# EDGAR Filing Document

**Accession Number:** 0000788816
**File Stem:** 0000788816-26-000009
**Filing Date:** 2026-3
**Character Count:** 916317
**Document Hash:** bcbfc72508fd10273a7c58a52a09b026
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000788816-26-000009.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000788816-26-000009

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 226

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53908
- **FILM NUMBER:** 26803192

**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-20251231

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

<u>[Index To Financial Statements](#ib694f326c88b4137bb70075de5bd3873_67)</u>

<u>[PART IV](#ib694f326c88b4137bb70075de5bd3873_187)</u>

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

_____________________________________________

**FORM 10-K**

---

| | |
|:---|:---|
| **(Mark One)** | |
| ☒ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF<br>THE SECURITIES EXCHANGE ACT OF 1934** |
|  | &nbsp;&nbsp;**For the fiscal year ended December 31, 2025** |
|  | &nbsp;&nbsp;**OR** |
| ☐ | &nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF<br>THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the Transition Period From ________________ to ________________**

**Commission File No. 333-192954**

**OGLETHORPE POWER CORPORATION**

**(An Electric Membership Corporation)**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Georgia** | **58-1211925** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. employer<br>identification no.) |

---

---

| | |
|:---|:---|
| **2100 East Exchange Place**<br>**Tucker, Georgia** | **30084-5336** |
| (Address of principal executive offices) | (Zip Code) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Registrant's telephone number, including area code: | **(770) 270-7600** |

---

---

| | |
|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | **None** |

---

---

| | |
|:---|:---|
| Securities registered pursuant to Section 12(g) of the Act: | **None** |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. **Yes** ☐ **No** ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. **Yes** ☒ **No** ☐

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 every Interactive Data File required to be submitted and posted 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 and post such files). **Yes** ☒ **No** ☐

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

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ <br> 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.&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; ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. **The Registrant is a membership corporation and has no authorized or outstanding equity securities.**

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.**

Documents Incorporated by Reference: **None**

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

**2025 FORM 10-K ANNUAL REPORT**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **ITEM** | | **Page** |
| | **PART I** | |
| <u>[1](#ib694f326c88b4137bb70075de5bd3873_16)</u> | <u>[Business](#ib694f326c88b4137bb70075de5bd3873_16)</u> | <u>[1](#ib694f326c88b4137bb70075de5bd3873_16)</u> |
|  | &nbsp;&nbsp;<u>[Oglethorpe Power Corporation](#ib694f326c88b4137bb70075de5bd3873_19)</u> | <u>[1](#ib694f326c88b4137bb70075de5bd3873_19)</u> |
|  | &nbsp;&nbsp;<u>[Our Power Supply Resources](#ib694f326c88b4137bb70075de5bd3873_22)</u> | <u>[9](#ib694f326c88b4137bb70075de5bd3873_22)</u> |
|  | &nbsp;&nbsp;<u>[Our Members and Their Power Supply Resources](#ib694f326c88b4137bb70075de5bd3873_25)</u> | <u>[11](#ib694f326c88b4137bb70075de5bd3873_25)</u> |
|  | &nbsp;&nbsp;<u>[Regulation](#ib694f326c88b4137bb70075de5bd3873_28)</u> | <u>[15](#ib694f326c88b4137bb70075de5bd3873_28)</u> |
| <u>[1A](#ib694f326c88b4137bb70075de5bd3873_31)</u> | <u>[Risk Factors](#ib694f326c88b4137bb70075de5bd3873_31)</u> | <u>[21](#ib694f326c88b4137bb70075de5bd3873_31)</u> |
| <u>[1B](#ib694f326c88b4137bb70075de5bd3873_34)</u> | <u>[Unresolved Staff Comments](#ib694f326c88b4137bb70075de5bd3873_34)</u> | <u>[30](#ib694f326c88b4137bb70075de5bd3873_34)</u> |
| <u>[1C](#ib694f326c88b4137bb70075de5bd3873_37)</u> | <u>[Cybersecurity](#ib694f326c88b4137bb70075de5bd3873_37)</u> | <u>[30](#ib694f326c88b4137bb70075de5bd3873_34)</u> |
| <u>[2](#ib694f326c88b4137bb70075de5bd3873_40)</u> | <u>[Properties](#ib694f326c88b4137bb70075de5bd3873_40)</u> | <u>[32](#ib694f326c88b4137bb70075de5bd3873_40)</u> |
| <u>[3](#ib694f326c88b4137bb70075de5bd3873_43)</u> | <u>[Legal Proceedings](#ib694f326c88b4137bb70075de5bd3873_43)</u> | <u>[36](#ib694f326c88b4137bb70075de5bd3873_43)</u> |
| <u>[4](#ib694f326c88b4137bb70075de5bd3873_46)</u> | <u>[Mine Safety Disclosures](#ib694f326c88b4137bb70075de5bd3873_46)</u> | <u>[36](#ib694f326c88b4137bb70075de5bd3873_46)</u> |
|  | **PART II** |  |
| <u>[5](#ib694f326c88b4137bb70075de5bd3873_52)</u> | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ib694f326c88b4137bb70075de5bd3873_52)</u> | <u>[37](#ib694f326c88b4137bb70075de5bd3873_52)</u> |
| <u>[6](#ib694f326c88b4137bb70075de5bd3873_55)</u> | <u>[Selected Financial Data](#ib694f326c88b4137bb70075de5bd3873_55)</u> | <u>[37](#ib694f326c88b4137bb70075de5bd3873_55)</u> |
| <u>[7](#ib694f326c88b4137bb70075de5bd3873_58)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ib694f326c88b4137bb70075de5bd3873_58)</u> | <u>[39](#ib694f326c88b4137bb70075de5bd3873_58)</u> |
| <u>[7A](#ib694f326c88b4137bb70075de5bd3873_61)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ib694f326c88b4137bb70075de5bd3873_61)</u> | <u>[55](#ib694f326c88b4137bb70075de5bd3873_61)</u> |
| <u>[8](#ib694f326c88b4137bb70075de5bd3873_64)</u> | <u>[Financial Statements and Supplementary Data](#ib694f326c88b4137bb70075de5bd3873_64)</u> | <u>[58](#ib694f326c88b4137bb70075de5bd3873_64)</u> |
| <u>[9](#ib694f326c88b4137bb70075de5bd3873_157)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ib694f326c88b4137bb70075de5bd3873_157)</u> | <u>[100](#ib694f326c88b4137bb70075de5bd3873_157)</u> |
| <u>[9A](#ib694f326c88b4137bb70075de5bd3873_160)</u> | <u>[Controls and Procedures](#ib694f326c88b4137bb70075de5bd3873_160)</u> | <u>[100](#ib694f326c88b4137bb70075de5bd3873_160)</u> |
| <u>[9B](#ib694f326c88b4137bb70075de5bd3873_163)</u> | <u>[Other Information](#ib694f326c88b4137bb70075de5bd3873_163)</u> | <u>[100](#ib694f326c88b4137bb70075de5bd3873_163)</u> |
| <u>[9C](#ib694f326c88b4137bb70075de5bd3873_166)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ib694f326c88b4137bb70075de5bd3873_166)</u> | <u>[101](#ib694f326c88b4137bb70075de5bd3873_166)</u> |
|  | **PART III** |  |
| <u>[10](#ib694f326c88b4137bb70075de5bd3873_172)</u> | <u>[Directors, Executive Officers and Corporate Governance](#ib694f326c88b4137bb70075de5bd3873_172)</u> | <u>[102](#ib694f326c88b4137bb70075de5bd3873_172)</u> |
| <u>[11](#ib694f326c88b4137bb70075de5bd3873_175)</u> | <u>[Executive Compensation](#ib694f326c88b4137bb70075de5bd3873_175)</u> | <u>[110](#ib694f326c88b4137bb70075de5bd3873_175)</u> |
| <u>[12](#ib694f326c88b4137bb70075de5bd3873_178)</u> | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ib694f326c88b4137bb70075de5bd3873_178)</u> | <u>[121](#ib694f326c88b4137bb70075de5bd3873_178)</u> |
| <u>[13](#ib694f326c88b4137bb70075de5bd3873_181)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#ib694f326c88b4137bb70075de5bd3873_181)</u> | <u>[121](#ib694f326c88b4137bb70075de5bd3873_181)</u> |
| <u>[14](#ib694f326c88b4137bb70075de5bd3873_184)</u> | <u>[Principal Accountant Fees and Services](#ib694f326c88b4137bb70075de5bd3873_184)</u> | <u>[122](#ib694f326c88b4137bb70075de5bd3873_184)</u> |
|  | **PART IV** |  |
| <u>[15](#ib694f326c88b4137bb70075de5bd3873_193)</u> | <u>[Exhibits and Financial Statement Schedules](#ib694f326c88b4137bb70075de5bd3873_190)</u> | <u>[123](#ib694f326c88b4137bb70075de5bd3873_190)</u> |
| <u>[16](#ib694f326c88b4137bb70075de5bd3873_196)</u> | <u>[Form 10-K Summary](#ib694f326c88b4137bb70075de5bd3873_196)</u> | <u>[139](#ib694f326c88b4137bb70075de5bd3873_196)</u> |
|  | <u>[Signatures](#ib694f326c88b4137bb70075de5bd3873_199)</u> | <u>[140](#ib694f326c88b4137bb70075de5bd3873_199)</u> |

---

i

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**CAUTIONARY STATEMENT REGARDING**

**FORWARD-LOOKING INFORMATION**

This annual report on Form 10-K 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 "RISK FACTORS" and in other sections of this annual report. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this annual report may not occur.

