 and an increase from **$1.56 billion** in 2021.
- **Net Income**: The corporation reported a net margin of **$65.8 million** for 2023, which was up from **$61.7 million** in 2022 and **$57.8 million** in 2021.
- **Capitalization & Assets**: As of December 31, 2023, OPC’s total assets amounted to **$16.52 billion**, and the company had outstanding long-term debt of **$12.1 billion**.

## Energy Supply and Contracts
- **Contracts**: OPC provides energy to its members through long-term, take-or-pay wholesale power contracts, obligating members to pay for capacity even if power is not consumed. Approximately **68%** of the retail energy requirements of the members were supplied by OPC in 2023. 
- **Power Sources**: The power supply is generated primarily from OPC’s own generation facilities but also includes purchases from other suppliers to cover surplus demand.
  
## Future Developments
- **Vogtle Project**: A significant focus for OPC is the **Plant Vogtle Units No. 3 and No. 4**, which are expected to provide additional nuclear capacity. Vogtle Unit No. 3 achieved commercial operation in July 2023, and Unit No. 4 is projected to begin operations by mid-2024, adding around **2,200 megawatts** of carbon-free energy once both units are fully operational.

## Conclusion
Oglethorpe Power Corporation plays a critical role in providing reliable and cost-effective electricity to its member cooperatives, impacting the lives of millions of Georgians through its extensive power supply network, diverse generation portfolio, and commitment to community and environmental initiatives.

OGLETHORPE POWER CORP

10-K / March 31, 2025

10-K / March 25, 2024

10-K / March 31, 2025

Oglethorpe Power Corporation - Company Summary

Business Overview

Operations

Financial Highlights (2022-2024)

Key Initiatives & Infrastructure

Corporate Principles & Strategy