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July 18, 2022 |
TOP NEWS
FMPA State of the Agency
Jacob Williams presented on the state of the Agency last Thursday during the annual Board of Directors Luncheon at the FMEA Annual Conference. A video showing how FMPA’s efforts help provide a better life for customers was posted to FMPA’s Twitter, Facebook and LinkedIn channels, and the full presentation is available on FMPA’s Vimeo account.
ARP Rate Workshop
The ARP Executive Committee held a workshop last Tuesday to review the June All-Requirements Project loads, costs and rates. Energy sales to project members for the month were 3.6% above budget, bringing the year-to-date total to nearly 1% above budget. The average cost of natural gas was $8.75 per MMBtu, or 228% above budget. The average billed demand and energy cost for June was $106.66 per megawatt hour, which is the second consecutive month above $100. The full agenda package is available on the Portal.
Board of Directors
The Board of Directors met last Wednesday and approved the Member Services Advisory Committee charter and elected officers for 2022-2023. The Board also heard an information item on the annual continuing disclosure report for fiscal 2021. The full agenda package is available on the Portal. Contact: Jacob Williams
Executive Committee
The ARP Executive Committee met last Wednesday and approved action items, including: 1) purchase agreements for the Mulberry and Orange cogeneration facilities, 2) Cane Island Unit 3 outage resolution agreement with General Electric, 3) updates to the natural gas price risk management plan, 4) and election of officers for 2022-2023. The committee also heard an update on the discharge at the Stock Island Generating Facility. The full agenda package is available on the Portal. Contact: Jacob Williams
Board of Directors and Executive Committee Officers
FMPA’s Board of Directors and Executive Committee elected officers for 2022-2023. The Board re-elected Barbara Quiñones of Homestead as Chair, Lynne Tejeda of Keys Energy Services as Vice Chair, Larry Mattern of Kissimmee Utility Authority as Secretary and Allen Putnam of Beaches Energy Services as Treasurer. The Executive Committee re-elected Howard McKinnon of Havana as Chair and Lynne Tejeda as Vice Chair. The Board Secretary and Treasure will also serve in their respective roles for the Executive Committee.
Natural Gas Risk Management Strategy
FMPA’s Executive Committee updated its natural gas price risk strategy for the next eight months to provide more stability and better predictability in power costs for customers. Beginning in August, FMPA will purchase up to 40% of its expected volume of natural gas at $6.40 per MMBtu or lower, which would produce power costs of approximately $100 per megawatt hour. If the price of natural gas falls to $6 per MMBtu, FMPA will purchase an additional 20%. If natural gas prices decrease to $5.50 per MMBtu, FMPA will purchase an additional 15% for a total volume of 75% of its expected volume. The additional natural gas purchases would reduce power costs approximately $3-$5 per megawatt hour. The Executive Committee agreed to review its position every two weeks, and staff will provide weekly updates to All-Requirements Project members. Contact: Jacob Williams
Policy Makers Liaisons Committee
FMPA’s Policy Makers Liaisons Committee met last Thursday and approved the 2022-2023 meeting schedule and elected Bob Page of Green Cove Springs as Chair and Jim Hilty of Ocala as Vice Chair for the next year. The committee also heard two information items, including a report on energy costs and a distribution reliability update. The full agenda package is available on the Portal. Contact: Susan Schumann
COMING UP
Finance Committee
Aug. 17 | 2 p.m. | FMPA Orlando Office
FMPA Governing Board Meetings
Aug. 18 | 9 a.m. | FMPA Orlando Office
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FMPA Weekly is published by FMPA’s Public Relations Department for staff and members. Questions about this newsletter may be directed to Rachel Ilardi or Ryan Dumas. Check out FMPA’s Glossary, for frequently mentioned terms.