# EDGAR Filing Document

**Accession Number:** 0000788816
**File Stem:** 0000788816-26-000026
**Filing Date:** 2026-5
**Character Count:** 204603
**Document Hash:** b10c10987fe0760e32e1f84cc0522df4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000788816-26-000026.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0000788816-26-000026

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OGLETHORPE POWER CORP
- **CENTRAL INDEX KEY:** 0000788816
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 581211925
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53908
- **FILM NUMBER:** 26972762

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 EAST EXCHANGE PL
- **STREET 2:** P O BOX 1349
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30085-1349
- **BUSINESS PHONE:** 4042707600

?xml version='1.0' encoding='ASCII'? opc-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

_______________________________________________________________________________

**FORM 10-Q**

**(Mark One)**

☒&nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026** 

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission File No. 333-192954**

**OGLETHORPE POWER CORPORATION**

**(An Electric Membership Corporation)**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| Georgia<br>(State or other jurisdiction of<br>incorporation or organization) | 58-1211925<br>(I.R.S. employer<br>identification no.) |
| **2100 East Exchange Place**<br>Tucker**,** Georgia<br>(Address of principal executive offices) | **30084-5336**<br>(Zip Code) |
| Registrant's telephone number, including area code | **(770) 270-7600** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. **Yes** ☐ **No** ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). **Yes** ☒&nbsp;&nbsp;&nbsp;&nbsp;**No** ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

**Large Accelerated Filer ☐&nbsp;&nbsp;&nbsp;&nbsp;Accelerated Filer** ☐&nbsp;&nbsp;&nbsp;&nbsp;**Non-Accelerated Filer** ☒&nbsp;&nbsp;&nbsp;&nbsp;**Smaller Reporting Company** ☐&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Growth Company** ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). **Yes** ☐&nbsp;&nbsp;&nbsp;&nbsp;**No** ☒

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading Symbol(s)** | **Name of each exchange on which registered:** |
| None | N/A | N/A |

---

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. **The registrant is a membership corporation and has no authorized or outstanding equity securities.**

------

**OGLETHORPE POWER CORPORATION**

**INDEX TO QUARTERLY REPORT ON FORM 10-Q**

**FOR THE QUARTER ENDED MARCH 31, 2026**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[PART I—FINANCIAL INFORMATION](#idc9e9b85d144417492a7921ab9d67cbe_10)</u>** | **<u>[PART I—FINANCIAL INFORMATION](#idc9e9b85d144417492a7921ab9d67cbe_10)</u>** | |
| &nbsp;&nbsp;<u>[Item 1.](#idc9e9b85d144417492a7921ab9d67cbe_13)</u> | <u>[Financial Statements](#idc9e9b85d144417492a7921ab9d67cbe_13)</u> | <u>[1](#idc9e9b85d144417492a7921ab9d67cbe_13)</u> |
|  | <u>[Unaudited Consolidated Balance Sheets as of](#idc9e9b85d144417492a7921ab9d67cbe_16)[March](#idc9e9b85d144417492a7921ab9d67cbe_16)[3](#idc9e9b85d144417492a7921ab9d67cbe_16)[1](#idc9e9b85d144417492a7921ab9d67cbe_16)[, 202](#idc9e9b85d144417492a7921ab9d67cbe_16)[6](#idc9e9b85d144417492a7921ab9d67cbe_16)[and December 31, 20](#idc9e9b85d144417492a7921ab9d67cbe_16)[25](#idc9e9b85d144417492a7921ab9d67cbe_16)</u> | <u>[1](#idc9e9b85d144417492a7921ab9d67cbe_16)</u> |
|  | <u>[Unaudited Consolidated Statements of Revenues and Expenses For the Three](#idc9e9b85d144417492a7921ab9d67cbe_19)[Months ended](#idc9e9b85d144417492a7921ab9d67cbe_19)[March 31](#idc9e9b85d144417492a7921ab9d67cbe_19)[, 202](#idc9e9b85d144417492a7921ab9d67cbe_19)[6](#idc9e9b85d144417492a7921ab9d67cbe_19)[and 202](#idc9e9b85d144417492a7921ab9d67cbe_19)[5](#idc9e9b85d144417492a7921ab9d67cbe_19)</u> | <u>[3](#idc9e9b85d144417492a7921ab9d67cbe_19)</u> |
|  | <u>[Unaudited Consolidated Statements of Patronage Capital and Membership Fees For the Three](#idc9e9b85d144417492a7921ab9d67cbe_22)[Months ended](#idc9e9b85d144417492a7921ab9d67cbe_22)[M](#idc9e9b85d144417492a7921ab9d67cbe_22)[arch 31](#idc9e9b85d144417492a7921ab9d67cbe_22)[, 202](#idc9e9b85d144417492a7921ab9d67cbe_22)[6](#idc9e9b85d144417492a7921ab9d67cbe_22)[and 202](#idc9e9b85d144417492a7921ab9d67cbe_22)[5](#idc9e9b85d144417492a7921ab9d67cbe_22)</u> | <u>[4](#idc9e9b85d144417492a7921ab9d67cbe_22)</u> |
|  | <u>[Unaudited Consolidated Statements of Cash Flows For the](#idc9e9b85d144417492a7921ab9d67cbe_25)[Three](#idc9e9b85d144417492a7921ab9d67cbe_25)[Months ended](#idc9e9b85d144417492a7921ab9d67cbe_25)[March 31](#idc9e9b85d144417492a7921ab9d67cbe_25)[, 202](#idc9e9b85d144417492a7921ab9d67cbe_25)[6](#idc9e9b85d144417492a7921ab9d67cbe_25)[and 202](#idc9e9b85d144417492a7921ab9d67cbe_25)[5](#idc9e9b85d144417492a7921ab9d67cbe_25)</u> | <u>[5](#idc9e9b85d144417492a7921ab9d67cbe_25)</u> |
|  | <u>[Notes to Unaudited Consolidated Financial Statements](#idc9e9b85d144417492a7921ab9d67cbe_28)</u> | <u>[6](#idc9e9b85d144417492a7921ab9d67cbe_28)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#idc9e9b85d144417492a7921ab9d67cbe_94)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#idc9e9b85d144417492a7921ab9d67cbe_94)</u> | <u>[22](#idc9e9b85d144417492a7921ab9d67cbe_94)</u> |
| &nbsp;&nbsp;<u>[Item 3.](#idc9e9b85d144417492a7921ab9d67cbe_97)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#idc9e9b85d144417492a7921ab9d67cbe_97)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_97)</u> |
| &nbsp;&nbsp;<u>[Item 4.](#idc9e9b85d144417492a7921ab9d67cbe_100)</u> | <u>[Controls and Procedures](#idc9e9b85d144417492a7921ab9d67cbe_100)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_100)</u> |
| **<u>[PART II—OTHER INFORMATION](#idc9e9b85d144417492a7921ab9d67cbe_103)</u>** | **<u>[PART II—OTHER INFORMATION](#idc9e9b85d144417492a7921ab9d67cbe_103)</u>** |  |
| &nbsp;&nbsp;<u>[Item 1.](#idc9e9b85d144417492a7921ab9d67cbe_106)</u> | <u>[Legal Proceedings](#idc9e9b85d144417492a7921ab9d67cbe_106)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_106)</u> |
| &nbsp;&nbsp;<u>[Item 1A.](#idc9e9b85d144417492a7921ab9d67cbe_109)</u> | <u>[Risk Factors](#idc9e9b85d144417492a7921ab9d67cbe_109)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_109)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#idc9e9b85d144417492a7921ab9d67cbe_112)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#idc9e9b85d144417492a7921ab9d67cbe_112)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_112)</u> |
| &nbsp;&nbsp;<u>[Item 3.](#idc9e9b85d144417492a7921ab9d67cbe_115)</u> | <u>[Defaults Upon Senior Securities](#idc9e9b85d144417492a7921ab9d67cbe_115)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_115)</u> |
| &nbsp;&nbsp;<u>[Item 4.](#idc9e9b85d144417492a7921ab9d67cbe_118)</u> | <u>[Mine Safety Disclosures](#idc9e9b85d144417492a7921ab9d67cbe_118)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_118)</u> |
| &nbsp;&nbsp;<u>[Item 5.](#idc9e9b85d144417492a7921ab9d67cbe_121)</u> | <u>[Other Information](#idc9e9b85d144417492a7921ab9d67cbe_121)</u> | <u>[29](#idc9e9b85d144417492a7921ab9d67cbe_121)</u> |
| &nbsp;&nbsp;<u>[Item 6.](#idc9e9b85d144417492a7921ab9d67cbe_124)</u> | <u>[Exhibits](#idc9e9b85d144417492a7921ab9d67cbe_124)</u> | <u>[30](#idc9e9b85d144417492a7921ab9d67cbe_124)</u> |
| **<u>[SIGNATURES](#idc9e9b85d144417492a7921ab9d67cbe_127)</u>** | **<u>[SIGNATURES](#idc9e9b85d144417492a7921ab9d67cbe_127)</u>** | <u>[31](#idc9e9b85d144417492a7921ab9d67cbe_127)</u> |

---

i

------

**CAUTIONARY STATEMENT REGARDING**

**FORWARD-LOOKING INFORMATION**

This quarterly report on Form 10-Q contains "forward-looking statements." All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate to occur in the future, including matters such as future capital expenditures, business strategy, regulatory actions, and development, construction or operation of facilities (often, but not always, identified through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "projection," "target" and "outlook") are forward-looking statements.

Although we believe that in making these forward-looking statements our expectations are based on reasonable assumptions, any forward-looking statement involves uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Some of the risks, uncertainties and assumptions that may cause actual results to differ from these forward-looking statements are described under "Item 1A—RISK FACTORS" and in other sections of our annual report on Form 10-K for the fiscal year ended December 31, 2025, and in this quarterly report on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur.

Any forward-looking statement speaks only as of the date of this quarterly report, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict all of them; nor can we assess the impact of each factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost increases and schedule delays with respect to our capital improvement and construction projects, such as our new natural gas-fired generation facilities, our battery storage resources, the closure of coal ash ponds and any other future generation projects we may undertake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of rapid load growth in our members' service territories and decisions regarding the development of additional generation resources to meet the additional demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with achieving and maintaining compliance with applicable environmental laws and regulations, including those related to air emissions, water and coal combustion byproducts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of regulatory or legislative responses to climate change initiatives or efforts to reduce greenhouse gas emissions, including carbon dioxide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative and regulatory compliance standards and our ability to comply with any applicable standards, including mandatory reliability standards, and potential penalties for non-compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our access to capital, the cost to access capital, and the results of our financing and refinancing efforts, including availability of funds in the capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued availability of funding from the Rural Utilities Service and the availability of funding under any federal loan or grant programs for which we received awards and our ability to meet the applicable loan or grant conditions and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing debt caused by significant capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in capital expenditures, operating expenses and liquidity needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by credit rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commercial banking and financial market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks and regulatory requirements related to the ownership of nuclear facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adequate funding of our nuclear and coal ash pond decommissioning funds including investment performance and projected decommissioning costs;

ii

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued efficient operation of our generation facilities by us and third-parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of an adequate and economical supply of fuel, water and other materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on third-parties to efficiently manage, distribute and deliver generated electricity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the direct or indirect effect on our business resulting from cyber or physical attacks on us, our members or third-party service providers, vendors or contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in technology available to and utilized by us, our competitors, or residential or commercial consumers in our members' service territories, including from the development and deployment of distributed generation and energy storage technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability of counterparties to meet their obligations to us or our members, including failure to perform under agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our members' ability to perform their obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our members' ability to offer their residential, commercial and industrial customers competitive rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to protections granted by the Georgia Territorial Act that subject our members to increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated variation in demand for electricity or load forecasts resulting from changes in population and business growth (and declines), consumer consumption (including from data centers and other large commercial and industrial loads), energy conservation and efficiency efforts and the general economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs and geopolitical trade tensions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather conditions and other natural phenomena;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or legal and administrative proceedings and settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in interest rates or rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in our relationship with our employees, including the availability of qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• early retirement of our co-owned coal units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts of sabotage, wars or terrorist activities, including cyber attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hazards customary to the electric industry and the possibility that we may not have adequate insurance to cover losses resulting from these hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• catastrophic events such as fires, earthquakes, floods, droughts, hurricanes, severe winter weather, explosions, pandemic health events, or similar occurrences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in critical accounting policies material to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors discussed elsewhere in this quarterly report and in other reports we file with the SEC.

iii

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements**

***Oglethorpe Power Corporation***<br>***Consolidated Balance Sheets (Unaudited)***<br>*March 31, 2026 and December 31, 2025*<br>

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2026** | 2025 |
| **Assets** |  |  |
| **Electric plant:** |  |  |
| &nbsp;&nbsp;&nbsp;In service | $**17719718** | $17663646 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets—finance leases | **302732** | 302732 |
| &nbsp;&nbsp;&nbsp;Less: Accumulated provision for depreciation | **(6017678)** | (5933906) |
| **Electric plant in service, net** | **12004772** | 12032472 |
| &nbsp;&nbsp;&nbsp;Nuclear fuel, at amortized cost | **432805** | 408556 |
| &nbsp;&nbsp;&nbsp;Construction work in progress | **938951** | 787886 |
| **Total electric plant** | **13376528** | 13228914 |
| **Investments and funds:** |  |  |
| &nbsp;&nbsp;&nbsp;Nuclear decommissioning trust fund | **847120** | 855223 |
| &nbsp;&nbsp;&nbsp;Investment in associated companies | **93610** | 91378 |
| &nbsp;&nbsp;&nbsp;Long-term investments | **611950** | 653265 |
| &nbsp;&nbsp;&nbsp;Other | **42688** | 42111 |
| **Total investments and funds** | **1595368** | 1641977 |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | **90581** | 251119 |
| &nbsp;&nbsp;&nbsp;Restricted cash and short-term investments | **500** | 500 |
| &nbsp;&nbsp;&nbsp;Short-term investments | **73194** | 80164 |
| &nbsp;&nbsp;&nbsp;Receivables | **344789** | 397059 |
| &nbsp;&nbsp;&nbsp;Inventories, at weighted average cost | **387593** | 372765 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | **36191** | 45472 |
| **Total current assets** | **932848** | 1147079 |
| **Deferred charges and other assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **1024759** | 1023859 |
| &nbsp;&nbsp;&nbsp;Prepayments to Georgia Power Company | **16781** | 22419 |
| &nbsp;&nbsp;&nbsp;Other | **85029** | 85551 |
| **Total deferred charges** | **1126569** | 1131829 |
| **Total assets** | $**17031313** | $17149799 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these consolidated financial statements.

------

***Oglethorpe Power Corporation***<br>***Consolidated Balance Sheets (Unaudited)***<br>*March 31, 2026 and December 31, 2025*<br>

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2026** | 2025 |
| **Equity and Liabilities** |  |  |
| **Capitalization:** |  |  |
| &nbsp;&nbsp;&nbsp;Patronage capital and membership fees | $**1431922** | $1383773 |
| &nbsp;&nbsp;&nbsp;Long-term debt | **12049503** | 12065863 |
| &nbsp;&nbsp;&nbsp;Obligation under finance leases | **21578** | 21578 |
| &nbsp;&nbsp;&nbsp;Obligation under Rocky Mountain transactions | **34674** | 34099 |
| &nbsp;&nbsp;&nbsp;Other | **4790** | 5284 |
| **Total capitalization** | **13542467** | 13510597 |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt and finance leases due within one year | **397477** | 391726 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | **506146** | 459513 |
| &nbsp;&nbsp;&nbsp;Accounts payable | **97332** | 248499 |
| &nbsp;&nbsp;&nbsp;Accrued interest | **105847** | 91146 |
| &nbsp;&nbsp;&nbsp;Member power bill prepayments, current | **26439** | 28453 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **182952** | 215193 |
| **Total current liabilities** | **1316193** | 1434530 |
| **Deferred credits and other liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | **1286814** | 1280941 |
| &nbsp;&nbsp;&nbsp;Member power bill prepayments, non-current | **36350** | 38300 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | **835025** | 869860 |
| &nbsp;&nbsp;&nbsp;Other | **14464** | 15571 |
| **Total deferred credits and other liabilities** | **2172653** | 2204672 |
| **Total equity and liabilities** | $**17031313** | $17149799 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

***Oglethorpe Power Corporation***<br>***Consolidated Statements of Revenues and Expenses (Unaudited)***<br>*For the Three Months Ended March 31, 2026 and 2025*<br>

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | Three Months | Three Months |
| | **2026** | 2025 |
| **Operating revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;Sales to members | $**707001** | $668301 |
| &nbsp;&nbsp;&nbsp;Sales to non-members | **30055** | 9275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | **737056** | 677576 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Fuel | **285391** | 242647 |
| &nbsp;&nbsp;&nbsp;Production | **139787** | 130328 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **110608** | 106257 |
| &nbsp;&nbsp;&nbsp;Purchased power | **22695** | 21731 |
| &nbsp;&nbsp;&nbsp;Accretion | **14712** | 14532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **573193** | 515495 |
| **Operating margin** | **163863** | 162081 |
| **Other income:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment income | **7161** | 8497 |
| &nbsp;&nbsp;&nbsp;Other | **5491** | 3559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income** | **12652** | 12056 |
| **Interest charges:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **134699** | 132434 |
| &nbsp;&nbsp;&nbsp;Allowance for debt funds used during construction | **(8814)** | (3728) |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount and expense | **2481** | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest charges** | **128366** | 131131 |
| **Net margin** | $**48149** | $43006 |

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The accompanying notes are an integral part of these consolidated financial statements.

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***Oglethorpe Power Corporation***<br>***Consolidated Statements of Patronage Capital and Membership Fees (Unaudited)***<br>*For the Three Months Ended March 31, 2026 and 2025*<br>

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| | |
|:---|:---|
| | (dollars in<br>thousands) |
| Balance at December 31, 2024 | $1328418 |
| &nbsp;&nbsp;&nbsp;Net margin | 43006 |
| Balance at March 31, 2025 | $1371424 |
| Balance at December 31, 2025 | $1383773 |
| &nbsp;&nbsp;&nbsp;Net margin | **48149** |
| **Balance at March 31, 2026** | $**1431922** |

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The accompanying notes are an integral part of these consolidated financial statements.

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***Oglethorpe Power Corporation***<br>***Consolidated Statements of Cash Flows (Unaudited)***<br>*For the Three Months Ended March 31, 2026 and 2025*<br>

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| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2026** | 2025 |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net margin | $**48149** | $43006 |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net margin to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization, including nuclear fuel | **152798** | 147277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion cost | **14712** | 14532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred gains | **(447)** | (447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(655)** | (645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred outage costs | **(28615)** | (22938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of investments | **213** | (1152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory deferral of costs associated with nuclear decommissioning | **340** | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **6237** | (5986) |
| &nbsp;&nbsp;&nbsp;**Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **60347** | 2691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(14829)** | 9856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | **306** | (20391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(116528)** | (68043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **14701** | 24030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **15090** | (35541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of asset retirement obligations | **(8797)** | (8084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **(20050)** | (7235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate management program billing credits applied | **(24307)** | (34369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(3963)** | (2108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total adjustments** | **46553** | (6126) |
| **Net cash provided by operating activities** | **94702** | 36880 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property additions | **(339455)** | (195399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation proceeds received for capitalized spent nuclear fuel storage costs | **—** | 21684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in nuclear decommissioning trust fund—Purchases | **(392802)** | (272569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in nuclear decommissioning trust fund—Proceeds | **386032** | 265722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in long-term and short-term investments—Purchases | **(93465)** | (66621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in long-term and short-term investments—Proceeds | **137453** | 79430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **2883** | (604) |
| **Net cash used in investing activities** | **(299354)** | (168357) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt proceeds | **43332** | 390398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt payments | **(129375)** | (133149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in short-term borrowings, net | **120383** | (211026) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **9774** | (3535) |
| **Net cash provided by financing activities** | **44114** | 42688 |
| **Net decrease in cash, cash equivalents and restricted cash** | **(160538)** | (88789) |
| **Cash, cash equivalents and restricted cash at beginning of period** | **251619** | 338313 |
| **Cash, cash equivalents and restricted cash at end of period** | $**91081** | $249524 |
| **Supplemental cash flow information:** |  |  |
| Cash paid for— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (net of amounts capitalized) | $**110609** | $104138 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued property additions at end of period | $**131641** | $66026 |

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The accompanying notes are an integral part of these consolidated financial statements.

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**Oglethorpe Power Corporation**

**Notes to Unaudited Consolidated Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;(A)*General.*&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements included in this report have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the information furnished in this report reflects all adjustments (which include only normal recurring adjustments) and estimates necessary to fairly state, in all material respects, our financial condition and results of operations for the three-month periods ended March 31, 2026 and 2025. Examples of estimates used include items related to (i) our asset retirement obligations, such as closure and post-closure cost estimates, timing of expenditures, escalation factors and discount rates, and (ii) depreciation rates, such as determining the depreciable service lives. Actual results could differ from our estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC. The results of operations for the three-month period ended March 31, 2026 are not necessarily indicative of results to be expected for the full year. As noted in our 2025 Form 10-K, our revenues consist primarily of sales to our 38 electric distribution cooperative members and, thus, the receivables on the consolidated balance sheets are principally from our members. See "Notes to Consolidated Financial Statements" in our 2025 Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;(B)*Fair Value.*&nbsp;&nbsp;&nbsp;&nbsp;Authoritative guidance regarding fair value measurements for financial and non-financial assets and liabilities defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements.

