A weekly e-newsletter for FMPA members
May 20, 2013
Audit and Risk Oversight Committee
The Audit and Risk Oversight Committee met last Thursday and discussed the selection of an exteal auditor and terrorism property insurance. The Committee approved retaining Purvis Gray & Company as the exteal auditor for fiscal 2013 and extending a contract for services for three years. The Committee also agreed to not purchase terrorism property coverage after considering the likelihood of the event, conditions that limit when coverage applies and coverage cost. The full agenda package is available on the Member Portal. Contact: Rich Popp
Board of Directors
The Board of Directors met last Thursday and approved: 1) refunding of the Stanton 2002 bonds and issuance of new bonds for capital expenditures, and 2) refunding of the Tri-City 2003A bonds and issuance of new bonds for capital expenditures. The bond refinancings are estimated to save nearly $2.5 million on a net-present-value basis. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
ARP Executive Committee
The ARP Executive Committee met last Thursday and approved: 1) renewing the JP Morgan line of credit, 2) the All-Requirements Project’s Series 2008C reduction in letter of credit fee, 3) Nick Guarriello as FMPA’s representative and Rich Popp as the alteate to Florida Gas Utility’s Board of Directors, and 4) Amendment 6 to the Florida Municipal Power Pool agreement. The reduction in the letter of credit fee is estimated to save the Agency $388,000 per year. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
Strategic Planning Sessions
The Board of Directors and ARP Executive Committee discussed last Thursday potential dates for a strategic planning workshop this fall. FMPA proposed two recommendations: 1) hold the Executive Committee’s session Sept. 18 and the Board’s session Sept. 24, or 2) hold the Executive Committee’s session Sept. 24 and the Board’s session Sept. 25. A member proposed canceling the regular Executive Committee meeting on Sept. 19 and holding the Board’s session on Sept 18 and the Executive Committee’s session on Sept. 19. Members are encouraged to contact Nick Guarriello with their preferred dates or with potential conflicts. A decision will be made in a month or so.
Power Supply Project Credit Ratings
Fitch Ratings affirmed last Friday the credit ratings for FMPA’s power supply projects. Fitch issued an A+ rating for the All-Requirements, Stanton, Stanton II and Tri-City projects and an A rating for the St. Lucie Project. The rating agency indicated the rating outlook is stable. According to Fitch’s analysis, these ratings reflect the credit quality of the project participants, as well as the sound legal security and the underlying economics and performance records of the projects. Contact: Mark Larson
Member City Visit
Mark McCain and Tom Reedy travel to Clewiston on Tuesday for a member city visit with new City Manager Al Perry, Utilities Department Office Manger Rhonda Davis and Compliance Manager Lynne Mila.
ARP Budget Cost Center Teams
FMPA’s Cost Center Teams meet Monday and Wednesday via conference call to review the All-Requirements Project’s (ARP) proposed fiscal 2014 budget. The Transmission and Gas Transportation team meets Monday at 10:30 a.m. The Fuels and Purchase Power team meets Monday at 2 p.m. The Debt, Leases and Direct Charges team meets Wednesday at 10:30 a.m. The Member, Contract and ARP Owned Capacity team meets Wednesday at 2 p.m. Contact: Mark Larson
Human Resources Roundtable
FMPA hosts a Human Resources Roundtable on Wednesday at 10 a.m. in the first-floor conference room. The roundtable provides a forum for participants to discuss topics such as benefits, recruiting, employee retention, training, policies and more. Lunch will be provided. Participation in the roundtable via teleconference will be available for those unable to attend in person. Contact: Sharon Smeenk
Energy Auditor Roundtable
FMPA holds an Energy Auditor Roundtable at Jacksonville Beach City Hall on Thursday at 10 a.m. This semi-annual roundtable provides a forum for participants to discuss topics such as work procedures, equipment and materials, site-specific issues and industry changes. Lunch will be provided. Contact: Sharon Samuels
General Fund Transfer Survey
FMPA is conducting a survey of general fund transfer policies among All-Requirements Project members. The comparative data will show retail sales, total operating electric revenues and electric fund transfers for each member. Responses are due to Ann Beckwith by May 28. The results will be shared with project participants.
All-Requirements Project Weekly Load Statistics
The weekly update of the All-Requirements Project historical load graph has been posted on the Member Portal. The graph is updated through May 19. Contact: Jim Atz
CR3 Participants’ Annual Meeting
The Crystal River Unit 3 (CR3) participants’ annual meeting is scheduled for May 28 at the plant’s training facility. Discussion topics will include the fiscal 2014 budget and an update on the unit’s decommissioning. Contact: Rich Popp
Business Planning and Budget Committee
FMPA’s Business Planning and Budget Committee will meet June 6 at 9:30 a.m. in the Board room for its second review of the Agency’s proposed fiscal 2014 budget and its first review of the project budgets. Contact: Mark Larson
2013 FMEA-FMPA Annual Conference
Registration is open for the 2013 FMEA-FMPA Annual Conference scheduled for July 16-19 at the Sanibel Harbour Resort in Fort Myers, Fla. The conference kicks off July 16 with preconference seminars and a welcome reception. The following days feature general and breakout sessions on a variety of topics, including cyber security, Florida politics, strategic planning and energy legislation. Visit http://publicpower.com/fmea-fmpa-annual-conference/” target=_blank>FMEA’s website for conference and hotel registration information.
Cyberattacks Against US Corporations on the Rise
The U.S. Department of Homeland Security recently issued a waing after a series of cyberattacks that primarily targeted American energy companies. The attacks appear to be probes that look for ways to take control of corporations’ processing systems. The waing was unusual because most attacks against U.S. companies have been attempts to obtain confidential information, steal trade secrets and gain competitive advantage. By contrast, the new attacks seek to destroy data or to manipulate industrial machinery and take over or shut down the networks that deliver energy or run industrial processes. Homeland Security officials said they are not certain where the attacks were coming from or whether they were state-sponsored or the work of hackers or criminals.
NRC to Increase Oversight of Turkey Point Unit 3
The Nuclear Regulatory Commission (NRC) said last Thursday it is increasing its oversight of Unit 3 at Florida Power & Light’s (FPL) Turkey Point nuclear power plant as a result of the number of unplanned shutdowns the unit has experienced. The NRC updated its assessment of the unit after it completed its quarterly review of plant performance in April and took note of the higher number of unplanned shutdowns. The plant experienced three sudden reactor trips in the first quarter of this year. The NRC will conduct an inspection to understand the causes of the shutdowns, identify the extent of condition and to ensure FPL’s corrective actions are sufficient.
Thomas Geoffroy Named New FGU General Manager
Thomas Geoffroy has been named the new General Manager and CEO of Florida Gas Utility, effective September 2013. Geoffroy will replace Katrina Vaughn, who recently announced her retirement.
FMPA Weekly is published by FMPA for employees and goveing boards of FMPA member utilities. Questions or comments about this newsletter may be directed to Ryan Dumas or Allison Briggs in FMPA’s Public Relations Department.
Want more background on the names and terms used in this newsletter? Check out FMPA’s Glossary, which features some of the most frequently mentioned committees, companies, places and terms, or contact the person named in each FMPA story to lea more. (Click here for the Staff Directory.)
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