# EDGAR Filing Document

**Accession Number:** 0000788816
**File Stem:** 0001628280-25-040048
**Filing Date:** 2025-8
**Character Count:** 205480
**Document Hash:** 4bb274798f0792e451415c64ab489e72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-040048.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001628280-25-040048

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 91

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**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:** 251209618

**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-20250630

**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 June 30, 2025** 

**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**

**(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 JUNE 30, 2025**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[PART I—FINANCIAL INFORMATION](#i6df0307e4d2a480bbd54699a83466607_10)</u>** | **<u>[PART I—FINANCIAL INFORMATION](#i6df0307e4d2a480bbd54699a83466607_10)</u>** | |
| &nbsp;&nbsp;<u>[Item 1.](#i6df0307e4d2a480bbd54699a83466607_13)</u> | <u>[Financial Statements](#i6df0307e4d2a480bbd54699a83466607_13)</u> | <u>[1](#i6df0307e4d2a480bbd54699a83466607_13)</u> |
|  | <u>[Unaudited Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024](#i6df0307e4d2a480bbd54699a83466607_16)</u> | <u>[1](#i6df0307e4d2a480bbd54699a83466607_16)</u> |
|  | <u>[Unaudited Consolidated Statements of Revenues and Expenses For the Three](#i6df0307e4d2a480bbd54699a83466607_19)[and Six](#i6df0307e4d2a480bbd54699a83466607_19)[Months ended](#i6df0307e4d2a480bbd54699a83466607_19)[June 30](#i6df0307e4d2a480bbd54699a83466607_19)[, 2025 and 2024](#i6df0307e4d2a480bbd54699a83466607_19)</u> | <u>[3](#i6df0307e4d2a480bbd54699a83466607_19)</u> |
|  | <u>[Unaudited Consolidated Statements of Patronage Capital and Membership Fees For the Three](#i6df0307e4d2a480bbd54699a83466607_22)[an](#i6df0307e4d2a480bbd54699a83466607_22)[d Six](#i6df0307e4d2a480bbd54699a83466607_22)[Months ended](#i6df0307e4d2a480bbd54699a83466607_22)[June 30](#i6df0307e4d2a480bbd54699a83466607_22)[, 2025 and 2024](#i6df0307e4d2a480bbd54699a83466607_22)</u> | <u>[4](#i6df0307e4d2a480bbd54699a83466607_22)</u> |
|  | <u>[Unaudited Consolidated Statements of Cash Flows For the](#i6df0307e4d2a480bbd54699a83466607_25)[Six](#i6df0307e4d2a480bbd54699a83466607_25)[Months ended](#i6df0307e4d2a480bbd54699a83466607_25)[June](#i6df0307e4d2a480bbd54699a83466607_25)[30](#i6df0307e4d2a480bbd54699a83466607_25)[, 2025 and 2024](#i6df0307e4d2a480bbd54699a83466607_25)</u> | <u>[5](#i6df0307e4d2a480bbd54699a83466607_25)</u> |
|  | <u>[Notes to Unaudited Consolidated Financial Statements](#i6df0307e4d2a480bbd54699a83466607_28)</u> | <u>[6](#i6df0307e4d2a480bbd54699a83466607_28)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#i6df0307e4d2a480bbd54699a83466607_88)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6df0307e4d2a480bbd54699a83466607_88)</u> | <u>[22](#i6df0307e4d2a480bbd54699a83466607_88)</u> |
| &nbsp;&nbsp;<u>[Item 3.](#i6df0307e4d2a480bbd54699a83466607_91)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i6df0307e4d2a480bbd54699a83466607_91)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_91)</u> |
| &nbsp;&nbsp;<u>[Item 4.](#i6df0307e4d2a480bbd54699a83466607_94)</u> | <u>[Controls and Procedures](#i6df0307e4d2a480bbd54699a83466607_94)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_94)</u> |
| **<u>[PART II—OTHER INFORMATION](#i6df0307e4d2a480bbd54699a83466607_97)</u>** | **<u>[PART II—OTHER INFORMATION](#i6df0307e4d2a480bbd54699a83466607_97)</u>** |  |
| &nbsp;&nbsp;<u>[Item 1.](#i6df0307e4d2a480bbd54699a83466607_100)</u> | <u>[Legal Proceedings](#i6df0307e4d2a480bbd54699a83466607_100)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_100)</u> |
| &nbsp;&nbsp;<u>[Item 1A.](#i6df0307e4d2a480bbd54699a83466607_103)</u> | <u>[Risk Factors](#i6df0307e4d2a480bbd54699a83466607_103)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_103)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#i6df0307e4d2a480bbd54699a83466607_106)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i6df0307e4d2a480bbd54699a83466607_106)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_106)</u> |
| &nbsp;&nbsp;<u>[Item 3.](#i6df0307e4d2a480bbd54699a83466607_109)</u> | <u>[Defaults Upon Senior Securities](#i6df0307e4d2a480bbd54699a83466607_109)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_109)</u> |
| &nbsp;&nbsp;<u>[Item 4.](#i6df0307e4d2a480bbd54699a83466607_112)</u> | <u>[Mine Safety Disclosures](#i6df0307e4d2a480bbd54699a83466607_112)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_112)</u> |
| &nbsp;&nbsp;<u>[Item 5.](#i6df0307e4d2a480bbd54699a83466607_115)</u> | <u>[Other Information](#i6df0307e4d2a480bbd54699a83466607_115)</u> | <u>[29](#i6df0307e4d2a480bbd54699a83466607_115)</u> |
| &nbsp;&nbsp;<u>[Item 6.](#i6df0307e4d2a480bbd54699a83466607_118)</u> | <u>[Exhibits](#i6df0307e4d2a480bbd54699a83466607_118)</u> | <u>[30](#i6df0307e4d2a480bbd54699a83466607_118)</u> |
| **<u>[SIGNATURES](#i6df0307e4d2a480bbd54699a83466607_121)</u>** | **<u>[SIGNATURES](#i6df0307e4d2a480bbd54699a83466607_121)</u>** | <u>[31](#i6df0307e4d2a480bbd54699a83466607_121)</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, 2024, 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 two 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;• 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;• 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;• 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, 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>*June 30, 2025 and December 31, 2024*<br>

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Assets** |  |  |
| **Electric plant:** |  |  |
| &nbsp;&nbsp;&nbsp;In service | $**17399579** | $17388476 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets—finance leases | **302732** | 302732 |
| &nbsp;&nbsp;&nbsp;Less: Accumulated provision for depreciation | **(5800774)** | (5701627) |
| **Electric plant in service, net** | **11901537** | 11989581 |
| &nbsp;&nbsp;&nbsp;Nuclear fuel, at amortized cost | **411623** | 402328 |
| &nbsp;&nbsp;&nbsp;Construction work in progress | **559611** | 320167 |
| **Total electric plant** | **12872771** | 12712076 |
| **Investments and funds:** |  |  |
| &nbsp;&nbsp;&nbsp;Nuclear decommissioning trust fund | **784480** | 721624 |
| &nbsp;&nbsp;&nbsp;Investment in associated companies | **86389** | 86720 |
| &nbsp;&nbsp;&nbsp;Long-term investments | **625900** | 645166 |
| &nbsp;&nbsp;&nbsp;Other | **39938** | 38862 |
| **Total investments and funds** | **1536707** | 1492372 |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | **263052** | 337813 |
| &nbsp;&nbsp;&nbsp;Restricted cash and short-term investments | **1640** | 500 |
| &nbsp;&nbsp;&nbsp;Short-term investments | **90269** | 124572 |
| &nbsp;&nbsp;&nbsp;Receivables | **271152** | 246581 |
| &nbsp;&nbsp;&nbsp;Inventories, at weighted average cost | **339277** | 356285 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | **51653** | 44218 |
| **Total current assets** | **1017043** | 1109969 |
| **Deferred charges and other assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Regulatory assets | **1087482** | 1103633 |
| &nbsp;&nbsp;&nbsp;Prepayments to Georgia Power Company | **16549** | 16334 |
| &nbsp;&nbsp;&nbsp;Other | **45816** | 43154 |
| **Total deferred charges** | **1149847** | 1163121 |
| **Total assets** | $**16576368** | $16477538 |

---

&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>*June 30, 2025 and December 31, 2024*<br>

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Equity and Liabilities** |  |  |
| **Capitalization:** |  |  |
| &nbsp;&nbsp;&nbsp;Patronage capital and membership fees | $**1391719** | $1328418 |
| &nbsp;&nbsp;&nbsp;Long-term debt | **12096778** | 12134194 |
| &nbsp;&nbsp;&nbsp;Obligation under finance leases | **27531** | 33173 |
| &nbsp;&nbsp;&nbsp;Obligation under Rocky Mountain transactions | **32986** | 31910 |
| &nbsp;&nbsp;&nbsp;Other | **4804** | 5715 |
| **Total capitalization** | **13553818** | 13533410 |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt and finance leases due within one year | **393363** | 398979 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | **226180** | 145604 |
| &nbsp;&nbsp;&nbsp;Accounts payable | **137457** | 138537 |
| &nbsp;&nbsp;&nbsp;Accrued interest | **90719** | 81425 |
| &nbsp;&nbsp;&nbsp;Member power bill prepayments, current | **35748** | 31258 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **121436** | 140611 |
| **Total current liabilities** | **1004903** | 936414 |
| **Deferred credits and other liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | **1291815** | 1279121 |
| &nbsp;&nbsp;&nbsp;Member power bill prepayments, non-current | **46233** | 54183 |
| &nbsp;&nbsp;&nbsp;Regulatory liabilities | **667520** | 661592 |
| &nbsp;&nbsp;&nbsp;Other | **12079** | 12818 |
| **Total deferred credits and other liabilities** | **2017647** | 2007714 |
| **Total equity and liabilities** | $**16576368** | $16477538 |

---

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 and Six Months Ended June 30, 2025 and 2024*<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | Three Months | Three Months | Six Months | Six Months |
| | **2025** | 2024 | **2025** | 2024 |
| **Operating revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales to members | $**601690** | $562267 | $**1269991** | $1097637 |
| &nbsp;&nbsp;&nbsp;Sales to non-members | **32058** | 1823 | **41333** | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenues** | **633748** | 564090 | **1311324** | 1100404 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fuel | **186838** | 148463 | **429485** | 315509 |
| &nbsp;&nbsp;&nbsp;Production | **157956** | 148919 | **288284** | 267009 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **107341** | 103949 | **213598** | 198054 |
| &nbsp;&nbsp;&nbsp;Purchased power | **22109** | 19202 | **43840** | 38422 |
| &nbsp;&nbsp;&nbsp;Accretion | **14607** | 18417 | **29139** | 36039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **488851** | 438950 | **1004346** | 855033 |
| **Operating margin** | **144897** | 125140 | **306978** | 245371 |
| **Other income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment income | **8047** | 15900 | **16544** | 32952 |
| &nbsp;&nbsp;&nbsp;Other | **492** | 2943 | **4051** | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income** | **8539** | 18843 | **20595** | 38699 |
| **Interest charges:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **135537** | 129720 | **267971** | 259111 |
| &nbsp;&nbsp;&nbsp;Allowance for debt funds used during construction | **(4991)** | (12722) | **(8719)** | (46829) |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount and expense | **2595** | 2794 | **5020** | 5498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest charges** | **133141** | 119792 | **264272** | 217780 |
| **Net margin** | $**20295** | $24191 | $**63301** | $66290 |