The guidance establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 1.* Quoted prices from active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Quoted prices in active markets provide the most reliable evidence of fair value and are used to measure fair value whenever available. Level 1 primarily consists of financial instruments that are exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 2.* Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Level 2 primarily consists of financial instruments that are non-exchange-traded but have significant observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 3.* Pricing inputs that include significant inputs which are generally less observable from objective sources. These inputs may include internally developed methodologies that result in management's best estimate of fair value. Level 3 financial instruments are those whose fair value is based on significant unobservable inputs.

As required by the guidance, assets and liabilities measured at fair value are based on one or more of the following three valuation techniques:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Market approach.*&nbsp;&nbsp;&nbsp;&nbsp;The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business) and deriving fair value based on these inputs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Income approach.*&nbsp;&nbsp;&nbsp;&nbsp;The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Cost approach.*&nbsp;&nbsp;&nbsp;&nbsp;The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (often referred to as current replacement cost). This approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

The tables below detail assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date Using**  | **Fair Value Measurements at Reporting Date Using**  | **Fair Value Measurements at Reporting Date Using**  | **Fair Value Measurements at Reporting Date Using**  |
| |<br>**March 31, 2026** | Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1) | Significant Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Nuclear decommissioning trust funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic equity | $**243061** | $243061 | $— | $— |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | **111454** |  | 111454 |  |
| &nbsp;&nbsp;&nbsp;US Treasury securities | **78582** | 78582 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | **62818** |  | 62818 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | **109385** | 109385 |  |  |
| &nbsp;&nbsp;&nbsp;Municipal bonds | **3553** |  | 3553 |  |
| &nbsp;&nbsp;&nbsp;Federal agency securities | **9469** |  | 9469 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | **18404** |  | 18404 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | **184044** |  | 184044 |  |
| &nbsp;&nbsp;&nbsp;Other | **26350** | 26350 |  |  |
| Long-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | **30679** |  | 30679 |  |
| &nbsp;&nbsp;&nbsp;US Treasury securities | **41743** | 41743 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | **23900** |  | 23900 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | **398119** | 398119 |  |  |
| &nbsp;&nbsp;&nbsp;Treasury STRIPS | **64473** |  | 64473 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | **1924** |  | 1924 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | **49831** |  | 49831 |  |
| &nbsp;&nbsp;&nbsp;Other | **1281** | 1281 |  |  |
| Short-term investments: Treasury STRIPS | **73194** |  | 73194 |  |
| Natural gas swaps | **12** |  | 12 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date Using**  | **Fair Value Measurements at Reporting Date Using**  | **Fair Value Measurements at Reporting Date Using**  | **Fair Value Measurements at Reporting Date Using**  |
| |<br>December 31, 2025 | Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1) | Significant Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Nuclear decommissioning trust funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic equity | $254191 | $254191 | $— | $— |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | 108799 |  | 107808 | 991 |
| &nbsp;&nbsp;&nbsp;US Treasury securities | 85520 | 85520 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | 65814 |  | 65814 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | 109307 | 109307 |  |  |
| &nbsp;&nbsp;&nbsp;Municipal bonds | 6627 |  | 6627 |  |
| &nbsp;&nbsp;&nbsp;Federal agency securities | 9082 |  | 9082 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | 14234 |  | 14234 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | 180112 |  | 180112 |  |
| &nbsp;&nbsp;&nbsp;Other | 21537 | 21537 |  |  |
| Long-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | 27967 |  | 27967 |  |
| &nbsp;&nbsp;&nbsp;US Treasury securities | 36716 | 36716 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | 28996 |  | 28996 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | 430593 | 430593 |  |  |
| &nbsp;&nbsp;&nbsp;Treasury STRIPS | 76392 |  | 76392 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | 3294 |  | 3294 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | 48935 |  | 48935 |  |
| &nbsp;&nbsp;&nbsp;Other | 372 | 372 |  |  |
| Short-term investments: Treasury STRIPS | 80164 |  | 80164 |  |
| Natural gas swaps | 10642 |  | 10642 |  |

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The Level 2 investments above may not be exchange traded. The fair value measurements for these investments are based on a market approach, including the use of observable inputs at or near the valuation date. Common inputs include reported trades and broker/dealer bid/ask prices.

The Level 3 investments above in corporate bonds and debt consist of investments in bank loans which are not exchange traded. Although these securities may be liquid and priced daily, their inputs are not observable.

The estimated fair values of our long-term debt, including current maturities at March 31, 2026 and December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | 2025 | 2025 |
| | **Carrying<br>Value** | **Fair<br>Value** | Carrying<br>Value | Fair<br>Value |
| | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Long-term debt | $**12553767** | $**10875088** | $12566059 | $11008470 |

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The estimated fair value of long-term debt is classified as Level 2 and is estimated based on observed or quoted market prices for the same or similar issues or on current rates offered to us for debt of similar maturities. The primary sources of our long-term debt consist of first mortgage bonds, pollution control revenue bonds and long-term debt issued by the Federal Financing Bank that is guaranteed by the Rural Utilities Service or the U.S. Department of Energy. The valuations for the first mortgage bonds and the pollution control revenue bonds were obtained from a third party data reporting service, and are based on secondary market trading of our debt. Valuations for debt issued by the Federal

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Financing Bank are based on U.S. Treasury rates as of March 31, 2026 and December 31, 2025 plus an applicable spread, which reflects our borrowing rate for new loans of this type from the Federal Financing Bank.

For cash and cash equivalents and receivables, the carrying amount approximates fair value because of the short-term maturity of those instruments.

&nbsp;&nbsp;&nbsp;&nbsp;(C)*Derivative Instruments.*&nbsp;&nbsp;&nbsp;&nbsp;We use commodity derivatives to manage our exposure to fluctuations in the market price of natural gas. Our risk management and compliance committee provides general oversight over all derivative activities. We do not apply hedge accounting to derivative transactions, but instead apply regulated operations accounting. Consistent with our rate-making, unrealized gains or losses on our natural gas swaps are reflected as regulatory assets or liabilities, as appropriate. Realized gains and losses on natural gas swaps are included in fuel expense within our consolidated statements of revenues and expenses and, therefore, net margins within our consolidated statement of cash flows.

We are exposed to credit risk as a result of entering into these arrangements. Credit risk is the potential loss resulting from a counterparty's nonperformance under an agreement. We have established policies and procedures to manage credit risk through counterparty analysis, exposure calculation and monitoring, exposure limits, collateralization and certain other contractual provisions.

It is possible that volatility in commodity prices could cause us to have credit risk exposures with one or more counterparties. If such counterparties fail to perform their obligations, we could suffer a financial loss. However, as of March 31, 2026, all of the counterparties with transaction amounts outstanding under our derivative programs are rated investment grade by the major rating agencies or have provided a guaranty from one of their affiliates that is rated investment grade.

We have entered into International Swaps and Derivatives Association agreements with our natural gas derivative counterparties that mitigate credit exposure by creating contractual rights relating to creditworthiness, collateral, termination and netting (which, in certain cases, allows us to use the net value of affected transactions with the same counterparty in the event of default by the counterparty or early termination of the agreement).

Additionally, we have implemented procedures to monitor the creditworthiness of our counterparties and to evaluate nonperformance in valuing counterparty positions. We have contracted with a third party to assist in monitoring certain of our counterparties' credit standing and condition. Net liability positions are generally not adjusted as we use derivative transactions as hedges and have the ability and intent to perform under each of our contracts. In the instance of net asset positions, we consider general market conditions and the observable financial health and outlook of specific counterparties, forward looking data such as credit default swaps, when available, and historical default probabilities from credit rating agencies in evaluating the potential impact of nonperformance risk to derivative positions.

The contractual agreements contain provisions that could require us or the counterparty to post collateral or credit support. The amount of collateral or credit support that could be required is calculated as the difference between the aggregate fair value of the hedges and pre-established credit thresholds. The credit thresholds are contingent upon each party's credit ratings from the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty.

Under the natural gas swap arrangements, we pay the counterparty a fixed price for specified natural gas quantities and receive a payment for such quantities based on a market price index. These payment obligations are netted, such that if the market price index is lower than the fixed price, we will make a net payment, and if the market price index is higher than the fixed price, we will receive a net payment.

At March 31, 2026 and December 31, 2025, the estimated fair values of our natural gas contracts were net assets of approximately $12,000 and $10,642,000, respectively.

At March 31, 2026 and December 31, 2025, one of our counterparties was required to post credit collateral totaling $500,000 under our natural gas swap agreements. Such posted collateral is classified as restricted cash and included in the Restricted cash and short-term investments line item within our unaudited consolidated balance sheets.

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The following table reflects the notional volume of our natural gas derivatives as of March 31, 2026 that is expected to settle or mature each year:

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| | |
|:---|:---|
| **Year** | **Natural Gas Swaps**<br>**(MMBTUs)**<br> (in millions) |
| 2026 | 25.2 |
| 2027 | 28.3 |
| 2028 | 21.7 |
| 2029 | 20.0 |
| 2030 | 17.0 |
| 2031 | 9.8 |
| **Total** | **122.0** |

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The table below reflects the fair value of derivative instruments subject to the right of setoff and their effect on our consolidated balance sheets at March 31, 2026 and December 31, 2025. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated Balance Sheet<br>Location** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 |
| | | **Assets** | **Liabilities** | **Net Carrying Value Presented on the Balance Sheet** | **Assets** | **Liabilities** | **Net Carrying Value Presented on the Balance Sheet** |
| **Assets** |  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other current assets | $**8123** | $**(2823)** | $**5300** | $14775 | $(2505) | $12270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other deferred charges | **2402** | **(1720)** | **682** | 3084 | (1251) | 1833 |
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other current liabilities | $**103** | $**(1541)** | $**(1438)** | $145 | $(435) | $(290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other deferred credits | **1121** | **(5653)** | **(4532)** | 1020 | (4191) | (3171) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $**11749** | $**(11737)** | $**12** | $19024 | $(8382) | $10642 |

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The following table presents the gross realized gains and (losses) on derivative instruments recognized in net margins for the three months ended March 31, 2026 and 2025.

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| | | | |
|:---|:---|:---|:---|
| | | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **Statement of Revenues and Expenses<br>Location** | **2026** | 2025 |
| | | (dollars in thousands) | (dollars in thousands) |
| Natural gas swaps gains | Fuel | $**9159** | $2366 |
| Natural gas swaps losses | Fuel | **(1684)** | (1359) |
| **Total** |  | $**7475** | $1007 |

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The following table presents the unrealized gains on derivative instruments deferred on the balance sheet at March 31, 2026 and December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| | **Balance Sheet Location** | **2026** | 2025 |
| | | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;Natural gas swaps | Regulatory liability | $**12** | $10642 |
| **Total** |  | $**12** | $10642 |

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&nbsp;&nbsp;&nbsp;&nbsp;(D)*Investment Securities.*&nbsp;&nbsp;&nbsp;&nbsp;Investment securities we hold are recorded at fair value in the accompanying consolidated balance sheets. We apply regulated operations accounting to the unrealized gains and losses of all investment securities. All realized and unrealized gains and losses are determined using the specific identification method.

The following tables summarize debt and equity securities as of March 31, 2026 and December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Unrealized** | **Gross Unrealized** | **Gross Unrealized** | **Gross Unrealized** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|<br>**March 31, 2026** | **Cost** | **Gains** | **Losses** | **Fair<br>Value** |
| **Equity** | $**412673** | $**298099** | $**(5168)** | $**705604** |
| **Debt** | **803072** | **9056** | **(13280)** | **798848** |
| **Other** | **27228** | **1056** | **(472)** | **27812** |
| **Total** | $**1242973** | $**308211** | $**(18920)** | $**1532264** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Gross Unrealized | Gross Unrealized |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| December 31, 2025 | Cost | Gains | Losses | Fair<br>Value |
| Equity | $407059 | $313033 | $(4440) | $715652 |
| Debt | 850056 | 10509 | (9398) | 851167 |
| Other | 22506 | 205 | (878) | 21833 |
| Total | $1279621 | $323747 | $(14716) | $1588652 |

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The cost basis of our debt securities that were in unrealized loss positions at March 31, 2026 was $570,115,000. At March 31, 2026, $7,890,000 of the $13,280,000 of unrealized losses relates to securities that have been in unrealized loss positions for less than twelve months and $5,390,000 relates to securities that have been in unrealized loss positions for greater than twelve months. These unrealized losses are primarily attributable to increases in market interest rates following our purchase of these securities.

The cost basis of our debt securities that were in unrealized loss positions at December 31, 2025 was $324,301,000. At December 31, 2025, $1,178,000 of the $9,398,000 of unrealized losses relates to securities that have been in unrealized loss positions for less than twelve months and $8,220,000 relates to securities that have been in unrealized loss positions for greater than twelve months. These unrealized losses are primarily attributable to increases in market interest rates following our purchase of these securities.

&nbsp;&nbsp;&nbsp;&nbsp;(E)*Recently Issued or Adopted Accounting Pronouncements.* In November 2024, the FASB issued "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses", which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. The new standard is effective for us for annual reporting periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the new standard may be applied either prospectively or retrospectively. We are currently evaluating the impact of this standard on our consolidated financial statements.

In September 2025, the FASB issued "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", which modernizes the accounting for internal-use software under Accounting Standards Codification (ASC) 350-40 by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different

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development approaches, and enhances disclosure requirements. The new standard is effective for us for interim and annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(F)*Revenue Recognition.*&nbsp;&nbsp;&nbsp;&nbsp;As an electric membership cooperative, our principal business is providing wholesale electric service to our members. Our operating revenues are derived primarily from wholesale power contracts we have with each of our 38 members that extend to December 31, 2085. These contracts are substantially identical and obligate our members jointly and severally to pay all expenses associated with owning and operating our power supply business. As a cooperative, we operate on a not-for-profit basis and, accordingly, seek only to generate revenues sufficient to recover our cost of service and to generate margins sufficient to establish reasonable reserves and meet certain financial coverage requirements. We also sell energy and capacity to non-members through industry standard contracts and negotiated agreements, respectively. We do not have multiple operating segments.

Pursuant to our contracts, we primarily provide two services, capacity and energy. Capacity and energy revenues are recognized by us upon transfer of control of promised services to our members and non-members in an amount that reflects the consideration we expect to receive in exchange for those services. Capacity and energy are distinct and we account for them as separate performance obligations. The obligations to provide capacity and energy are satisfied over time as the customer simultaneously receives and consumes the benefit of these services. Both performance obligations are provided directly by us and not through a third party.

Each of our members is obligated to pay us for capacity and energy we furnish under the wholesale power contract in accordance with rates we establish. We review our rates periodically but are required to do so at least once every year. Revenues from our members are derived through a cost-plus rate structure which is set forth as a formula in the rate schedule to the wholesale power contracts. The formulary rate provides for the pass-through of our (i) fixed costs (net of any income from other sources) plus a targeted margin as capacity revenues and (ii) variable costs as energy revenues from our members. Power purchase and sale agreements between us and non-members obligate each non-member to pay us for capacity, if any, and energy furnished in accordance with the prices mutually agreed upon. Margins produced from non-member sales are included in our rate schedule formula and reduce revenue requirements from our members. As of March 31, 2026 and December 31, 2025, we did not have any significant long-term contracts with non-members.

The consideration we receive for providing capacity services is determined by our formulary rate on an annual basis. The components of the formulary rate associated with capacity costs include the annual budget of fixed costs, a targeted margin and income from other sources. Capacity revenues, therefore, vary to the extent these components vary. Fixed costs include items such as fixed operation and maintenance expenses, administrative and general expenses, depreciation and interest. Year to year, capacity revenue fluctuations are generally due to the recovery of fixed operation and maintenance expenses. Fixed costs also include certain costs, such as major maintenance costs, which will be recognized as expense in future periods. Recognition of revenues associated with these future expenses is deferred pursuant to Accounting Standards Codification (ASC) 980, Regulated Operations. The regulatory liabilities are amortized to revenue in accordance with the associated revenue deferral plan as the expenses are recognized. For information regarding regulatory accounting, see Note J.

Capacity revenues are recognized by us for standing ready to deliver electricity to our customers. Our capacity revenues are based on the associated costs we expect to recover in a given year and are generally recognized and billed to our members in equal monthly installments over the course of the year regardless of whether our generation and purchased power resources are dispatched to produce electricity. Non-member capacity revenues are billed and recognized in accordance with the terms of the associated contract.

We have a power bill prepayment program pursuant to which our members may prepay future capacity costs and receive a discount. As this program provides us with financing, we adjust our capacity revenues by the amount of the discount, which is based on our avoided cost of borrowing. For additional information regarding our member prepayment program, see Note K.

We satisfy our performance obligations to deliver energy as energy is delivered to the applicable meter points. We determine the standard selling price for energy we deliver to our members based upon the variable costs incurred to generate or purchase that energy. Fuel expense is the primary variable cost. Energy revenue recognized equals the actual variable expenses incurred in any given accounting period. Our member energy revenues fluctuate from period to period based on several factors, including fuel costs, weather and other seasonal factors, load requirements in our members' service territories, variable operating costs, the availability of electric generation resources, our decisions of whether to dispatch our owned or purchased resources or member-owned resources over which we have dispatch rights, and by members' decisions of whether to purchase a portion of their hourly energy requirements from our resources or

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from other suppliers. The standard selling price for our energy revenues from non-members is the price mutually agreed upon.

We are required under our first mortgage indenture to produce a margins for interest ratio of at least 1.10 for each fiscal year. For 2025 and 2026, our board of directors approved budgets to achieve a 1.10 margins for interest ratio, respectively. Historically, our board of directors has approved adjustments to revenue requirements by year end such that revenue in excess of that required to meet the targeted margins for interest ratio is refunded to the members. Given that our capacity revenues are based upon budgeted expenditures and generally recognized and billed to our members in equal monthly installments over the course of the year, we may recognize capacity revenues that exceed our actual fixed costs and targeted margins in any given interim reporting period. At each interim reporting period we assess our projected revenue requirements through year end to determine whether a refund to our members of excess consideration is likely. If so, we reduce our capacity revenues and recognize a refund liability to our members. Refund liabilities, if any, are included in accounts payable on our unaudited consolidated balance sheets. As of March 31, 2026, we did not recognize a refund liability. As of December 31, 2025, we recognized refund liabilities totaling $70,632,000. Based on our current agreements with non-members, we do not refund any consideration received from non-members.

Sales to members for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | (dollars in thousands) | (dollars in thousands) |
| | **2026** | 2025 |
| Capacity revenues | $**422241** | $413337 |
| Energy revenues | **284760** | 254964 |
| Total | $**707001** | $668301 |

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Receivables from contracts with our members at March 31, 2026 and December 31, 2025 were $176,033,000 and $237,834,000, respectively.

Sales to non-members during the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | (dollars in thousands) | (dollars in thousands) |
| | **2026** | 2025 |
| Energy revenues | $**30055** | $9275 |
| Total | $**30055** | $9275 |

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Energy revenues from non-members for the three months ended March 31, 2026 and March 31, 2025 were primarily from the sale of the BC Smith Energy Facility deferring members' output into the wholesale market.

Our receivables from non-members at March 31, 2026 and December 31, 2025 were $168,756,000 and $159,225,000, respectively. Our non-member receivables are primarily related to nuclear production tax credits and transactions with non-members for the sale of the BC Smith deferring members' output, affiliated companies and investment income. At March 31, 2026 and December 31, 2025, our receivables from non-members included a receivable of $126,517,000 and we have a long-term receivable of $53,566,000 from the U.S. Government relating to nuclear production tax credits ("45U NPTCs"), pursuant to Internal Revenue Code 45U for fiscal years 2024 and 2025, respectively, that were recognized in December 2025. Such long-term receivable is included in the Deferred charges and other assets - Other line item within our unaudited consolidated balance sheets. We have applied regulatory accounting to these tax credits and are deferring the benefit until the three-year Internal Revenue Service ("IRS") statute of limitations has passed and/or completion of an IRS audit for the 2024 and 2025 45U NPTCs. For information regarding regulatory accounting, see Note J.

Electric capacity and energy revenues are recognized by us without any obligation for returns, warranties or taxes collected. As our members are jointly and severally obligated to pay all expenses associated with owning and operating our power supply business and we perform an on-going assessment of the credit worthiness of non-members and have not had a history of any write-offs from non-members, we have not recorded an allowance for doubtful accounts associated with our receivables from members or non-members.

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In 2018, we began a rate management program that allowed us to recover future expense on a current basis from our members. In general, the program allowed for additional collections over a five-year period with those amounts then applied to billings over the subsequent five-year period. The program is designed primarily as a mechanism to assist our members in managing the rate impacts associated with the commercial operation of Vogtle Units No. 3 and No. 4. During the first quarter of 2022, we began applying billing credits to some of our participating members within this program. In December 2022, collections from our members ended for this rate management program. Under this program, net billing credits to participating members during the three months ended March 31, 2026 and 2025 were $16,630,000 and $24,232,000, respectively. Funds collected through this program are invested and held until applied to members' bills. Investments that mature and are expected to be applied to members' bills within the next twelve months are included in the Short-term investments line item within our unaudited consolidated balance sheets. In conjunction with this program, we applied regulated operations accounting to defer these revenues and related investment income on the funds collected. Amounts deferred under the program are amortized to income when applied to members' bills. The net cumulative amount billed since inception of the program totaled $369,102,000. As of March 31, 2026, our remaining liability to be credited to our members' bills was $91,884,000. For additional information regarding our revenue deferral plan, see Note J.