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

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

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

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

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

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

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

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

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

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

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

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

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

ii

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

&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;

&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 for the development and deployment of distributed generation and energy storage technologies;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

***ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS***

**OGLETHORPE POWER CORPORATION**

**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 principal business is providing wholesale electric power to our members. As with cooperatives generally, we operate on a not-for-profit basis. We are one of the largest electric cooperatives in the United States in terms of revenues, assets, kilowatt-hour sales to members and, through our members, consumers served. We are also the second largest power supplier in the state of Georgia. As of December 31, 2025, we had 401 employees.

Our members are local consumer-owned distribution cooperatives that provide retail electric service on a not-for-profit basis. In general, our members' customer base consists of residential, commercial and industrial consumers within specific geographic areas. Our members serve approximately 2.2 million electric consumers (meters) representing approximately 4.7 million people. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES."

Our mailing address is 2100 East Exchange Place, Tucker, Georgia 30084-5336, and telephone number is (770) 270-7600. We maintain a website at *www.opc.com*. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports are made available on this website as soon as reasonably practicable after this material is filed with the Securities and Exchange Commission. Information contained on our website is not incorporated by reference into and should not be considered to be part of this annual report on Form 10-K.

**Cooperative Principles**

Cooperatives like Oglethorpe are business organizations owned by their members, which are also either their wholesale or retail customers. As not-for-profit organizations, cooperatives are intended to provide services to their members at the lowest possible cost, in part by eliminating the need to produce profits or a return on equity. Cooperatives may make sales to non-members, the effect of which is generally to reduce costs to members. Today, cooperatives operate throughout the United States in such diverse areas as utilities, agriculture, irrigation, insurance and banking.

All cooperatives are based on similar business principles and legal foundations. Generally, an electric cooperative designs its rates to recover its cost-of-service and to collect a reasonable amount of revenues in excess of expenses, which constitutes margins. The margins increase patronage capital, which is the equity component of a cooperative's capitalization. These margins are considered capital contributions (that is, equity) from the members and are held for the accounts of the members and returned to them when the board of directors of the cooperative deems it prudent to do so. The timing and amount of any actual return of capital to the members depends on the financial goals of the cooperative and the cooperative's loan and security agreements.

**Power Supply Business**

We provide wholesale electric service to our members for a significant portion of their aggregate power requirements primarily from our fleet of generation assets but also with power purchased from other power suppliers from time to time. In 2025, we supplied energy that accounted for approximately 72% of the retail energy requirements of our members. We provide this service pursuant to long-term, take-or-pay wholesale power contracts. The wholesale power contracts obligate our members jointly and severally to pay rates sufficient for us to recover all the costs of owning and operating our power supply business, including the payment of principal and interest on our indebtedness and to yield a minimum 1.10 margins for interest ratio under our first mortgage indenture. Our members satisfy all of their power requirements above their purchase obligations to us with purchases from other suppliers. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources."

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources" – and "PROPERTIES – Generating Facilities."

In 2025, one of our members, Jackson EMC, accounted for approximately 18% of our total revenues. Each of our other members accounted for less than 10% of our total revenues in 2025.

**Wholesale Power Contracts**

We have a wholesale power contract with each member that is substantially similar. Each wholesale power contract extends through December 31, 2085 and will continue thereafter until terminated by three years' written notice by us or the respective member. Under the wholesale power contracts, each member is unconditionally obligated, on an express "take-or-pay" basis, for a fixed percentage of the capacity costs of each of our generation resources and purchased power resources with a term greater than one year. Each wholesale power contract specifically provides that the member must make payments whether or not power is delivered and whether or not a resource is completed, delayed, terminated, operable, operating, retired, sold, leased, transferred or is otherwise unavailable. We are obligated to use our reasonable best efforts to operate, maintain and manage our resources in accordance with prudent utility practices.

We have assigned fixed percentage capacity cost responsibilities to our members for all of our generation resources, although not all members participate in all resources. For any future generation or purchased power resource, we will assign fixed percentage capacity cost responsibilities only to members choosing to participate in that resource.

The wholesale power contracts provide that each member is jointly and severally responsible for all costs and expenses of all existing generation and purchased power resources, as well as for future resources, whether or not that member has elected to participate in the resource, that are approved by 75% of the members of our board of directors, 75% of our members and members representing 75% of our patronage capital. In the event a member defaults on all or a portion of its payment obligation, the default amount is shared first among the participating members in each resource in which the defaulting member participates. If all these participating members default, each non-participating member is expressly obligated to pay a proportionate share of the default.

Under the wholesale power contracts, we are not obligated to provide all of our members' capacity and energy requirements. Individual members must satisfy all of their requirements above their purchase obligations from us from other suppliers, unless we and our members agree that we will supply additional capacity and associated energy, subject to the approval requirements described above. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources."

Under the wholesale power contracts, each member must establish rates and conduct its business in a manner that will enable the member to pay (i) to us when due, all amounts payable by the member under its wholesale power contract and (ii) any and all other amounts payable from, or which might constitute a charge or a lien upon, the revenues and receipts derived from the member's electric system, including all operation and maintenance expenses and the principal of, premium, if any, and interest on all indebtedness related to the member's electric system.

**New Business Model Member Agreement**

The New Business Model Member Agreement that we have with our members requires member approval for us to undertake certain activities. The agreement does not limit our ability to own, manage, control and operate our resources or perform our functions under the wholesale power contracts.

We may not provide services unrelated to our resources or our functions under the wholesale power contracts if these services would require us to incur indebtedness, provide a guarantee or make any loan or investment, unless approved by 75% of the members of our board of directors, 75% of our members, and members representing 75% of our patronage capital. We may provide any other unrelated service to a member so long as (i) doing so would not create a conflict of interest with respect to other members, (ii) the service is being provided to all members or (iii) the service has received the three 75% approvals described above.

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**Electric Rates**

Each member is required to pay us for capacity and energy we furnish under its 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. We are required to revise our rates as necessary so that the revenues derived from our rates, together with our revenues from all other sources, will be sufficient to pay all of the costs of our system, including the payment of principal and interest on our indebtedness, to provide for reasonable reserves and to meet all financial requirements.

The formulary rate we established in the rate schedule to the wholesale power contracts employs a rate methodology under which all categories of costs are specifically separated as components of the formula to determine our revenue requirements. The rate schedule also implements the responsibility for fixed costs assigned to each member based on each member's fixed percentage capacity cost responsibilities for all of our generation resources. The monthly charges for capacity and other non-energy charges are based on our annual budget. These capacity and other non-energy charges may be adjusted by our board of directors, if necessary, during the year through an adjustment to the annual budget. Energy charges reflect the pass-through of actual energy costs, including fuel costs, variable operations and maintenance costs and purchased energy costs. See "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – Summary of Cooperative Operations – *Rate Regulation.*"

Under the first mortgage indenture, we are required, subject to any necessary regulatory approval, to establish and collect rates which are reasonably expected, together with our other revenues, to yield a margins for interest ratio for each fiscal year equal to at least 1.10. The formulary rate is intended to provide for the collection of revenues which, together with revenues from all other sources, are equal to all costs and expenses we recorded, plus amounts necessary to achieve at least the minimum 1.10 margins for interest ratio. In the event we were to fall short of the minimum 1.10 margins for interest ratio at year end, the formulary rate is designed to recover the shortfall from our members in the following year without any additional action by our board of directors.

Under our loan agreements with each of the Rural Utilities Service and Department of Energy, changes to our rates resulting from adjustments in our annual budget are generally not subject to their approval. We must provide the Rural Utilities Service and Department of Energy with a notice of and opportunity to object to most changes to the formulary rate under the wholesale power contracts. See "– Relationship with Federal Lenders." Currently, our rates are not subject to the approval of any other federal or state agency or authority, including the Georgia Public Service Commission.

**First Mortgage Indenture**

Our principal financial requirements are contained in the Indenture, dated as of March 1, 1997, from us to U.S. Bank Trust Company, National Association, as trustee (successor to U.S. Bank National Association), as amended and supplemented, referred to herein as the first mortgage indenture. The first mortgage indenture constitutes a lien on substantially all of our owned tangible and certain of our intangible property, including property we acquire in the future. The mortgaged property includes our owned electric generating plants, the wholesale power contracts with our members and some of our contracts relating to the ownership, operation or maintenance of electric generation facilities owned by us.