---

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 and Six Months Ended June 30, 2025 and 2024*<br>

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| | |
|:---|:---|
| | (dollars in<br>thousands) |
| Balance at December 31, 2023 | $1257917 |
| &nbsp;&nbsp;&nbsp;Net margin | 42099 |
| Balance at March 31, 2024 | $1300016 |
| &nbsp;&nbsp;&nbsp;Net margin | 24191 |
| Balance at June 30, 2024 | $1324207 |
| Balance at December 31, 2024 | $1328418 |
| &nbsp;&nbsp;&nbsp;Net margin | 43006 |
| Balance at March 31, 2025 | $1371424 |
| &nbsp;&nbsp;&nbsp;Net margin | **20295** |
| **Balance at June 30, 2025** | $**1391719** |

---

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 Six Months Ended June 30, 2025 and 2024*<br>

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net margin | $**63301** | $66290 |
| &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 | **297789** | 279830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion cost | **29139** | 36039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred gains | **(894)** | (894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(1377)** | (763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred outage costs | **(23434)** | (14385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments | **(183)** | (12996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory deferral of costs associated with nuclear decommissioning | **3455** | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(12802)** | (25989) |
| &nbsp;&nbsp;&nbsp;**Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **(36118)** | (45037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **17009** | 11573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | **(3661)** | (9517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(27233)** | (19949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **9294** | (3671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **(15928)** | (15711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **(21363)** | (6174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate management program billing credits applied | **(58600)** | (66056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(3460)** | 9809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total adjustments** | **151633** | 117477 |
| **Net cash provided by operating activities** | **214934** | 183767 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property additions | **(388104)** | (328264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant acquisition | **—** | (73153) |
| &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 | **(523182)** | (713412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in nuclear decommissioning trust fund—Proceeds | **509464** | 705264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in long-term and short-term investments—Purchases | **(126191)** | (125105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activity in long-term and short-term investments—Proceeds | **198503** | 194546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(928)** | (1419) |
| **Net cash used in investing activities** | **(308754)** | (341543) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt proceeds | **418435** | 362442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt payments | **(209568)** | (207124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in short-term borrowings, net | **(173887)** | (134585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(14781)** | (39725) |
| **Net cash provided by (used in) financing activities** | **20199** | (18992) |
| **Net decrease in cash, cash equivalents and restricted cash** | **(73621)** | (176768) |
| **Cash, cash equivalents and restricted cash at beginning of period** | **338313** | 490592 |
| **Cash, cash equivalents and restricted cash at end of period** | $**264692** | $313824 |
| **Supplemental cash flow information:** |  |  |
| Cash paid for— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (net of amounts capitalized) | $**248882** | $214945 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset retirement obligations | $**—** | $65149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued property additions at end of period | $**89282** | $22693 |

---

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 and six-month periods ended June 30, 2025 and 2024. 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 may differ from those 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, 2024, as filed with the SEC. The results of operations for the three-month and six-month periods ended June 30, 2025 are not necessarily indicative of results to be expected for the full year. As noted in our 2024 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 2024 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 June 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>**June 30, 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 | $**260203** | $260203 | $— | $— |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | **90658** |  | 90138 | 520 |
| &nbsp;&nbsp;&nbsp;US Treasury securities | **65285** | 65285 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | **65726** |  | 65726 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | **101986** | 101986 |  |  |
| &nbsp;&nbsp;&nbsp;Municipal bonds | **9542** |  | 9542 |  |
| &nbsp;&nbsp;&nbsp;Federal agency securities | **9099** |  | 9099 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | **6237** |  | 6237 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | **172645** |  | 172645 |  |
| &nbsp;&nbsp;&nbsp;Other | **3099** | 3099 |  |  |
| Long-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | **23346** |  | 23346 |  |
| &nbsp;&nbsp;&nbsp;US Treasury securities | **29616** | 29616 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | **20573** |  | 20573 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | **386250** | 386250 |  |  |
| &nbsp;&nbsp;&nbsp;Treasury STRIPS | **114622** |  | 114622 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | **3119** |  | 3119 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | **47659** |  | 47659 |  |
| &nbsp;&nbsp;&nbsp;Other | **715** | 715 |  |  |
| Short-term investments: Treasury STRIPS | **90269** |  | 90269 |  |
| Natural gas swaps | **36027** |  | 36027 |  |

---

&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, 2024 | 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 | $245313 | $245313 | $— | $— |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | 82316 |  | 82309 | 7 |
| &nbsp;&nbsp;&nbsp;US Treasury securities | 53806 | 53806 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | 70193 |  | 70193 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | 95175 | 95175 |  |  |
| &nbsp;&nbsp;&nbsp;Municipal bonds | 3375 |  | 3375 |  |
| &nbsp;&nbsp;&nbsp;Federal agency securities | 8487 |  | 8487 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | 3319 |  | 3319 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | 4228 |  | 4228 |  |
| &nbsp;&nbsp;&nbsp;Money Market | 138553 | 138553 |  |  |
| &nbsp;&nbsp;&nbsp;Other | 16859 | 16859 |  |  |
| Long-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and debt | 20972 |  | 20972 |  |
| &nbsp;&nbsp;&nbsp;US Treasury securities | 25654 | 25654 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage backed securities | 20232 |  | 20232 |  |
| &nbsp;&nbsp;&nbsp;Domestic mutual funds | 394595 | 394595 |  |  |
| &nbsp;&nbsp;&nbsp;Treasury STRIPS | 142199 |  | 142199 |  |
| &nbsp;&nbsp;&nbsp;Non-US Gov't bonds & private placements | 1805 |  | 1805 |  |
| &nbsp;&nbsp;&nbsp;International mutual funds | 39340 |  | 39340 |  |
| &nbsp;&nbsp;&nbsp;Other | 369 | 369 |  |  |
| Short-term investments: Treasury STRIPS | 124572 |  | 124572 |  |
| Natural gas swaps | 28624 |  | 28624 |  |

---

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 June 30, 2025 and December 31, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | 2024 | 2024 |
| | **Carrying<br>Value** | **Fair<br>Value** | Carrying<br>Value | Fair<br>Value |
| | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Long-term debt | $**12602559** | $**10869129** | $12643088 | $10666727 |

---

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

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reporting service, and are based on secondary market trading of our debt. Valuations for debt issued by the Federal Financing Bank are based on U.S. Treasury rates as of June 30, 2025 and December 31, 2024 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 June 30, 2025, 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 June 30, 2025 and December 31, 2024, the estimated fair values of our natural gas contracts were net assets of approximately $36,027,000 and $28,624,000, respectively.

At June 30, 2025 and December 31, 2024, two of our counterparties were required to post credit collateral totaling $1,640,000 and $500,000, respectively, 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 June 30, 2025 that is expected to settle or mature each year:

---

| | |
|:---|:---|
| **Year** | **Natural Gas Swaps**<br>**(MMBTUs)**<br> (in millions) |
| 2025 | 15.5 |
| 2026 | 23.2 |
| 2027 | 19.4 |
| 2028 | 7.0 |
| 2029 | 6.0 |
| 2030 | 9.3 |
| **Total** | **80.4** |

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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 June 30, 2025 and December 31, 2024. 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** |
| | | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| | | **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 | $**22797** | $**(1060)** | $**21737** | $19527 | $(1563) | $17964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other deferred charges | **18049** | **(3239)** | **14810** | 17566 | (5279) | 12287 |
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other current liabilities | $**136** | $**(656)** | $**(520)** | $290 | $(1917) | $(1627) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other deferred credits | **—** | **—** | **—** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $**40982** | $**(4955)** | $**36027** | $37383 | $(8759) | $28624 |

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The following table presents the gross realized gains and (losses) on derivative instruments recognized in net margins for the three and six months ended June 30, 2025 and 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **Statement of Revenues and Expenses<br>Location** | **2025** | 2024 | **2025** | 2024 |
| | | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Natural gas swaps gains | Fuel | $**5592** | $564 | $**7958** | $605 |
| Natural gas swaps losses | Fuel | **(1036)** | (6194) | **(2395)** | (14646) |
| **Total** |  | $**4556** | $(5630) | $**5563** | $(14041) |

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The following table presents the unrealized gains on derivative instruments deferred on the balance sheet at June 30, 2025 and December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| | **Balance Sheet Location** | **2025** | 2024 |
| | | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;Natural gas swaps | Regulatory liability | $**36027** | $28624 |
| **Total** |  | $**36027** | $28624 |

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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 June 30, 2025 and December 31, 2024.

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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>**June 30, 2025** | **Cost** | **Gains** | **Losses** | **Fair<br>Value** |
| **Equity** | $**418779** | $**285463** | $**(5659)** | $**698583** |
| **Debt** | **800577** | **8186** | **(10635)** | **798128** |
| **Other** | **4232** | **263** | **(557)** | **3938** |
| **Total** | $**1223588** | $**293912** | $**(16851)** | $**1500649** |

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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, 2024 | Cost | Gains | Losses | Fair<br>Value |
| Equity | $259554 | $231815 | $(6385) | $484984 |
| Debt | 864575 | 3209 | (17336) | 850448 |
| Other | 155802 | 224 | (96) | 155930 |
| Total | $1279931 | $235248 | $(23817) | $1491362 |

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The cost basis of our debt securities that were in unrealized loss positions at June 30, 2025 was $538,817,000. At June 30, 2025, $1,144,000 of the $10,635,000 of unrealized losses relates to securities that have been in unrealized loss positions for less than twelve months and $9,491,000 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.

The cost basis of our debt securities that were in unrealized loss positions at December 31, 2024 was $688,233,000. At December 31, 2024, $2,874,000 of the $17,336,000 of unrealized losses relates to securities that have been in unrealized loss positions for less than twelve months and $14,462,000 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.

&nbsp;&nbsp;&nbsp;&nbsp;(E)*Recently Issued or Adopted Accounting Pronouncements.* In December 2023, the FASB amended "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The amendments in this update requires additional disclosures related to the rate reconciliation, income taxes paid and other amendments intended to improve effectiveness and comparability. The amendments in this update are effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the future impact of this standard on our consolidated financial statements, however, we do not anticipate the impact will be significant.