In March 2026, we began an additional rate management program that allows us to recover future expense on a current basis from our members. Our members made a one-time election to participate in this program which, in general, allows for additional collections over a three-year period with those amounts then applied to billings over the subsequent three-year period. The program is designed primarily as a mechanism to assist our members in managing the rate impacts associated with the commercial operation of the new Smarr combined cycle project. Under this program, amounts billed to participating members during the three months ended March 31, 2026 were $400,000. Over the three-year period, we expect to collect $32,200,000 from the participating members under this additional rate management program. Funds collected through this program are invested and held until applied to members' bills. Investments that mature and are expected to be applied to members' bills within the next twelve months will be included in the Short-term investments line item within our unaudited consolidated balance sheets. In conjunction with this program, we are applying regulated operations accounting to defer these revenues and related investment income on the funds collected. Amounts deferred under the program will be amortized to income when applied to members' bills. For additional information regarding our additional revenue deferral plan, see Note J.

&nbsp;&nbsp;&nbsp;&nbsp;(G)*Leases.*&nbsp;&nbsp;&nbsp;&nbsp;As a lessee, we have a relatively small portfolio of leases with the most significant being our 60% undivided interest in Scherer Unit No. 2 and railcar leases for the transportation of coal. We also have various other leases of minimal value.

We classify our four Scherer Unit No. 2 leases as finance leases and our railcar leases as operating leases. We have made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from short-term leases, leases having an initial term of 12 months or less, for any class of underlying asset. We recognize lease expense for short-term leases on a straight-line basis over the lease term. Lease expense recognized for our short-term leases during the three months ended March 31, 2026 and 2025 was insignificant.

<u>Finance Leases</u>

Three of our Scherer Unit No. 2 finance leases have lease terms through December 31, 2027, and one lease extends through June 30, 2031. At the end of the leases, we can elect at our sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renew the leases for a period of not less than one year and not more than five years at fair market value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase the undivided interest at fair market value, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redeliver the undivided interest to the lessors.

For rate-making purposes, we include the actual lease payments for our finance leases in our cost of service. The difference between lease payments and the aggregate of the amortization on the right-of-use asset and the interest on the finance lease obligation is recognized as a regulatory asset. Finance lease amortization is recorded in depreciation and amortization expense.

<u>Operating Leases</u>

Our railcar operating leases have terms that extend through November 30, 2028. At the end of the railcar operating leases, we can renew at terms mutually agreeable by us and the lessors, purchase the assets or return the assets to the lessors. We have additional operating leases including one for office equipment that has a term extending through

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November 30, 2029 and one for real property at one of our electric generating facilities that has a term extending through February 2042 with one renewal option for a 20 year term.

The exercise of renewal options for our finance and operating leases is at our sole discretion.

As all of our operating leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the time new lease agreements are entered into or reassessed to determine the present value of lease payments.

We combine lease and non-lease components for all lease agreements.

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| | | |
|:---|:---|:---|
| **Classification** | **March 31, 2026** | December 31, 2025 |
|  | (dollars in thousands) | (dollars in thousands) |
| **Right-of-use assets—Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | $**302732** | $302732 |
| &nbsp;&nbsp;&nbsp;Less: Accumulated provision for depreciation | **(290006)** | (288688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total finance lease assets** | $**12726** | $14044 |
| **Lease liabilities—Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;Obligations under finance leases | $**21578** | $21578 |
| &nbsp;&nbsp;&nbsp;Long-term debt and finance leases due within one year | **11595** | 11595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total finance lease liabilities** | $**33173** | $33173 |

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| | | |
|:---|:---|:---|
| **Classification** | **March 31, 2026** | December 31, 2025 |
|  | (dollars in thousands) | (dollars in thousands) |
| **Right-of-use assets—Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;Electric plant in service, net | $**6812** | $7357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating lease assets** | $**6812** | $7357 |
| **Lease liabilities—Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;Capitalization—Other | $**4790** | $5284 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **2022** | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating lease liabilities** | $**6812** | $7357 |

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| | | | |
|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** |
| **Lease Cost** | **Classification** | **March 31, 2026** | March 31, 2025 |
|  |  | (dollars in thousands) | (dollars in thousands) |
| Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of leased assets | Depreciation and amortization | $**2604** | $2604 |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities | Interest expense | **1134** | 1134 |
| Operating lease cost: | Inventory<sup>(1)</sup> & production expense | **688** | 641 |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total leased cost** |  | $**4426** | $4379 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The majority of our operating lease costs relate to our railcar leases and such costs are added to the cost of our fossil-fuel inventories and are recognized in fuel expense as the inventories are consumed.

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | December 31, 2025 |
| **Lease Term and Discount Rate:** |  |  |
| **Weighted-average remaining lease term (in years)** |  |  |
| &nbsp;&nbsp;&nbsp;Finance leases | **3.30** | 3.55 |
| &nbsp;&nbsp;&nbsp;Operating leases | **4.17** | 4.36 |
| **Weighted-average discount rate:** |  |  |
| &nbsp;&nbsp;&nbsp;Finance leases | **11.05%** | 11.05% |
| &nbsp;&nbsp;&nbsp;Operating leases | **6.13%** | 6.14% |

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | 2025 |
| | (dollars in thousands) | (dollars in thousands) |
| **Other Information:** |  |  |
| **Cash paid for amounts included in the measurement of lease liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $**688** | $641 |

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Maturity analysis of our finance and operating lease liabilities as of March 31, 2026 is as follows:

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| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|<br>**Year Ending December 31,** | **Finance Leases** | **Operating Leases** | **Total** |
| 2026 | $14949 | $1782 | $16731 |
| 2027 | 14949 | 2190 | 17139 |
| 2028 | 3052 | 2080 | 5132 |
| 2029 | 3052 | 643 | 3695 |
| 2030 | 3052 | 389 | 3441 |
| Thereafter | 1528 | 651 | 2179 |
| Total lease payments | $40582 | $7735 | $48317 |
| &nbsp;&nbsp;&nbsp;Less: imputed interest | (7409) | (923) | (8332) |
| Present value of lease liabilities | $33173 | $6812 | $39985 |

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As a lessor, we primarily lease office space to several tenants within our headquarters building. Several of these tenants are related parties. We account for all of these lease agreements as operating leases.

Lease income recognized during the three months ended March 31, 2026 and 2025 was as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | 2025 |
| | (dollars in thousands) | (dollars in thousands) |
| Lease income | $**1535** | $1284 |

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&nbsp;&nbsp;&nbsp;&nbsp;(H)*Contingencies and Regulatory Matters.*&nbsp;&nbsp;&nbsp;&nbsp;We do not anticipate that the liabilities, if any, for any current proceedings against us will have a material effect on our financial condition or results of operations. However, at this time, the ultimate outcome of any pending or potential litigation cannot be determined.

*Environmental Matters.*&nbsp;&nbsp;&nbsp;&nbsp;As is typical for electric utilities, we are subject to various federal, state and local environmental laws which represent significant future risks and uncertainties. Air emissions, water discharges and water usage are extensively controlled, closely monitored and periodically reported. Handling and disposal requirements govern the manner of transportation, storage and disposal of various types of waste. We may also become subject to climate change regulations that impose restrictions on emissions of greenhouse gases, including carbon dioxide.

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Such requirements may substantially increase the cost of electric service, by requiring modifications in the design or operation of existing facilities or the purchase of emission allowances. Failure to comply with these requirements could result in civil and criminal penalties and could include the complete shutdown of individual generating units not in compliance. Certain of our debt instruments require us to comply in all material respects with laws, rules, regulations and orders imposed by applicable governmental authorities, which include current and future environmental laws or regulations. Should we fail to be in compliance with these requirements, it would constitute a default under those debt instruments. We believe that we are in compliance with those environmental regulations currently applicable to our business and operations. Although it is our intent to comply with current and future regulations, we cannot provide assurance that we will always be in compliance.

At this time, the ultimate impact of any new and more stringent environmental regulations described above is uncertain and could have an effect on our financial condition, results of operations and cash flows as a result of future additional capital expenditures and increased operations and maintenance costs.

Additionally, litigation over environmental issues and claims of various types, including property damage, personal injury, common law nuisance, and citizen enforcement of environmental requirements such as air quality and water standards, has increased generally throughout the United States. In particular, personal injury and other claims for damages caused by alleged exposure to hazardous materials, and common law nuisance claims for injunctive relief, personal injury and property damage allegedly caused by coal combustion residue, greenhouse gas and other emissions have become more frequent.

&nbsp;&nbsp;&nbsp;&nbsp;(I)*Restricted Cash and Short-Term Investments.* Restricted cash consists of collateral posted by our counterparties under our natural gas swap agreements. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts reported in the unaudited consolidated statements of cash flows.

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| | | |
|:---|:---|:---|
| **Classification** | | |
| | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | March 31, 2025 |
|  | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**90581** | $234324 |
| &nbsp;&nbsp;&nbsp;Restricted cash included in restricted cash and short-term investments | **500** | 15200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows** | $**91081** | $249524 |

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&nbsp;&nbsp;&nbsp;&nbsp;(J)*Regulatory Assets and Liabilities.*&nbsp;&nbsp;&nbsp;&nbsp;We apply the accounting guidance for regulated operations. Regulatory assets represent certain costs that are probable of recovery through future rates. We expect to recover such costs from our members in future revenues through rates under the wholesale power contracts we have with each of our members. The wholesale power contracts extend through December 31, 2085. Regulatory liabilities represent certain items of income that we are retaining and that will be applied in the future to reduce revenues required to be recovered from our members.

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The following regulatory assets and liabilities are reflected on the consolidated balance sheets as of March 31, 2026 and December 31, 2025.

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| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2026** | 2025 |
| *Regulatory Assets:* |  |  |
| Premium and loss on reacquired debt(a) | $**19544** | $20173 |
| Amortization on financing leases(b) | **18270** | 19556 |
| Outage costs(c) | **62778** | 46781 |
| Asset retirement obligations – Ashpond and other(l) | **224256** | 228400 |
| Depreciation expense - Plant Vogtle(d) | **30923** | 31279 |
| Depreciation expense - Plant Wansley(e) | **310838** | 316106 |
| Deferred charges related to Vogtle Units No. 3 and No. 4 training costs(f) | **53388** | 53619 |
| Interest rate options cost(g) | **121948** | 123650 |
| Deferral of effects on net margin – TA Smith Energy Facility(h) | **117409** | 118896 |
| Deferral of effects on net margin – BC Smith Energy Facility(p) | **8926** | 13868 |
| Inventory adjustments - TA Smith Energy Facility(q) | **13446** | 13701 |
| Accumulated retirement costs for other obligations(i) | **12065** | 5479 |
| Other regulatory assets(o) | **30968** | 32351 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Regulatory Assets* | $**1024759** | $1023859 |
| *Regulatory Liabilities:* |  |  |
| Deferral of effects on net margin – Hawk Road Energy Facility(h) | **14634** | 14788 |
| Major maintenance reserve(j) | **121044** | 109028 |
| Deferred debt service adder(k) | **199666** | 201836 |
| Asset retirement obligations – Nuclear(l) | **227072** | 245133 |
| Revenue deferral plan(m) | **91884** | 107784 |
| Other revenue deferral plan(s) | **400** |  |
| Natural gas hedges(n) | **12** | 10642 |
| Deferral of direct pay nuclear production tax credits(r) | **180082** | 180082 |
| Other regulatory liabilities(o) | **231** | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Regulatory Liabilities* | $**835025** | $869860 |
| &nbsp;&nbsp;&nbsp;Net Regulatory Assets | $**189734** | $153999 |

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(a)Represents premiums paid, together with unamortized transaction costs related to reacquired debt that are being amortized over the lives of the refunding debt, which range up to 30 years.

(b)Represents the difference between expense recognized for rate-making purposes versus financial statement purposes related to finance lease payments and the aggregate of the amortization of the asset and interest on the obligation.

(c)Consists of both coal-fired maintenance and nuclear refueling outage costs. Coal-fired outage costs are amortized on a straight-line basis to expense over periods up to 60 months, depending on the operating cycle of each unit. Nuclear refueling outage costs are amortized on a straight-line basis to expense over the 18 or 24-month operating cycles of each unit.

(d)Prior to Nuclear Regulatory Commission (NRC) approval of a 20-year license extension for Plant Vogtle Units No. 1 and No. 2, we deferred the difference between Plant Vogtle depreciation expense based on the then 40-year operating license and depreciation expense assuming an expected 20-year license extension. Amortization commenced upon NRC approval of the license extension in 2009 and is being amortized over the remaining life of the units.

(e)Represents the deferral of accelerated depreciation associated with the early retirement of Plant Wansley, which occurred on August 31, 2022. Amortization commenced upon the retirement of Plant Wansley and will end no later than December 31, 2040.

(f)Deferred charges consist of training related costs, including interest and carrying costs of such training. Amortization commenced with the commercial operation date of each unit and is being amortized to expense over the life of the units.

(g)Deferral of premiums paid to purchase interest rate options used to hedge interest rates on certain borrowings, related carrying costs and other incidentals associated with construction of Vogtle Units No. 3 and No. 4. Amortization commenced in August 2023 after Vogtle Unit No. 3 was placed in service.

(h)Effects on net margin for TA Smith and Hawk Road Energy Facilities were deferred through the end of 2015 and are being amortized over the remaining life of each respective plant.

(i)Represents the deferral or accrual of retirement costs associated with long-lived assets for which there are no legal obligations to retire the assets.

(j)Represents collections for future major maintenance costs; revenues are recognized as major maintenance costs are incurred.

(k)Represents collections to fund certain debt payments made through 2025 which were in excess of amounts collected through depreciation expense; the deferred credits will be amortized over the remaining useful life of the plants. Amortization commenced in January 2026.

(l)Represents the difference in the timing of recognition of decommissioning costs for financial statement purposes versus rate making purposes, as well as the deferral of unrealized gains and losses of funds set aside for decommissioning.

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(m)Deferred revenues under a rate management program that allowed for additional collections over a five-year period which began in 2018. These amounts are being amortized to income and applied to member billings, per each members' election, over the subsequent five-year period.

(n)Represents the deferral of unrealized gains on natural gas contracts.

(o)The amortization periods for other regulatory assets range up to 28 years and the amortization periods of other regulatory liabilities range up to 1 year.

(p)Effects on net margin for the BC Smith Energy Facility that are expected to be deferred until November 2026 and will be amortized over the remaining life of the plant.

(q)Represents the write-down of inventory associated with the TA Smith acquisition. Amortization commenced on June 1, 2024 and will end no later than May 31, 2039.

(r)Represents deferral of direct pay 45U NPTCs recognized for fiscal years 2024 and 2025. Both fiscal years were recognized at December 31, 2025. These 45U NPTCs, remain subject to an IRS audit until the three-year IRS statute of limitations has passed and/or completion of an IRS audit for that year's 45U NPTCs (an "Examination Period"). We will amortize these 45U NPTCs as credits to the Production expense line item within our consolidated statements of revenues and expenses after the lapse of the applicable Examination Period for that year's 45U NPTCs, with an estimated amortization period end date of December 31, 2028 and December 31, 2029, for fiscal year 2024 and fiscal year 2025 tax credits, respectively. We expect to defer and amortize such 45U NPTCs claimed for fiscal years subsequent to 2024 and 2025 in a similar manner on a rolling three-year basis.

(s)Deferred revenues under an additional rate management program that allows for additional collections over a three-year period which began in March 2026. These amounts will be amortized to income and applied to member billings, per each members' election, over the subsequent three-year period.

(K)*Member Power Bill Prepayments.*&nbsp;&nbsp;&nbsp;&nbsp;We have a power bill prepayment program pursuant to which members can prepay their power bills from us at a discount based on our avoided cost of borrowing. The prepayments are credited against the participating members' power bills in the month(s) agreed upon in advance. The discounts are credited against the power bills and are recorded as a reduction to member revenues. The prepayments are being credited against members' power bills through December 2028, with the majority of the balance scheduled to be credited by the end of 2027.

(L)*Debt.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a)Department of Energy Loan Guarantee:*

In connection with the development and construction of Vogtle Units No. 3 and No. 4, we and the Department of Energy and the Federal Financing Bank entered into a series of agreements pursuant to which we borrowed $4,633,028,000. As of March 31, 2026, we have repaid $749,986,000 of principal on the notes related to these borrowings and the aggregate Department of Energy-guaranteed borrowings outstanding, including capitalized interest, totaled $3,883,042,000. The final maturity date is February 20, 2044.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b)Rural Utilities Service Guaranteed Loans:*

For the three-month period ended March 31, 2026, we received advances on Rural Utilities Service-guaranteed Federal Financing Bank loans totaling $43,332,000 for long-term financing of general and environmental improvements at existing plants.

In April 2026, we received $52,323,000 and $80,058,000 in advances on Rural Utilities Service-guaranteed Federal Financing Bank loans for long-term financing of general and environmental improvements at existing plants and for our acquisition of the Walton County Power Plant, respectively. In conjunction with the loan proceeds received for the acquisition of the Walton County Power Plant, we reclassified, as of March 31, 2026, $73,751,000 of commercial paper to long-term debt and repaid the corresponding amount in commercial paper in April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c)Credit Facilities:*

As of March 31, 2026, we had a total of $1,725,000,000 of committed credit arrangements comprised of four separate facilities with maturity dates that range from March 2027 to May 2029. These credit facilities are for general working capital purposes, issuing letters of credit and backing up outstanding commercial paper. Under our unsecured committed lines of credit that we had in place at March 31, 2026, we had the ability to issue letters of credit totaling $810,000,000 in the aggregate, of which $807,000,000 remained available. At March 31, 2026, we had (i) $2,504,000 under these lines of credit in the form of issued letters of credit and (ii) $581,641,000 dedicated under one of these lines of credit to support a like face value of commercial paper that was outstanding.

(M)*Measurement of Credit Losses on Financial Instruments.* The financial assets we hold that are subject to credit losses (Topic 326) are predominately accounts receivable and certain cash equivalents classified as held-to-maturity debt (e.g. commercial paper). Our receivables are generally due within thirty days or less with a significant portion related to billings to our members. See Note F for information regarding our member receivables. Commercial paper we invest in is rated as investment grade. Given our historical experience, the short duration lifetime of these financial assets and the short time horizon over which to consider expectations of future economic conditions, we have assessed that non-collection of the cost basis of these financial assets is remote and we have not recognized an allowance for credit losses.

(N)*Asset Retirement Obligations.* During the three months ended March 31, 2026, no change in cash flow estimates related to nuclear or coal ash related asset retirement obligations was recorded. We expect to receive more refined estimates from Georgia Power regarding closure costs and the timing of coal ash expenditures in the fourth quarter of 2026. Prior

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period's amount for settlement of asset retirement obligations has been reclassified to conform with current year presentation within our unaudited consolidated statement of cash flows. Settlement of asset retirement obligations were previously included in the Other current liabilities line item of our unaudited consolidated statement of cash flows.

(O)*Smarr Combined Cycle Project.* We and our members have approved the development and construction of an approximately 1,425-megawatt, two-unit combined cycle generation facility to be located on land we own adjacent to the Smarr Energy Facility in Monroe County, Georgia. Our current budget for this project, which includes capital costs, allowance for funds used during construction and a contingency amount, is $3.3 billion. The projected commercial operation date is 2029. As of March 31, 2026, we had incurred costs of approximately $467.0 million with respect to this project. For additional information regarding this project, see Note 14 in our 2025 Form 10-K.

(P)*Talbot Combustion Turbine Unit No. 7.* We and our members have also approved the development and construction of an approximately 240-megawatt combustion turbine unit to be constructed at our Talbot Energy Facility in Talbot County, Georgia. We intend to update our budget for this unit during third quarter of 2026 and our current budget is approximately $400 million to $450 million. The projected commercial operation date for this unit is 2029. As of March 31, 2026, we had incurred costs of approximately $64.8 million with respect to this project. For additional information regarding this project, see Note 15 in our 2025 Form 10-K.

(Q)*Spent Nuclear Fuel Storage Costs.* Contracts with the U.S. Department of Energy have been executed to provide for the permanent disposal of spent nuclear fuel produced at Plants Hatch and Vogtle Units No. 1 and No. 2. The Department of Energy failed to begin disposing of spent fuel in January 1998 as required by the contracts, and Georgia Power, as agent for the co-owners of the plants, is pursuing legal remedies against the Department of Energy for breach of contract.

On September 5, 2025, Georgia Power filed their fifth round of lawsuits against the U.S. government in the Court of Federal Claims, seeking damages for the costs of continuing to store spent nuclear fuel at Plant Hatch and Plant Vogtle Units No. 1 and No. 2 for the period from January 1, 2020 through December 31, 2024. Damages will continue to accumulate until the issue is resolved, the U.S. government disposes of Georgia Power's spent nuclear fuel pursuant to its contractual obligations, or alternative storage is otherwise provided.

No amounts have been recognized in our consolidated financial statements as of March 31, 2026 for any potential recoveries from the pending lawsuits. The final outcome of this matter cannot be determined at this time.

Both Plants Hatch and Vogtle have on-site dry spent storage facilities in operation. We expect that facilities at both plants can be expanded to accommodate spent fuel through the expected life of each plant.

For additional information regarding nuclear fuel costs, see Note 1g in our 2025 Form 10-K.