Under our first mortgage indenture, we are required, subject to any necessary regulatory approval, to establish and collect rates which are reasonably expected, together with our other revenues, to yield a margins for interest ratio for each fiscal year equal to at least 1.10. The margins for interest ratio is determined by dividing margins for interest by total interest charges on debt secured under our first mortgage indenture. Margins for interest is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our net margins (after certain defined adjustments), plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest charges on all indebtedness secured under our first mortgage indenture, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amount included in net margins for accruals for federal or state income taxes.

Margins for interest takes into account any item of net margin, loss, gain or expenditure of any of our affiliates or subsidiaries only if we have received the net margins or gains as a dividend or other distribution from such affiliate or subsidiary or if we have made a payment with respect to the losses or expenditures. In addition, our margins include certain items that are excluded from the margins for interest ratio, such as non-cash capital credits allocation from Georgia Transmission Corporation.

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Under our first mortgage indenture, we are prohibited from making any distribution of patronage capital to our members if, at the time of or after giving effect to the distribution, (i) an event of default exists under the first mortgage indenture, (ii) our equity as of the end of the immediately preceding fiscal quarter is less than 20% of our total long-term debt and equities, or (iii) the aggregate amount expended for distributions on or after the date on which our equity first reaches 20% of our total long-term debt and equities exceeds 35% of our aggregate net margins earned after such date. This last restriction, however, will not apply if, after giving effect to such distribution, our equity as of the end of the immediately preceding fiscal quarter is at least 30% of our total long-term debt and equities. As of December 31, 2025, our equity ratio was 9.9%.

As of December 31, 2025, we had approximately $12.6 billion of secured indebtedness outstanding under the first mortgage indenture. From time to time, we may issue additional first mortgage obligations ranking equally and ratably with the existing first mortgage indenture obligations. The aggregate principal amount of obligations that may be issued under the first mortgage indenture is not limited; however, our ability to issue additional obligations under the first mortgage indenture is subject to certain requirements related to the certified value of certain of our tangible property, repayment of obligations outstanding under the first mortgage indenture and payments made under certain pledged contracts relating to property to be acquired.

**Relationship with Federal Lenders**

*Rural Utilities Service*

Historically, federal loan programs administered by the Rural Utilities Service, an agency of the United States Department of Agriculture, have provided the principal source of financing for electric cooperatives. Loans guaranteed by the Rural Utilities Service and made by the Federal Financing Bank have been a major source of funding for us. However, Rural Utilities Service loan funds are subject to annual federal budget appropriations, and, due to budgetary and political pressures faced by Congress, the availability and magnitude of these loan funds cannot be assured. The timing and continued availability of Rural Utilities Service funding could also be impacted by federal administrative actions and government shutdowns. The proposed budget for fiscal year 2026, which began October 2025, includes an aggregate loan program level of $7.0 billion and recent annual appropriations bills have provided the Rural Utilities Service an administrative process through which it may increase available loan funding by up to 25%. Significant growth in power supply needs for electric cooperatives across the country may lead to competition for available funds if funding applications exceed available funds. We cannot predict the amount or cost of Rural Utilities Service loans that may be available to us in the future.

We have a loan contract with the Rural Utilities Service. Under the loan contract, we may have to obtain approval from the Rural Utilities Service or provide the Rural Utilities Service with a notice and an opportunity to object before we take certain actions, including, without limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant additions to or dispositions of system assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant power purchase and sale contracts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the wholesale power contracts and the formulary rate contained in the wholesale power contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to plant ownership and operating agreements.

As of December 31, 2025, we had $2.8 billion of outstanding loans guaranteed by the Rural Utilities Service and secured under our first mortgage indenture.

*Department of Energy*

We have a loan guarantee agreement with the Department of Energy, pursuant to which the Department of Energy guaranteed over $4.6 billion of our eligible costs of construction relating to Plant Vogtle Units No. 3 and No. 4. We have advanced all amounts available under the Department of Energy-guaranteed loans. In 2020, we began making principal payments on these loans and, at December 31, 2025, we had $3.9 billion outstanding. All advances received under this facility are secured under our first mortgage indenture.

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Under the loan guarantee agreement, we may have to obtain approval from the Department of Energy or provide the Department of Energy with a notice and opportunity to object before we take certain actions, including, without limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant dispositions of assets pledged under our first mortgage indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the wholesale power contracts and the formulary rate contained in the wholesale power contracts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain changes to plant ownership and operating agreements relating to Vogtle Units No. 3 and No. 4, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• agreeing to the removal or replacement of Georgia Power Company or Southern Nuclear Operating Company, Inc. in their respective roles as agents for the Co-owners in connection with the additional Vogtle units.

For additional information regarding the terms of the loan guarantee agreement, see Note 7a of Notes to Consolidated Financial Statements.

**Relationship with Georgia Transmission Corporation**

We and our 38 members are members of Georgia Transmission Corporation (An Electric Membership Corporation), which was formed in 1997 to own and operate the transmission business we previously owned. Georgia Transmission provides transmission services to its members for delivery of its members' power purchases from us and other power suppliers. Georgia Transmission also provides transmission services to third parties. We have entered into an agreement with Georgia Transmission to provide transmission services for third party transactions and for service to our own facilities.

Georgia Transmission has rights in the integrated transmission system, which consists of transmission facilities owned by Georgia Transmission, Georgia Power Company, the Municipal Electric Authority of Georgia and the City of Dalton, Georgia. Through agreements, common access to the combined facilities that compose the integrated transmission system enables the owners to use their combined resources to make deliveries to or for their respective consumers, to provide transmission service to third parties and to make off-system purchases and sales. The integrated transmission system was established in order to obtain the benefits of a coordinated development of the parties' transmission facilities and to make it unnecessary for any party to construct duplicative facilities.

**Relationship with Georgia System Operations Corporation**

We, Georgia Transmission and our 38 members are members of Georgia System Operations Corporation, which was formed in 1997 to own and operate the system operations business we previously owned. Georgia System Operations operates the system control center and currently provides Georgia Transmission and us with system operations services and administrative support services. We have contracted with Georgia System Operations to schedule and dispatch our resources. We also purchase from Georgia System Operations services that it purchases from Georgia Power under the Control Area Compact, which we co-signed with Georgia System Operations. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Members' Relationship with Georgia Transmission and Georgia System Operations." Georgia System Operations provides support services to us in the areas of payroll, auditing, human resources, telecommunications and information technology at cost.

We have made loans to Georgia System Operations primarily for the purpose of financing its capital expenditures. As of December 31, 2025, the balance of the loans outstanding was $11.3 million.

Georgia Transmission has contracted with Georgia System Operations to provide certain transmission system operation services including reliability monitoring, switching operations, and the real-time management of the transmission system.

**Relationship with Georgia Power Company**

Our relationship with Georgia Power is a significant factor in several aspects of our business. Georgia Power, on behalf of itself as a co-owner and as agent for the other co-owners, is responsible for the operation of Plants Hatch, Scherer and Vogtle. Georgia Power is also a co-owner of the Rocky Mountain Pumped Storage Hydroelectric Facility which we co-own and operate. For further information regarding the agreements between Georgia Power and us, see "PROPERTIES – Fuel Supply," "– Co-Owners of Plants – *Georgia Power Company*" and "– The Plant Agreements." Georgia Power supplies

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services to us and Georgia System Operations to support the scheduling and dispatch of our resources, including off-system transactions. Georgia Power and our members are competitors in the State of Georgia for electric service to any new customer that has a choice of supplier under the Georgia Territorial Electric Service Act, which was enacted in 1973, commonly known as the Georgia Territorial Act (see "– Competition"). For further information regarding our members' relationships with Georgia Power, see "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Service Area and Competition."

**Relationship with Smarr EMC**

Smarr EMC is a Georgia electric membership corporation owned by 35 of our 38 members. Smarr EMC owns two combustion turbine facilities with aggregate summer planning reserve capacity of 729 megawatts. We provide operations, financial and management services to Smarr EMC. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources."

**Relationship with Green Power EMC**

Green Power Electric Membership Corporation, owned by our 38 members, is a Georgia electric membership corporation specializing in the purchase of renewable energy for its members. As of December 31, 2025, Green Power EMC purchased energy from 820 megawatts of renewable energy resources. By the end of 2027, the capacity is expected to increase by at least 451 megawatts, bringing the total capacity to more than 1,271 megawatts. We supply financial and management services to Green Power EMC. For more information on the renewable resources of Green Power EMC, see "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources – *Green Power EMC*."

**Competition**

Under current Georgia law, our members generally have the exclusive right to provide retail electric service in their respective territories. However, the Georgia Territorial Act permits limited competition among electric utilities located in Georgia for sales of electricity to certain large commercial or industrial customers. The owner of any new facility may receive electric service from the power supplier of its choice if the facility is located outside of municipal limits and has a connected load upon initial full operation of 900 kilowatts or more. Georgia is experiencing significant load growth, which is projected to continue over the next several years, resulting from native load growth and the development of several large commercial projects, including data centers. Our members are actively engaged in competition with other retail electric suppliers for a significant amount of new commercial and industrial loads. The number of commercial and industrial loads served by our members continues to increase annually, and our members are evaluating additional generation resources from us or other third parties to meet this additional demand. This limited competition has given our members the opportunity to develop resources and strategies to operate in a more competitive market.