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

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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.

&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 June 30, 2025 and December 31, 2024, 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 from other suppliers. The standard selling price for our energy revenues from non-members is the price mutually agreed upon.

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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 2024 and 2025, our board of directors approved budgets to achieve a 1.14 and 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 June 30, 2025 and June 30, 2024, we recognized refund liabilities totaling $6,250,000 and $12,900,000, respectively. As of December 31, 2024, we recognized refund liabilities totaling $55,914,000. Based on our current agreements with non-members, we do not refund any consideration received from non-members.

Sales to members for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | **2025** | 2024 |
| Capacity revenues | $**422959** | $401710 | $**836296** | $757428 |
| Energy revenues | **178731** | 160557 | **433695** | 340209 |
| Total | $**601690** | $562267 | $**1269991** | $1097637 |

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Receivables from contracts with our members at June 30, 2025 and December 31, 2024 were $209,827,000 and $177,790,000, respectively.

Sales to non-members during the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | **2025** | 2024 |
| Energy revenues | $**32058** | $1037 | $**41333** | $1195 |
| Capacity revenues | **—** | 786 | **—** | 1572 |
| Total | $**32058** | $1823 | $**41333** | $2767 |

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Energy revenues from non-members for the three and six months ended June 30, 2025 and June 30, 2024 were primarily from the sale of the BC Smith Energy Facility deferring members' output into the wholesale market.

Our receivables from non-members at June 30, 2025 and December 31, 2024 were $61,325,000 and $68,791,000, respectively. Our non-member receivables are primarily related to transactions with Georgia Power, including from the nuclear storage litigation judgments, non-members for the sale of the BC Smith deferring members' output, affiliated companies and investment income. Our Georgia Power receivables at December 31, 2024 included $39,433,000 related to spent nuclear fuel storage costs litigation which was fully collected in the first quarter of 2025. For additional information regarding this litigation, see Note 1g in our 2024 Form 10-K.

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.

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 the new Vogtle units. During the first quarter of 2022, we began applying billing credits to some of our participating members within this program. In

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December 2022, collections from our members ended for this rate management program. Under this program, net billing credits to participating members during the six months ended June 30, 2025 and 2024 were $48,464,000 and $60,818,000, 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 June 30, 2025, our remaining liability to be credited to our members' bills was $153,527,000. For additional information regarding our 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 and six months ended June 30, 2025 and 2024 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 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.

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

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| | | |
|:---|:---|:---|
| **Classification** | **June 30, 2025** | December 31, 2024 |
|  | (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 | **(286492)** | (283417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total finance lease assets** | $**16240** | $19315 |
| **Lease liabilities—Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;Obligations under finance leases | $**27531** | $33173 |
| &nbsp;&nbsp;&nbsp;Long-term debt and finance leases due within one year | **10989** | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total finance lease liabilities** | $**38520** | $43586 |

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| | | |
|:---|:---|:---|
| **Classification** | **June 30, 2025** | December 31, 2024 |
|  | (dollars in thousands) | (dollars in thousands) |
| **Right-of-use assets—Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;Electric plant in service, net | $**6736** | $7723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating lease assets** | $**6736** | $7723 |
| **Lease liabilities—Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;Capitalization—Other | $**4804** | $5715 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **1878** | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating lease liabilities** | $**6682** | $7669 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Lease Cost** | **Classification** | **June 30, 2025** | June 30, 2024 | **June 30, 2025** | June 30, 2024 |
|  |  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Finance lease cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of leased assets | Depreciation and amortization | $**2603** | $2338 | $**5207** | $4676 |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities | Interest expense | **1134** | 1399 | **2268** | 2799 |
| Operating lease cost: | Inventory<sup>(1)</sup> & production expense | **592** | 582 | **1233** | 1120 |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total leased cost** |  | $**4329** | $4319 | $**8708** | $8595 |

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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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| | | |
|:---|:---|:---|
| | **June 30, 2025** | December 31, 2024 |
| **Lease Term and Discount Rate:** |  |  |
| **Weighted-average remaining lease term (in years)** |  |  |
| &nbsp;&nbsp;&nbsp;Finance leases | **3.94** | 4.37 |
| &nbsp;&nbsp;&nbsp;Operating leases | **4.71** | 5.01 |
| **Weighted-average discount rate:** |  |  |
| &nbsp;&nbsp;&nbsp;Finance leases | **11.05%** | 11.05% |
| &nbsp;&nbsp;&nbsp;Operating leases | **6.34%** | 6.34% |

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | 2024 |
| | (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 finance leases | $**2408** | $2925 |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $**1233** | $1214 |
| &nbsp;&nbsp;&nbsp;Financing cash flows from finance leases | $**5067** | $4550 |
| **Right-of-use assets obtained in exchange for new operating lease liabilities** | $**13** | $2791 |

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Maturity analysis of our finance and operating lease liabilities as of June 30, 2025 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** |
| 2025 | $7475 | $1136 | $8611 |
| 2026 | 14949 | 2101 | 17050 |
| 2027 | 14949 | 1824 | 16773 |
| 2028 | 3052 | 1713 | 4765 |
| 2029 | 3052 | 263 | 3315 |
| Thereafter | 4579 | 723 | 5302 |
| Total lease payments | $48056 | $7760 | $55816 |
| &nbsp;&nbsp;&nbsp;Less: imputed interest | (9536) | (1078) | (10614) |
| Present value of lease liabilities | $38520 | $6682 | $45202 |

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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 and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Lease income | $**1312** | $1392 | $**2596** | $2779 |

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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.

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

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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** | | |
| | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | June 30, 2024 |
|  | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**263052** | $313824 |
| &nbsp;&nbsp;&nbsp;Restricted cash included in restricted cash and short-term investments | **1640** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows** | $**264692** | $313824 |

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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 June 30, 2025 and December 31, 2024.

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| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| *Regulatory Assets:* |  |  |
| &nbsp;&nbsp;&nbsp;Premium and loss on reacquired debt(a) | $**21429** | $21587 |
| &nbsp;&nbsp;&nbsp;Amortization of financing leases(b) | **22127** | 24699 |
| &nbsp;&nbsp;&nbsp;Outage costs(c) | **48867** | 45749 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations—Ashpond and other(l) | **257523** | 268074 |
| &nbsp;&nbsp;&nbsp;Depreciation expense - Plant Vogtle(d) | **31990** | 32702 |
| &nbsp;&nbsp;&nbsp;Depreciation expense - Plant Wansley(e) | **326644** | 337181 |
| &nbsp;&nbsp;&nbsp;Deferred charges related to Vogtle Units No. 3 and No. 4 training costs(f) | **54082** | 54545 |
| &nbsp;&nbsp;&nbsp;Interest rate options cost(g) | **127053** | 130456 |
| &nbsp;&nbsp;&nbsp;Deferral of effects on net margin—TA Smith Energy Facility(h) | **121868** | 124840 |
| &nbsp;&nbsp;&nbsp;Deferral of effects on net margin—BC Smith Energy Facility(p) | **32995** | 27841 |
| &nbsp;&nbsp;&nbsp;Inventory adjustments - TA Smith Energy Facility(q) | **14212** | 14723 |
| &nbsp;&nbsp;&nbsp;Other regulatory assets(o) | **28692** | 21236 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Regulatory Assets* | $**1087482** | $1103633 |
| *Regulatory Liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated retirement costs for other obligations(i) | $**15051** | $29975 |
| &nbsp;&nbsp;&nbsp;Deferral of effects on net margin—Hawk Road Energy Facility(h) | **15096** | 15404 |
| &nbsp;&nbsp;&nbsp;Major maintenance reserve(j) | **84016** | 99987 |
| &nbsp;&nbsp;&nbsp;Deferred debt service adder(k) | **194365** | 186757 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations—Nuclear(l) | **168864** | 102858 |
| &nbsp;&nbsp;&nbsp;Revenue deferral plan(m) | **153527** | 197373 |
| &nbsp;&nbsp;&nbsp;Natural gas hedges(n) | **36027** | 28624 |
| &nbsp;&nbsp;&nbsp;Other regulatory liabilities(o) | **574** | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Regulatory Liabilities* | $**667520** | $661592 |
| &nbsp;&nbsp;&nbsp;Net Regulatory Assets | $**419962** | $442041 |

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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 19 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, 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 plant.

(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 commences effective with the commercial operation date of each unit and is 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 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 to be made through the end of 2025 which will be in excess of amounts collected through depreciation expense; the deferred credits will be amortized over the remaining useful life of the plants.

(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.

(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.

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(o)The amortization periods for other regulatory assets range up to 29 years and the amortization periods of other regulatory liabilities range up to 2 years.

(p)Effects on net margin for BC Smith that are being deferred until on or before January 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.

*(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 2026.

*(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 June 30, 2025, we have repaid $648,407,000 of principal on the notes related to these borrowings and the aggregate Department of Energy-guaranteed borrowings outstanding, including capitalized interest, totaled $3,984,621,000. 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 six-month period ended June 30, 2025, we received advances on Rural Utilities Service-guaranteed Federal Financing Bank loans totaling $68,435,000 for long-term financing of general and environmental improvements at existing plants.

In July 2025, we received an additional $55,863,000 in advances on Rural Utilities Service-guaranteed Federal Financing Bank loans for long-term financing of general and environmental improvements at existing plants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c)Green First Mortgage Bonds:*

In January 2025, we issued $350,000,000 of 5.900% green first mortgage bonds, Series 2025A, to provide for long-term financing or refinancing of expenditures related to Vogtle Units No. 3 and No. 4, including refinancing principal payments on our Department of Energy-guaranteed loans that were made prior to Vogtle Unit No. 4's in-service date. In conjunction with the issuance of the bonds, we repaid $254,463,000 of outstanding commercial paper. The bonds are due to mature in February 2055 and are secured under our first mortgage indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*d)Pollution Control Revenue Bonds:*

In February 2025, we remarketed $312,760,000 of term-rate pollution control revenue bonds that were issued on our behalf by the Development Authorities of Appling, Burke and Monroe Counties which were subject to mandatory tender at that time. This included $272,230,000 of Burke and Monroe bonds which we remarketed as five-year term-rate bonds at a rate of 3.60% through February 2030, and $40,530,000 of Series 2013A Appling bonds, which we converted to a variable weekly rate mode without external credit or liquidity support. In the weekly rate mode, bondholders may tender their bonds for purchase at any time upon at least seven days' notice, and we made an election under these bonds that obligates us to pay the purchase price of the bonds tendered for purchase that are not remarketed. Since the Series 2013A Appling bonds now contain a provision that could accelerate their payment to the current year under certain circumstances, at December 31, 2024, we reclassified these bonds from the Long-term debt line item to the Long-term debt and finance leases due within one year line item within our consolidated balance sheets.