(R)*Reportable Segment Information.* An operating segment is generally defined as a component of a business for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker ("CODM"). We report our segment information in the same way that management internally organizes our business for assessing performance and making decisions regarding the allocation of resources in accordance with ASC 280, Segment Reporting. We have one reportable operating segment.

As an electric membership cooperative, our single reportable operating segment is providing wholesale electric service to our members, primarily from our diverse energy portfolio of generation assets. Our operating revenues are derived primarily from wholesale power contracts we have with each of our 38 members. Pursuant to our contracts, we primarily provide two services, capacity and energy.

Our Chief Operating Decision Maker is identified as our President and Chief Executive Officer because our CODM has the final authority over performance assessment and resource allocation decisions. Due to our diverse energy portfolio of generation assets, our CODM regularly receives and uses discrete financial information about our single reportable segment in our CODM's performance assessment and resource allocation decisions, predominantly in the budgeting and forecasting process.

Our CODM manages our business on a consolidated basis and uses "net margin" as reported within our consolidated statements of revenues and expenses to allocate resources and assess performance. Segment net margin is determined on the same basis as net margin presented within our consolidated financial statements.

Within our reportable operating segment, there are significant expense categories regularly provided to the CODM and included in the measure of our segment's net margin. Our reportable segment's significant expenses include fuel expense, production expense, depreciation and amortization and interest expense as reported within our consolidated statements of revenues and expenses and notes to our consolidated financial statements. Our CODM uses these

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identified significant segment expenses and other segment information, including capacity and energy sales to members and investment income when allocating resources accordingly and assessing performance of all our generating assets to provide environmentally responsible, safe, reliable and affordable electricity to our members.

Other segment expenses are comprised of purchased power, accretion, other income and expense, allowance for debt funds used during construction and amortization of debt discount and expense.

Fuel expense primarily includes nuclear fuel burn, coal inventory burn, natural gas purchases, natural gas transportation charges, and settlement of our natural gas derivatives.

Production expense primarily includes operation and maintenance, major maintenance outage expenses for our generating fleet of assets, and administrative and general expenses.

Depreciation and amortization expense is computed on additions when they are placed in service using the composite straight-line method and considered a significant segment expense as it is a measure of the remaining useful lives of our generating assets.

Interest expense is considered a significant segment expense as we are exposed to the risk of changes in interest rates relating to a portion of our debt.

The accounting policies of our reportable segment are the same as those described in Note 1, Summary of significant accounting policies in our 2025 Form 10-K.

The measure of our segment's assets is reported within our consolidated balance sheets as "total assets". Our segment asset line items, provided to our CODM, are consistent with those reported within our consolidated balance sheets.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

**General**

We are a Georgia electric membership corporation (an EMC) incorporated in 1974 and headquartered in metropolitan Atlanta. We are owned by our 38 retail electric distribution cooperative members. Our members are consumer-owned distribution cooperatives providing retail electric service in Georgia on a not-for-profit basis. Our principal business is providing wholesale electric power to our members, which we provide primarily from our generation assets and, to a lesser extent, from power purchased from other suppliers. As with cooperatives generally, we operate on a not-for-profit basis.

We have a substantially similar wholesale power contract with each member that extends to December 31, 2085, and each contract will continue thereafter until terminated by three years' written notice by us or the respective member. For additional information regarding our wholesale power contracts with our members, see "Item 1–BUSINESS–OGLETHORPE POWER CORPORATION–Wholesale Power Contracts" in our 2025 Form 10-K.

**Results of Operations**

<u>For the Three Months Ended March 31, 2026 and 2025</u>

*Net Margin*

Our net margin for the three-month period ended March 31, 2026 was $48.1 million, compared to $43.0 million for the same period of 2025. Through March 31, 2026, we collected approximately 85% of our targeted net margin of $56.6 million for the year ending December 31, 2026. These collections are typical as our capacity revenues are generally recorded evenly throughout the year. We anticipate our board of directors will approve a budget adjustment by year end so that margins will achieve, but not exceed, the 2026 targeted margins for interest ratio of 1.10. As a result, we assessed our projected margin and annual revenue requirement to meet the targeted margins for interest ratio to determine if a refund liability should be recognized. As a result of this assessment, we did not recognize a refund liability as of March 31, 2026. For additional information regarding our net margin requirements and policy, see "Item 7–MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Summary of Cooperative Operations—*Margins*" in our 2025 Form 10-K.

*Operating Revenues*

Our operating revenues fluctuate from period to period based on several factors, including fuel costs, weather and other seasonal factors, load requirements in our members' service territories, operating costs, availability of electric generation resources, our decisions of whether to dispatch our owned, purchased or member-owned resources over which we have dispatch rights and our members' decisions of whether to purchase a portion of their hourly energy requirements from our resources or from other suppliers, and sales to non-members.

*Sales to Members.*&nbsp;&nbsp;&nbsp;&nbsp;We generate revenues principally from the sale of electric capacity and energy to our members. Capacity revenues are the revenues we receive for electric service whether or not our generation and purchased power resources are dispatched to produce electricity. These revenues are designed to recover the fixed costs associated with our business, including fixed production expenses, depreciation and amortization expenses and interest charges, plus a targeted margin. Energy revenues are the sales of electricity generated or purchased for our members. Energy revenues recover the variable costs of our business, including fuel, purchased energy and variable operation and maintenance expense.

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The components of member revenues for the three-month periods ended March 31, 2026 and 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| | (dollars in thousands) | (dollars in thousands) | |
| | **2026** | 2025 |% Change |
| Capacity revenues | $**422241** | $413337 | 2.2% |
| Energy revenues | **284760** | 254964 | 11.7% |
| Total | $**707001** | $668301 | 5.8% |
| MWh Sales to members<sup>(1)</sup> | **6991920** | 7417890 | (5.7)% |
| Cents/kWh | **10.11** | 9.01 | 12.2% |
| Member energy requirements supplied | **63%** | 67% | (6.0)% |

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<sup>(1)</sup> Includes energy supplied to members for resale at wholesale and energy we supplied to our own facilities. Excludes test energy supplied to members. Revenues and costs associated with test energy were capitalized.

Energy revenues from members increased for the three-month period ended March 31, 2026 compared to the same period in 2025, primarily due to the recovery of higher fuel costs offset by a decrease in megawatt-hours sold to members. For a discussion of fuel costs, which are the primary costs recovered by energy revenues, see "—*Operating Expenses*." Capacity revenues from members increased slightly for the three-month period ended March 31, 2026 compared to the same period in 2025.

*Sales to non-members.*&nbsp;&nbsp;&nbsp;&nbsp;Sales to non-members during the three-month period ended March 31, 2026 and 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| | (dollars in thousands) | (dollars in thousands) | |
| | **2026** | 2025 |% Change |
| Energy revenues | **30055** | 9275 | 224.0% |
| Total | $**30055** | $9275 | 224.0% |
| MWh Sales to non-members | **219659** | 176731 | 24.3% |
| Cents/kWh | **13.68** | 5.25 | 160.6% |

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Energy revenues from non-members were primarily from the sale of the BC Smith Energy Facility's deferring members' output into the wholesale market. Energy revenues from non-members increased for the three-month period ended March 31, 2026 compared to the same period in 2025 primarily due to recovery of higher fuel costs and an increase in megawatt-hours sold to non-members.

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*Operating Expenses* 

*Fuel*

The following table summarizes our fuel costs and megawatt-hour generation by generating source.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cost** | **Cost** | **Cost** | **Generation**<sup>(1)</sup> | **Generation**<sup>(1)</sup> | **Generation**<sup>(1)</sup> | **Cents per kWh** | **Cents per kWh** | **Cents per kWh** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (MWh) | (MWh) | (MWh) | | | |
| | Three Months Ended March 31, | Three Months Ended March 31, | | Three Months Ended March 31, | Three Months Ended March 31, | | Three Months Ended March 31, | Three Months Ended March 31, | |
| **Fuel Source** | **2026** | 2025 | % Change | **2026** | 2025 | % Change | **2026** | 2025 | % Change |
| Coal | $**31341** | $43413 | (27.8)% | **821403** | 1197783 | (31.4)% | **3.82** | 3.62 | 5.5% |
| Nuclear | **24918** | 27618 | (9.8)% | **3430439** | 3519441 | (2.5)% | **0.73** | 0.78 | (6.4)% |
| Gas:<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
| Combined Cycle | **200392** | 157194 | 27.5% | **2992096** | 2969862 | 0.7% | **6.70** | 5.29 | 26.7% |
| Combustion Turbine | **28740** | 14422 | 99.3% | **188145** | 104270 | 80.4% | **15.28** | 13.83 | 10.5% |
|  | $**285391** | $242647 | 17.6% | **7432083** | 7791356 | (4.6)% | **3.84** | 3.11 | 23.5% |

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<sup>(1)</sup> Includes energy supplied to members for resale at wholesale and energy we supplied to our own facilities. Excludes test energy supplied to members. Revenues and costs associated with test energy were capitalized.

<sup>(2)</sup> Realized gains and losses on natural gas swaps are included in fuel expense.

Total fuel costs increased for the three-month period ended March 31, 2026 compared to the same period in 2025 as a result of an increase in the average cost of fuel offset by a decrease in generation for members. The increase in average fuel cost was primarily driven by significantly elevated natural gas prices during winter storm events from mid-January 2026 through mid-February 2026. The decrease in generation was primarily attributable to lower output from our coal-fired generating units compared to the same period in 2025, reflecting reduced dispatch during the remainder of the three-month period ended March 31, 2026 when natural gas costs were comparatively low.

*Production Expenses*

Production costs increased for the three-month period ended March 31, 2026 as compared to the same period in 2025 primarily as a result of the deferral of net margins associated with BC Smith. The increase in production costs for the three-month period ended March 31, 2026 was offset by lower fixed major maintenance outage costs associated with our natural gas-fired facilities compared to the same period in 2025. Production costs can also vary due to the number and extent of maintenance outages in a given year.

*Depreciation and Amortization*

Depreciation and amortization was relatively unchanged for the three-month period ended March 31, 2026 as compared to the same period in 2025.

*Interest Charges*

Net interest charges was relatively unchanged for the three-month period ended March 31, 2026 as compared to the same period in 2025.

**Financial Condition**

<u>Balance Sheet Analysis as of March 31, 2026</u>

*Assets*

Cash used for property additions for the three-month period ended March 31, 2026 totaled $339.5 million. Of this amount, $285.0 million related to construction work in progress during the three-month period ended March 31, 2026, primarily due to construction at our two new natural gas-fired generation resources as well as additions and replacements at our existing electric generating facilities. An additional $44.9 million was for nuclear fuel purchases.

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The decrease in the nuclear decommissioning trust fund was primarily due to a decrease in the fair value of investments due to a decline in the stock market, offset by investment earnings and contributions to our nuclear decommissioning trust fund during the three-month period ended March 31, 2026.

Long-term investments decreased $41.3 million for the three-month period ended March 31, 2026, primarily due to a $39.1 million redemption of coal ash investments to fund settlement of asset retirement obligations, $16.6 million redeemed to fund expenses associated with our revenue deferral rate management plan, which was designed primarily to assist our members in managing the rate impacts associated with the new Vogtle units, and redemption of $14.7 million to fund major maintenance outages expenses. Offsetting these decreases was a $34.7 million increase in funds invested, including reinvestment of earnings. See Notes F and J of Notes to Unaudited Consolidated Financial Statements for a discussion of our member rate management programs and regulatory liabilities.

Receivables decreased $52.3 million for the three-month period ended March 31, 2026 primarily due to a $64.4 million decrease in member receivables and a $4.9 million decrease in other non-member receivables. Partially offsetting these decreases was a $6.9 million increase in Georgia Power receivables.

Inventories increased $14.8 million during the three-month period ended March 31, 2026 primarily due to an increase of $7.8 million in material and supplies at our electric generating facilities and an increase in fuel inventories of $7.0 million due to decreased generation at our coal-fired units and the associated decrease in coal burn.

Prepayments and other current assets decreased $9.3 million during the three-month period ended March 31, 2026, primarily due to a $9.0 million decrease in the fair value of our natural gas hedges.

*Equity and Liabilities*

Long-term debt and long-term debt and finance leases due within one year decreased $10.6 million and was primarily the result of $129.4 million in debt service payments. Offsetting this decrease was the reclassification of $73.8 million of commercial paper to long-term debt that was refinanced through proceeds from a Rural Utilities Service-guaranteed loan in April 2026 and $43.3 million in advances under Rural Utilities Service-guaranteed loans. See Note L of Notes to Unaudited Consolidated Financial Statements for additional information regarding long-term debt.

At March 31, 2026, short-term borrowings, which primarily provide interim financing for the new Smarr Combined Cycle and Talbot Unit No. 7 projects and the deferral of effects on net margin for Washington County Power Plant, BC Smith, Walton County and Baconton, increased $46.6 million during the three-month period ended March 31, 2026. Such increase was primarily as a result of borrowings of $150.3 million, offset by the reclassification of $73.8 million of commercial paper to long-term debt that was refinanced through proceeds from a Rural Utilities Service-guaranteed loan for the Walton County acquisition in April 2026 and repayments of $29.9 million.

Accounts payable decreased $151.2 million during the three-month period ended March 31, 2026, primarily due to applying $70.6 million in credits to our members' bills in the first quarter of 2026 for a board-approved reduction in 2025 revenue in excess of the requirement to meet the 2025 targeted net margin, a $53.2 million decrease in Georgia Power payables and a $34.5 million decrease in payables for natural gas purchases and related transportation.

Other current liabilities decreased $32.2 million for the three-month period ended March 31, 2026, primarily as a result of a $39.3 million decrease in accrued liabilities principally for property additions for our new generation projects.

Regulatory liabilities decreased $34.8 million for the three-month period ended March 31, 2026 primarily due to an $18.0 million decrease in deferred nuclear asset retirement obligations that was primarily driven by a decrease in unrealized gains associated with our nuclear decommissioning investments, a $15.9 million decrease in the liability for our revenue deferral rate management plan, which is associated with the Vogtle Units No. 3 and No. 4, and a $10.6 million decrease in the liability associated with unrealized gains on our natural gas contracts. Offsetting these decreases, was a net $12.0 million increase in the liability for collections of future major maintenance outage costs. See Notes F and Note J of Notes to Unaudited Consolidated Financial Statements for a discussion of our member rate management programs and regulatory liabilities.

<u>Capital Requirements and Liquidity and Sources of Capital</u>

*Future Power Resources*

*Smarr Combined Cycle Generation Facility* 

We and our members have approved the development and construction of an approximately 1,425-megawatt, two-unit combined cycle generation facility to be located on land we own adjacent to the Smarr Energy Facility in Monroe County, Georgia. Our current budget for this project, which includes capital costs, allowance for funds used during construction and a

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contingency amount, is $3.3 billion. The projected commercial operation date is 2029. As of March 31, 2026, we had incurred costs of approximately $467.0 million with respect to this project. For additional information regarding this project, see Note 14 in our 2025 Form 10-K.

*Talbot Combustion Turbine Unit No. 7*

We and our members have also approved the development and construction of an approximately 240-megawatt combustion turbine unit to be constructed at our Talbot Energy Facility in Talbot County, Georgia. We intend to update our budget for this unit during third quarter of 2026 and our current budget is approximately $400 million to $450 million. The projected commercial operation date for this unit is 2029. As of March 31, 2026, we had incurred costs of approximately $64.8 million with respect to this project. For additional information regarding this project, see Note 15 in our 2025 Form 10-K.

We intend to finance the Smarr and Talbot projects on an intermediate-term basis through our commercial paper program as well as through medium-term capital markets debt issuances or bank financings. We are pursuing Rural Utilities Service financing as our primary source of long-term financing for the Smarr Combined Cycle and Talbot Unit No. 7 projects, subject to program availability, and we expect to issue first mortgage bonds for any costs not financed by the Rural Utilities Service.

*Potential Additional Resources* 

We and our members are considering capacity upgrades to some of our existing generation resources as well as two additional natural gas-fired resources. One potential new resource is an approximately 713-megawatt, one-unit combined cycle generation facility. Our preliminary cost estimate for this project is approximately $2.3 billion to $2.7 billion and the projected commercial operation date is 2033. We are evaluating additional natural gas transportation options in connection with this potential resource. Another potential project is to modify one of our existing facilities by constructing an additional 209-megawatt combustion turbine unit to modernize and replace one or more older units. Our preliminary cost estimate for this modification is approximately $525 million to $625 million and the projected commercial operation date is 2031. Each of these projects remains subject to meeting the requirements of our wholesale power contracts, including approval from our board and our members' boards and our member subscription process. We expect that this approval process will be completed by summer 2026.

We and our members may also consider additional generation beyond these resources in the future. See "RISK FACTORS" for a discussion of certain risks associated with these new generation projects in our 2025 Form 10-K.

*Environmental Regulations*

Federal and state laws and regulations regarding environmental matters affect operations at our facilities. For a discussion regarding potential effects on our business from environmental regulations, including potential capital requirements, see "Item 1—BUSINESS—REGULATION—Environmental," "Item 1A—RISK FACTORS" and "Item 7—MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Financial Condition—*Capital Requirements*—*Capital Expenditures*" in our 2025 Form 10-K.

In 2015, EPA established a comprehensive regulatory program to manage the disposal of coal combustion residuals (CCR) from coal-fired power plants as non-hazardous material under the Resource Conservation and Recovery Act (RCRA). The 2015 CCR rule sets forth requirements for structural integrity assessments, groundwater monitoring, location siting, composite lining, inactive units, closure and post closure, beneficial use recycling, design and operating criteria, recordkeeping, notification, and internet posting for new and existing CCR landfills, CCR surface impoundments and lateral expansions of CCR disposal facilities. Since 2015, EPA has made subsequent revisions to CCR requirements and, beginning in 2022, EPA issued a number of proposed and final determinations on requests for extensions of time to close ash ponds, which could affect the Georgia Environmental Protection Division's (EPD) review of the proposed closure plans for the coal ash ponds at Plants Wansley and Scherer. In May 2024, EPA adopted new CCR regulations that expanded regulatory requirements to cover Legacy Surface Impoundments and CCR Management Units that were previously exempt. Certain compliance deadlines related to CCR management units were then extended in February 2026. On April 13, 2026, EPA proposed to amend the 2024 CCR regulations by modifying certain legacy surface impoundment and CCR management unit provisions; establishing compliance pathways that allow for site-specific considerations for closure requirements, among other things; and adopting new provision for beneficial use. We continue to monitor EPA's actions related to CCR; however, the ultimate impact is unknown at this time and subject to the outcome of ongoing litigation and any future EPA and Georgia regulatory actions.

In May 2024, the EPA published a final supplemental effluent limitations guideline (ELG) rule, which generally increases the stringency of the wastewater discharge standards. Taken together, the ELG rule revisions are expected to increase capital and operating costs of affected units. However, because of the compliance strategy for Plant Scherer, we do not anticipate significant additional impacts related to more stringent requirements in the supplemental ELG rule. The 2024 supplemental ELG rule is being challenged in federal court but currently remains in abeyance. Additionally, certain Trump administration

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executive orders direct EPA to develop and implement action plans that suspend, revise, or rescind certain environmental regulations. On March 12, 2025, EPA announced that it will reconsider the supplemental ELG rule. In March 2026, EPA published a final rule extending certain compliance deadlines for the ELG rules that apply to coal-fired power plants. We continue to monitor EPA's actions related to ELG; however, the ultimate impact is unknown at this time and subject to the outcome of ongoing litigation and any future EPA regulatory changes.

*Liquidity*

At March 31, 2026, we had $1.2 billion of unrestricted available liquidity to meet our short-term cash needs and liquidity requirements. This amount included $91 million in cash and cash equivalents and $1.1 billion available under our $1.7 billion of committed credit arrangements, the details of which are reflected in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Committed Credit Facilities** | **Committed Credit Facilities** | **Committed Credit Facilities** | **Committed Credit Facilities** |
| | **Authorized<br>Amount** | **Available March 31, 2026** | **Expiration<br>Date** |
|  | (dollars in millions) | (dollars in millions) |  |
| ***Unsecured Facilities:*** |  |  |  |
| &nbsp;&nbsp;Syndicated Line among 12 banks led by CFC'<sup>(1)</sup> | $1275 | $693 | May 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFC Line of Credit<sup>(2)</sup> | 110 | 110 | December 2028 |
| &nbsp;&nbsp;JPMorgan Chase Line of Credit<sup>(3)</sup> | 200 | 197 | March 2027 |
| ***Secured Facilities:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CFC Term Loan<sup>(2)</sup> | 250 | 140 | December 2028 |

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(1)This facility is dedicated to support outstanding commercial paper and the portion of this facility that was unavailable represents the face value of outstanding commercial paper at March 31, 2026.

(2)Any amounts drawn under the $110 million unsecured line of credit with CFC will reduce the amount that can be drawn under the $250 million secured term loan. Therefore, we reflect $140 million as the amount available under the term loan even though there are no amounts outstanding under that facility. Any amounts borrowed under the $250 million term loan would be secured under our first mortgage indenture, with a maturity no later than December 31, 2043.

(3)At March 31, 2026, $2.5 million of this facility was used for letters of credit issued to provide performance assurance to third parties.

A portion of our unrestricted available liquidity is allocated to support $40.5 million of weekly variable rate bonds that do not have external credit or liquidity support. The holders of these bonds may tender their bonds for purchase upon seven days' notice, and we are obligated to purchase any of these bonds which are tendered for purchase and not remarketed.