Some states have implemented varying forms of retail competition among power suppliers. No legislation related to retail competition has yet been enacted in Georgia which would amend the Georgia Territorial Act or otherwise affect the exclusive right of our members to supply power to their current service territories. However, parties have unsuccessfully sought and will likely continue to seek to advance legislative proposals that will directly or indirectly affect the Georgia Territorial Act in order to allow increased retail competition in our members' service territories. The Georgia Public Service Commission does not have the authority under Georgia law to order retail competition or amend the Georgia Territorial Act.

We routinely consider, along with our members, a wide array of potential actions to meet future power supply needs, maintain competitive rates, adapt to technological innovations, including distributed generation and energy storage technologies, and respond to the evolving competitive and regulatory landscape. We cannot predict at this time the outcome of various developments that may lead to increased competition in the electric utility industry or the effect of any developments on us or our members.

Regulation of greenhouse gas emissions has the potential to affect energy suppliers, including us and our competitors, differently, depending on the relative greenhouse gas emissions from a supplier's sources and the nature of the regulation. Some of our generation sources emit greenhouse gases while others emit none. Comparatively, our competitors may rely on sources that emit proportionately more or less greenhouse gases than we do. Further, many of our members' third-party suppliers also rely on generation sources that emit greenhouse gases. The terms and conditions in the contracts with these third-party suppliers would determine the extent to which any greenhouse gas regulation of these suppliers affects our members. We believe our and our members' diverse portfolios of generation facilities, including the diversity of third-party

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suppliers, would mitigate impacts on our and our members' competitiveness resulting from any regulation. See "REGULATION – Environmental – *Carbon Dioxide Emissions and Climate Change*" and "RISK FACTORS."

Many members are also providing or considering proposals to provide non-traditional products and services such as natural gas, telecommunications (including broadband) and other services. The Georgia Public Service Commission can authorize member affiliates to market natural gas but is required to condition any authorization on terms designed to ensure that cross-subsidizations do not occur between the electricity services of a member and the gas activities of its gas affiliates. Among other conditions, for members providing broadband services through an affiliate, the Georgia Public Service Commission must approve cost allocations designed to ensure that cross-subsidizations do not occur between the broadband services and the electric and/or gas services of a member or its affiliates.

Further, a member's power supply planning may include considering an assignment of its rights and obligations under its wholesale power contract to another member or a third party. We have existing provisions for wholesale power contract assignment, as well as provisions for a member to withdraw and concurrently to assign its rights and obligations under its wholesale power contract. Assignments upon withdrawal require the assignee to have certain published credit ratings and to assume all of the withdrawing member's obligations under its wholesale power contract with us, and must be approved by our board of directors. Assignments without withdrawal are governed by the wholesale power contract and must be approved by both our board of directors and the Rural Utilities Service.

From time to time, individual members may be approached by parties indicating an interest in purchasing their systems. A member generally must obtain our approval before it may consolidate or merge with any person or reorganize or change the form of its business organization from an electric membership corporation or sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any person, whether in a single transaction or series of transactions. A member may enter into such a transaction without our approval if specified conditions are satisfied, including, but not limited to, an agreement by the transferee, satisfactory to us, to assume the obligations of the member under the wholesale power contract, and certifications of accountants as to certain specified financial requirements of the transferee. The wholesale power contracts also provide that a member may not dissolve, liquidate or otherwise wind up its affairs without our approval.

**Seasonal Variations**

Our members' demand for energy is influenced by seasonal weather conditions. Historically, higher demand has occurred during summer and winter months than in spring and fall months. Even so, summer and winter demand historically has been lower when weather conditions are milder and higher when weather conditions are more extreme. A variety of factors affect our members' decisions whether to purchase their increased seasonal demand from us. See "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION – Results of Operations *– Factors Affecting Results*." While changing weather patterns, whether resulting from greenhouse gas emissions or otherwise, could, under certain circumstances, alter seasonal weather patterns, predictions of future changes in weather patterns are inherently speculative, and we cannot make accurate conclusions about seasonality related to changes in weather patterns. Our energy revenues recover energy costs as they are incurred and also fluctuate month to month. Capacity revenues are based upon budgeted expenditures and are generally recognized and billed to our members in substantially 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 and if required, we reduce our capacity revenues and recognize a refund liability to our members. See Note 1e of Notes to Consolidated Financial Statements for information regarding revenue recognition.

**Human Capital**

Our success depends on the people who are part of our company. We believe that in order to deliver superior performance and maximize the value of our members' investment, we must attract and retain the most qualified workforce available. We further believe that a strong corporation requires initiative, commitment and talent from its employees and that exceptional results evolve from diversity, continuous improvement, personal development and the contributions of many working toward common goals. We are focused on fostering innovation and leadership with our associates. We also place a strong emphasis on training because we know this ultimately leads to our associates' professional success and the success of our company.

As of December 31, 2025, we had 401 employees. Substantially all of our associates are full-time employees and are located in Georgia. We have a formal Code of Conduct that, among other things, requires that we treat each other, and those outside our company with whom we do business, professionally and with fairness and respect. We must also conduct

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ourselves in a manner that promotes a favorable image of our company and a positive and professional workplace environment that promotes harmonious relationships among each other and our members.

We strive to provide fair and equitable compensation to each of our associates through a combination of competitive base pay, performance incentives, retirement plans and other benefits. The philosophy and objective of our compensation and benefits program is to establish and maintain competitive total compensation programs that will attract, motivate and retain the qualified skilled workforce necessary for our continued success. We set uniform performance goals at the corporate level. Those goals are the same for both executive officers and non-executive associates as achieving these performance incentives requires the effort and attention of associates across our business, see "EXECUTIVE COMPENSATION – Compensation Discussion and Analysis – *Corporate Goals for Performance Pay*."

We are dedicated to creating and maintaining an environment that respects and values diverse perspectives and experiences, recognizes the rights of all individuals to mutual respect, and accepts others without biases based on differences of any kind.

Safety is a key concern of our management team. As an electric generation utility, we are committed to providing a safe work environment for all our associates. Our corporate goals, which are reflected in the performance pay component of total compensation, reflect a commitment to provide comprehensive safety training and education and continue to find new ways to reduce workplace hazards.

As an electric cooperative, we are also committed to being a positive influence in the communities we serve. To accomplish this goal, we support and encourage our associates to participate in a variety of initiatives and activities that help the communities where we and our members live and work.

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**OUR POWER SUPPLY RESOURCES**

**General**

We supply capacity and energy to our members for a portion of their requirements from our fleet of generating assets. In 2025, we supplied approximately 72% of the retail energy requirements of our members. Our members purchased the remaining 28% from a variety of suppliers, including Green Power EMC (renewable resources), Smarr EMC (gas-fired resources), Southeastern Power Administration (hydroelectric power), and several power marketers and other wholesale suppliers. For more detailed information on these other purchases, see "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources."

**Generating Plants**

As of December 31, 2025, our fleet of generating units totaled 9,317 megawatts of summer planning reserve capacity, including 729 megawatts of Smarr EMC assets, which we manage. Our generation portfolio includes interests in nuclear, coal, natural gas, fuel oil and hydro units. Georgia Power, the Municipal Electric Authority of Georgia (MEAG Power) and the City of Dalton also have interests in eight of these units at Plants Hatch, Vogtle and Scherer. Georgia Power serves as operating agent for these eight units. Georgia Power also has an interest in the three units at Rocky Mountain, which we operate. In addition to our 37 generating units, we operate and manage six gas-fired generating units on behalf of Smarr EMC.

See "PROPERTIES" for a description of our generating facilities, fuel supply and the co-ownership arrangements. For a description of Smarr EMC's assets, see "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources – *Smarr EMC."*

**Power Purchase and Sale Arrangements**

As of December 31, 2025, we had no material power purchase or sale agreements.

We supply financial and management services to support Green Power EMC's purchase of energy from 820 megawatts of renewable resources, plus an additional 451 megawatts under contract to be constructed by the end of 2027. See "OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources – *Green Power EMC*."

We have interchange, transmission and/or short-term capacity and energy purchase or sale agreements with a number of power marketers and other power suppliers. The agreements provide variously for the purchase and/or sale of capacity and energy and/or for the purchase of transmission service.

We are a member of the Southeast Energy Exchange Market (SEEM) which began operating in 2022. SEEM, whose members include the traditional electric operating companies and many of the other electric service providers in the Southeast, is an extension of the existing bilateral market in which participants use an automated, intra-hour energy exchange to buy and sell power near the time the energy is consumed, utilizing available unreserved transmission. Our participation in SEEM has had minimal impact on our business to date.