Our obligation to pay the principal and interest on all these pollution control bonds is secured under our first mortgage indenture, and additionally, our obligation to pay the purchase price on the Series 2013A Appling bonds is also secured under our first mortgage indenture.

(M)*Vogtle Units No. 3 and No. 4.* We, Georgia Power, the Municipal Electric Authority of Georgia (MEAG), and the City of Dalton, Georgia, acting by and through its Board of Water, Light and Sinking Fund Commissioners, doing business as Dalton Utilities (collectively, the Co-owners) are parties to an Ownership Participation Agreement that, along with other agreements, governs our participation in two additional nuclear units at Plant Vogtle, Units No. 3 and No. 4. The Co-owners appointed Georgia Power to act as agent under this agreement. Pursuant to this agreement, Georgia Power has designated Southern Nuclear Operating Company, Inc. as its agent for licensing, engineering, procurement and contract management.

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Georgia Power placed Unit No. 3 in service on July 31, 2023 and placed Unit No. 4 in service on April 29, 2024. Georgia Power has reported that, as of June 30, 2025, site demobilization efforts were largely complete and that it is finalizing remaining contractor obligations.

Our ownership interest and proportionate share of the cost to construct Vogtle Units No. 3 and No. 4 is 30%, representing approximately 727 megawatts of nameplate capacity, as constructed. As of June 30, 2025, our actual costs related to the new Vogtle units were approximately $8.3 billion, net of $1.1 billion we received from Toshiba Corporation under a Guarantee Settlement Agreement and approximately $445 million we received from Georgia Power pursuant to the cost-sharing provisions in a settlement agreement with Georgia Power.

For additional information regarding our participation in Plant Vogtle Units No. 3 and No. 4, see Note 8 in our 2024 Form 10-K.

*Plant Vogtle Unit No. 3 and No. 4 Production Tax Credits*

For the six months ended June 30, 2025, we sold Georgia Power approximately $44,800,000 of nuclear production tax credits ("NPTCs"), earned by us pursuant to Section 45J of the Internal Revenue Code and recognized the amounts as credits to the Production expense line item within our consolidated statements of revenues and expenses. In 2023 and 2024, since Plant Vogtle Units No. 3 and No. 4 were placed in service, we sold Georgia Power approximately $21,700,000 and $72,600,000, respectively, of nuclear production tax credits.

(N)*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.

(O)*Asset Retirement Obligations.* During the six months ended June 30, 2025, 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 2025.

(P)*Natural Gas Capacity Agreements.*

We have precedent agreements with Southern Natural Gas Company, LLC (SONAT) that became effective in August 2024. The agreements provide for firm natural gas transportation needed to serve our new Smarr combined cycle generation facility and additional firm transportation to BC Smith. In November 2024, we exercised options to increase the available amounts under the precedent agreements to provide additional natural gas supply to the new Smarr facility. The firm transportation capacity is contingent upon completion of these expansion projects by SONAT. With the exercise of the options noted above, total fixed charges over the 20-year base terms will be approximately $2,100,000,000. Our obligation to make payments begins when the pipeline expansion projects are placed into service, both of which are projected to be November 2028.

In October 2024, we entered into a preliminary binding agreement with Tennessee Gas Pipeline Company, L.L.C. to commit for natural gas capacity for the Mississippi Crossing gas pipeline. In May 2025, we amended this agreement to reflect final capacity amounts and delivery points. This agreement will provide capacity for both existing and future resources. The firm transportation capacity is contingent upon completion of this expansion project. Total fixed charges over the 20-year base term are approximately $1,000,000,000. Our obligation to make payments begins when the pipeline project is placed into service, which is projected to be November 2028.

(Q)*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.

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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 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.

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 2024 Form 10-K.

**Results of Operations**

<u>For the Three and Six Months Ended June 30, 2025 and 2024</u>

*Net Margin*

Our net margin for the three-month and six-month periods ended June 30, 2025 were $20.3 million and $63.3 million, compared to $24.2 million and $66.3 million for the same periods of 2024, respectively. Through June 30, 2025, we collected approximately 114% of our targeted net margin of $55.7 million for the year ending December 31, 2025. 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 2025 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 recognized cumulative refund liabilities of $6.3 million and $12.9 million as of June 30, 2025 and June 30, 2024, respectively. 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 2024 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 and six-month periods ended June 30, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>June 30, | Three Months Ended<br>June 30, | Three Months Ended<br>June 30, | Six Months Ended<br>June 30, | Six Months Ended<br>June 30, | Six Months Ended<br>June 30, |
| | (dollars in thousands) | (dollars in thousands) | | (dollars in thousands) | (dollars in thousands) | |
| | **2025** | 2024 |% Change | **2025** | 2024 |% Change |
| Capacity revenues | $**422959** | $401710 | 5.3% | $**836296** | $757428 | 10.4% |
| Energy revenues | **178731** | 160557 | 11.3% | **433695** | 340209 | 27.5% |
| Total | $**601690** | $562267 | 7.0% | $**1269991** | $1097637 | 15.7% |
| MWh Sales to members<sup>(1)</sup> | **8086872** | 7555404 | 7.0% | **15504762** | 14391964 | 7.7% |
| Cents/kWh | **7.44** | 7.44 | —% | **8.19** | 7.63 | 7.3% |
| Member energy requirements supplied<sup>(1)</sup> | **74%** | 69% | 7.2% | **70%** | 68% | 2.9% |

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<sup>(1)</sup> Excludes test energy megawatt-hours from Plant Vogtle Unit No. 4 supplied to members during the three-month and six-month periods ended June 30, 2024. Any revenues and costs associated with test energy were capitalized.

Energy revenues from members increased for the three-month and six-month periods ended June 30, 2025 compared to the same periods in 2024, primarily due to the increase in megawatt-hours sold to members and recovery of higher fuel costs. For a discussion of fuel costs, which are the primary costs recovered by energy revenues, see "—*Operating Expenses*." Capacity revenues from members increased for the three-month and six-month periods ended June 30, 2025 compared to the same periods in 2024, primarily due to the recovery of increased fixed operating expenses, net interest expense and depreciation expense as a result of Plant Vogtle Unit No. 4 being placed in service on April 29, 2024.

*Sales to non-members.*&nbsp;&nbsp;&nbsp;&nbsp;Sales to non-members during the three-month and six-month periods ended June 30, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>June 30, | Three Months Ended<br>June 30, | Three Months Ended<br>June 30, | Six Months Ended<br>June 30, | Six Months Ended<br>June 30, | Six Months Ended<br>June 30, |
| | (dollars in thousands) | (dollars in thousands) | | (dollars in thousands) | (dollars in thousands) | |
| | **2025** | 2024 |% Change | **2025** | 2024 |% Change |
| Energy revenues | $**32058** | $1037 | 2991.4% | $**41333** | $1195 | 3358.8% |
| Capacity revenues | **—** | 786 | (100.0)% | **—** | 1572 | (100.0)% |
| Total | $**32058** | $1823 | 1658.5% | $**41333** | $2767 | 1393.8% |
| MWh Sales to non-members | **751313** | 48436 | 1451.1% | **928044** | 53501 | 1634.6% |
| Cents/kWh | **4.27** | 3.76 | 13.6% | **4.45** | 2.23 | 99.6% |

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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 and six-month periods ended June 30, 2025 compared to the same periods in 2024 primarily due to 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** | **Generation** | **Generation** | **Cents per kWh** | **Cents per kWh** | **Cents per kWh** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (MWh) | (MWh) | (MWh) | | | |
| | Three Months Ended June 30, | Three Months Ended June 30, | | Three Months Ended June 30, | Three Months Ended June 30, | | Three Months Ended June 30, | Three Months Ended June 30, | |
| **Fuel Source** | **2025** | 2024 | % Change | **2025** | 2024 | % Change | **2025** | 2024 | % Change |
| Coal | $**34923** | $37256 | (6.3)% | **799502** | 850450 | (6.0)% | **4.37** | 4.38 | (0.2)% |
| Nuclear<sup>1</sup> | **29954** | 31578 | (5.1)% | **3780694** | 3825767 | (1.2)% | **0.79** | 0.83 | (4.8)% |
| Gas: |  |  |  |  |  |  |  |  |  |
| Combined Cycle | **90914** | 60445 | 50.4% | **3731235** | 2608445 | 43.0% | **2.44** | 2.32 | 5.2% |
| Combustion Turbine | **31047** | 19184 | 61.8% | **775755** | 507398 | 52.9% | **4.00** | 3.78 | 5.8% |
|  | $**186838** | $148463 | 25.8% | **9087186** | 7792060 | 16.6% | **2.06** | 1.91 | 7.9% |
|  | **Cost** | **Cost** | **Cost** | **Generation** | **Generation** | **Generation** | **Cents per kWh** | **Cents per kWh** | **Cents per kWh** |
|  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (MWh) | (MWh) | (MWh) |  |  |  |
|  | Six Months Ended June 30, | Six Months Ended June 30, |  | Six Months Ended June 30, | Six Months Ended June 30, |  | Six Months Ended June 30, | Six Months Ended June 30, |  |
| **Fuel Source** | **2025** | 2024 | % Change | **2025** | 2024 | % Change | **2025** | 2024 | % Change |
| Coal | $**78336** | $75790 | 3.4% | **1997285** | 1832847 | 9.0% | **3.92** | 4.14 | (5.3)% |
| Nuclear<sup>1</sup> | **57572** | 55573 | 3.6% | **7300135** | 6874365 | 6.2% | **0.79** | 0.81 | (2.5)% |
| Gas: |  |  |  |  |  |  |  |  |  |
| Combined Cycle | **248108** | 157286 | 57.7% | **6701097** | 5542835 | 20.9% | **3.70** | 2.84 | 30.3% |
| Combustion Turbine | **45469** | 26860 | 69.3% | **880025** | 593916 | 48.2% | **5.17** | 4.52 | 14.4% |
|  | $**429485** | $315509 | 36.1% | **16878542** | 14843963 | 13.7% | **2.54** | 2.13 | 19.2% |

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Total fuel costs increased for the three-month and six-month periods ended June 30, 2025 compared to the same periods in 2024 as a result of an increase in the average cost of fuel and an increase in generation for members. The increase in average fuel cost was primarily due to higher average natural gas prices during the three-month and six-month periods ended June 30, 2025 compared to the same periods in 2024 as prices have increased due to supply and demand pressures. The increase in generation was primarily due to the output from BC Smith, which underwent a major maintenance outage during the comparable periods in 2024, and from Plant Vogtle Unit No. 4 being placed in service on April 29, 2024. Coal-fired generation increased for the six-month period ended June 30, 2025 compared to the same period in 2024 primarily as a result of the higher average natural gas prices, which caused generation from the coal-fired units to be relatively more economical. Coal-fired generation decreased slightly for the three-month period ended June 30, 2025 compared to the same period in 2024 due to temporary constraints on our ability obtain additional coal.