We have the flexibility to use the $1.275 billion syndicated line of credit for several purposes, including borrowing for general corporate purposes, issuing letters of credit and backing up commercial paper.

Under our commercial paper program, we are authorized to issue commercial paper in amounts that do not exceed the amount of our committed backup lines of credit, thereby providing 100% dedicated support for any commercial paper outstanding. Due to this requirement, any commercial paper we issue will reduce the availability under the $1.3 billion syndicated line of credit. At March 31, 2026, our $579.9 million of outstanding commercial paper was primarily used to provide interim funding for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to the new Smarr Combined Cycle and Talbot Unit No. 7 projects,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to the Walton County Power Plant acquisition, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net costs, after off-system sales revenues, associated with recently acquired generation facilities (BC Smith, Baconton, Washington County, and Walton County) prior to recovery through member rates.

In April 2026, we received $80.1 million of long-term financing for our acquisition of the Walton County Power Plant through a Rural Utilities Service guaranteed loan, the proceeds of which were used to repay a portion of the related commercial paper borrowings. We are pursuing Rural Utilities Service financing as our primary source of long-term financing for the Smarr Combined Cycle and Talbot Unit No. 7 projects, subject to program availability. We intend to issue first mortgage bonds to provide long-term financing for certain other costs, including any costs for the Smarr Combined Cycle and Talbot Unit No. 7 projects not financed by the Rural Utilities Service, and for the net costs associated with recently acquired generation facilities that are incurred prior to recovery through member rates. We intend to seek intermediate-term financing through bank loans or through debt issuances in the capital markets to fund a portion of the costs of the Smarr Combined Cycle and Talbot Unit No. 7 projects prior to arranging long-term financing.

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Our unsecured committed lines of credit permit the issuance of up to $810 million in letters of credit on our behalf, of which $807 million remained available at March 31, 2026. This letter of credit issuance capacity includes $500 million under our $1.275 billion syndicated line of credit, $200 million under our JPMorgan Chase line of credit, and $110 million under our CFC line of credit. Between projected cash on hand and the credit arrangements currently in place, we believe we have sufficient liquidity to cover normal operations and our interim financing needs, including interim financing for the new natural gas resources, until intermediate or long-term financing is obtained.

Three of our credit facilities contain a financial covenant that requires us to maintain minimum levels of patronage capital. At March 31, 2026, the highest required minimum level was $900 million and our actual patronage capital balance was $1.4 billion. Two of these agreements contain an additional covenant that limits our unsecured indebtedness, as defined in the credit agreements, to $4 billion. At March 31, 2026, we had $579.9 million of unsecured indebtedness outstanding.

Under our power bill prepayment program, members can prepay their power bills from us at a discount for an agreed number of months in advance, after which point the funds are credited against the participating members' monthly power bills. At March 31, 2026, we had five members participating in the program and a balance of $62.8 million remaining to be applied against future power bills.

*Financing Activities*

*First Mortgage Indenture.* At March 31, 2026, we had $12.6 billion of long-term debt outstanding under our first mortgage indenture secured equally and ratably by a lien on substantially all of our owned tangible and certain of our intangible property, including property we acquire in the future. See "Item 1—BUSINESS—OGLETHORPE POWER CORPORATION—First Mortgage Indenture" in our 2025 Form 10-K for further discussion of our first mortgage indenture.

*Rural Utilities Service-Guaranteed Loans.* A summary of our current Rural Utilities Service-Guaranteed Loans as of March 31, 2026 is provided in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Current Rural Utilities Service-Guaranteed Loans** | **Current Rural Utilities Service-Guaranteed Loans** | **Current Rural Utilities Service-Guaranteed Loans** | **Current Rural Utilities Service-Guaranteed Loans** |
| | **Amount<br>Approved** | **Amount Advanced March 31, 2026** | **Amount Remaining March 31, 2026** |
|  | (dollars in millions) | (dollars in millions) |  |
| General and Environmental Improvements<sup>1</sup> | $630.3 | $497.6 | $132.7 |
| General and Environmental Improvements<sup>2</sup> | 755.2 | 369.2 | 386 |
| General and Environmental Improvements<sup>3</sup> | 112.6 |  | 112.6 |
| Walton Acquisition<sup>4</sup> | 80.1 |  | 80.1 |
| Total | $1578.2 | $866.8 | $711.4 |

---

<sup>(1)</sup> We are able to advance under this loan through September 30, 2026.

<sup>(2)</sup> We are able to advance under this loan through May 30, 2028.

<sup>(3)</sup> This loan was conditionally approved by the Rural Utilities Service in February 2026 and we expect to close and advance on this loan in 2027.

<sup>(4)</sup> We advanced the full $80.1 million available under this loan in April 2026.

We have also applied for an additional $4.2 billion of Rural Utilities Service-guaranteed loans to provide for long-term financing for our Smarr Combined Cycle and Talbot Unit No. 7 projects as well as other capital projects. All loan applications are subject to review and approval by the Rural Utilities Service and, if conditionally committed, remain subject to standard loan closing conditions. As of March 31, 2026, we had $2.8 billion of debt outstanding under various Rural Utilities Service-guaranteed loans.

In December 2024, the Rural Utilities Service announced an award to us of a zero-interest loan of up to $331 million under its Empowering Rural America (New ERA) program established under the Inflation Reduction Act of 2022. On May 12, 2026, we and the Rural Utilities Service closed on this loan. We are obligated to use the loan proceeds to refinance an amount of debt approximately equal to the regulatory assets we established in connection with the retirement of the Wansley coal plant. The refinancing will result in interest expense savings that we will pass on to our members. We intend to proceed with the refinancing of certain outstanding debt and receive the eligible loan proceeds during the summer of 2026. While the final eligible amount of debt that we are able to refinance with this loan is subject to the timing of our refinancing activities, we expect total loan proceeds to be approximately $300 million, which may include a small amount of prepayment penalties related to the refinancing.

------

All of the approved Rural Utilities Service-guaranteed loans are secured ratably with all other debt under our first mortgage indenture.

For more detailed information regarding our financing plans, see "Item 7—MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Financial Condition—*Financing Activities*" in our 2025 Form 10-K.

**Newly Adopted or Issued Accounting Standards**

For a discussion of recently issued or adopted accounting pronouncements, see Note E of Notes to Unaudited Consolidated Financial Statements.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

There have been no material changes to the market risks disclosed in "Item 7A—QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK" in our 2025 Form 10-K.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

As of March 31, 2026, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective.

There have been no changes in internal control over financial reporting or other factors that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings** 

See Note H to Unaudited Consolidated Financial Statements.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

There have been no material changes to the risk factors disclosed in "Item 1A—Risk Factors" in our 2025 Form 10-K.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds**

Not Applicable.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults upon Senior Securities**

Not Applicable.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures**

Not Applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

During the fiscal quarter ended March 31, 2026, none of our directors or "officers," as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of Regulation S-K. As noted on the cover page of this quarterly report on Form 10-Q, we are a membership corporation and have no authorized or outstanding equity securities although we do have outstanding debt securities.

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

---

| | |
|:---|:---|
| **Number** | **Description** |
| 31.1 | <u>[Rule 13a-14(a)/15d-14(a) Certification, by Annalisa M. Bloodworth (Principal Executive Officer).](exhibit311q126.htm)</u> |
| 31.2 | <u>[Rule 13a-14(a)/15d-14(a) Certification, by Elizabeth B. Higgins (Principal Financial Officer).](exhibit312q126.htm)</u> |
| 32.1 | <u>[Certification Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Annalisa M. Bloodworth (Principal Executive Officer).](exhibit321q126.htm)</u> |
| 32.2 | <u>[Certification Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Elizabeth B. Higgins (Principal Financial Officer).](exhibit322q126.htm)</u> |
| 99.1 | <u>[Member Financial and Statistical Information (for calendar years 2023-2025).](exhibit991.htm)</u> |
| 101 | XBRL Interactive Data File. |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | Oglethorpe Power Corporation<br>(An Electric Membership Corporation) |
| Date: | May 13, 2026 | By: | /s/ Annalisa M. Bloodworth |
|  |  |  | Annalisa M. Bloodworth<br>President and Chief Executive Officer |
| Date: | May 13, 2026 |  | /s/ Elizabeth B. Higgins |
|  |  |  | Elizabeth B. Higgins<br>Executive Vice President and<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**Rule 13a-14(a)/15d-14(a) Certification, by Annalisa M. Bloodworth**

**(Principal Executive Officer)**

I, Annalisa M. Bloodworth, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Oglethorpe Power Corporation (An Electric Membership Corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| /s/ ANNALISA M. BLOODWORTH |
| Annalisa M. Bloodworth<br>*President and Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

------

<u>[EXHIBIT 31.1](#i1f9b6e4453324d66997781ad626b8d42_4)</u>

<u>[Rule 13a-14(a)/15d-14(a) Certification, by Annalisa M. Bloodworth (Principal Executive Officer)](#i1f9b6e4453324d66997781ad626b8d42_4)</u>

## Exhibit 31.2

**EXHIBIT 31.2**

**Rule 13a-14(a)/15d-14(a) Certification, by Elizabeth B. Higgins**

**(Principal Financial Officer)**

I, Elizabeth B. Higgins, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Oglethorpe Power Corporation (An Electric Membership Corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| /s/ ELIZABETH B. HIGGINS |
| Elizabeth B. Higgins<br>*Executive Vice President and Chief Financial Officer*<br>*(Principal Financial Officer)* |

---

------

<u>[EXHIBIT 31.2](#i6ada7969dad44ec0b5dfe597aa82e224_4)</u>

<u>[Rule 13a-14(a)/15d-14(a) Certification, by Elizabeth B. Higgins (Principal Financial Officer)](#i6ada7969dad44ec0b5dfe597aa82e224_4)</u>

## Exhibit 32.1

**EXHIBIT 32.1**

**Certification Pursuant to 18 U.S.C. 1350**

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (the "Report") of Oglethorpe Power Corporation (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Annalisa M. Bloodworth, the President and Chief Executive Officer of the Registrant certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ ANNALISA M. BLOODWORTH |
| Annalisa M. Bloodworth<br>*President and Chief Executive Officer* |
| May 13, 2026<br>Date |

---

<u>[EXHIBIT 32.1](#i1a4f010cc1e54fd1aa397458a83b3815_4)</u>

<u>[Certification Pursuant to 18 U.S.C. 1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#i1a4f010cc1e54fd1aa397458a83b3815_4)</u>

## Exhibit 32.2

**EXHIBIT 32.2**

**Certification Pursuant to 18 U.S.C. 1350**

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (the "Report") of Oglethorpe Power Corporation (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Elizabeth B. Higgins, the Executive Vice President and Chief Financial Officer of the Registrant certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ ELIZABETH B. HIGGINS |
| Elizabeth B. Higgins *Executive Vice President and Chief Financial Officer* |
| May 13, 2026<br>Date |

---

<u>[EXHIBIT 32.2](#ia431c6e11af54c7b9f4a432c135c7873_4)</u>

<u>[Certification Pursuant to 18 U.S.C. 1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#ia431c6e11af54c7b9f4a432c135c7873_4)</u>

## Exhibit 99.1

![](exhibit991001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1 FINANCIAL AND STATISTICAL INFORMATION FOR 38 MEMBERS OF OGLETHORPE POWER CORPORATION Our members operate their systems on a not-for-profit basis. Accumulated margins derived after payment of operating expenses and provision for depreciation constitute patronage capital of the consumers of our members. Refunds of accumulated patronage capital to the individual consumers may be made from time to time subject to limitations contained in mortgages between our members and the Rural Utilities Service or loan documents with other lenders. The Rural Utilities Service mortgage generally prohibits such distributions unless, after any such distribution, the member's total equity will equal at least 30% of its total assets, except that distributions may be made of up to 25% of the margins and patronage capital received by the member in the preceding year provided that equity is at least 20%. We are a membership corporation, and our members are not our subsidiaries. Except with respect to the obligations of our members under each member's wholesale power contract with us and our rights under such contracts to receive payment for power and energy supplied, we have no legal interest in, or obligations in respect of, any of the assets, liabilities, equity, revenues or margins of our members. The following selected information on the individual members is intended to show, in the aggregate, the assets, liabilities, equity, revenues and margins of our members. Member assets, liabilities, equity, revenues and margins should not, however, be attributed to us. In addition, the revenues of our members are not pledged to us, but such revenues are received by the respective members and are the source from which moneys are derived by our members to pay for power and energy received from us. Revenues of our members are, however, pledged under their respective Rural Utilities Service mortgages or loan documents with other lenders. The information contained in these tables was taken from Rural Utilities Service Financial and Statistical Reports (RUS Form 7) or similar reports prepared for other lenders or provided directly by a member. This information has not been independently verified by the Rural Utilities Service, any lender or us. The "Total" columns were not supplied or compiled by the Rural Utilities Service, any lender or our members. The "Total" column in each table is for informational purposes only, inasmuch as each member operates independently and is not responsible for the obligations of other members, except as provided in the wholesale power contracts (see "Business ― Oglethorpe Power Corporation ― Wholesale Power Contracts" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025). In addition, the Times Interest Earned, Equity to Assets and Equity to Total Capitalization ratios were calculated by us from information obtained from each member's RUS Form 7 or other financial information provided to us, but the calculations were not independently verified by our members. No adjustments were made by us in calculating these ratios for items such as debt refinancings that are not reflected separately on the financial information provided to us. For the calendar years 2023, 2024 and 2025, the information on the individual members is presented in the succeeding tables as follows: Table 1 - Selected Statistics, Table 2 - Average Number of Consumers Served, Table 3 - Annual Megawatt-hour Sales by Consumer Class, Table 4 - Annual Revenues by Consumer Class, Table 5 - Summary of Operating Results, and Table 6 - Condensed Balance Sheet Information.

------

![](exhibit991002.jpg)

Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2025 Avg. Monthly Residential Rev. ($) 173.79 171.52 166.48 169.02 169.32 184.30 127.98 165.41 163.68 212.51 Avg. Monthly Residential kWh 1,066 1,255 1,174 1,212 1,296 1,282 1,114 1,192 1,238 1,233 Avg. Residential Rev.(cents per kWh) 16.30 13.67 14.18 13.94 13.06 14.38 11.49 13.88 13.22 17.24 Times Interest Earned Ratio (1) 3.13 2.18 2.64 3.62 1.75 1.90 11.73 3.62 3.56 2.77 Equity / Assets (1) 42% 30% 37% 44% 21% 36% 72% 41% 44% 38% Equity / Total Capitalization (1) 59% 39% 47% 50% 26% 40% 79% 52% 48% 42% 2024 Avg. Monthly Residential Rev. ($) 161.26 153.72 158.92 161.25 158.22 178.36 127.58 153.39 158.09 207.08 Avg. Monthly Residential kWh 1006 1,239 1,137 1,206 1,293 1,280 1,126 1,158 1,235 1,235 Avg. Residential Rev.(cents per kWh) 16.04 12.41 13.98 13.38 12.24 13.94 11.33 13.24 12.8 16.76 Times Interest Earned Ratio (1) 3.55 2.34 2.62 4.5 1.98 3.37 10.18 2.38 5.3 2.51 Equity / Assets (1) 44% 32% 38% 46% 22% 38% 67% 37% 46% 35% Equity / Total Capitalization (1) 57% 48% 52% 50% 28% 44% 75% 52% 54% 39% 2023 Avg. Monthly Residential Rev. ($) 153.11 140.04 145.63 154.67 148.98 166.92 124.14 142.53 138.26 207.64 Avg. Monthly Residential kWh 988 1,167 1,103 1,140 1,218 1,180 1,069 1,126 1,184 1,179 Avg. Residential Rev.(cents per kWh) 15.5 12 13.2 13.57 12.23 14.15 11.62 12.65 11.68 17.61 Times Interest Earned Ratio (1) 5.54 2.41 2.88 6.76 2.11 4.24 7.13 3.47 4.53 2.01 Equity / Assets (1) 49% 34% 41% 46% 23% 39% 62% 43% 45% 34% Equity / Total Capitalization (1) 57% 46% 49% 50% 30% 47% 70% 52% 50% 39% Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2025 Avg. Monthly Residential Rev. ($) 167.51 170.22 172.80 149.26 150.89 151.94 193.58 143.77 163.40 158.30 Avg. Monthly Residential kWh 1,204 1,269 1,150 1,189 1,078 1,159 1,063 1,211 1,120 1,004 Avg. Residential Rev.(cents per kWh) 13.91 13.41 15.03 12.55 13.99 13.11 18.20 11.87 14.59 15.76 Times Interest Earned Ratio (1) 8.52 2.46 2.43 2.91 2.13 4.26 1.68 3.43 4.09 2.63 Equity / Assets (1) 45% 31% 44% 39% 30% 51% 23% 45% 38% 33% Equity / Total Capitalization (1) 63% 37% 48% 46% 34% 64% 27% 52% 45% 52% 2024 Avg. Monthly Residential Rev. ($) 160.9 171.05 166.89 144.96 148.31 150.98 176.35 137.65 146.14 141.66 Avg. Monthly Residential kWh 1,182 1,261 1,125 1,186 1,058 1,148 1,030 1,209 1,101 972 Avg. Residential Rev.(cents per kWh) 13.61 13.57 14.84 12.22 14.02 13.15 17.13 11.38 13.27 14.58 Times Interest Earned Ratio (1) 3.46 1.93 2.43 2.7 3.21 4.9 1.52 3.75 1.55 2.24 Equity / Assets (1) 42% 31% 44% 39% 31% 49% 22% 44% 29% 34% Equity / Total Capitalization (1) 61% 38% 50% 46% 35% 62% 25% 52% 43% 50% 2023 Avg. Monthly Residential Rev. ($) 148.37 161.68 160.67 137.09 138.54 126.64 165.16 136.69 142.44 134.27 Avg. Monthly Residential kWh 1,124 1,198 1,083 1,145 1,006 1,032 1,001 1,141 1,058 947 Avg. Residential Rev.(cents per kWh) 13.2 13.5 14.84 11.98 13.77 12.27 16.51 11.98 13.47 14.18 Times Interest Earned Ratio (1) 3 2.48 4.36 2.42 3.51 3.68 1.74 3.9 4 1.89 Equity / Assets (1) 49% 33% 51% 42% 32% 51% 25% 45% 36% 41% Equity / Total Capitalization (1) 62% 40% 58% 48% 40% 64% 30% 53% 43% 50% Footnotes: not independently verified by each respective Member. FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 1 SELECTED STATISTICS OF EACH MEMBER (as of December 31) (1) Times Interest Earned and Equity ratios were calculated from information contained on each Member's RUS Form 7, or similar form provided to another lender, and were

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![](exhibit991003.jpg)

Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2025 Avg. Monthly Residential Rev. ($) 212.06 202.13 149.61 182.26 172.81 173.32 164.13 173.78 152.73 192.63 Avg. Monthly Residential kWh 1,193 1,181 971.5139414 1,165 1,217 1,168 1,121 1,187 1,191 1,109 Avg. Residential Rev.(cents per kWh) 17.77 17.12 15.40 15.65 14.20 14.84 14.64 14.64 12.82 17.37 Times Interest Earned Ratio (1) 1.75 2.29 4.59 1.72 2.71 4.09 1.93 2.43 4.04 7.24 Equity / Assets (1) 30% 39% 61% 35% 37% 48% 36% 27% 37% 38% Equity / Total Capitalization (1) 32% 46% 67% 41% 41% 57% 43% 40% 47% 57% 2024 Avg. Monthly Residential Rev. ($) 206.72 187.48 148.9 180.51 168.23 164.54 160.64 160.08 137.31 167.04 Avg. Monthly Residential kWh 1,179 1,171 961 1,149 1,189 1,132 1,114 1,146 1,190 1,092 Avg. Residential Rev.(cents per kWh) 17.54 16.01 15.5 15.71 14.15 14.53 14.42 13.97 11.54 15.3 Times Interest Earned Ratio (1) 2.11 2.3 5.69 2.52 2.48 4.58 2.18 2.95 3.97 3.58 Equity / Assets (1) 28% 40% 59% 38% 35% 43% 38% 28% 36% 34% Equity / Total Capitalization (1) 32% 47% 65% 46% 39% 56% 46% 43% 47% 52% 2023 Avg. Monthly Residential Rev. ($) 194.34 174.68 138.18 176.03 160.19 157.32 149.87 149.79 141.92 156.91 Avg. Monthly Residential kWh 1,149 1,119 926 1,115 1,149 1,099 1,034 1,134 1,128 1,040 Avg. Residential Rev.(cents per kWh) 16.92 15.62 14.92 15.79 13.95 14.32 14.5 13.21 12.58 15.08 Times Interest Earned Ratio (1) 2.73 3.45 4.69 4.2 2.24 4.82 2.52 2.43 3.94 7.01 Equity / Assets (1) 27% 45% 54% 44% 35% 47% 41% 35% 34% 45% Equity / Total Capitalization (1) 30% 54% 63% 54% 40% 56% 49% 41% 46% 52% Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington WTD. AVG. 2025 Avg. Monthly Residential Rev. ($) 166.60 207.44 190.56 154.90 186.69 159.78 175.74 155.95 160.32 Avg. Monthly Residential kWh 1,291 1,269 1,303 916.1585648 1,183 1,137 1,246 1,015 1,196 Avg. Residential Rev.(cents per kWh) 12.91 16.35 14.62 16.91 15.79 14.05 14.10 15.36 13.41 Times Interest Earned Ratio (1) 3.40 2.52 1.92 4.93 1.74 7.15 4.93 1.57 3.49 Equity / Assets (1) 29% 38% 44% 60% 28% 68% 43% 32% 41% Equity / Total Capitalization (1) 48% 41% 49% 65% 31% 76% 63% 39% 50% 2024 Avg. Monthly Residential Rev. ($) 158.44 207.17 182.98 153.41 175.1 147.95 162.34 154.39 152.58 Avg. Monthly Residential kWh 1,286 1,263 1,294 906 1,181 1,110 1,250 1052 1,188 Avg. Residential Rev.(cents per kWh) 12.32 16.4 14.14 16.9 14.83 13.33 12.99 14.68 12.84 Times Interest Earned Ratio (1) 3.9 3.71 2.06 4.21 1.57 8.4 3.82 1.76 3.57 Equity / Assets (1) 32% 33% 45% 57% 26% 67% 43% 30% 41% Equity / Total Capitalization (1) 48% 37% 52% 61% 30% 74% 60% 38% 50% 2023 Avg. Monthly Residential Rev. ($) 151.6 193.04 172.63 142.71 161.5 145.07 157.12 137.96 146 Avg. Monthly Residential kWh 1,236 1,191 1,250 877 1,106 1,072 1,176 945 1,131 Avg. Residential Rev.(cents per kWh) 12.27 16.2 13.81 16.3 14.6 13.54 13.36 14.59 12.91 Times Interest Earned Ratio (1) 2.22 3.41 2.96 5.55 1.58 17.89 4.76 1.89 3.69 Equity / Assets (1) 32% 33% 48% 54% 27% 69% 41% 34% 42% Equity / Total Capitalization (1) 49% 37% 53% 58% 32% 77% 61% 37% 51% Footnotes: Table 1 (Continued) (1) Times Interest Earned and Equity ratios were calculated from information contained on each Member's RUS Form 7, or similar form provided to another lender, and were not independently verified by each respective Member.