**Future Power Resources**

*Smarr Combined Cycle Generation Facility* 

We and our members have approved the development and construction of an approximately 1,425-megawatt, two-unit combined cycle generation facility to be located on land we own adjacent to the Smarr Energy Facility in Monroe County, Georgia. Our current budget for this project, which includes capital costs, allowance for funds used during construction and a contingency amount, is $3.3 billion. The projected commercial operation date is 2029. In September 2025, we entered into an Engineering, Procurement and Construction Agreement (the EPC Agreement) with TIC – The Industrial Company, a subsidiary of Kiewit Energy Group Inc., for the construction of the project. The EPC Agreement is a fixed price agreement with certain limited exceptions that includes performance guarantees and performance liquidated damages and a parent guaranty by Kiewit. We have separately entered into an agreement with GE Vernova Operations, LLC for the purchase of the two combined cycle units. In connection with this additional resource, we entered into agreements to provide firm capacity on new natural gas pipeline infrastructure to meet our anticipated fuel supply needs. As of December 31, 2025, we had incurred costs of approximately $343.5 million with respect to this project.

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*Talbot Combustion Turbine Unit No. 7*

We and our members have also approved the development and construction of an approximately 240-megawatt combustion turbine unit to be constructed at our Talbot Energy Facility in Talbot County, Georgia. In 2025, we entered into a purchase agreement with the equipment manufacturer for the unit and we expect to enter into a construction agreement for the project in 2026. Our current budget for this unit is approximately $360 million and the projected commercial operation date is 2029. In connection with this additional resource, we entered into agreements to provide firm capacity on new natural gas pipeline infrastructure to meet our anticipated fuel supply needs. As of December 31, 2025, we had incurred costs of approximately $61.5 million with respect to this project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Grid Resilience and Innovation Partnerships (GRIP) Program*

Oglethorpe and Georgia Transmission Corporation, through the Georgia Environmental Finance Authority, were awarded a grant under the Department of Energy's Grid Resilience and Innovation Partnerships (GRIP) Program. Oglethorpe's portion of the grant is approximately $81 million. Oglethorpe expects to use the grant proceeds to support the development of an aggregate of 75 megawatts of utility-scale battery storage resources for our members. We estimate that the total cost of these battery storage resources will be approximately $240 million, before the application of any grant proceeds. The commercial operation dates for these resources is currently expected to be 2030. We are currently working through the GRIP Program funding process and receipt of any grant proceeds remains subject to meeting program requirements. If these grant funds become unavailable for this project, we and our members will reassess whether or not to continue with this project.

*Potential Additional Resources* 

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

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

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**OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES**

**Member Demand and Energy Requirements**

Our members are listed below and include 38 of the 41 electric distribution cooperatives in the State of Georgia.

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Altamaha EMC<br>Amicalola EMC<br>Canoochee EMC<br>Carroll EMC<br>Central Georgia EMC<br>Coastal EMC (d/b/a Coastal Electric<br>Cooperative)<br>Cobb EMC<br>Colquitt EMC<br>Coweta Fayette EMC<br>Diverse Power Incorporated, <br>an EMC<br>Excelsior EMC<br>Flint EMC (d/b/a Flint Energies)<br>Grady EMC | &nbsp;&nbsp;&nbsp;GreyStone Power Corporation,<br>an EMC<br>Habersham EMC<br>Hart EMC<br>Irwin EMC<br>Jackson EMC<br>Jefferson Energy Cooperative, an<br>EMC<br>Little Ocmulgee EMC<br>Middle Georgia EMC<br>Mitchell EMC<br>Ocmulgee EMC<br>Oconee EMC<br>Okefenoke Rural EMC<br>Planters EMC | &nbsp;&nbsp;&nbsp;Rayle EMC<br>Satilla Rural EMC<br>Sawnee EMC<br>Slash Pine EMC<br>Snapping Shoals EMC<br>Southern Rivers Energy, Inc.,<br>an EMC<br>Sumter EMC<br>Three Notch EMC<br>Tri-County EMC<br>Upson EMC<br>Walton EMC<br>Washington EMC |

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Our members serve approximately 2.2 million electric consumers (meters) representing approximately 4.7 million people. Our members serve a region covering approximately 38,000 square miles, which is approximately 65% of the land area in the State of Georgia, encompassing 151 of the State's 159 counties. Currently, our members' sales by customer class are approximately one-third to commercial and industrial consumers, of which less than 10% of this consumer class is large data centers, slightly less than two-thirds to residential consumers, and four percent to all other consumers. Our members are the principal suppliers for the power needs of rural Georgia. While our members do not serve any major cities, portions of their service territories are in close proximity to urban areas and have experienced substantial growth over the years due to the expansion of urban areas, including metropolitan Atlanta, into suburban areas and the growth of suburban areas into neighboring rural areas. Each year we file an exhibit containing financial and statistical information for our 38 members for the most recent three year period with our first or second quarter Form 10-Q.

The following table shows the aggregate peak demand and energy requirements of our members for the years 2023 through 2025, and also shows the amount of their energy requirements that we supplied. From 2023 through 2025, peak demand of the members and their energy requirements have fluctuated based on various factors. In July 2025, our member system hit a new summer peak demand of 10,424 megawatts, exceeding our members' prior summer peak of 10,092 megawatts in July 2024. In December 2022, our member system hit its overall peak demand of 10,810 megawatts.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Member Peak**<br>**Demand (MW)**<sup>(1)</sup> | **Member Summer Peak<br>Demand (MW)** | **Member Winter Peak<br>Demand (MW)** | **Member Energy Requirements (MWh)** | **Member Energy Requirements (MWh)** |
| | **Member Peak**<br>**Demand (MW)**<sup>(1)</sup> | **Member Summer Peak<br>Demand (MW)** | **Member Winter Peak<br>Demand (MW)** | **Total**<sup>(2)</sup> | **Supplied by Oglethorpe**<sup>(3)</sup> |
| 2025 | 10424 | 10424 | 10094 | 45836479 | 33086185 |
| 2024 | 10236 | 10092 | 10236 | 44245782 | 31001082 |
| 2023 | 10088 | 10088 | 8183 | 41370456 | 28289147 |

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(1)System peak hour demand of our members measured at our members' delivery points (net of system losses), adjusted to include requirements served by us and member resources, to the extent known by us, behind the delivery points. Also includes energy we supplied to our own facilities.

(2)Retail requirements served by our and member resources, adjusted to include requirements served by resources, to the extent known by us, behind the delivery points. See "– Member Power Supply Resources." Also includes energy we supplied to our own facilities.

(3)Includes energy supplied to members for resale at wholesale and energy we supplied to our own facilities. Excludes test energy supplied to members. Revenue and costs associated with test energy were capitalized.

**Service Area and Competition**

The Georgia Territorial Act regulates the service rights of all retail electric suppliers in the State of Georgia. Pursuant to the Georgia Territorial Act, the Georgia Public Service Commission assigned substantially all areas in the State to specified retail suppliers. With limited exceptions, our members have the exclusive right to provide retail electric service in their respective territories, which are predominately outside of the municipal limits existing at the time the Georgia Territorial Act was enacted in 1973. The principal exception to this rule of exclusivity is that electric suppliers may compete for most new

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retail loads of 900 kilowatts or greater. Parties have unsuccessfully sought and continue to seek to advance legislative proposals that will directly or indirectly affect the Georgia Territorial Act in order to allow increased retail competition in our members' service territories.

The Georgia Public Service Commission may reassign territory only if it determines that an electric supplier has breached the tenets of public convenience and necessity. The Georgia Public Service Commission may transfer service for specific premises only if: (i) it determines, after joint application of electric suppliers and proper notice and hearing, that the public convenience and necessity require a transfer of service from one electric supplier to another; or (ii) it finds, after proper notice and hearing, that an electric supplier's service to the premises is not adequate or dependable or that its rates, charges, service rules and regulations unreasonably discriminate in favor of or against the consumer utilizing the premises and the electric utility is unwilling or unable to comply with an order from the Georgia Public Service Commission regarding the service.

The Georgia Territorial Act allows limited competition among electric utilities in Georgia by allowing the owner of any new facility located outside of municipal limits and having a connected load upon initial full operation of 900 kilowatts or greater to receive electric service from the retail supplier of its choice. Georgia is experiencing significant load growth, which is projected to continue over the next several years. Our members, with our support, are actively engaged in competition with other retail electric suppliers for a significant amount of new commercial and industrial loads. The number of commercial and industrial loads served by our members continues to increase annually, and our members may evaluate additional resources from us or other third parties to meet this additional demand. This limited competition has given our members and us the opportunity to develop resources and strategies to operate in an increasingly competitive market.

For further information regarding members' competitive activities, see "OGLETHORPE POWER CORPORATION – Competition."

**Cooperative Structure**

Our members are cooperatives that 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 the members and the Rural Utilities Service or loan documents with other lenders. The Rural Utilities Service mortgages generally prohibit these distributions unless (i) after any of these distributions, the member's total equity will equal at least 30% of its total assets or (ii) distributions do not exceed 25% of the margins and patronage capital received by the member in the preceding year and equity is at least 20% of total assets. See "– Members' Relationship with the Rural Utilities Service."

