FMPA Weekly
A weekly e-newsletter for FMPA members
June 22, 2015
LAST WEEK
Board of Directors
FMPA’s Board of Directors met last Thursday and approved: 1) FMPA-Electric Cities of Georgia service confirmation and fiscal 2016 budget, 2) new credit card policy, procedures and user agreements related to Auditor General finding No. 11, and 3) new public purpose policy and procedures related to Auditor General finding No. 8. 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) the Agency budget for fiscal 2016, 2) new credit card policy, procedures and user agreements related to Auditor General finding No. 11, and 3) new public purpose policy and procedures related Auditor General finding No. 8. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
All-Requirements Project Bond Issue
FMPA sold $115,770,000 of 2015B revenue bonds last Tuesday for the All-Requirements Project (ARP). The bond issue provided funds to repay draws under a credit agreement used to fund termination of the Taylor interest rate swaps. The ARP’s credit rating was very well received by investors as bond orders reached nearly $1.3 billion. The true interest cost of the fixed-rate debt was 3.32%. The series 2015C bonds originally scheduled to be sold were not issued. Interest rates increased and the total savings were not significant enough. As a result, the advanced refunding of the ARP Series 2008A and Series 2009A bonds was cancelled but could be an option if market conditions improve. Contact: Mark Larson
THIS WEEK
Nominating Committee
The Nominating Committee meets Monday at 1:30 p.m. via conference call to recommend a slate of Board of Directors officers for 2015-2016. Contact: Nick Guarriello
Hurricane and Emergency Preparedness Roundtable
The Florida Municipal Electric Association (FMEA) and FMPA host a Hurricane Preparedness Roundtable on Thursday at 10 a.m. at FMPA’s Orlando office. The roundtable will provide a forum for utility personnel to review procedures and discuss post-storm assistance. Discussion topics will include: 1) mutual aid, 2) safety procedures during storm restoration, 3) financial management and FEMA reimbursement, and 4) communication practices and social media. The roundtable is free, and https://fs6.formsite.com/fmea/form174/index.html>
FRCC Board of Directors
Nick Guarriello, Frank Gaffney and Carol Chinn will attend a Florida Reliability Coordinating Council Board of Directors meeting on Thursday in Tampa.
Management Consulting RFQ
Responses are due this Friday to FMPA’s Request for Qualifications (RFQ) for an independent management consultant related to the Auditor General’s audit. Consultants have been asked to provide analysis and recommendations on fuel hedging (Audit Finding No. 1) and the All-Requirements Project contract termination provisions (Audit Finding No. 14), specifically defining the terms “additional benefits and “excess amounts as it relates to the withdrawal payment calculation. The Executive Committee is scheduled to interview respondents on July 30. Contact: Nick Guarriello
Member Services Satisfaction Survey
The deadline to participate in FMPA’s Member Services Satisfaction Survey has been extended to Friday. The survey was emailed May 20 to FMPA’s Board of Directors. The survey was developed in conjunction with FMPA’s Member Services Advisory Committee and is intended to measure satisfaction with FMPA services other than power supply. The survey consists of eight questions and should take less than five minutes to complete. The survey is being conducted as directed in the Board of Directors’ strategic plan. Contact: Sharon Smeenk
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 June 21. Contact: Jim Atz
COMING UP
Substation Training
FMPA is offering a series of classes on substation training with the next class offered this August at Orlando Utilities Commission’s Pershing Avenue facility. The upcoming series includes four, two-day training sessions that focus on substation safety, inspection, testing, maintenance, and protection. Session one is scheduled for Aug. 18 and Aug. 19 and will discuss substation safety awareness basics. Session two is scheduled for Oct. 14 and Oct. 15 and will discuss substation inspection and testing basics. Session three will be held in spring 2016 and discuss substation maintenance. Session four will be held in fall 2016 and discuss substation protection and theory. Participants can attend the entire series or individual sessions. The cost is $900 per two-day session. http://fmpa.com/event/substation-training-series-session-1-substation-safety-awareness-basics/>
INDUSTRY NEWS
PSC Approves FPL Plan to Invest More in Natural-Gas Production
The Florida Public Service Commission (PSC) approved Florida Power & Light’s (FPL) plan to invest more ratepayer money into natural-gas production. The Commission voted last Tuesday to allow FPL to invest up to $500 million annually for up to five years, subject to renewal after a review of investments to determine if consumers are adequately protected. The PSC lowered the investment cap from FPL’s request of $750 million annually. Commissioners overrode the opinion of PSC staff, which recommended a cap of $250 million. In December, the Commission voted to allow FPL to invest $191 million in an Oklahoma drilling project. Duke Energy officials have said it was considering similar proposals but has not said whether it will proceed.
Gov. Rick Scott Signs PSC Reform Bill
Gov. Rick Scott signed into law a bill (HB 7109) that would limit Public Service Commissioners to three consecutive four-year terms and prevent utilities from charging customers higher rates due to increased electrical usage related to extended billing cycles. The bill also included a provision that would allow Duke Energy Florida to issue securitization bonds to pay decommissioning costs for Crystal River Unit 3, which would save approximately $600 million for customers. The law is effective July 1.
Florida Legislature Approve State Budget
Florida House and Senate end a three-week special session last Friday approving a $78.7 billion state budget for the fiscal year beginning July 1. The Senate approved the budget 37-0. Minutes later, the House followed suit, 96-17. The budget now goes to Gov. Rick Scott, who is expected to sign the 438-page measure in the coming days, potentially with some vetoes.
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 Nathalia Romano 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.)
Have a question, comment or story idea for the newsletter? FMPA welcomes your feedback at any time. Contact: Ryan Dumas or Nathalia Romano
Florida Municipal Power Agency
8553 Commodity Circle
Orlando, FL 32819-9002
Tel 407 355-7767
Fax 407 355-5794
http://www.fmpa.com/>www.fmpa.com
Community Power. Statewide Strength. ®
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