Based on initial meter readings, our member system hit a new summer peak demand of approximately 10,420 megawatts in July 2025, exceeding our members' prior summer peak of 10,092 megawatts in July 2024.

*Production Expenses*

Production costs increased for the three-month and six-month periods ended June 30, 2025 as compared to the same periods in 2024 primarily as a result of $23.7 million and $45.6 million in production costs related to Plant Vogtle Units No. 3 and No. 4, net of $20.4 million and $44.8 million in credits recognized during the respective periods from the sale of nuclear production tax credits to Georgia Power and the deferral of net margins associated with the BC Smith Energy Facility. These increases were offset by $13.1 million and $19.5 million in lower fixed major maintenance outage costs associated with our natural gas-fired facilities compared to the same periods in 2024. Production costs can also vary due to the number and extent of maintenance outages in a given year.

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*Depreciation and Amortization*

Depreciation and amortization increased for the three-month and six-month periods ended June 30, 2025 as compared to the same periods in 2024 primarily as a result of Plant Vogtle Unit No. 4 being placed in service on April 29, 2024.

*Interest Charges*

Net interest charges increased for the three-month and six-month periods ended June 30, 2025 as compared to the same periods in 2024 as a result of lower capitalized interest expense due to Plant Vogtle Unit No. 4 being placed in service on April 29, 2024.

**Financial Condition**

<u>Balance Sheet Analysis as of June 30, 2025</u>

*Assets*

Cash used for property additions for the six-month period ended June 30, 2025 totaled $388.1 million. Of this amount, construction work in progress increased $239.4 million during the six-month period ended June 30, 2025, primarily due to additions and replacements at our existing electric generating facilities as well as construction at our two new natural gas-fired generation resources. An additional $57.4 million was for nuclear fuel purchases and $21.1 million was associated with construction expenditures for Vogtle Unit No. 4. The remainder was for expenditures related to normal additions and replacements to our existing generation facilities. &nbsp;&nbsp;&nbsp;&nbsp;

The $62.9 million increase in the nuclear decommissioning trust fund was primarily due to the increase in the fair market value of investments due to continued appreciation in the stock market during the six-month period ended June 30, 2025.

Long-term investments decreased $19.3 million for the six-month period ended June 30, 2025, primarily due to $86.6 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 to fund major maintenance outages expenses. Offsetting these decreases was $34.3 million of short-term investments reclassified to long-term investments, a $17.0 million increase in funds invested, including reinvestment of earnings, and a $16.0 million increase in fair market value. 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 increased $24.6 million for the six-month period ended June 30, 2025 primarily due to a $32.0 million increase in member receivables and a $12.9 million increase in other non-member receivables. Largely offsetting these increases was a $29.7 million decrease in Georgia Power receivables primarily related to spent nuclear fuel storage cost litigation.

Inventories decreased $17.0 million during the six-month period ended June 30, 2025 primarily due to a decrease in fuel inventories of $16.5 million due to increased generation at our coal-fired units and the associated increase in coal burn.

*Equity and Liabilities*

Long-term debt and long-term debt and finance leases due within one year decreased $43.0 million. This was primarily the result of reclassifying $254.5 million of commercial paper, which was classified as long-term debt at December 31, 2024 due to the refinancing of that commercial paper by the issuance of the Series 2025A green first mortgage bonds in January 2025, to short-term borrowings and $204.5 million in debt service payments. Offsetting these decreases was the issuance of $350.0 million of our Series 2025A green first mortgage bonds and $68.4 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 June 30, 2025, short-term borrowings, which primarily provide interim financing for costs related to the Walton County acquisition, the new Smarr Combined Cycle and Talbot Unit No. 7 projects and the deferral of effects on net margin for BC Smith and the Washington County Power Plant, increased $80.6 million during the six- month period ended June 30, 2025, primarily as a result of borrowings of $85.1 million. At December 31, 2024, short-term borrowings were primarily related to interim financing for Vogtle Units No. 3 and No. 4 construction costs.

Accounts payable decreased $1.1 million during the six-month period ended June 30, 2025, primarily due to applying $55.9 million in credits to our members' bills in the first quarter of 2025 for a board-approved reduction in 2024 revenue in excess of the requirement to meet the 2024 targeted net margin offset by $31.1 million increase in payables for natural gas purchases and related transportation and a $17.2 million increase in Georgia Power payables.

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Other current liabilities decreased $19.2 million for the six-month period ended June 30, 2025, primarily as a result of a $16.8 million decrease in accrued property taxes and a $5.4 million decrease in accrued payroll offset by $2.3 million increase in operating and maintenance liabilities and a $1.1 million increase in restricted cash posted by and due to counterparties under our natural gas swap agreements.

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

*Future Power Resources*

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. Based on ongoing market volatility with regards to the development and construction of electric generation facilities, we have increased our preliminary cost estimate for this facility to approximately $3.0 billion to $3.5 billion. We anticipate finalizing the project budget by late summer after entering into an agreement for engineering, procurement, and construction services. The projected commercial operation date is 2029.

For additional information regarding other on-going capital projects, see "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Financial Condition—Capital Requirements and Liquidity and Sources of Capital—Other Future Power Resources" in our quarterly report on Form 10-Q for the quarterly period ended March 31, 2025. We and our members may also continue to consider additional generation resources in the future.

*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 2024 Form 10-K.

In May 2024, the Environmental Protection Agency published a final rule under Clean Air Act sections 111(b) and 111(d) to limit greenhouse gas emissions from new gas turbines and existing coal plants, respectively. This final rule replaces the Affordable Clean Energy Rule, which was vacated and remanded to EPA in 2021 by the U.S. Court of Appeals for the District of Columbia. As written, the final rule would likely adversely impact a portion of our coal and natural gas-fired generating units and have a significant impact on the U.S. power sector overall. Under the new rule, gas-fired turbines that operate above a 20% capacity factor are required to meet stringent carbon dioxide emissions standards, including adding carbon capture and sequestration (CCS) by January 1, 2032, for baseload units operating above a 40% capacity factor. Exiting coal plants are required to either 1) cease operations by January 1, 2032, with no additional restrictions; 2) co-fire with 40% natural gas by January 1, 2030, and operate to January 1, 2039; or 3) reduce carbon dioxide emissions by 90% using CCS by January 1, 2032, to operate beyond January 1, 2039. However, the Trump administration has issued executive orders, among which include withdrawing from the Paris Climate Agreement and revoking any attendant carbon dioxide emissions goals and commitments, and stated its intention to rescind, revise or replace some existing environmental regulations, which would include regulations for greenhouse gas emissions from power plants. On March 12, 2025, EPA announced that it would reconsider regulations to limit greenhouse gas emissions from power plants. Additionally, EPA's final rule is being challenged in the U.S. Court of Appeals for the District of Columbia. In February 2025, the court granted EPA's request that the court withhold issuing an opinion and hold the case in abeyance for 60 days while EPA determines how it wishes to proceed. On April 25, 2025, the U.S. Court of Appeals for the D.C. Circuit granted EPA's motion requesting a continuing abeyance of the litigation over the greenhouse gas rule EPA issued in 2024. EPA stated in its motion that it will issue a proposed reconsideration rule in spring 2025 and a final reconsideration rule by December 2025. On June 17, 2025, EPA published a proposed rule that included both a primary proposal to repeal all greenhouse gas standards for power plants, and an alternative proposal to repeal the standards for existing coal-fired plants and the CCS-based standards for new gas-fired combustion turbines, which would have required combustion turbines either to have CCS installed by 2032 or to limit operations to a 40% capacity factor or less beginning in 2032. Although we continue to evaluate the impact of EPA's greenhouse gas rule on our power plants, we cannot predict the outcome of any regulatory actions or the result of potential litigation challenging any of these actions.

In May 2024, the EPA published a final supplemental 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. In February 2025, EPA requested, and the court granted, a 60-day abeyance to determine how EPA wishes to proceed with the litigation. Additionally, certain Trump administration 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. 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.

In 2024, EPA finalized amendments to the Mercury and Air Toxics Standards (MATS), which would have required Plant Scherer to install continuous emissions monitoring for filterable particulate matter by July 8, 2027. On April 8, 2025, President Trump signed a proclamation, entitled "Regulatory Relief for Certain Stationary Sources to Promote American Energy," granting an exemption of the 2024 MATS amendments to certain coal plants, including Plant Scherer, and extending their compliance date two years to July 8, 2029. Then, on June 17, 2025, EPA published a proposed rule to repeal the 2024 amendments to MATS. We continue to monitor the impact of recent MATS actions on Plant Scherer, but we cannot predict the outcome of any regulatory actions or the result of potential litigation challenging any of these actions.

*Liquidity*

At June 30, 2025, we had $1.8 billion of unrestricted available liquidity to meet our short-term cash needs and liquidity requirements. This amount included $263 million in cash and cash equivalents and $1.5 billion available under our $1.7 billion of committed credit arrangements, the details of which are reflected in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Committed Credit Facilities** | **Committed Credit Facilities** | **Committed Credit Facilities** | **Committed Credit Facilities** |
| | **Authorized<br>Amount** | **Available June 30, 2025** | **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 | $1048 | 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 |

---

(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 June 30, 2025.

(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 June 30, 2025, $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 June 30, 2025, our $227 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;• costs related to the deferral of effects on net margin of our recently acquired facilities: BC Smith, Baconton Power Plant, two units at the Washington County Power Plant and Walton County Power Plant.

Rural Utilities Service financing is our preferred source of long-term financing for the Walton County acquisition, and for the Smarr Combined Cycle and Talbot Unit No. 7 projects. 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

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Rural Utilities Service, and for the deferral of effects on net margin of our recently acquired facilities. We may also seek intermediate-term financing for the Smarr Combined Cycle project to finance a portion of the costs of this project prior to arranging long-term financing.

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 June 30, 2025. 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 June 30, 2025, 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 June 30, 2025, we had $226.2 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 June 30, 2025, we had five members participating in the program and a balance of $82.0 million remaining to be applied against future power bills.

*Financing Activities*

*First Mortgage Indenture.* At June 30, 2025, 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 2024 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 June 30, 2025 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 June 30, 2025** | **Amount Remaining June 30, 2025** |
|  | (dollars in millions) | (dollars in millions) |  |
| General and Environmental Improvements<sup>1</sup> | $630.3 | $464.7 | $165.6 |
| General and Environmental Improvements<sup>2</sup> | 755.2 | 251.6 | 503.6 |
| Total | $1385.5 | $716.3 | $669.2 |

---

<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.