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 these contracts to receive payment for power and energy supplied, we have no legal interest in (including through a pledge or otherwise), or obligations in respect of, any of the assets, liabilities, equity, revenues or margins of our members. See "OGLETHORPE POWER CORPORATION – Wholesale Power Contracts." The assets and revenues of our members are, however, pledged under their respective mortgages with the Rural Utilities Service or loan documents with other lenders.

We depend on the revenue we receive from our members pursuant to the wholesale power contracts to cover the costs of operation of our power supply business and satisfy our debt service obligations.

**Rate Regulation of Members**

Through provisions in the loan documents securing loans to the members, the Rural Utilities Service exercises control and supervision over the rates for the sale of power of our members that borrow from it. The Rural Utilities Service mortgage indentures of these members require them to design rates with a view to maintaining an average times interest earned ratio and an average debt service coverage ratio of not less than 1.25 and an operating times interest earned ratio and an operating debt service coverage ratio of not less than 1.10, in each case for the two highest out of every three successive years.

The Georgia Electric Membership Corporation Act, under which each of the members was formed, requires the members to operate on a not-for-profit basis and to set rates at levels that are sufficient to recover their costs and to provide for reasonable reserves. The setting of rates by the members is not subject to approval by any federal or state agency or authority

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other than the Rural Utilities Service, but the Georgia Territorial Act prohibits the members from unreasonable discrimination in the setting of rates, charges, service rules or regulations and requires the members to obtain Georgia Public Service Commission approval of long-term borrowings.

Certain of our members have repaid all of their Rural Utilities Service indebtedness and are no longer Rural Utilities Service borrowers. Each of these members now has a rate covenant with its current lender. Other members may also pursue this option. To the extent a member that is not a Rural Utilities Service borrower engages in wholesale sales or sales of transmission service in interstate commerce, it would, in certain circumstances, be subject to regulation by the Federal Energy Regulatory Commission under the Federal Power Act.

**Members' Relationship with the Rural Utilities Service**

Through provisions in the loan documents securing loans to the members, the Rural Utilities Service also exercises control and supervision over the members that borrow from it in such areas as accounting, other borrowings, construction and acquisition of facilities, and the purchase and sale of power.

Historically, federal loan programs providing direct and guaranteed loans from the Rural Utilities Service to electric cooperatives have been a major source of funding for the members. Under the current Rural Utilities Service loan programs, electric distribution borrowers are eligible for loans made by the Federal Financing Bank or other lenders and guaranteed by the Rural Utilities Service. Certain borrowers with either low consumer density or higher than average rates and lower than average consumer income are eligible for special loans that bear interest at an annual rate of 5%. However, Rural Utilities Service loan funds are subject to annual federal budget appropriations, and, due to budgetary and political pressures faced by Congress, the availability and magnitude of these loan funds cannot be assured. The timing and continued availability of Rural Utilities Service funding could also be impacted by federal administrative actions and government shutdowns.

The proposed budget for fiscal year 2026, which began October 2025, includes a loan program level of $7.0 billion and recent annual appropriations bills have provided the Rural Utilities Service an administrative process through which it may increase available loan funding by up to 25%. Significant growth in power supply needs for electric cooperatives across the country may lead to competition for available funds if funding applications exceed available funds. We cannot predict the amount or cost of Rural Utilities Service loans that may be available to the members in the future. For additional information regarding the Rural Utilities Service, see "OGLETHORPE POWER CORPORATION – Relationship with Federal Lenders – *Rural Utilities Service*."

**Members' Relationships with Georgia Transmission and Georgia System Operations**

Georgia Transmission provides transmission services to our members for delivery of our members' power purchases from us and other power suppliers. Georgia Transmission and the members have entered into member transmission service agreements under which Georgia Transmission provides transmission service to the members pursuant to a transmission tariff. The member transmission service agreements have a minimum term for network service until December 31, 2085. The members' transmission service agreements include certain elections for load growth above 2015 requirements, with notice to Georgia Transmission, to be served by others. These agreements also provide that if a member elects to purchase a part of its network service elsewhere, it must pay appropriate stranded costs to protect the other members from any rate increase that they would otherwise incur. Under the member transmission service agreements, members have the right to design, construct and own new distribution substations.

Georgia System Operations has contracts with each of its members, including Georgia Transmission and us, to provide to them the services that it in turn purchases from Georgia Power under the Control Area Compact, which we co-signed with Georgia System Operations. Georgia System Operations also provides operation services for the benefit of our members through agreements with us, including dispatch of our resources and other power supply resources owned by the members.

For information about our relationship with Georgia System Operations, see "OGLETHORPE POWER CORPORATION – Relationship with Georgia System Operations Corporation."

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**Member Power Supply Resources**

*Oglethorpe Power Corporation*

In 2025, we supplied approximately 72% of the retail energy requirements of our members. Pursuant to the wholesale power contracts, we supply each member energy from our generation resources based on its fixed percentage capacity cost responsibility, which are take-or-pay obligations. See "OGLETHORPE POWER CORPORATION – Wholesale Power Contracts." Our members satisfy all of their requirements above their purchase obligations to us with purchases from other suppliers as described below.

*Contracts with Southeastern Power Administration*

Thirty-three of our members purchase hydroelectric power from the Southeastern Power Administration, or SEPA, under contracts that will continue until terminated by two years' written notice by SEPA or the respective member. At January 1, 2026, the aggregate SEPA allocation of capacity to the members was 570 megawatts plus associated energy. The availability of energy under these contracts is significantly affected by hydrologic conditions, including lengthy droughts. Each member must schedule its energy allocation, and each member, other than Flint EMC, has designated us to perform this function. Pursuant to a separate agreement, we schedule, through Georgia System Operations, our members' SEPA power deliveries. Further, each member may be required, if certain conditions are met, to contribute funds for capital improvements for U.S. Army Corps of Engineers projects from which its allocation is derived in order to retain the allocation.

*Smarr EMC*

Smarr EMC is a Georgia electric membership corporation owned by 35 of our 38 members. Smarr EMC owns two combustion turbine facilities with aggregate summer planning reserve capacity of 729 megawatts. The 35 members participating in these two facilities purchase the output of those facilities pursuant to separate take-or-pay power purchase agreements that will continue until terminated by one year's written notice by Smarr EMC or the respective member.

*Green Power EMC*

Each of our members is also a member of Green Power Electric Membership Corporation, a power supply cooperative specializing in the purchase of renewable energy for its members. As of December 31, 2025, Green Power EMC purchased energy from 820 megawatts of low-impact hydroelectric, landfill gas and solar facilities, with an additional 451 megawatts under contract and under construction, with plans to purchase more in the future. Included in this total is energy purchased from Green Power Solar, a for-profit subsidiary of Green Power EMC, which has leased, with an option to purchase, twelve solar facilities with a total of approximately 10 megawatts.

*Other Member Resources*

Our members obtain their remaining power supply requirements from various sources under arrangements with differing terms and durations. All members are parties to requirements contracts or power purchase contracts that meet their incremental requirements.

We have not undertaken to obtain a comprehensive list of member power supply resources. Any of our members may have committed or may commit to additional power supply obligations not described above.

For information about members' activities relating to their power supply planning, see "OGLETHORPE POWER CORPORATION – Competition" and "OUR POWER SUPPLY RESOURCES – Future Power Resources." In addition to future power supply resources that we may construct or acquire for our members, the members will likely also continue to acquire future resources from other suppliers, including suppliers that may be owned by members.

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**REGULATION**

**Environmental**

**General** 

As an electric utility, we are subject to a wide range of federal, state and local environmental laws. Air emissions, solid waste disposal, effluent water discharges, and water usage are extensively controlled, closely monitored, and periodically reported. The manner in which various types of wastes can be stored, transported and disposed is also comprehensively regulated.

In general, environmental requirements applicable to the electric power sector are becoming increasingly prescriptive and stringent. The Environmental Protection Agency, or EPA, finalized a number of rules in 2024 that could impact our power plants; however, in 2025 and early 2026 the Trump administration has issued a number of executive orders and the EPA has initiated rulemakings to revise or rescind at least some of these requirements. Although we have installed an extensive array of environmental control systems at our plants to ensure continued compliance with all existing applicable requirements, including systems to reduce emissions of sulfur dioxide, nitrogen oxides, mercury and other regulated air pollutants, new environmental regulatory requirements could be imposed. Such additional requirements, if adopted, could substantially increase the cost of electric service by requiring modifications in the design or operation of existing facilities and making new facilities more difficult to site and more expensive to build. Failure to comply with these requirements could result in us becoming subject to enforcement actions and the assessment of civil penalties. In extreme cases of non-compliance, such enforcement actions could even include the complete shutdown of individual generating units. Certain of our debt instruments also 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 comply with these requirements, it would constitute a default under those debt instruments. Although we intend to comply with all current and future regulations, we cannot guarantee that we will always be in full compliance with every applicable requirement.

