A weekly e-newsletter for FMPA members
June 12, 2017
All-Requirements Project Credit Ratings
Fitch Ratings and Moody’s Investors Service affirmed credit ratings for FMPA’s All-Requirements Project (ARP) prior to the planned offering of approximately $71 million of ARP refunding revenue bonds, Series 2017A, and approximately $53 million of ARP refunding revenue bonds, Series 2017B. Fitch assigned an A+ rating and upgraded its rating outlook to positive from stable based on improvement in the credit quality of ARP participants and elimination of outstanding interest rate swaps. Moody’s assigned an A2 rating and affirmed the project’s stable outlook. Both Fitch and Moody’s pointed to strong contract obligations, ongoing satisfactory financial performance and sound credit quality of participants as part of the reason for the high ratings. Contact: Mark Larson
Board of Director Officer Nominations
The Nominating Committee met last week to develop its recommendations for the Board of Directors officers for 2017-2018. The Committee re-nominated Bill Conrad, Newberry, as Chairman, Barbara Quiñones, Homestead, as Vice Chairman, Larry Matte, Kissimmee, as Treasurer and Lynne Tejeda, Key West, as Secretary. Each officer is willing to serve if elected. The vote will take place July 19 at the annual meeting in Ponte Vedra Beach. Nominations for Board officers also can be accepted from the floor during this meeting. Contact: Jacob Williams
Sharon Smeenk emailed a list of potential grant opportunities last Monday to interested FMPA members. The Member Services Department has a subscription to Grantfinder.com to assist members in identifying potential funding sources. The service was purchased after several members requested assistance with grants and the service options were discussed with the Member Services Advisory Committee. Member Services is sending out periodic emails with grant opportunities. If you would like to receive the emails, contact Sharon Smeenk.
All-Requirements Project Bond Refinancing
FMPA’s Finance Department on Tuesday will price and sell approximately $71 million of All-Requirements Project (ARP) refunding revenue bonds, Series 2017A, and approximately $53 million of ARP refunding revenue bonds, Series 2017B. The series 2017A bonds will refund all of FMPA’s outstanding ARP series 2011A-1 and series 2011B bonds, terminate existing interest rate swaps associated with the bonds and pay issuance costs. The series 2017B bonds will refund all of FMPA’s outstanding series 2011A-2, terminate an existing swap agreement associated with these bonds and pay issuance costs. Contact: Mark Larson
Member City Visit
Jacob Williams travels to Bushnell on Wednesday for a member city visit with Mayor Bil Spaude and City Manager Bruce Hickle.
Hurricane Tabletop Exercise
FMPA and staff at power plants will participate in a tabletop exercise Tuesday to assess the preparation, response and restoration plans for a hurricane. During the exercise, staff will discuss a storm scenario and individual roles and responsibilities. Contact: Frank Gaffney
Florida Women in Leadership Forum
Carol Chinn attends Florida’s Women in Energy Leadership Forum on Wednesday through Friday in Palm Beach Gardens, Fla. The conference highlights how the energy industry contributes to economic and workforce development. Discussion topics will include: 1) building the future of energy, 2) cultivating diversity and inclusion in the workplace, and 3) intealizing innovation within your organization. Carol will participate in a panel discussion Thursday along with FMPA Board of Directors Vice Chairman Barbara Quiñones discussing operational challenges with technology in the industry.
Member Services Work Group
FMPA’s Member Services Work Group meets Thursday via conference call to discuss developing a salary survey for Florida utilities. This project resulted from discussions during the Lineworker Staffing Roundtable held earlier this year. 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 Portal. The graph is updated through June 11. Contact: Jim Arntz
Congratulations to Richard Montgomery, who celebrates 10 years with FMPA on Sunday, June 18.
Safety Compliance for Electric Utilities Course
There is one week left before the June 19 deadline to register for FMPA’s Safety Compliance for Electric Utilities Course. This two-day course scheduled for June 28-29 at FMPA’s Orlando office provides an overview of various safety-related requirements specific to electric utilities. Florida Professional Engineers can ea 10 professional development hours for completing this course. The cost to attend is $400 and includes lunch both days. Registration and more information is available on FMPA.com. Contact: Sharon Smeenk
Governing Board Meetings
FMPA’s goveing boards will meet June 21 in the Board room at FMPA’s Orlando office. The St. Lucie, Stanton, Tri-City and Stanton II project participant committees will meet at 9 a.m., followed by the Board of Directors at 10 a.m. and the Executive Committee at 10:30 a.m. Contact: Jacob Williams
PSC Postpones Decision on Duke Energy’s Requested Rate Increase
The Florida Public Service Commission (PSC) voted last Monday to postpone until fall Duke Energy Florida’s request for a mid-year energy rate increase to recover fuel costs in 2016 and 2017. For a Duke residential customer using 1,000 kWh per month, the proposal would have increased the bill from $117.24 to $123.23 beginning in July. Duke’s attoey Matthew Beier told the PSC that the utility’s request was prompted by higher-than-expected fuel costs and lower-than-expected energy sales. Duke reported it has under-recovered $182 million in fuel-related costs. Commission members, however, raised questions about Duke’s changing forecasts and decided unanimously to postpone Duke’s request, pushing the issue to the PSC’s annual fuel cost recovery hearing in fall. Regulators said they felt the requested mid-year increase could lead to the collection of too much money that would require an eventual refund. Though regulators did not act on the mid-year fuel cost increase, Duke’s customers will see an increase in bills related to bond financings for closing the Crystal River nuclear unit. A commission spokeswoman said the increase in securitization costs was administratively approved and did not need a commission vote. For a residential customer using 1,000 kilowatt hours of electricity per month, the securitization charge will increase by $1.14, according to commission staff.
Amendment Filed with Florida Constitution Commission on Electric Competition
Florida residents believe they should have the option to choose their energy provider, according to a report released last Wednesday by the American Coalition of Competitive Energy Suppliers (ACCES) in Washington, D.C. A Gainesville-based nonprofit called Florida Energy Freedom filed in May a proposed amendment with the Florida Constitution Revision Commission (FCRC) to institute electric competition in Florida. The FCRC could decide to put the measure on the 2018 mid-term ballot. Warren Rhea, an attoey for Florida Energy Freedom, said his organization will use the ACCES survey to advocate for the amendment’s inclusion.
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 Jeff Grainger or Holly Cammisa 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.