In February 2025, we received a conditional commitment from the Rural Utilities Service for a guaranteed loan of $80.1 million for our acquisition of the Walton County Power Plant. We expect to close and advance on that loan by 2026.

When advanced, the debt will be secured ratably under our first mortgage indenture. As of June 30, 2025, we had $2.8 billion of debt outstanding under various Rural Utilities Service-guaranteed loans.

*Department of Energy-Guaranteed Loans*. We have loans from the Federal Financing Bank guaranteed by the Department of Energy that provided funding for over $4.6 billion of the cost to construct our interest in Vogtle Units No. 3 and No. 4. We have fully advanced the $4.6 billion available under these loans. As of June 30, 2025, we had repaid $648.4 million and $4.0 billion remained outstanding. All of the debt advanced under the loan guarantee agreement is secured ratably with all other debt under our first mortgage indenture. For more information regarding the loan guarantee agreement, see Note L of Notes to Unaudited Consolidated Financial Statements.

------

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 2024 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 2024 Form 10-K.

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

As of June 30, 2025, 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 June 30, 2025 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 2024 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 June 30, 2025, 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).](exhibit311q225.htm)</u> |
| 31.2 | <u>[Rule 13a-14(a)/15d-14(a) Certification, by Elizabeth B. Higgins (Principal Financial Officer).](exhibit312q225.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).](exhibit321q225.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).](exhibit322q225.htm)</u> |
| 99.1 | <u>[Member Financial and Statistical Information (for calendar years 2022-2024).](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: | August 13, 2025 | By: | /s/ Annalisa M. Bloodworth |
|  |  |  | Annalisa M. Bloodworth<br>President and Chief Executive Officer |
| Date: | August 13, 2025 |  | /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: August 13, 2025

---

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

---

------

<u>[EXHIBIT 31.1](#i41e2560191694cdcb596514eff9f75b8_4)</u>

<u>[Rule 13a-14(a)/15d-14(a) Certification, by Annalisa M. Bloodworth (Principal Executive Officer)](#i41e2560191694cdcb596514eff9f75b8_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: August 13, 2025

---

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

---

------

<u>[EXHIBIT 31.2](#i1483ea36567b4ff1b055e90891ec33d4_4)</u>

<u>[Rule 13a-14(a)/15d-14(a) Certification, by Elizabeth B. Higgins (Principal Financial Officer)](#i1483ea36567b4ff1b055e90891ec33d4_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 June 30, 2025 (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* |
| August 13, 2025<br>Date |

---

<u>[EXHIBIT 32.1](#i02ea33ac009a434b883d52be0f2297c4_4)</u>

<u>[Certification Pursuant to 18 U.S.C. 1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#i02ea33ac009a434b883d52be0f2297c4_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 June 30, 2025 (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* |
| August 13, 2025<br>Date |

---

<u>[EXHIBIT 32.2](#i9481a3836cc8402fae7824b0b7588827_4)</u>

<u>[Certification Pursuant to 18 U.S.C. 1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#i9481a3836cc8402fae7824b0b7588827_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, 2024). 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 2022, 2023 and 2024, 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.

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![](exhibit991002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 1 SELECTED STATISTICS OF EACH MEMBER (as of December 31) Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 2024 Avg. Monthly Residential Rev. ($) 161.26 153.72 158.92 161.25 158.22 178.36 127.58 153.39 158.09 207.08 Avg. Monthly Residential kWh 1,006 1,239 1,137 1,206 1,293 1,280 1,126 1,158 1,235 1,235 Avg. Residential Rev.(cents per kWh) 16.04 12.41 13.98 13.38 12.24 13.94 11.33 13.24 12.80 16.76 Times Interest Earned Ratio (1) 3.55 2.34 2.62 4.50 1.98 3.37 10.18 2.38 5.30 2.51 Equity / Assets (1) 44% 32% 38% 46% 22% 38% 67% 37% 46% 35% Equity / Total Capitalization (1) 57% 48% 52% 50% 28% 44% 75% 52% 54% 39% 2023 Avg. Monthly Residential Rev. ($) 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) 15.50 12.00 13.20 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% 2022 Avg. Monthly Residential Rev. ($) 149.75 145.85 145.48 152.65 152.18 175.67 135.38 154.74 151.37 205.92 Avg. Monthly Residential kWh 1,056 1,218 1,164 1,181 1,296 1,255 1,124 1,149 1,216 1,210 Avg. Residential Rev.(cents per kWh) 14.18 11.97 12.50 12.93 11.74 14.00 12.05 13.46 12.45 17.02 Times Interest Earned Ratio (1) 1.40 1.48 1.63 2.91 2.15 1.83 7.31 1.88 1.94 2.00 Equity / Assets (1) 48% 35% 42% 44% 26% 37% 57% 46% 44% 33% Equity / Total Capitalization (1) 55% 46% 52% 49% 35% 43% 64% 54% 51% 37% Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2024 Avg. Monthly Residential Rev. ($) 160.90 171.05 166.89 144.96 148.31 150.98 176.35 137.65 146.14 141.66 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 2.70 3.21 4.90 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. ($) 148.37 161.68 160.67 137.09 138.54 126.64 165.16 136.69 142.44 134.27 Avg. Monthly Residential kWh 1,124 1,198 1,083 1,145 1,006 1,032 1,001 1,141 1,058 947 Avg. Residential Rev.(cents per kWh) 13.20 13.50 14.84 11.98 13.77 12.27 16.51 11.98 13.47 14.18 Times Interest Earned Ratio (1) 3.00 2.48 4.36 2.42 3.51 3.68 1.74 3.90 4.00 1.89 Equity / Assets (1) 49% 33% 51% 42% 32% 51% 25% 45% 36% 41% Equity / Total Capitalization (1) 62% 40% 58% 48% 40% 64% 30% 53% 43% 50% 2022 Avg. Monthly Residential Rev. ($) 154.99 168.19 164.74 129.87 139.80 164.11 156.48 149.77 143.45 134.15 Avg. Monthly Residential kWh 1,204 1,268 1,088 1,189 1,078 1,170 1,026 1,232 1,137 949 Avg. Residential Rev.(cents per kWh) 12.87 13.27 15.15 10.92 12.97 14.02 15.25 12.16 12.62 14.14 Times Interest Earned Ratio (1) 3.01 2.30 5.98 2.61 0.69 8.68 0.09 3.38 1.53 2.01 Equity / Assets (1) 52% 35% 51% 47% 31% 53% 29% 45% 33% 40% Equity / Total Capitalization (1) 65% 43% 62% 55% 39% 66% 31% 53% 41% 48% Footnotes: (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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![](exhibit991003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 1 (Continued) Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 2024 Avg. Monthly Residential Rev. ($) 206.72 187.48 148.90 180.51 168.23 164.54 160.64 160.08 137.31 167.04 Avg. Monthly Residential kWh 1,179 1,171 961 1,149 1,189 1,132 1,114 1,146 1,190 1,092 Avg. Residential Rev.(cents per kWh) 17.54 16.01 15.50 15.71 14.15 14.53 14.42 13.97 11.54 15.30 Times Interest Earned Ratio (1) 2.11 2.30 5.69 2.52 2.48 4.58 2.18 2.95 3.97 3.58 Equity / Assets (1) 28% 40% 59% 38% 35% 43% 38% 28% 36% 34% Equity / Total Capitalization (1) 32% 47% 65% 46% 39% 56% 46% 43% 47% 52% 2023 Avg. Monthly Residential Rev. ($) 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 14.50 13.21 12.58 15.08 Times Interest Earned Ratio (1) 2.73 3.45 4.69 4.20 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% 2022 Avg. Monthly Residential Rev. ($) 175.23 178.39 132.19 160.38 162.32 157.32 155.92 156.80 142.17 142.62 Avg. Monthly Residential kWh 1,162 1,136 941 1,136 1,196 1,165 1,109 1,165 1,180 1,062 Avg. Residential Rev.(cents per kWh) 15.09 15.70 14.05 14.12 13.57 13.50 14.06 13.46 12.05 13.43 Times Interest Earned Ratio (1) 1.64 2.48 -1.59 0.81 1.82 3.79 2.79 1.76 3.92 1.12 Equity / Assets (1) 31% 47% 66% 41% 35% 46% 41% 39% 33% 42% Equity / Total Capitalization (1) 40% 58% 76% 54% 40% 56% 46% 46% 46% 50% Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington WTD. AVG. 2024 Avg. Monthly Residential Rev. ($) 158.44 207.17 182.98 153.41 175.10 147.95 162.34 154.39 152.58 Avg. Monthly Residential kWh 1,286 1,263 1,294 906 1,181 1,110 1,250 1,052 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) 3.90 3.71 2.06 4.21 1.57 8.40 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. ($) 151.60 193.04 172.63 142.71 161.50 145.07 157.12 137.96 146.00 Avg. Monthly Residential kWh 1,236 1,191 1,250 877 1,106 1,072 1,176 945 1,131 Avg. Residential Rev.(cents per kWh) 12.27 16.2 13.81 16.3 14.60 13.54 13.36 14.59 12.91 Times Interest Earned Ratio (1) 2.22 3.41 2.96 5.55 1.58 17.89 4.76 1.89 3.69 Equity / Assets (1) 32% 33% 48% 54% 27% 69% 41% 34% 42% Equity / Total Capitalization (1) 49% 37% 53% 58% 32% 77% 61% 37% 51% 2022 Avg. Monthly Residential Rev. ($) 154.72 186.47 169.99 130.71 170.89 140.26 158.61 151.45 150.85 Avg. Monthly Residential kWh 1,299 1,262 1,268 878 1,176 1,075 1,266 1,042 1,190 Avg. Residential Rev.(cents per kWh) 11.91 14.8 13.40 14.9 14.54 13.04 12.52 14.54 12.67 Times Interest Earned Ratio (1) 1.96 1.61 2.70 3.08 1.54 1.50 2.48 1.61 3.04 Equity / Assets (1) 33% 33% 48% 49% 28% 66% 41% 40% 42% Equity / Total Capitalization (1) 51% 39% 56% 52% 32% 75% 61% 44% 51% Footnotes: (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)

&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 2 AVERAGE NUMBER OF CONSUMERS SERVED BY EACH MEMBER Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 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 1,016 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 2022 Residential Service 19,261 47,831 22,664 51,513 57,588 19,144 195,037 64,161 80,242 31,305 Commercial & Industrial 1,906 5,821 398 2,642 5,642 2,921 17,625 3,781 6,551 4,330 Other 272 5 827 392 398 135 5,449 3,273 987 1,054 Total Consumers Served 21,439 53,657 23,889 54,547 63,628 22,200 218,111 71,215 87,780 36,689 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 2024 Residential Service 23,540 83,739 19,283 139,028 35,011 30,136 10,912 239,558 34,490 11,361 Commercial & Industrial 1,557 11,809 510 11,028 2,632 9,443 250 19,996 1,979 169 Other 492 1,159 738 2,090 12 8 1,691 5,621 462 472 Total Consumers Served 25,589 96,707 20,531 152,146 37,655 39,587 12,853 265,175 36,931 12,002 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