Our capital expenditures and operating costs continue to reflect expenses necessary to comply with all applicable environmental requirements and regulations. For further discussion of expected future capital expenditures to comply with environmental requirements and regulations, see "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – Financial Condition – Capital Requirements – Capital Expenditures."

**Air Quality**

Environmental regulations adopted at the federal and state levels have had and will continue to have a significant impact on the electric utility industry. The most significant environmental regulations for us continue to be the air regulatory requirements imposed under the Clean Air Act. These requirements include stringent regulations for controlling emissions of sulfur dioxide, nitrogen oxides, particulate matter, mercury, greenhouse gases, and other air pollutants from affected electric utility units. The EPA has actively regulated emissions under the Clean Air Act and the following are the most significant ongoing Clean Air Act regulatory requirements that affect or may affect our business.

*Controls for Meeting Air Quality Standards.*&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Clean Air Act, EPA sets National Ambient Air Quality Standards (NAAQS) for the following six air pollutants: particulate matter, ground-level ozone, carbon monoxide, sulfur dioxide, nitrogen dioxide and lead. EPA is required to review the existing NAAQS every five years to determine whether a tightening of these standards is necessary to protect public health. On February 6, 2024, EPA published a final rule that lowered the current annual particulate matter (PM2.5) standard from 12 parts per billion (ppb) down to 9 ppb but retained the existing 24-hour standards for certain particulate matter. This more stringent standard is likely to place additional geographic regions into nonattainment and could affect future siting decisions for new generation, as well as impose additional costs and potential operating restrictions. However, such regulatory determinations will not be made for several more years, and it is unclear how the EPA will proceed. The rule is being challenged in the U.S. Court of Appeals for the District of Columbia, and EPA, in November 2025, filed a motion to vacate the 2024 NAAQS for PM2.5. The court has yet to respond to the motion and we therefore cannot determine the extent, if any, to which EPA's tightening of the PM2.5 standard or the outcome of litigation and any future regulatory changes might have on Plant Scherer and our gas-fired generating units.

Generally speaking, while our coal-fired units at Plant Scherer have had control systems installed to reduce emissions and achieve current ambient air quality standards, the 2024 NAAQS for PM2.5, or a future more stringent NAAQS, could lead to additional emissions reduction requirements. Costs of any additional or upgraded pollution control equipment or

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operating restrictions that could be required because of more stringent NAAQS cannot be determined at this time, neither can we determine such impacts on our coal or natural gas-fired generating units.

*Air Quality Summary.* We believe that the emission control systems currently installed at Plant Scherer and our natural gas-fired generating units are generally sufficient to meet the air quality requirements described above. However, the regulation of air emissions has been and is expected to continue to be fluid, and additional emissions reduction requirements could be imposed on major sources within Georgia, including at our power plants, to remedy any local and interstate transport air quality problems. Subsequent developments, including litigation and new implementation approaches adopted by EPA and Georgia could require significant capital expenditures and increased operating expenses at certain of our generating facilities, particularly Plant Scherer.

**Carbon Dioxide Emissions and Climate Change**

Climate change policies will continue to influence federal and state legislative and regulatory decisions that affect the power sector. At the federal level, presidential administrations have held differing views on prioritizing actions to address climate change. Those differing views have led to swings in policies that create uncertainty about environmental requirements and associated impacts.

Emissions of carbon dioxide from our fossil-fueled power plants totaled 10.8 million metric tons in 2025. Compared to 2005, our overall carbon dioxide emissions rate has declined by 43% through a combination of market factors, our commitment to running highly efficient units with lower carbon dioxide emissions rates and the retirement of Plant Wansley in 2022. From coal alone, our carbon dioxide emissions in 2025 declined by 64% compared to 2005.

In May 2024, under the Biden administration, EPA published final rules on "Carbon Pollution Standards" (CPS) 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 2024 CPS 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 2024 CPS, 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. EPA's 2024 CPS is being challenged in the U.S. Court of Appeals for the District of Columbia. However, on March 12, 2025, EPA announced that it would reconsider the 2024 CPS, and the litigation remains in abeyance pending the outcome of EPA's reconsideration.

In January 2025, President Trump signed an executive order withdrawing the United States from the Paris Climate Agreement and any attendant obligations, which became effective in January 2026. In June 2025, under the Trump administration, 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 carbon capture and sequestration-based standards for new gas-fired combustion turbines. EPA also requested comment on whether the efficiency and capacity factor standards for new combustion turbines should be modified or repealed. On February 12, 2026, EPA repealed its 2009 endangerment finding for GHG emissions from motor vehicles. This repeal has already been challenged in federal court and it is unclear what effect this repeal might have on the remaining Section 111 emissions standards if the EPA selects the alternative proposal. When finalized, EPA's rule rescinding, revising, or replacing the 2024 CPS is expected to be challenged in federal court. Although we continue to evaluate the impact of federal greenhouse gas regulations on our power plants, we cannot predict the outcome of any regulatory actions or the result of potential litigation challenging any of these actions. We continue to monitor climate change policies at both the federal and state level and anticipate continued instability and uncertainty, and we may need to make decisions even as policies shift from administration to administration.

**Coal Combustion Residuals and Effluent Limitations Guidelines**

In 2015, EPA established a comprehensive regulatory program to manage the disposal of coal combustion residuals (CCR) from coal-fired power plants as non-hazardous material under the Resource Conservation and Recovery Act (RCRA). The 2015 CCR rule sets forth requirements for structural integrity assessments, groundwater monitoring, location siting, composite lining, inactive units, closure and post closure, beneficial use recycling, design and operating criteria, recordkeeping, notification, and internet posting for new and existing CCR landfills, CCR surface impoundments and lateral expansions of CCR disposal facilities. Since 2015, EPA has revised the original CCR requirements to reflect the different

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priorities of subsequent presidential administrations. We continue to monitor EPA's actions related to CCR; however, the ultimate impact is unknown at this time and subject to the outcome of ongoing litigation and any future EPA and Georgia regulatory actions.

In 2015, the EPA also finalized a rule to revise the effluent limitations guidelines (ELG) that apply to certain wastewater discharges from fossil fuel-fired steam electric power plants, including Plant Scherer. Since adopting the CCR and ELG rules, EPA has adopted revisions to the compliance deadlines and substantive requirements of the two rules, including a final supplemental ELG rule in May 2024, which EPA now is reconsidering, as discussed below. Similar to CCR requirements, we continue to monitor EPA's actions and ongoing litigation but cannot predict the ultimate impact of any outcomes at this time.

*ELG Rule Changes.* In 2017, EPA extended the ELG compliance deadlines set forth in the 2015 ELG rule to meet discharge limitations for scrubber wastewater and bottom ash transport water from affected coal-fired units, including Plant Scherer to November 1, 2020. In October 2020, EPA published a final rule to moderate the discharge limitations on these two wastestreams. The ELG rule extended the applicability date for scrubber waste water and bottom ash transport water to December 31, 2025, and allows for various subcategories based on planned future operations, including the rule's voluntary incentives program, low utilization, and early retirement of affected units. Units participating in any of the subcategories were required to submit a notice of planned participation.

The notice for Plant Scherer indicated that units 1 and 2 would comply with the ELG rule under the voluntary incentives program. The ELG rule allows for transferring between subcategories consistent with certain regulatory requirements, and the notices reserved the right to transfer subcategories if circumstances change.

In May 2024, the EPA published a final supplemental ELG rule, which generally increases the stringency of the CCR and non-CCR 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 rule is being challenged in the U.S. Appeals Court for the District of Columbia. In 2025, the Trump administration issued executive orders directing 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, and litigation is being held in abeyance while EPA reconsiders the rule. As of December 2025, EPA has finalized extensions of certain compliance deadlines and is expected to address additional requirements in the future. 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.

*CCR Rule Changes.* In 2016, in response to EPA's CCR rulemaking, EPD adopted new requirements to regulate CCR wastes. These new rules incorporated EPA's requirements as well as state-only requirements for managing CCR wastes in Georgia. These state requirements were implemented and are enforced through a permit system that was approved by EPA in December 2019. Once CCR permits are issued by Georgia EPD, federal citizen suits under RCRA to enforce federal CCR requirements incorporated in the state permit are generally no longer allowed and permit challenges will be handled through EPD's existing administrative process. Georgia's existing CCR regulations are not anticipated to have a material impact on our compliance obligations under the federal CCR rule. However, we cannot predict the impact of any changes to Georgia's CCR regulations including potential legislation or litigation.

In 2019, Georgia Power ceased sending CCR to the ash ponds at Plants Scherer and Wansley. Similarly, Georgia Power has installed a new wastewater treatment system that will receive and manage the non-CCR wastestreams at Scherer. As a result, these new closure deadlines have not impacted our operations. Although no litigation related to CCR regulations is now pending, we cannot predict whether there will be any future lawsuits on the requirements for closing these impoundments or remedying any impacts the impoundments may be having on groundwater.