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![](exhibit991004.jpg)

Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2025 Residential Service 19,623 51,657 24,498 53,707 61,936 21,021 203,373 66,144 83,660 33,154 Commercial & Industrial 1,972 5,875 443 2,842 5,627 3,334 18,171 3,877 6,784 4,409 Other 291 3 844 398 416 135 5,562 3,426 1,079 1,073 Total Consumers Served 21,886 57,535 25,785 56,947 67,979 24,490 227,106 73,447 91,523 38,636 2024 Residential Service 19,628 50,337 23,973 53,037 60,550 20,217 200,566 65,740 83,001 32,586 Commercial & Industrial 1,957 6,067 431 2,755 5,592 3,095 17,978 3,846 6,693 4,357 Other 285 3 853 398 433 134 5,530 3,395 1,048 1,064 Total Consumers Served 21,870 56,407 25,257 56,190 66,575 23,446 224,074 72,981 90,742 38,007 2023 Residential Service 19,464 49,088 23,330 52,344 59,079 19,782 197,574 64,989 81,525 31,818 Commercial & Industrial 1,931 5,915 413 2,684 5,575 2,983 17,814 3,813 6,610 4,307 Other 277 3 835 397 419 134 5,495 3,344 1016 1,057 Total Consumers Served 21,672 55,006 24,578 55,425 65,073 22,899 220,883 72,146 89,151 37,182 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2025 Residential Service 23,641 85,358 19,416 142,841 35,519 30,522 10,955 245,849 34,651 11,357 Commercial & Industrial 1,570 12,067 524 11,192 2,637 9,747 253 20,552 1,997 172 Other 491 1,115 743 2,117 12 8 1,681 5,778 467 472 Total Consumers Served 25,702 98,540 20,683 156,150 38,168 40,277 12,889 272,179 37,115 12,001 2023 Residential Service 23,085 81,740 19,156 134,757 34,490 29,621 10,886 232,048 34,249 11,271 Commercial & Industrial 1,542 11,585 501 10,796 2,606 9,194 247 19,512 1,927 161 Other 486 1,196 732 1,994 13 11 1,684 5,507 457 461 Total Consumers Served 25,113 94,521 20,389 147,547 37,109 38,826 12,817 257,067 36,633 11,893 2022 Residential Service 22,630 79,919 19,032 131,489 33,899 29,200 10,863 225,116 33,694 11,202 Commercial & Industrial 1,524 11,369 497 10,742 2,566 8,965 242 19,030 1,889 157 Other 473 1,194 717 1,965 9 20 1,660 5,360 448 461 Total Consumers Served 24,627 92,482 20,246 144,196 36,474 38,185 12,765 249,506 36,031 11,820 FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 2 AVERAGE NUMBER OF CONSUMERS SERVED BY EACH MEMBER

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![](exhibit991005.jpg)

Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2025 Residential Service 5,408 21,326 11,644 10,809 39,617 16,417 16,474 54,207 182,849 8,669 Commercial & Industrial 1,910 1,224 739 2,507 2,412 749 3,678 2,702 18,647 616 Other 1,316 3,192 774 203 493 1,092 0 2,628 2,034 275 Total Consumers Served 8,634 25,742 13,157 13,519 42,522 18,258 20,152 59,537 203,530 9,560 2024 Residential Service 5,388 21,271 11,507 10,671 38,809 16,385 16,369 54,115 180,203 8,525 Commercial & Industrial 1,895 1,212 734 2,448 2,376 729 3,550 2,795 18,344 595 Other 1,311 3,187 751 199 483 1,084 - 2,639 2,052 267 Total Consumers Served 8,594 25,670 12,992 13,318 41,668 18,198 19,919 59,549 200,599 9,387 2023 Residential Service 5,303 21,296 11,445 10,592 38,023 16,290 16,267 53,451 177,427 8,656 Commercial & Industrial 1,864 1,206 719 2,403 2,341 711 3,377 2,905 18,029 617 Other 1,305 3,129 736 198 471 1,063 - 2,601 2,059 264 Total Consumers Served 8,472 25,631 12,900 13,193 40,835 18,064 19,644 58,957 197,515 9,537 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 2025 Residential Service 104,884 20,757 15,145 13,680 21,261 9,011 132,853 15,250 1,959,143 Commercial & Industrial 4,515 1,183 5,401 514 2,224 517 9,199 974 173,756 Other 1,420 21 927 1,087 0 141 1,987 176 43,877 Total Consumers Served 110,819 21,961 21,473 15,281 23,485 9,669 144,039 16,400 2,176,776 2024 Residential Service 103,855 20,398 15,049 13,695 21,056 8,944 130,986 15,200 1,929,119 Commercial & Industrial 4,489 1,176 5,341 510 2,219 520 9,033 965 171,075 Other 1,398 21 924 1,076 - 142 1,821 172 43,415 Total Consumers Served 109,742 21,595 21,314 15,281 23,275 9,606 141,840 16,337 2,143,609 2023 Residential Service 101,193 20,055 14,963 13,719 20,777 8,861 129,144 15,091 1,892,849 Commercial & Industrial 4,392 1,164 5,275 503 2,198 528 8,864 953 168,165 Other 1,387 21 916 1,064 - 144 1,653 167 42,696 Total Consumers Served 106,972 21,240 21,154 15,286 22,975 9,533 139,661 16,211 2,103,710 Table 2 (Continued)

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![](exhibit991006.jpg)

Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2025 Residential Service 251,118 777,795 345,196 781,312 963,205 323,311 2,719,053 946,146 1,242,714 490,521 Commercial & Industrial 334,228 136,321 155,836 413,707 544,026 269,464 1,151,306 305,814 520,648 258,819 Other 9,230 81 19,480 6,792 3,959 2,661 209,926 110,943 5,689 50,061 Total MWh Sales 594,576 914,196 520,512 1,201,811 1,511,190 595,436 4,080,284 1,362,903 1,769,051 799,401 2024 Residential Service 236,866 748,163 326,992 767,238 939,245 310,505 2,709,931 913,680 1,229,803 483,097 Commercial & Industrial 331,697 131,383 148,770 407,060 534,935 259,332 1,156,667 299,243 493,572 234,463 Other 8,816 79 19,612 6,740 3,863 2,441 238,887 92,059 5,813 44,895 Total MWh Sales 577,379 879,625 495,374 1,181,038 1,478,043 572,277 4,105,486 1,304,982 1,729,188 762,455 2023 Residential Service 230,703 687,463 308,924 716,097 863,405 280,062 2,533,635 878,512 1,158,515 450,299 Commercial & Industrial 332,070 122,890 138,131 399,495 490,792 260,356 1,132,141 298,908 475,349 229,745 Other 9,419 77 15,610 6,246 3,950 2,309 232,362 99,431 5,989 42,216 Total MWh Sales 572,192 810,430 462,665 1,121,838 1,358,147 542,726 3,898,138 1,276,850 1,639,853 722,260 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2025 Residential Service 341,518 1,299,949 267,958 2,038,091 459,601 424,446 139,802 3,573,331 465,807 136,897 Commercial & Industrial 287,522 683,500 38,786 1,178,994 108,249 229,112 29,946 2,228,810 167,291 52,988 Other 5,149 39,870 20,765 10,794 150 644 32,468 315,092 19,194 6,634 Total MWh Sales 634,189 2,023,319 327,509 3,227,879 568,001 654,202 202,216 6,117,233 652,292 196,519 2024 Residential Service 333,980 1,267,066 260,279 1,979,465 444,362 415,156 134,836 3,476,293 455,869 132,491 Commercial & Industrial 208,087 660,170 37,558 1,103,412 105,937 225,120 28,023 2,172,913 162,269 51,218 Other 5,512 49,543 18,283 10,893 159 802 26,610 314,490 21,358 7,148 Total MWh Sales 547,578 1,976,779 316,121 3,093,770 550,458 641,077 189,469 5,963,696 639,495 190,857 2023 Residential Service 311,291 1,174,798 248,881 1,850,772 416,315 366,788 130,702 3,178,004 434,662 128,097 Commercial & Industrial 159,587 640,511 35,853 1,054,055 101,521 214,842 28,682 2,063,517 143,401 48,747 Other 4,292 42,645 19,599 10,988 120 698 22,088 306,631 18,955 6,374 Total MWh Sales 475,170 1,857,953 304,333 2,915,815 517,957 582,328 181,471 5,548,151 597,018 183,217 FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 3 ANNUAL MWh SALES BY CONSUMER CLASS OF EACH MEMBER

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![](exhibit991007.jpg)

Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2025 Residential Service 77,423 302,111 135,748 151,072 578,722 230,013 221,657 772,370 2,613,834 115,347 Commercial & Industrial 51,670 86,283 46,409 117,648 353,182 31,833 85,739 574,568 1,036,806 71,125 Other 22,747 83,664 9,965 6,395 18,017 23,125 - 43,442 183,903 4,996 Total MWh Sales 151,840 472,058 192,122 275,115 949,921 284,970 307,396 1,390,380 3,834,544 191,469 2024 Residential Service 76,206 298,974 132,645 147,116 553,765 222,583 218,845 744,068 2,573,235 111,675 Commercial & Industrial 45,962 81,709 45,246 104,654 287,044 32,622 80,302 374,989 1,031,517 72,454 Other 26,060 76,529 12,604 6,855 17,591 26,842 - 40,440 185,460 3,676 Total MWh Sales 148,228 457,212 190,495 258,625 858,400 282,048 299,147 1,159,497 3,790,212 187,805 2023 Residential Service 73,099 285,847 127,237 141,738 524,116 214,750 201,779 727,488 2,401,600 108,066 Commercial & Industrial 46,915 78,523 44,043 97,779 100,060 32,905 68,493 330,284 999,686 70,923 Other 22,667 75,457 10,417 6,121 16,734 20,369 - 38,714 181,589 4,677 Total MWh Sales 142,681 439,826 181,698 245,638 640,910 268,023 270,272 1,096,486 3,582,875 183,666 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 2025 Residential Service 1,624,569 316,046 236,884 150,397 301,753 122,932 1,986,922 185,774 28,111,346 Commercial & Industrial 493,233 147,327 100,079 33,512 110,369 15,750 2,294,684 237,367 14,982,950 Other 17,004 5,073 43,880 56,459 - 3,189 69,661 8,273 1,469,374 Total MWh Sales 2,134,806 468,445 380,843 240,368 412,122 141,871 4,351,267 431,414 44,563,670 2024 Residential Service 1,602,968 309,085 233,692 148,849 298,324 119,106 1,964,784 191,836 27,513,074 Commercial & Industrial 492,331 60,584 97,136 32,990 111,282 15,566 1,984,265 245,718 13,948,202 Other 17,138 5,474 43,110 47,312 - 3,236 65,558 9,045 1,464,933 Total MWh Sales 2,112,437 375,144 373,938 229,152 409,606 137,908 4,014,607 446,598 42,926,208 2023 Residential Service 1,500,882 286,668 224,423 144,311 275,830 113,967 1,822,039 171,180 25,692,944 Commercial & Industrial 459,133 58,048 93,609 29,045 106,392 15,251 1,712,200 235,552 12,949,435 Other 17,112 4,712 40,899 52,673 - 3,078 61,550 7,170 1,413,937 Total MWh Sales 1,977,128 349,429 358,931 226,028 382,222 132,297 3,595,789 413,903 40,056,315 FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 3 (Continued)

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![](exhibit991008.jpg)

Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2025 Residential Service $40,923,211 $106,320,253 $48,939,726 $108,928,235 $125,842,189 $46,488,851 $312,333,915 $131,291,381 $164,323,517 $84,546,979 Commercial & Industrial 32,447,277 21,311,222 14,535,961 38,551,756 50,116,050 28,068,356 113,369,613 34,781,025 57,846,176 28,250,728 Other 1,398,344 34,609 2,790,908 1,189,437 1,230,838 490,790 24,390,179 14,989,690 2,217,368 7,723,556 Total Electric Sales $74,768,832 $127,666,084 $66,266,595 $148,669,428 $177,189,077 $75,047,997 $450,093,706 $181,062,096 $224,387,061 $120,521,263 Other Operating Revenue 671,181 (2,380,417) 12,901,064 6,315,698 14,750,365 1,536,985 9,829,692 4,653,795 6,871,436 4,516,637 Total Operating Revenue $75,440,013 $125,285,667 $79,167,659 $154,985,126 $191,939,442 $76,584,982 $459,923,398 $185,715,891 $231,258,497 $125,037,900 2024 Residential Service $37,983,499 $92,851,841 $45,716,087 $102,625,216 $114,964,860 $43,271,020 $307,064,174 $121,005,826 $157,461,435 $80,976,034 Commercial & Industrial 29,820,951 18,212,898 13,624,509 37,238,045 45,439,497 24,699,548 112,745,135 32,542,969 54,704,541 26,128,906 Other 1,330,481 27,698 2,783,880 1,152,821 1,064,431 454,554 25,123,021 11,999,881 2,188,152 7,203,590 Total Electric Sales $69,134,931 $111,092,437 $62,124,476 $141,016,082 $161,468,788 $68,425,122 $444,932,330 $165,548,676 $214,354,128 $114,308,530 Other Operating Revenue 421,607 8,072,460 13,153,861 6,865,172 14,604,939 4,846,469 10,261,864 4,074,986 10,075,438 4,436,642 Total Operating Revenue $69,556,538 $119,164,897 $75,278,337 $147,881,254 $176,073,727 $73,271,591 $455,194,194 $169,623,662 $224,429,566 $118,745,172 2023 Residential Service $35,762,142 $82,491,698 $40,770,490 $97,149,430 $105,620,018 $39,623,478 $294,316,938 $111,152,711 $135,259,470 $79,280,116 Commercial & Industrial 27,862,481 16,432,964 12,679,496 36,700,864 41,527,694 24,315,801 111,500,385 31,436,044 47,473,258 25,560,239 Other 1,341,200 25,635 2,221,408 1,093,341 1,063,497 437,782 23,647,004 12,453,621 2,150,891 7,167,747 Total Electric Sales $64,965,823 $98,950,297 $55,671,394 $134,943,635 $148,211,209 $64,377,061 $429,464,327 $155,042,376 $184,883,619 $112,008,102 Other Operating Revenue 1,124,153 5,094,009 11,439,543 7,193,081 11,078,054 2,576,356 10,091,160 4,072,321 5,715,266 2,408,646 Total Operating Revenue $66,089,976 $104,044,306 $67,110,937 $142,136,716 $159,289,263 $66,953,417 $439,555,487 $159,114,697 $190,598,885 $114,416,748 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2025 Residential Service $47,520,859 $174,359,680 $40,261,581 $255,839,428 $64,314,708 $55,651,739 $25,448,378 $424,155,101 $67,944,977 $21,573,539 Commercial & Industrial 23,669,712 72,623,886 4,819,566 140,219,414 13,004,638 28,894,817 4,491,551 218,973,203 17,921,498 5,594,773 Other 1,245,167 5,062,678 3,376,278 3,431,672 28,975 69,291 6,037,001 40,341,310 3,384,636 1,101,743 Total Electric Sales $72,435,738 $252,046,244 $48,457,425 $399,490,514 $77,348,321 $84,615,847 $35,976,930 $683,469,614 $89,251,111 $28,270,055 Other Operating Revenue 11,118,655 15,476,446 6,082,571 (1,440,914) 10,765,023 3,228,195 3,810,885 23,615,981 3,029,253 215,121 Total Operating Revenue $83,554,393 $267,522,690 $54,539,996 $398,049,600 $88,113,344 $87,844,042 $39,787,815 $707,085,595 $92,280,364 $28,485,176 2024 Residential Service $45,449,767 $171,879,628 $38,617,289 $241,837,680 $62,308,301 $54,598,052 $23,091,831 $395,695,338 $60,483,806 $19,312,533 Commercial & Industrial 15,836,747 70,303,462 4,612,246 120,801,185 12,762,723 28,213,370 4,073,800 207,424,490 15,915,759 5,121,840 Other 1,179,601 6,875,561 3,016,360 3,387,790 32,683 83,577 4,918,705 39,845,555 3,193,265 1,087,651 Total Electric Sales $62,466,115 $249,058,651 $46,245,895 $366,026,655 $75,103,707 $82,894,999 $32,084,336 $642,965,383 $79,592,830 $25,522,024 Other Operating Revenue (2,090,146) 4,576,610 2,898,972 2,254,650 9,595,309 3,074,525 4,630,837 7,715,395 2,648,017 1,421,724 Total Operating Revenue $60,375,969 $253,635,261 $49,144,867 $368,281,305 $84,699,016 $85,969,524 $36,715,173 $650,680,778 $82,240,847 $26,943,748 2023 Residential Service $41,102,343 $158,591,838 $36,934,267 $221,691,038 $57,340,008 $45,016,099 $21,574,801 $380,615,260 $58,540,782 $18,160,026 Commercial & Industrial 13,348,950 67,365,532 4,321,100 113,442,688 12,156,757 24,654,964 4,182,560 205,956,203 14,282,740 4,666,830 Other 983,666 6,407,242 3,075,283 3,310,989 33,439 69,541 4,969,962 39,159,091 3,097,913 980,383 Total Electric Sales $55,434,959 $232,364,612 $44,330,650 $338,444,715 $69,530,204 $69,740,604 $30,727,323 $625,730,554 $75,921,435 $23,807,239 Other Operating Revenue (632,402) 1,831,050 1,410,966 (10,799,778) 6,118,078 3,358,750 2,095,569 (10,627,056) 2,677,619 (164,905) Total Operating Revenue $54,802,557 $234,195,662 $45,741,616 $327,644,937 $75,648,282 $73,099,354 $32,822,892 $615,103,498 $78,599,054 $23,642,334 FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 4 ANNUAL REVENUES BY CONSUMER CLASS OF EACH MEMBER

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![](exhibit991009.jpg)

Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2025 Residential Service $13,761,630 $51,727,564 $20,904,031 $23,640,800 $82,155,129 $34,145,219 $32,446,325 $113,041,658 $335,125,320 $20,039,407 Commercial & Industrial 8,731,224 11,800,731 5,807,720 12,166,632 29,608,182 3,901,563 11,678,512 39,182,711 114,063,394 10,107,118 Other 4,936,704 13,299,318 1,819,841 889,550 2,452,921 3,870,891 0 7,813,688 20,443,954 1,022,659 Total Electric Sales $27,429,558 $76,827,612 $28,531,592 $36,696,981 $114,216,232 $41,917,673 $44,124,837 $160,038,057 $469,632,668 $31,169,184 Other Operating Revenue 4,467,510 6,840,818 4,409,695 1,735,802 998,392 325,441 1,122,057 13,924,707 28,684,966 1,075,501 Total Operating Revenue $31,897,068 $83,668,430 $32,941,287 $38,432,783 $115,214,624 $42,243,114 $45,246,894 $173,962,764 $498,317,634 $32,244,685 2024 Residential Service $13,365,971 $47,853,845 $20,560,287 $23,115,301 $78,347,815 $32,351,001 $31,554,870 $103,953,435 $296,924,696 $17,087,983 Commercial & Industrial 7,889,293 10,552,544 5,568,804 11,196,714 16,202,943 3,830,633 10,527,887 27,321,780 103,300,341 8,766,722 Other 5,277,570 11,643,422 2,223,624 942,285 2,375,236 4,221,376 - 7,062,586 20,951,920 753,414 Total Electric Sales $26,532,834 $70,049,811 $28,352,715 $35,254,300 $96,925,994 $40,403,010 $42,082,757 $138,337,801 $421,176,957 $26,608,119 Other Operating Revenue 3,767,485 4,169,118 3,923,345 1,860,283 916,150 1,505,304 746,402 12,321,447 28,829,818 1,153,087 Total Operating Revenue $30,300,319 $74,218,929 $32,276,060 $37,114,583 $97,842,144 $41,908,314 $42,829,159 $150,659,248 $450,006,775 $27,761,206 2023 Residential Service $12,366,856 $44,639,679 $18,978,001 $22,373,871 $73,088,751 $30,752,844 $29,254,978 $96,076,792 $302,161,217 $16,298,143 Commercial & Industrial 7,718,984 9,902,952 5,340,440 10,717,348 10,547,810 3,717,803 9,277,771 24,572,192 106,739,374 8,441,072 Other 4,444,673 10,907,602 1,626,265 855,029 2,215,698 3,334,794 - 6,429,643 19,294,785 830,318 Total Electric Sales $24,530,513 $65,450,233 $25,944,706 $33,946,248 $85,852,259 $37,805,441 $38,532,749 $127,078,627 $428,195,376 $25,569,533 Other Operating Revenue 1,897,899 1,857,113 1,836,384 1,601,344 871,768 (330,142) (759,534) 8,222,235 13,299,157 369,411 Total Operating Revenue $26,428,412 $67,307,346 $27,781,090 $35,547,592 $86,724,027 $37,475,299 $37,773,215 $135,300,862 $441,494,533 $25,938,944 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 2025 Residential Service $209,679,984 $51,670,821 $34,633,245 $25,428,085 $47,631,838 $17,276,995 $280,166,336 $28,539,151 $3,769,021,785 Commercial & Industrial 48,467,029 12,743,465 15,481,531 5,800,614 13,319,592 2,209,670 172,941,951 21,225,031 1,488,727,892 Other 3,654,732 635,572 6,471,543 11,006,513 0 509,070 10,710,763 1,223,743 211,295,932 Total Electric Sales $261,801,745 $65,049,858 $56,586,319 $42,235,212 $60,951,430 $19,995,735 $463,819,050 $50,987,925 $5,469,045,606 Other Operating Revenue 16,487,221 5,031,885 557,326 921,245 2,278,007 638,967 10,739,599 5,802,407 241,609,198 Total Operating Revenue $278,288,966 $70,081,743 $57,143,645 $43,156,457 $63,229,437 $20,634,702 $474,558,649 $56,790,332 $5,710,654,804 2024 Residential Service $197,462,670 $50,711,311 $33,043,452 $25,210,913 $44,242,017 $15,878,891 $255,174,739 $28,160,449 $3,532,193,863 Commercial & Industrial 47,195,972 8,651,113 14,634,542 5,758,763 12,241,959 2,036,066 131,821,283 19,617,539 1,327,337,519 Other 3,593,319 715,553 6,679,138 9,561,486 - 484,245 9,774,206 1,257,977 204,466,614 Total Electric Sales $248,251,961 $60,077,977 $54,357,132 $40,531,162 $56,483,976 $18,399,202 $396,770,228 $49,035,965 $5,063,997,996 Other Operating Revenue 13,708,796 4,620,960 761,898 957,400 2,247,889 616,050 330,891 2,485,566 198,461,220 Total Operating Revenue $261,960,757 $64,698,937 $55,119,030 $41,488,562 $58,731,865 $19,015,252 $397,101,119 $51,521,531 $5,262,459,216 2023 Residential Service $184,093,651 $46,456,273 $30,996,946 $23,493,553 $40,265,983 $15,425,757 $243,493,771 $24,983,699 $3,316,193,718 Commercial & Industrial 44,268,515 8,173,622 13,794,336 4,949,430 11,696,846 2,031,273 119,113,060 18,732,486 1,259,602,864 Other 3,495,810 653,604 6,235,694 10,193,223 - 470,180 9,264,205 1,002,445 194,943,603 Total Electric Sales $231,857,976 $55,283,499 $51,026,976 $38,636,206 $51,962,829 $17,927,210 $371,871,036 $44,718,630 $4,770,740,185 Other Operating Revenue (2,512,914) 3,826,462 1,317,563 810,249 1,925,688 846,434 (8,343,420) 3,142,408 85,938,585 Total Operating Revenue $229,345,062 $59,109,961 $52,344,539 $39,446,455 $53,888,517 $18,773,644 $363,527,616 $47,861,038 $4,856,678,770 Table 4 (Continued)

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Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2025 Operating Revenue & Patronage Capital $75,440,014 $125,285,667 $79,167,658 $154,985,125 $191,939,442 $76,584,983 $459,923,398 $185,715,891 $231,258,496 $125,037,900 Depreciation and Amortization 6,331,014 9,205,476 7,549,156 13,045,063 14,148,316 6,219,196 39,785,372 13,190,554 15,265,440 10,315,329 Other Operating Expenses 60,273,579 108,957,442 63,046,624 124,429,504 161,222,915 64,238,625 405,521,928 152,318,600 200,092,729 98,535,391 Electric Operating Margin $8,835,421 $7,122,749 $8,571,878 $17,510,558 $16,568,211 $6,127,162 $14,616,098 $20,206,737 $15,900,327 $16,187,180 Other Income 3,751,641 3,981,671 2,203,962 5,355,855 8,484,840 1,926,548 149,989,298 3,134,452 17,672,227 3,118,613 Gross Operating Margin $12,587,062 $11,104,420 $10,775,840 $22,866,413 $25,053,051 $8,053,710 $164,605,396 $23,341,189 $33,572,554 $19,305,793 Interest on Long-term Debt 3,445,071 4,816,556 4,052,074 6,320,109 14,097,499 3,879,473 13,989,549 5,552,335 9,160,425 6,936,722 Other Deductions 1,806,752 613,486 78,947 2,856 415,528 667,174 563,962 3,268,617 967,044 77,063 Net Margins $7,335,239 $5,674,378 $6,644,819 $16,543,448 $10,540,024 $3,507,063 $150,051,885 $14,520,237 $23,445,085 $12,292,008 2024 Operating Revenue & Patronage Capital $69,556,538 $119,164,897 $75,278,337 $147,881,253 $176,073,727 $73,271,591 $455,194,194 $169,623,664 $224,429,565 $118,745,172 Depreciation and Amortization 5,702,933 8,380,133 7,163,967 12,057,516 10,971,218 58,709,294 37,924,374 12,606,683 14,367,218 9,749,133 Other Operating Expenses 55,441,472 104,405,338 61,899,940 114,750,161 148,321,282 5,658,301 394,041,701 144,986,984 192,594,551 94,692,615 Electric Operating Margin $8,412,133 $6,379,426 $6,214,430 $21,073,576 $16,781,227 $8,903,996 $23,228,120 $12,029,997 $17,467,796 $14,303,424 Other Income 2,342,064 3,320,039 1,995,075 3,782,948 8,417,842 1,821,478 131,061,563 2,057,195 20,736,866 3,096,046 Gross Operating Margin $10,754,197 $9,699,465 $8,209,505 $24,856,524 $25,199,069 $10,725,474 $154,289,683 $14,087,192 $38,204,662 $17,399,470 Interest on Long-term Debt 2,884,879 3,252,365 3,129,718 5,521,135 12,026,788 3,114,723 15,045,128 5,128,381 6,936,505 6,891,782 Other Deductions 517,159 2,080,404 16,690 32,989 1,365,750 239,046 1,156,677 1,878,807 1,428,971 72,045 Net Margins $7,352,159 $4,366,696 $5,063,097 $19,302,400 $11,806,531 $7,371,705 $138,087,878 $7,080,004 $29,839,186 $10,435,643 2023 Operating Revenue & Patronage Capital $66,089,976 $104,044,306 $67,110,938 $142,136,716 $159,289,263 $66,953,417 $439,555,487 $159,114,697 $190,598,884 $114,416,748 Depreciation and Amortization 4,788,353 8,160,471 6,776,058 11,130,818 9,681,035 5,145,614 35,584,293 12,042,286 13,487,567 10,148,628 Other Operating Expenses 50,145,915 90,838,055 54,806,918 101,027,080 136,418,487 52,032,709 385,441,724 132,072,796 165,906,458 93,909,433 Electric Operating Margin $11,155,708 $5,045,780 $5,527,962 $29,978,818 $13,189,741 $9,775,094 $18,529,470 $14,999,615 $11,204,859 $10,358,687 Other Income 2,800,351 3,885,936 1,951,928 2,320,198 7,617,211 1,272,579 95,817,444 2,576,202 17,641,698 2,810,470 Gross Operating Margin $13,956,059 $8,931,716 $7,479,890 $32,299,016 $20,806,952 $11,047,673 $114,346,914 $17,575,817 $28,846,557 $13,169,157 Interest on Long-term Debt 2,431,923 3,397,845 2,595,579 4,775,459 7,870,609 2,566,451 15,860,514 4,872,688 6,125,446 6,549,963 Other Deductions 492,269 725,946 9,325 12,796 4,188,325 176,753 1,288,626 673,745 1,121,960 27,780 Net Margins $11,031,867 $4,807,925 $4,874,986 $27,510,761 $8,748,018 $8,304,469 $97,197,774 $12,029,384 $21,599,151 $6,591,414 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2025 Operating Revenue & Patronage Capital $83,554,393 $267,522,690 $54,539,995 $398,049,600 $88,113,344 $87,844,042 $39,787,816 $707,085,595 $92,280,365 $28,485,175 Depreciation and Amortization 3,920,323 20,622,393 5,068,214 28,480,206 9,174,538 6,953,652 4,757,149 48,493,088 7,250,387 2,792,839 Other Operating Expenses 67,905,805 230,575,639 39,244,826 333,574,751 70,050,757 74,079,927 27,286,018 609,640,971 70,109,013 22,664,213 Electric Operating Margin $11,728,265 $16,324,658 $10,226,955 $35,994,643 $8,888,049 $6,810,463 $7,744,649 $48,951,536 $14,920,965 $3,028,123 Other Income 2,930,775 13,132,141 2,479,991 7,633,544 5,375,053 5,847,459 1,686,383 26,565,468 1,735,557 388,276 Gross Operating Margin $14,659,040 $29,456,799 $12,706,946 $43,628,187 $14,263,102 $12,657,922 $9,431,032 $75,517,004 $16,656,522 $3,416,399 Interest on Long-term Debt 1,577,496 10,503,647 5,202,007 14,917,069 6,596,164 2,973,294 5,158,876 22,018,383 3,611,929 900,000 Other Deductions 1,214,006 3,605,495 70,138 273,193 189,272 1,833 783,494 51,146 1,893,935 1,050,000 Net Margins $11,867,538 $15,347,657 $7,434,801 $28,437,925 $7,477,666 $9,682,795 $3,488,662 $53,447,475 $11,150,658 $1,466,399 2024 Operating Revenue & Patronage Capital $60,375,969 $253,635,261 $49,144,868 $368,281,304 $84,699,016 $85,969,524 $36,715,173 $650,680,778 $82,240,847 $26,943,749 Depreciation and Amortization 3,572,335 18,388,069 4,377,099 24,589,391 8,559,011 6,592,859 4,337,536 45,107,491 6,875,182 2,678,150 Other Operating Expenses 54,900,920 221,609,615 38,078,197 318,251,637 65,227,139 71,360,330 25,628,488 566,234,300 70,731,510 21,306,475 Electric Operating Margin $1,902,714 $13,637,577 $6,689,572 $25,440,276 $10,912,866 $8,016,335 $6,749,149 $39,338,987 $4,634,155 $2,959,124 Other Income 3,228,397 5,517,188 3,096,352 10,776,681 4,283,838 5,424,393 1,338,969 31,371,046 799,597 407,197 Gross Operating Margin $5,131,111 $19,154,765 $9,785,924 $36,216,957 $15,196,704 $13,440,728 $8,088,118 $70,710,033 $5,433,752 $3,366,321 Interest on Long-term Debt 1,482,851 8,907,177 4,007,163 13,331,428 4,393,891 2,743,928 4,928,946 18,815,789 3,390,550 1,261,653 Other Deductions - 1,928,122 41,131 277,802 1,081,670 2,385 600,702 60,428 189,026 538,347 Net Margins $3,648,260 $8,319,466 $5,737,630 $22,607,727 $9,721,143 $10,694,415 $2,558,470 $51,833,816 $1,854,176 $1,566,321 2023 Operating Revenue & Patronage Capital $54,802,552 $234,195,662 $45,741,615 $327,644,936 $75,648,282 $73,099,354 $32,822,892 $615,103,498 $78,599,054 $23,642,334 Depreciation and Amortization 3,467,186 16,904,171 3,845,790 22,591,724 8,731,685 6,299,544 4,071,939 44,278,176 6,414,069 2,572,011 Other Operating Expenses 49,587,252 206,384,712 34,338,819 286,396,181 57,901,576 63,045,446 24,027,721 532,116,643 61,076,919 19,335,088 Electric Operating Margin $1,757,114 $10,906,779 $7,557,006 $18,657,031 $9,015,021 $3,754,364 $4,723,232 $38,708,679 $11,108,066 $1,735,235 Other Income 2,557,140 8,441,927 3,918,997 10,911,096 4,746,990 5,110,774 1,547,497 28,113,368 1,307,826 348,079 Gross Operating Margin $4,314,254 $19,348,706 $11,476,003 $29,568,127 $13,762,011 $8,865,138 $6,270,729 $66,822,047 $12,415,892 $2,083,314 Interest on Long-term Debt 1,439,449 7,280,949 2,597,909 12,044,450 3,726,060 2,411,669 3,324,518 17,099,954 3,039,589 1,100,000 Other Deductions - 1,304,589 161,926 438,681 687,977 2,060 473,460 47,021 267,966 - Net Margins $2,874,805 $10,763,168 $8,716,168 $17,084,996 $9,347,974 $6,451,409 $2,472,751 $49,675,072 $9,108,337 $983,314 FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 5 SUMMARY OF OPERATING RESULTS OF EACH MEMBER

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![](exhibit991011.jpg)

Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2025 Operating Revenue & Patronage Capital $31,897,068 $83,668,430 $32,941,287 $38,432,783 $117,214,624 $42,243,114 $45,246,894 $173,962,764 $498,317,634 $32,244,685 Depreciation and Amortization 4,322,310 7,361,373 2,435,859 2,861,237 7,265,057 3,258,859 3,582,588 13,498,102 27,990,328 1,650,268 Other Operating Expenses 21,324,492 63,640,845 24,883,843 31,594,607 96,582,856 35,701,590 38,831,209 135,430,320 425,483,801 21,810,099 Electric Operating Margin $6,250,266 $12,666,212 $5,621,585 $3,976,939 $13,366,711 $3,282,665 $2,833,097 $25,034,342 $44,843,505 $8,784,318 Other Income 792,716 3,024,893 796,938 1,654,886 2,197,828 2,393,907 2,033,775 5,043,019 13,192,489 1,204,620 Gross Operating Margin $7,042,982 $15,691,105 $6,418,523 $5,631,825 $15,564,539 $5,676,572 $4,866,872 $30,077,361 $58,035,994 $9,988,938 Interest on Long-term Debt 3,936,511 6,678,231 1,393,121 3,123,331 5,648,986 1,388,236 2,447,502 10,832,369 14,197,540 1,182,949 Other Deductions 141,489 395,478 25,100 259,813 259,354 - 142,126 3,797,487 677,754 1,419,517 Net Margins $2,964,982 $8,617,396 $5,000,302 $2,248,681 $9,656,199 $4,288,336 $2,277,244 $15,447,505 $43,160,700 $7,386,472 2024 Operating Revenue & Patronage Capital $30,300,319 $74,218,929 $32,276,060 $37,114,583 $99,842,144 $41,908,314 $42,829,159 $150,659,244 $450,006,775 $27,761,206 Depreciation and Amortization 3,874,287 5,757,707 2,108,245 2,636,993 6,955,280 3,102,319 3,446,501 12,280,209 26,404,408 1,495,258 Other Operating Expenses 19,559,596 59,542,533 22,511,809 30,307,467 82,032,999 35,031,903 36,863,082 112,993,775 388,916,674 23,283,536 Electric Operating Margin $6,866,436 $8,918,689 $7,656,006 $4,170,123 $10,853,865 $3,774,092 $2,519,576 $25,385,260 $34,685,693 $2,982,412 Other Income 1,188,544 3,165,116 1,012,564 1,244,318 2,254,808 2,433,218 1,800,751 5,478,448 16,509,720 1,119,857 Gross Operating Margin $8,054,980 $12,083,805 $8,668,570 $5,414,441 $13,108,673 $6,207,310 $4,320,327 $30,863,708 $51,195,413 $4,102,269 Interest on Long-term Debt 3,487,766 4,989,561 1,516,421 2,033,896 5,115,284 1,339,652 1,875,700 9,751,886 12,878,175 1,072,740 Other Deductions 704,978 606,104 33,05 288,238 421,243 65,675 236,599 2,125,594 28,454 264,876 Net Margins $3,862,236 $6,488,140 $7,118,644 $3,092,307 $7,572,146 $4,801,983 $2,208,028 $18,986,228 $38,288,784 $2,764,653 2023 Operating Revenue & Patronage Capital $26,428,412 $67,307,346 $27,781,090 $35,547,592 $86,724,027 $37,475,300 $37,773,215 $135,300,859 $441,494,534 $25,938,943 Depreciation and Amortization 2,899,337 5,260,074 1,708,667 2,535,956 6,614,787 2,990,595 3,376,742 10,183,221 25,078,379 1,396,940 Other Operating Expenses 18,310,564 53,210,397 22,095,988 27,810,470 72,413,307 30,569,287 31,545,647 110,408,593 386,647,335 19,016,220 Electric Operating Margin $5,218,511 $8,836,875 $3,976,435 $5,201,166 $7,695,933 $3,915,418 $2,850,826 $14,709,045 $29,768,820 $5,525,783 Other Income 1,390,423 2,574,202 1,041,523 1,232,143 2,128,816 2,045,285 1,486,523 5,782,176 13,872,073 1,383,454 Gross Operating Margin $6,608,934 $11,411,077 $5,017,958 $6,433,309 $9,824,749 $5,960,703 $4,337,349 $20,491,221 $43,640,893 $6,909,237 Interest on Long-term Debt 2,212,369 3,239,347 1,065,178 1,431,628 4,220,431 1,233,310 1,651,368 7,909,424 11,045,183 973,398 Other Deductions 570,597 238,446 19,093 422,621 359,740 11,874 181,540 1,294,435 110,749 84,505 Net Margins $3,825,968 $7,933,284 $3,933,687 $4,579,060 $5,244,578 $4,715,519 $2,504,441 $11,287,362 $32,484,961 $5,851,334 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 2025 Operating Revenue & Patronage Capital $278,288,966 $70,081,743 $57,143,644 $43,156,457 $63,229,438 $20,634,702 $474,558,648 $56,790,333 $5,712,654,803 Depreciation and Amortization 13,419,204 6,870,105 5,225,516 3,102,862 6,616,063 1,124,232 18,215,559 4,815,060 406,182,287 Other Operating Expenses 249,980,975 56,721,880 47,535,919 32,585,966 48,813,436 17,609,929 432,237,034 45,973,237 4,810,511,295 Electric Operating Margin $14,888,787 $6,489,758 $4,382,209 $7,467,629 $7,799,939 $1,900,541 $24,106,055 $6,002,036 $495,961,221 Other Income 5,558,906 2,899,460 1,915,785 1,078,610 1,750,276 842,169 15,897,201 2,039,403 331,710,635 Gross Operating Margin $20,447,693 $9,389,218 $6,297,994 $8,546,239 $9,550,215 $2,742,710 $40,003,256 $8,041,439 $827,671,856 Interest on Long-term Debt 6,002,060 3,729,863 3,122,481 1,729,086 5,255,631 379,370 7,970,881 5,119,537 229,846,363 Other Deductions 43,671 - 294,404 17,656 384,196 32,051 731,657 - 26,215,694 Net Margins $14,401,962 $5,659,355 $2,881,109 $6,799,497 $3,910,388 $2,331,289 $31,300,718 $2,921,902 $571,609,799 2024 Operating Revenue & Patronage Capital $261,960,757 $64,698,938 $55,119,030 $41,488,561 $58,731,865 $19,015,253 $397,101,119 $51,521,526 $5,264,459,209 Depreciation and Amortization 12,532,370 6,599,540 4,937,966 2,980,213 6,254,829 1,084,686 18,177,685 3,837,822 427,175,910 Other Operating Expenses 233,109,908 49,496,161 46,604,371 31,557,615 45,438,110 15,575,231 361,862,732 42,010,317 4,406,818,775 Electric Operating Margin $16,318,479 $8,603,237 $3,576,693 $6,950,733 $7,038,926 $2,355,336 $17,060,702 $5,673,387 $430,464,525 Other Income 4,016,050 3,360,651 1,914,723 777,626 1,092,243 921,622 15,001,980 1,795,450 309,962,463 Gross Operating Margin $20,334,529 $11,963,888 $5,491,416 $7,728,359 $8,131,169 $3,276,958 $32,062,682 $7,468,837 $740,426,988 Interest on Long-term Debt 5,192,528 3,227,330 2,513,108 1,820,310 4,924,711 387,319 8,273,050 4,251,101 201,845,318 Other Deductions 57,886 - 308,609 61,393 381,668 21,613 433,473 - 19,548,059 Net Margins $15,084,115 $8,736,558 $2,669,699 $5,846,656 $2,824,790 $2,868,026 $23,356,159 $3,217,736 $519,033,611 2023 Operating Revenue & Patronage Capital $229,345,062 $59,109,961 $52,344,539 $39,446,455 $53,888,521 $18,773,644 $363,527,616 $47,861,040 $4,856,678,767 Depreciation and Amortization 12,454,916 5,554,183 4,584,911 2,891,117 5,361,774 1,040,948 17,325,291 3,252,776 350,632,032 Other Operating Expenses 209,351,331 46,367,654 43,042,232 28,783,533 40,998,773 14,698,173 327,798,062 40,972,291 4,120,840,789 Electric Operating Margin $7,538,815 $7,188,124 $4,717,396 $7,771,805 $7,527,974 $3,034,523 $18,404,263 $3,635,973 $385,205,946 Other Income 2,996,084 2,842,775 1,825,310 3,167,496 -339,449 853,774 15,577,925 2,351,889 267,910,133 Gross Operating Margin $10,534,899 $10,030,899 $6,542,706 $10,939,301 $7,188,525 $3,888,297 $33,982,188 $5,987,862 $653,116,079 Interest on Long-term Debt 4,672,684 2,943,106 2,069,740 1,953,356 4,172,999 216,313 7,050,219 3,161,256 172,332,333 Other Deductions 142,039 - 406,304 88,921 592,063 17,876 422,588 - 17,064,596 Net Margins $5,720,176 $7,087,793 $4,066,662 $8,897,024 $2,423,463 $3,654,108 $26,509,381 $2,826,606 $463,719,150 Table 5 (Continued)