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![](exhibit991005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 2 (Continued) Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 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 2022 Residential Service 5,281 21,209 11,368 10,575 37,023 16,151 16,118 52,861 174,430 8,557 Commercial & Industrial 1,826 1,209 710 2,329 2,306 705 3,248 2,890 17,754 618 Other 1,282 3,098 720 196 455 1,036 - 2,567 2,041 243 Total Consumers Served 8,389 25,516 12,798 13,100 39,784 17,892 19,366 58,318 194,225 9,418 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 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 2022 Residential Service 99,814 19,691 14,921 13,881 20,547 8,790 127,193 14,981 1,859,181 Commercial & Industrial 4,358 1,145 5,234 489 2,171 544 8,674 946 165,754 Other 1,778 21 891 1,048 - 143 1,485 162 42,265 Total Consumers Served 105,950 20,857 21,046 15,418 22,718 9,477 137,352 16,089 2,067,200

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![](exhibit991006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 3 ANNUAL MWh SALES BY CONSUMER CLASS OF EACH MEMBER Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 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 2022 Residential Service 244,092 699,329 316,540 729,990 895,626 288,254 2,630,027 884,946 1,170,511 454,391 Commercial & Industrial 274,337 122,842 141,079 403,565 495,162 264,429 1,151,120 299,281 471,846 224,913 Other 10,396 86 17,517 6,175 3,736 2,369 239,232 95,730 6,432 45,353 Total MWh Sales 528,825 822,257 475,135 1,139,730 1,394,525 555,051 4,020,380 1,279,957 1,648,789 724,656 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 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 2022 Residential Service 327,084 1,215,797 248,393 1,876,572 438,519 410,046 133,760 3,327,794 459,678 127,566 Commercial & Industrial 73,097 639,544 40,630 1,063,758 104,136 217,001 31,948 2,066,222 160,625 52,906 Other 5,517 47,178 17,834 10,704 123 979 30,170 314,111 21,150 6,709 Total MWh Sales 405,698 1,902,519 306,856 2,951,033 542,778 628,027 195,878 5,708,128 641,452 187,181

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![](exhibit991007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 3 (Continued) Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 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 2022 Residential Service 73,611 289,178 128,314 144,165 531,475 225,872 214,462 739,024 2,469,224 109,029 Commercial & Industrial 46,902 77,104 44,571 99,634 85,609 34,800 72,737 329,376 1,018,679 71,496 Other 29,814 74,645 11,543 6,530 17,088 26,526 - 44,921 185,155 5,126 Total MWh Sales 150,327 440,927 184,428 250,328 634,171 287,198 287,199 1,113,321 3,673,058 185,651 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 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 2022 Residential Service 1,556,491 298,307 227,101 146,333 289,840 113,432 1,932,954 187,259 26,554,983 Commercial & Industrial 476,707 58,221 90,670 29,518 106,364 16,569 1,382,244 168,867 12,508,511 Other 17,779 4,627 44,380 47,562 - 3,051 58,182 7,422 1,465,849 Total MWh Sales 2,050,978 361,155 362,151 223,413 396,204 133,052 3,373,380 363,548 40,529,342

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![](exhibit991008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 4 ANNUAL REVENUES BY CONSUMER CLASS OF EACH MEMBER Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 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 2022 Residential Service $34,611,328 $83,713,185 $39,565,688 $94,360,649 $105,164,396 $40,356,183 $316,853,414 $119,140,699 $145,755,946 $77,356,082 Commercial & Industrial 23,073,256 16,467,533 11,910,805 34,092,521 42,300,137 25,410,283 115,030,381 32,065,097 50,336,931 24,590,702 Other 1,311,581 27,415 2,342,584 1,053,490 958,715 459,692 23,678,374 12,610,926 2,119,531 7,520,986 Total Electric Sales $58,996,165 $100,208,133 $53,819,077 $129,506,660 $148,423,248 $66,226,158 $455,562,169 $163,816,722 $198,212,408 $109,467,770 Other Operating Revenue 2,041,601 9,174,772 14,004,902 8,831,980 14,287,025 834,566 10,211,711 4,051,932 10,014,298 1,949,985 Total Operating Revenue $61,037,766 $109,382,905 $67,823,979 $138,338,640 $162,710,273 $67,060,724 $465,773,880 $167,868,654 $208,226,706 $111,417,755 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 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 2022 Residential Service $42,090,017 $161,300,664 $37,624,910 $204,914,449 $56,868,706 $57,503,106 $20,397,592 $404,591,448 $57,999,341 $18,032,789 Commercial & Industrial 9,518,833 69,360,175 4,854,173 100,296,904 12,188,976 28,967,356 4,043,564 207,540,163 14,543,778 5,043,049 Other 1,170,485 6,853,394 2,960,373 3,239,532 29,316 109,410 4,918,654 40,013,617 3,151,557 1,016,363 Total Electric Sales $52,779,335 $237,514,233 $45,439,456 $308,450,885 $69,086,998 $86,579,872 $29,359,810 $652,145,228 $75,694,676 $24,092,201 Other Operating Revenue 4,726,028 14,170,904 2,079,685 22,487,564 6,413,431 2,747,570 59,733 9,912,071 2,456,524 1,006,852 Total Operating Revenue $57,505,363 $251,685,137 $47,519,141 $330,938,449 $75,500,429 $89,327,442 $29,419,543 $662,057,299 $78,151,200 $25,099,053

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![](exhibit991009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 4 (Continued) Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 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 2022 Residential Service $11,104,763 $45,401,693 $18,032,704 $20,352,223 $72,116,307 $30,491,126 $30,157,737 $99,461,450 $297,588,972 $14,644,320 Commercial & Industrial 6,840,960 10,084,219 5,548,168 9,838,058 9,904,549 3,733,348 9,823,738 26,411,702 104,525,418 7,426,830 Other 5,041,661 11,083,290 2,012,549 814,343 2,201,449 3,932,479 - 7,242,820 19,405,620 736,293 Total Electric Sales $22,987,384 $66,569,202 $25,593,421 $31,004,624 $84,222,305 $38,156,953 $39,981,475 $133,115,972 $421,520,010 $22,807,443 Other Operating Revenue 936,013 3,123,560 680,967 2,280,664 1,380,719 2,109,933 1,293,060 4,596,975 30,823,506 816,990 Total Operating Revenue $23,923,397 $69,692,762 $26,274,388 $33,285,288 $85,603,024 $40,266,886 $41,274,535 $137,712,947 $452,343,516 $23,624,433 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 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 2022 Residential Service $185,317,977 $44,062,102 $30,436,922 $21,772,179 $42,135,551 $14,794,261 $242,083,316 $27,226,024 $3,365,380,219 Commercial & Industrial 43,866,960 7,455,565 13,036,283 4,491,619 12,559,026 2,078,749 102,853,775 17,431,178 1,229,544,762 Other 3,442,986 551,577 6,418,361 8,748,557 - 433,667 8,626,990 1,060,224 197,298,861 Total Electric Sales $232,627,923 $52,069,244 $49,891,566 $35,012,355 $54,694,577 $17,306,677 $353,564,081 $45,717,426 $4,792,223,842 Other Operating Revenue 28,871,248 1,679,249 3,125,268 693,050 1,572,169 657,079 23,213,987 1,302,429 250,620,000 Total Operating Revenue $261,499,171 $53,748,493 $53,016,834 $35,705,405 $56,266,746 $17,963,756 $376,778,068 $47,019,855 $5,042,843,842

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![](exhibit991010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL AND STATISTICAL INFORMATION FOR THE 38 MEMBERS OF OGLETHORPE POWER CORPORATION Table 5 SUMMARY OF OPERATING RESULTS OF EACH MEMBER Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 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 2022 Operating Revenue & Patronage Capital $61,037,766 $109,382,905 $67,823,979 $138,338,640 $162,710,273 $67,060,725 $465,773,880 $167,868,654 $208,226,706 $111,417,755 Depreciation and Amortization 4,490,139 7,738,396 6,591,212 10,433,307 8,824,503 4,666,217 33,294,569 11,541,110 12,632,273 9,815,658 Other Operating Expenses 54,254,694 98,391,170 59,145,035 116,288,238 145,432,838 59,096,564 408,423,697 149,538,320 186,478,716 92,593,206 Electric Operating Margin $2,292,933 $3,253,339 $2,087,732 $11,617,095 $8,452,932 $3,297,944 $24,055,614 $6,789,224 $9,115,717 $9,008,891 Other Income 541,960 1,623,473 1,373,440 714,489 4,187,305 1,354,906 101,704,719 2,327,475 2,077,264 2,411,574 Gross Operating Margin $2,834,893 $4,876,812 $3,461,172 $12,331,584 $12,640,237 $4,652,850 $125,760,333 $9,116,699 $11,192,981 $11,420,465 Interest on Long-term Debt 1,913,496 3,192,160 2,118,093 4,229,043 5,208,630 2,538,089 17,074,533 4,854,707 5,502,620 5,622,166 Other Deductions 164,422 140,619 10,955 40,517 1,451,491 12.537 998,921 - 540,910 188,882 Net Margins $756,975 $1,544,033 $1,332,124 $8,062,024 $5,980,116 $2,102,224 $107,686,879 $4,261,992 $5,149,451 $5,609,417 Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 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 2022 Operating Revenue & Patronage Capital $57,505,363 $251,685,137 $47,519,141 $330,938,449 $75,500,429 $89,327,442 $29,419,544 $662,057,299 $78,151,200 $25,099,053 Depreciation and Amortization 3,270,383 16,241,278 3,670,698 21,559,980 7,466,653 5,976,089 3,486,809 40,768,375 6,129,635 2,494,794 Other Operating Expenses 52,801,777 222,177,485 38,185,470 293,437,428 68,759,893 70,389,573 26,362,733 588,992,605 69,005,654 21,352,580 Electric Operating Margin $1,433,203 $13,266,374 $5,662,973 $15,941,041 ($726,117) $12,961,780 ($429,998) $32,296,319 $3,015,911 $1,251,679 Other Income 1,725,077 1,119,666 4,509,641 9,771,437 3,186,452 3,374,069 703,980 22,372,846 1,022,350 150,636 Gross Operating Margin $3,158,280 $14,386,040 $10,172,614 $25,712,478 $2,460,335 $16,335,849 $273,982 $54,669,165 $4,038,261 $1,402,315 Interest on Long-term Debt 1,048,979 6,024,325 1,661,961 9,669,569 3,072,624 1,882,325 2,144,675 16,160,016 2,536,713 699,000 Other Deductions - 511,394 228,306 440,510 345,797 2,583 87,851 20,678 150,940 - Net Margins $2,109,301 $7,850,321 $8,282,347 $15,602,399 ($958,086) $14,450,941 ($1,958,544) $38,488,471 $1,350,608 $703,315

