Oglethorpe Power Acquires Highly-Efficient Natural Gas-Fired Combustion Turbine Generation Plant in Walton County

Staff Report From Georgia CEO

Wednesday, July 10th, 2024

Today, Oglethorpe Power announced the acquisition of Walton County Power, a 465-megawatt, three-unit combustion turbine generation facility in Monroe, Georgia. The facility was purchased from Mackinaw Power Holdings, an affiliate of the global investment firm, The Carlyle Group Inc.

Walton County Power, which began commercial operation in 2001, will become one of Oglethorpe Power's most efficient peaking plants, specifically utilized in times of high electricity demand. The plant's advanced technology features a low heat rate, enabling the plant to generate electricity using less fuel compared to other technologies, which is anticipated to result in cost savings for the electric cooperatives served by Oglethorpe Power. Cogentrix will operate the facility until fall 2024, when Oglethorpe Power will assume operations responsibilities. Financial terms of the transaction were not disclosed.

"As electricity demand continues to grow in Georgia, the advanced technology at Walton County Power will help ensure that we can reliably and affordably meet the increasing power supply needs of our members," said Oglethorpe Power President & CEO Mike Smith

Over the years, Oglethorpe Power has made strategic shifts in its generation portfolio, including the increase of highly efficient and lower-carbon emitting natural gas, as well as its investment in emission-free nuclear energy with the recent completion of the Vogtle expansion project. The acquisition of Walton County Power marks Oglethorpe Power's eighth acquisition of natural gas-fired generation in Georgia over the last 15 years, totaling more than 3,600 megawatts.

In addition to acquiring Walton County Power, Oglethorpe Power also owns and operates the Doyle Energy Facility in Walton County, a 273-megawatt five-unit combustion turbine plant. "At Oglethorpe Power, we are committed to being a good neighbor in the communities where we own and operate assets. We are proud to have been an engaged corporate citizen in Walton County for many years, and we look forward to building upon our community partnership with the addition of Walton County Power," added Smith.