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![](exhibit991012.jpg)

Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2025 ASSETS Total Utility Plant (1) $224,230,628 $315,061,936 $214,757,391 $444,437,541 $513,438,161 $202,287,394 $1,176,792,692 $429,379,999 $530,433,779 $354,724,362 Depreciation 61,171,923 105,777,830 59,914,674 117,320,355 63,876,931 46,855,940 359,538,332 153,567,188 163,652,916 135,964,437 Net Plant $163,058,705 $209,284,106 $154,842,717 $327,117,186 $449,561,230 $155,431,454 $817,254,360 $275,812,811 $366,780,863 $218,759,925 Other Assets 111,540,397 71,766,968 59,133,140 74,819,468 172,981,248 42,570,664 608,855,551 135,906,316 199,546,323 61,667,023 Total Assets $274,599,102 $281,051,074 $213,975,857 $401,936,654 $622,542,478 $198,002,118 $1,426,109,911 $411,719,127 $566,327,186 $280,426,948 EQUITY & LIABILITIES Equity $114,456,501 $85,506,211 $79,173,491 $176,168,960 $127,696,082 $70,597,575 $1,024,553,994 $170,610,936 $250,229,075 $105,625,400 Long-term Debt 79,571,193 132,589,051 88,749,672 177,510,324 368,452,066 105,312,075 266,376,498 154,469,008 272,173,561 143,062,763 Other Liabilities 80,571,408 62,955,812 46,052,694 48,257,370 126,394,330 22,092,468 135,179,420 86,639,183 43,924,550 31,738,785 Total Equity and Liabilities $274,599,102 $281,051,074 $213,975,857 $401,936,654 $622,542,478 $198,002,118 $1,426,109,911 $411,719,127 $566,327,186 $280,426,948 2024 ASSETS Total Utility Plant (1) $211,859,763 $294,868,950 $201,676,035 $403,010,259 $480,483,025 $186,467,284 $1,133,118,579 $405,515,099 $494,032,163 $331,869,107 Depreciation 54,621,776 99,970,934 57,574,604 112,443,934 55,686,904 42,635,071 342,686,715 142,815,757 161,607,430 115,279,901 Net Plant $157,237,987 $194,898,016 $144,101,431 $290,566,325 $424,796,121 $143,832,213 $790,431,864 $262,699,342 $332,424,733 $216,589,206 Other Assets 89,837,691 62,514,748 55,137,302 64,652,350 117,898,458 37,731,974 525,011,844 169,578,044 181,351,399 52,462,151 Total Assets $247,075,678 $257,412,764 $199,238,733 $355,218,675 $542,694,579 $181,564,187 $1,315,443,708 $432,277,386 $513,776,132 $269,051,357 EQUITY & LIABILITIES Equity $107,790,345 $82,383,400 $75,676,791 $163,525,089 $118,573,998 $68,662,960 $879,545,577 $159,025,243 $235,585,898 $93,479,324 Long-term Debt 80,113,326 89,942,112 69,374,523 164,281,340 307,027,836 88,579,994 287,996,600 149,705,237 200,919,299 143,534,720 Other Liabilities 59,172,007 85,087,252 54,187,419 27,412,246 117,092,745 24,321,233 147,901,531 123,546,906 77,270,935 32,037,313 Total Equity and Liabilities $247,075,678 $257,412,764 $199,238,733 $355,218,675 $542,694,579 $181,564,187 $1,315,443,708 $432,277,386 $513,776,132 $269,051,357 2023 ASSETS Total Utility Plant (1) $193,795,964 $280,108,748 $188,085,999 $371,684,336 $432,196,863 $168,067,591 $1,087,732,079 $383,254,777 $462,691,430 $315,277,784 Depreciation 49,694,703 96,097,801 54,388,383 105,282,767 53,883,597 38,958,400 324,414,755 132,448,055 153,203,893 111,140,347 Net Plant $144,101,261 $184,010,947 $133,697,616 $266,401,569 $378,313,266 $129,109,191 $763,317,324 $250,806,722 $309,487,537 $204,137,437 Other Assets 60,145,493 55,135,910 41,226,256 63,771,453 101,840,651 32,995,791 456,307,067 101,625,479 159,705,578 49,857,062 Total Assets $204,246,754 $239,146,857 $174,923,872 $330,173,022 $480,153,917 $162,104,982 $1,219,624,391 $352,432,201 $469,193,115 $253,994,499 EQUITY & LIABILITIES Equity $100,491,457 $81,255,658 $71,195,125 $151,254,239 $108,168,075 $63,318,815 $754,717,123 $150,326,069 $208,809,358 $85,524,865 Long-term Debt 75,819,508 93,844,157 72,860,015 150,926,482 250,082,109 72,380,246 326,758,765 139,057,482 208,371,698 135,963,771 Other Liabilities 27,935,789 64,047,042 30,868,732 27,992,301 121,903,733 26,405,921 138,148,503 63,048,650 52,012,059 32,505,863 Total Equity and Liabilities $204,246,754 $239,146,857 $174,923,872 $330,173,022 $480,153,917 $162,104,982 $1,219,624,391 $352,432,201 $469,193,115 $253,994,499 Footnotes: (1) Including construction work in progress. FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 6 CONDENSED BALANCE SHEET INFORMATION OF EACH MEMBER (as of December 31)

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![](exhibit991013.jpg)

Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2025 ASSETS Total Utility Plant (1) $134,125,830 $687,838,534 $186,270,957 $840,916,520 $312,785,060 $237,776,914 $179,549,487 $1,561,967,919 $234,182,362 $97,941,101 Depreciation 36,589,978 224,681,252 29,329,614 189,591,245 101,741,834 79,938,407 42,772,560 512,021,505 63,075,175 24,165,997 Net Plant $97,535,852 $463,157,282 $156,941,343 $651,325,275 $211,043,226 $157,838,507 $136,776,927 $1,049,946,414 $171,107,187 $73,775,104 Other Assets 77,479,432 99,925,511 56,616,225 214,176,337 59,740,301 124,174,319 26,209,265 508,781,859 31,293,040 16,028,642 Total Assets $175,015,284 $563,082,793 $213,557,568 $865,501,612 $270,783,527 $282,012,826 $162,986,192 $1,558,728,273 $202,400,227 $89,803,746 EQUITY & LIABILITIES Equity $78,799,825 $176,137,521 $93,910,458 $335,964,708 $82,312,208 $144,606,114 $38,285,034 $694,838,519 $76,114,522 $29,615,643 Long-term Debt 46,894,023 301,812,050 100,180,557 395,209,988 156,630,692 82,655,672 105,360,568 651,921,977 92,050,893 27,276,859 Other Liabilities 49,321,436 85,133,222 19,466,553 134,326,916 31,840,627 54,751,040 19,340,590 211,967,777 34,234,812 32,911,244 Total Equity and Liabilities $175,015,284 $563,082,793 $213,557,568 $865,501,612 $270,783,527 $282,012,826 $162,986,192 $1,558,728,273 $202,400,227 $89,803,746 2024 ASSETS Total Utility Plant (1) $133,238,307 $596,930,961 $168,178,432 $794,648,085 $284,390,987 $226,847,608 $177,053,783 $1,449,464,327 $235,693,079 $91,101,223 Depreciation 33,646,716 218,310,575 30,156,928 178,488,973 100,811,510 76,338,228 42,914,679 477,731,132 61,570,754 22,925,577 Net Plant $99,591,591 $378,620,386 $138,021,504 $616,159,112 $183,579,477 $150,509,380 $134,139,104 $971,733,195 $174,122,325 $68,175,646 Other Assets 69,438,326 162,741,858 59,433,553 198,886,280 63,720,670 133,296,683 25,842,641 506,779,030 46,900,605 15,398,350 Total Assets $169,029,917 $541,362,244 $197,455,057 $815,045,392 $247,300,147 $283,806,063 $159,981,745 $1,478,512,225 $221,022,930 $83,573,996 EQUITY & LIABILITIES Equity $71,732,873 $165,166,074 $87,126,821 $316,196,026 $75,712,218 $139,144,492 $35,032,288 $656,596,449 $65,181,047 $28,567,176 Long-term Debt 46,180,284 273,807,403 87,470,258 378,258,340 141,764,641 86,268,288 105,113,245 601,818,080 88,138,440 28,761,720 Other Liabilities 51,116,760 102,388,767 22,857,978 120,591,026 29,823,288 58,393,283 19,836,212 220,097,696 67,703,443 26,245,100 Total Equity and Liabilities $169,029,917 $541,362,244 $197,455,057 $815,045,392 $247,300,147 $283,806,063 $159,981,745 $1,478,512,225 $221,022,930 $83,573,996 2023 ASSETS Total Utility Plant (1) $115,612,932 $544,026,983 $137,278,972 $714,152,484 $251,208,115 $216,442,254 $149,037,751 $1,353,766,401 $215,689,488 $77,684,203 Depreciation 30,702,839 203,956,519 29,956,660 166,498,527 95,696,285 72,096,945 47,821,900 447,373,965 57,325,141 22,196,203 Net Plant $84,910,093 $340,070,464 $107,322,312 $547,653,957 $155,511,830 $144,345,309 $101,215,851 $906,392,436 $158,364,347 $55,488,000 Other Assets 53,549,848 143,933,137 52,798,495 171,027,625 54,855,173 111,312,344 28,457,868 466,128,937 17,745,876 10,467,000 Total Assets $138,459,941 $484,003,601 $160,120,807 $718,681,582 $210,367,003 $255,657,653 $129,673,719 $1,372,521,373 $176,110,223 $65,955,000 EQUITY & LIABILITIES Equity $68,071,455 $161,335,957 $82,156,880 $305,179,762 $67,319,070 $130,185,132 $32,751,361 $620,682,630 $63,245,609 $27,321,483 Long-term Debt 42,116,410 240,443,797 59,409,618 329,387,088 101,202,852 71,699,003 78,133,651 541,140,533 83,854,345 27,280,661 Other Liabilities 28,272,076 82,223,847 18,554,309 84,114,732 41,845,081 53,773,518 18,788,707 210,698,210 29,010,269 11,352,856 Total Equity and Liabilities $138,459,941 $484,003,601 $160,120,807 $718,681,582 $210,367,003 $255,657,653 $129,673,719 $1,372,521,373 $176,110,223 $65,955,000 Footnotes: (1) Including construction work in progress. Table 6 (Continued)

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![](exhibit991014.jpg)

Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2025 ASSETS Total Utility Plant (1) $122,624,577 $273,079,998 $95,432,832 $122,473,231 $265,978,753 $108,789,916 $142,190,163 $449,628,258 $983,932,626 $87,665,546 Depreciation 17,840,601 46,582,044 26,586,076 28,338,571 84,905,580 32,660,807 42,920,425 67,634,455 154,263,329 11,732,444 Net Plant $104,783,976 $226,497,954 $68,846,756 $94,134,660 $181,073,173 $76,129,109 $99,269,738 $381,993,803 $829,669,297 $75,933,102 Other Assets 15,664,324 61,399,924 24,564,709 30,611,392 53,957,656 50,356,304 33,413,207 246,194,490 262,102,056 30,361,452 Total Assets $120,448,300 $287,897,878 $93,411,465 $124,746,052 $235,030,829 $126,485,413 $132,682,945 $628,188,293 $1,091,771,353 $106,294,554 EQUITY & LIABILITIES Equity $36,391,869 $112,328,488 $57,311,714 $43,276,894 $85,950,926 $60,322,612 $48,324,099 $169,297,403 $398,752,735 $40,703,858 Long-term Debt 77,051,430 134,115,304 28,347,451 62,474,322 123,670,550 44,627,069 63,821,442 249,442,726 457,153,056 31,187,318 Other Liabilities 7,005,001 41,454,085 7,752,300 18,994,835 25,409,353 21,535,732 20,537,404 209,448,164 235,865,562 34,403,378 Total Equity and Liabilities $120,448,300 $287,897,878 $93,411,465 $124,746,052 $235,030,829 $126,485,413 $132,682,945 $628,188,293 $1,091,771,353 $106,294,554 2024 ASSETS Total Utility Plant (1) $119,233,465 $249,505,312 $91,498,954 $108,305,051 $253,435,925 $104,085,584 $133,366,267 $401,824,210 $906,677,539 $82,563,496 Depreciation 15,328,589 46,294,858 24,736,499 30,641,193 81,297,614 29,874,900 42,627,054 61,143,034 151,899,259 11,977,854 Net Plant $103,904,876 $203,210,454 $66,762,455 $77,663,858 $172,138,311 $74,210,684 $90,739,213 $340,681,176 $754,778,280 $70,585,642 Other Assets 16,554,927 60,814,496 22,733,187 31,799,545 52,712,267 60,016,858 32,126,775 208,306,224 250,954,139 29,743,489 Total Assets $120,459,803 $264,024,950 $89,495,642 $109,463,403 $224,850,578 $134,227,542 $122,865,988 $548,987,400 $1,005,732,419 $100,329,131 EQUITY & LIABILITIES Equity $33,539,893 $105,137,746 $52,657,518 $41,329,401 $78,098,263 $57,858,968 $46,853,651 $153,449,720 $366,034,533 $33,663,804 Long-term Debt 70,383,902 117,621,080 28,959,140 48,932,344 119,677,999 45,919,263 54,785,197 200,896,932 407,245,567 31,228,803 Other Liabilities 16,536,008 41,266,124 7,878,984 19,201,658 27,074,316 30,449,311 21,227,140 194,640,748 232,452,319 35,436,524 Total Equity and Liabilities $120,459,803 $264,024,950 $89,495,642 $109,463,403 $224,850,578 $134,227,542 $122,865,988 $548,987,400 $1,005,732,419 $100,329,131 2023 ASSETS Total Utility Plant (1) $112,583,167 $213,272,218 $84,848,632 $92,898,623 $237,629,416 $100,101,134 $125,352,198 $355,910,348 $832,047,282 $60,833,408 Depreciation 16,128,669 46,316,116 24,975,110 30,238,570 78,578,451 28,813,123 40,958,477 55,174,351 143,289,958 11,563,053 Net Plant $96,454,498 $166,956,102 $59,873,522 $62,660,053 $159,050,965 $71,288,011 $84,393,721 $300,735,997 $688,757,324 $49,270,355 Other Assets 14,719,315 55,656,682 25,340,831 25,965,486 48,216,547 45,522,072 26,260,805 89,620,816 288,721,407 21,251,914 Total Assets $111,173,813 $222,612,784 $85,214,353 $88,625,539 $207,267,512 $116,810,083 $110,654,526 $390,356,813 $977,478,731 $70,522,269 EQUITY & LIABILITIES Equity $29,826,427 $100,154,206 $46,160,899 $38,569,972 $72,178,346 $54,784,570 $45,297,722 $135,247,212 $336,420,734 $31,475,279 Long-term Debt 70,326,736 84,719,597 27,565,723 32,440,481 110,393,429 43,005,353 46,980,399 191,656,796 392,399,569 29,235,690 Other Liabilities 11,020,650 37,738,981 11,487,731 17,615,086 24,695,737 19,020,160 18,376,405 63,452,805 248,658,428 9,811,300 Total Equity and Liabilities $111,173,813 $222,612,784 $85,214,353 $88,625,539 $207,267,512 $116,810,083 $110,654,526 $390,356,813 $977,478,731 $70,522,269 Footnotes: (1) Including construction work in progress. Table 6 (Continued)

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![](exhibit991015.jpg)

Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 2025 ASSETS Total Utility Plant (1) $425,026,678 $203,746,702 $183,973,016 $111,305,110 $218,154,353 $38,497,275 $627,515,543 $165,506,976 $13,504,420,120 Depreciation 179,071,152 46,149,619 41,831,867 38,030,872 45,233,606 15,036,370 245,052,954 37,557,354 3,732,976,219 Net Plant $245,955,526 $157,597,083 $142,141,149 $73,274,238 $172,920,747 $23,460,905 $382,462,589 $127,949,622 $9,771,443,901 Other Assets 158,690,901 40,704,938 41,378,900 44,443,385 17,400,417 22,620,161 308,263,485 42,130,775 4,237,470,505 Total Assets $404,646,427 $198,302,021 $183,520,049 $117,717,623 $190,321,164 $46,081,066 $690,726,074 $170,080,397 $14,008,914,406 EQUITY & LIABILITIES Equity $118,655,433 $75,193,019 $80,980,339 $70,821,255 $53,334,063 $31,266,824 $293,602,157 $54,492,135 $5,786,208,600 Long-term Debt 128,203,690 106,653,304 83,589,593 38,873,342 119,714,280 10,083,847 173,046,603 85,762,582 5,766,077,399 Other Liabilities 157,787,304 16,455,698 18,950,117 8,023,026 17,272,821 4,730,395 224,077,314 29,825,680 2,456,628,406 Total Equity and Liabilities $404,646,427 $198,302,021 $183,520,049 $117,717,623 $190,321,164 $46,081,066 $690,726,074 $170,080,397 $14,008,914,406 2024 ASSETS Total Utility Plant (1) $398,962,580 $185,545,586 $173,689,942 $106,537,236 $211,937,230 $36,178,853 $595,061,900 $162,206,376 $12,621,062,562 Depreciation 170,484,606 39,961,986 40,714,339 37,213,375 40,747,004 14,912,462 234,677,008 37,971,440 3,540,721,172 Net Plant $228,477,974 $145,583,600 $132,975,603 $69,323,861 $171,190,226 $21,266,391 $360,384,892 $124,234,936 $9,080,341,390 Other Assets 126,301,883 50,085,721 40,209,056 43,975,878 19,189,353 23,677,899 286,534,315 46,917,290 4,041,267,259 Total Assets $354,779,857 $195,669,321 $173,184,659 $113,299,739 $190,379,579 $44,944,290 $646,919,207 $171,152,226 $13,121,608,649 EQUITY & LIABILITIES Equity $112,236,406 $65,286,837 $78,756,899 $64,462,617 $50,234,209 $29,975,509 $278,779,087 $51,651,261 $5,324,710,411 Long-term Debt 119,252,863 110,132,783 71,627,199 41,376,556 115,302,150 10,519,460 182,176,833 83,385,720 5,278,479,477 Other Liabilities 123,290,588 20,249,701 22,800,561 7,460,566 24,843,220 4,449,321 185,963,287 36,115,245 2,518,418,761 Total Equity and Liabilities $354,779,857 $195,669,321 $173,184,659 $113,299,739 $190,379,579 $44,944,290 $646,919,207 $171,152,226 $13,121,608,649 2023 ASSETS Total Utility Plant (1) $371,935,599 $170,572,649 $161,429,604 $102,199,270 $197,057,855 $35,274,651 $561,654,955 $134,624,497 $11,608,020,660 Depreciation 161,313,239 36,211,208 39,810,755 35,133,166 37,909,068 14,646,231 223,372,946 37,948,328 3,355,518,504 Net Plant $210,622,360 $134,361,441 $121,618,849 $67,066,104 $159,148,787 $20,628,420 $338,282,009 $96,676,169 $8,252,502,156 Other Assets 106,107,464 40,829,658 38,377,755 43,322,978 20,973,102 20,328,104 300,855,527 46,851,953 3,491,809,459 Total Assets $316,729,824 $175,191,099 $159,996,604 $110,389,082 $180,121,889 $40,956,524 $639,137,536 $143,528,122 $11,744,311,615 EQUITY & LIABILITIES Equity $102,640,543 $57,507,080 $76,994,421 $59,095,243 $48,234,891 $28,142,400 $263,454,200 $49,441,701 $4,908,935,969 Long-term Debt 106,898,204 99,546,414 67,019,799 43,553,387 104,224,367 8,593,404 166,045,163 82,700,718 4,808,037,420 Other Liabilities 107,191,077 18,137,605 15,982,384 7,740,452 27,662,631 4,220,720 209,638,173 11,385,703 2,027,338,226 Total Equity and Liabilities $316,729,824 $175,191,099 $159,996,604 $110,389,082 $180,121,889 $40,956,524 $639,137,536 $143,528,122 $11,744,311,615 Footnotes: (1) Including construction work in progress. Table 6 (Continued)

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