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![](exhibit991011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 5 (Continued) Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 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 2022 Operating Revenue & Patronage Capital $23,923,397 $69,692,762 $26,274,388 $33,285,288 $85,603,024 $40,266,887 $41,274,535 $137,712,945 $452,343,517 $23,624,433 Depreciation and Amortization 2,020,033 5,001,400 1,651,204 2,463,029 6,242,402 2,804,453 3,080,493 8,373,385 23,317,019 1,300,451 Other Operating Expenses 20,433,253 59,252,431 25,318,028 30,459,546 74,076,344 34,836,609 34,818,923 123,067,403 396,832,069 20,944,391 Electric Operating Margin $1,470,111 $5,438,931 ($694,844) $362,713 $5,284,278 $2,625,825 $3,375,119 $6,272,157 $32,194,429 $1,379,591 Other Income 729,823 1,668,838 309,395 868,223 1,958,518 1,570,766 1,103,661 3,256,161 8,351,313 355,439 Gross Operating Margin $2,199,934 $7,107,769 ($385,449) $1,230,936 $7,242,796 $4,196,591 $4,478,780 $9,528,318 $40,545,742 $1,735,030 Interest on Long-term Debt 1,217,653 2,827,102 253,078 1,347,642 3,951,256 1,106,754 1,601,131 5,241,838 10,349,046 867,422 Other Deductions 199,101 109,255 17,781 139,071 52,763 1,275 12,237 313,716 3,488 766,467 Net Margins $783,180 $4,171,412 ($656,308) ($255,777) $3,238,777 $3,088,562 $2,865,412 $3,972,764 $30,193,208 $101,141 Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 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 2022 Operating Revenue & Patronage Capital $261,499,170 $53,748,494 $53,016,834 $35,705,405 $56,266,746 $17,963,752 $376,778,069 $47,019,852 $5,042,843,838 Depreciation and Amortization 12,058,802 3,735,601 4,306,282 2,758,576 4,476,631 1,001,687 16,611,632 3,024,595 325,319,753 Other Operating Expenses 244,398,779 48,021,609 44,611,163 32,016,025 45,479,975 17,019,068 354,043,262 42,007,891 4,468,744,445 Electric Operating Margin $5,041,589 $1,991,284 $4,099,389 $930,804 $6,310,140 ($57,033) $6,123,175 $1,987,366 $248,779,640 Other Income 3,053,358 1,164,815 1,337,128 4,366,873 (1,179,390) 494,893 7,562,039 802,631 204,027,243 Gross Operating Margin $8,094,947 $3,156,099 $5,436,517 $5,297,677 $5,130,750 $437,890 $13,685,214 $2,789,997 $452,806,883 Interest on Long-term Debt 4,114,436 1,963,478 1,934,407 1,707,284 3,308,605 280,326 5,403,917 1,728,508 146,357,607 Other Deductions 42,420 500 215,812 34,847 30,893 16,092 300,869 - 7,593,900 Net Margins $3,938,091 $1,192,121 $3,286,298 $3,555,546 $1,791,252 $141,472 $7,980,428 $1,061,489 $298,855,376

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![](exhibit991012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;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) Central Coweta- Altamaha Amicalola Canoochee Carroll Georgia Coastal Cobb Colquitt Fayette Diverse 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 2022 ASSETS Total Utility Plant (1) $168,772,625 $265,816,628 $176,399,666 $343,948,470 $357,636,123 $150,257,207 $1,041,956,909 $364,339,508 $436,286,157 $295,205,313 Depreciation 45,590,296 93,694,979 52,501,813 98,762,539 62,555,311 35,854,378 313,174,767 122,293,338 147,135,853 102,377,286 Net Plant 123,182,329 172,121,649 123,897,853 245,185,931 295,080,812 114,402,829 728,782,142 242,046,170 289,150,304 192,828,027 Other Assets 63,027,533 54,319,547 39,883,474 51,273,826 99,005,741 37,676,689 444,680,410 101,422,886 145,277,399 45,763,159 Total Assets $186,209,862 $226,441,196 $163,781,327 $296,459,757 $394,086,553 $152,079,518 $1,173,462,552 $343,469,056 $434,427,703 $238,591,186 EQUITY & LIABILITIES Equity $89,677,082 $79,540,486 $69,468,144 $129,450,710 $101,002,281 $56,906,155 $672,469,164 $158,564,105 $189,909,719 $78,954,344 Long-term Debt 72,129,136 92,615,584 63,152,367 134,344,474 188,701,235 76,300,457 372,804,266 136,302,038 183,043,939 132,506,991 Other Liabilities 24,403,644 54,285,126 31,160,816 32,664,573 104,383,037 18,872,906 128,189,122 48,602,913 61,474,045 27,129,851 Total Equity and Liabilities $186,209,862 $226,441,196 $163,781,327 $296,459,757 $394,086,553 $152,079,518 $1,173,462,552 $343,469,056 $434,427,703 $238,591,186 Footnotes: (1) Including construction work in progress.

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![](exhibit991013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 6 (Continued) Little Excelsior Flint Grady GreyStone Habersham Hart Irwin Jackson Jefferson Ocmulgee 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 2022 ASSETS Total Utility Plant (1) $105,467,366 $506,114,203 $126,169,028 $667,441,746 $227,476,773 $206,434,064 $125,298,592 $1,272,588,313 $206,209,210 $75,652,518 Depreciation 28,447,832 189,861,618 29,506,763 151,956,175 89,020,164 68,656,605 44,451,694 416,329,238 53,674,362 21,975,064 Net Plant 77,019,534 316,252,585 96,662,265 515,485,571 138,456,609 137,777,459 80,846,898 856,259,075 152,534,848 53,677,454 Other Assets 48,161,873 123,348,356 45,730,443 123,057,066 50,492,567 105,349,320 26,351,823 449,969,252 15,926,673 13,070,461 Total Assets $125,181,407 $439,600,941 $142,392,708 $638,542,637 $188,949,176 $243,126,779 $107,198,721 $1,306,228,327 $168,461,521 $66,747,915 EQUITY & LIABILITIES Equity $65,065,115 $155,629,924 $73,054,253 $299,843,080 $57,638,000 $127,774,024 $30,583,820 $585,850,613 $56,309,533 $26,471,860 Long-term Debt 34,423,410 $208,516,979 44,385,723 241,889,470 88,370,944 66,127,089 66,770,116 525,480,781 79,513,478 28,643,606 Other Liabilities 25,692,882 75,454,038 24,952,732 96,810,087 42,940,232 49,225,666 9,844,785 194,896,933 32,638,510 11,632,449 Total Equity and Liabilities $125,181,407 $439,600,941 $142,392,708 $638,542,637 $188,949,176 $243,126,779 $107,198,721 $1,306,228,327 $168,461,521 $66,747,915 Footnotes: (1) Including construction work in progress.

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![](exhibit991014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 6 (Continued) Middle Slash Georgia Mitchell Ocmulgee Oconee Okefenoke Planters Rayle Satilla Sawnee Pine 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 2022 ASSETS Total Utility Plant (1) $81,350,448 193,375,419 $71,746,494 $89,026,945 $224,650,439 $93,726,622 $118,907,708 $295,606,356 $784,334,597 $53,733,210 Depreciation 15,930,213 42,446,838 24,998,650 28,374,036 74,860,769 26,891,011 38,816,722 55,681,743 136,296,312 11,258,332 Net Plant 65,420,235 150,928,581 46,747,844 60,652,909 149,789,670 66,835,611 80,090,986 239,924,613 648,038,285 42,474,878 Other Assets 19,680,875 46,770,846 17,910,618 24,759,254 45,178,468 44,625,955 25,864,529 109,829,025 291,893,284 19,798,013 Total Assets $85,101,110 $197,699,427 $64,658,462 $85,412,163 $194,968,138 $111,461,566 $105,955,515 $349,753,638 $939,931,569 $62,272,891 EQUITY & LIABILITIES Equity $26,301,713 $93,797,835 $42,721,165 $34,623,486 $68,410,112 $51,826,641 $43,360,201 $135,789,886 $312,328,666 $26,092,195 Long-term Debt 39,015,553 69,090,794 13,189,535 29,107,488 103,720,395 41,129,527 50,212,262 159,084,180 372,445,557 26,296,296 Other Liabilities 19,783,844 34,810,798 8,747,762 21,681,189 22,837,631 18,505,398 12,383,052 54,879,572 255,157,346 9,884,400 Total Equity and Liabilities $85,101,110 $197,699,427 $64,658,462 $85,412,163 $194,968,138 $111,461,566 $105,955,515 $349,753,638 $939,931,569 $62,272,891 Footnotes: (1) Including construction work in progress.

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![](exhibit991015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Table 6 (Continued) Snapping Southern Three Tri- MEMBER Shoals Rivers Sumter Notch County Upson Walton Washington TOTAL 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 2022 ASSETS Total Utility Plant (1) $349,192,776 $145,748,290 $150,290,327 $99,116,524 $175,645,900 $33,468,079 $531,241,510 $120,005,874 $10,730,637,937 Depreciation 152,112,096 32,962,735 37,622,838 32,975,555 34,735,450 14,171,795 212,521,461 37,837,019 3,178,313,650 Net Plant 197,080,680 112,785,555 112,667,489 66,140,969 140,910,450 19,296,284 318,720,049 82,168,855 7,552,324,287 Other Assets 110,425,816 33,000,188 39,657,862 37,442,287 21,967,870 19,481,723 258,126,580 37,055,119 3,287,256,810 Total Assets $307,506,496 $145,785,743 $152,325,351 $103,583,256 $162,878,320 $38,778,007 $576,846,629 $119,223,974 $10,839,581,097 EQUITY & LIABILITIES Equity $101,571,758 $47,608,781 $73,594,774 $50,594,632 $46,339,256 $25,494,587 $234,920,020 $47,562,926 $4,567,101,046 Long-term Debt 95,873,587 75,519,784 57,865,582 45,797,023 97,072,357 8,583,665 149,405,562 60,844,094 4,330,275,324 Other Liabilities 110,061,151 22,657,178 20,864,995 7,191,601 19,466,707 4,699,755 192,521,047 10,816,954 1,942,204,727 Total Equity and Liabilities $307,506,496 $145,785,743 $152,325,351 $103,583,256 $162,878,320 $38,778,007 $576,846,629 $119,223,974 $10,839,581,097 Footnotes: (1) Including construction work in progress.

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