In 2018, Georgia Power applied for CCR permits to close the ash ponds at Plants Scherer and Wansley in place using advanced engineering methods. However, in March 2022, Georgia Power notified the Georgia Public Service Commission of a revised closure proposal for Plant Wansley. Georgia Power's modified closure plan at Plant Wansley recommends closure by removing the ash from the coal ash pond for several site-specific reasons, including available capacity at an existing on-site landfill due to the retirement of Plant Wansley in August 2022, beneficial use of the coal ash, and managing construction and operational risks of its current closure in place design. Georgia Power's proposed closure plans and any future revisions are subject to the approval of the Georgia Public Service Commission and EPD. On March 6, 2025, EPD issued a final permit for Plant Wansley to close the ash pond by removing the coal ash. Costs associated with the closure of ash ponds are reflected in the asset retirement obligations discussed below, and we routinely update our asset retirement obligations to

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reflect any future changes in compliance requirements or cost projections. Georgia Power estimates closing activities to be completed in 2032 for both Plants Wansley and Scherer.

Since 2022, EPA has issued a number of proposed determinations on requests for extensions of time to close ash ponds. The proposed determinations include the agency's rationale and position at the time on closure standards, groundwater monitoring, and corrective action. Additionally, in May 2024, EPA published a final CCR rule addressing legacy coal ash surface impoundments with revised definitions related to coal ash. EPA's determinations and revised definitions could affect EPD's review of the proposed closure plan for Plant Scherer under Georgia's CCR permit program. The final CCR rule is being challenged in the U.S. Appeals Court for the District of Columbia. However, the litigation is being held in abeyance as EPA reconsiders the 2024 legacy CCR rule consistent with the Trump administration's 2025 executive orders. EPA's future actions could affect both the determinations and regulatory requirements. On February 6, 2026, EPA published a final rule extending certain compliance deadlines and is expected to address additional requirements of the legacy CCR rule in the future. At this time, it is unclear what additional regulatory actions EPA will take or whether such actions will affect the current closure plan at Plant Scherer or CCR management requirements at Plants Wansley and Scherer. We continue to monitor EPA's actions related to CCR, however, the ultimate impact is unknown at this time and subject to the outcome of the litigation and any future EPA and Georgia regulatory actions.

*Associated CCR and ELG Compliance Costs*. We continue to evaluate the requirements associated with existing and future CCR and ELG rules. Based on this ongoing evaluation, we expect to periodically update compliance methods, schedules, and costs. Our current estimates for capital expenditures at Plant Scherer to comply with the applicable CCR requirements and effluent discharge limitations are estimated to be approximately $270 million for conversion to dry ash handling, landfill construction, and wastewater treatment. This estimate includes approximately $200 million that has already been spent. Additionally, our current estimated expenditures for the settlement of related asset retirement obligations at our operating and retired coal plants are approximately $600 million to $800 million (in year of expenditure dollars) for the closure and post-closure of existing coal ash ponds and the dry coal ash and gypsum storage areas. Approximately $107 million of this amount has already been incurred. See Note 1 of Notes to Consolidated Financial Statements. More definitive cost estimates will continue to be developed as the processes of rule evaluation, compliance approach and design and construction implementation proceed. The ultimate impacts associated with the federal and state CCR rules and the federal effluent discharge limitations, any revised regulation or legislation at the state or federal level and related litigation challenging such rules, or future legislation cannot be determined at this time. If Georgia's requirements for coal ash disposal are subsequently revised or the proposed closure plans are not approved, our estimated compliance costs could increase materially.

**Other Environmental Matters**

We are subject to other environmental statutes including, but not limited to, the Georgia Water Quality Control Act, the Georgia Hazardous Site Response Act, the Toxic Substances Control Act, the Endangered Species Act, the Comprehensive Environmental Response, Compensation and Liability Act, the Emergency Planning and Community Right to Know Act, and the regulations implementing these environmental statutes. We do not believe that our compliance obligations with these statutory and regulatory requirements will have a material impact on our financial condition or operation of our facilities. Changes to any of these laws, however, could affect many areas of our operations. Although compliance with new environmental legislation could have a significant impact on those operations, such impacts cannot be fully determined at this time and would depend in part on the final legislation and the development of implementing regulations.

As an owner, co-owner and/or operator of generating facilities, we are also subject, from time to time, to claims relating to operations and/or emissions, including actions by citizens to enforce environmental regulations and claims for personal injury due to such operations and/or emissions. Likewise, actions by private citizen groups to enforce environmental laws and regulations are becoming increasingly prevalent. We cannot predict the outcome of any future actions on our business or facilities.

While we will continue to exercise our best efforts to comply with all applicable regulations, there can be no assurance that we will always be in full compliance with all applicable current and future environmental requirements. Failure to comply with existing and future requirements, even if this failure is caused by factors beyond our control, could result in civil and criminal penalties and could even force the complete shutdown of individual generating units not in compliance with these regulations in some cases. Any additional federal or state environmental restrictions imposed on our operations could result in significant additional compliance costs, including capital expenditures. Such costs could affect future unit retirement and replacement decisions and may result in significant increases in the cost of electric service. The cost impact of future legislation, regulation, judicial interpretations of existing laws or regulations, or international obligations will depend upon the specific requirements thereof and cannot be determined at this time.

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**Nuclear Regulation**

As a co-owner of Plants Hatch and Vogtle, we are subject to the provisions of the Atomic Energy Act of 1954 (the Atomic Energy Act), which vests jurisdiction in the Nuclear Regulatory Commission over the construction and operation of nuclear reactors, particularly with regard to certain public health, safety and antitrust matters. The National Environmental Policy Act has been construed to expand the jurisdiction of the Nuclear Regulatory Commission to consider the environmental impact of a facility licensed under the Atomic Energy Act. Plants Hatch and Vogtle are being operated under licenses issued by the Nuclear Regulatory Commission. All aspects of the construction, operation and maintenance of nuclear power plants are regulated by the Commission. From time to time, new Commission regulations require changes in the design, operation and maintenance of existing nuclear reactors. Operating licenses issued by the Commission are subject to revocation, suspension or modification, and the operation of a nuclear unit may be suspended if the Commission determines that the public interest, health or safety so requires. The operating licenses issued for Plant Hatch Units No. 1 and No. 2 expire in 2034 and 2038, respectively, and for Plant Vogtle Units No. 1, No. 2, No. 3 and No. 4 expire in 2047, 2049, 2062 and 2063, respectively. Southern Nuclear has notified the Nuclear Regulatory Commission of its intent to seek to renew Plant Hatch Units No. 1 and No. 2 licenses for an additional 20 years, through 2054 and 2058, respectively.

Pursuant to the Nuclear Waste Policy Act of 1982, the federal government has the responsibility for the final disposal of commercially produced high-level radioactive waste materials, including spent nuclear fuel. This act requires the owner of nuclear facilities to enter into disposal contracts with the Department of Energy for such material.

Contracts with the Department of Energy have been executed to provide for the permanent disposal of spent nuclear fuel produced at Plants Hatch and Vogtle. The Department of Energy failed to begin disposing of spent fuel in 1998 as required by the contracts, and Georgia Power, as agent for the co-owners of the plants, has successfully pursued and continues to pursue legal remedies against the Department of Energy for breach of contract. See Note 1 of Notes to Consolidated Financial Statements for information regarding settlements received as a result of and the status of this litigation.

In November 2013, the U.S. District Court for the District of Columbia ordered the Department of Energy to cease collecting spent fuel depository fees from nuclear power plant operators until such time as the Department of Energy either complies with the Nuclear Waste Policy Act of 1982 or until the U.S. Congress enacts an alternative waste management plan. We discontinued paying the fee of approximately $9.2 million annually, based on our ownership interests, in June 2014.

We expect existing on-site dry storage facilities at Plants Hatch and Vogtle can be expanded to accommodate spent fuel through the expected life of each plant.

For information concerning nuclear insurance, see Note 10 of Notes to Consolidated Financial Statements. For information regarding the Nuclear Regulatory Commission's regulation relating to decommissioning of nuclear facilities and regarding the Department of Energy's assessments pursuant to the Energy Policy Act for decontamination and decommissioning of nuclear fuel enrichment facilities, see Note 1 of Notes to Consolidated Financial Statements.

**Federal Power Act**

*General*

Pursuant to the Federal Power Act, FERC is the federal agency that regulates the nation's bulk power system. We are subject to certain rules and regulations under the Federal Power Act; however, as a borrower from the Rural Utilities Service, we are exempted from certain FERC regulations, including rate regulation.

*Rocky Mountain*

We are subject to the hydropower licensing provisions of the Federal Power Act. Rocky Mountain is a hydroelectric project subject to licensing by FERC. The currently effective FERC license to operate the Rocky Mountain project expires on December 31, 2026. We timely filed an application for a new license on December 6, 2024 that FERC accepted on March 3, 2025. See "PROPERTIES – Generating Facilities" and " – The Plant Agreements – Rocky Mountain" for additional information.

At this stage of the relicensing process, FERC will ensure the record is complete with respect to project information, conduct its environmental review, and then ultimately issue a new license order. On January 16, 2026, FERC issued a revised procedural schedule indicating that it would begin its environmental review in May 2026. FERC's grant of a new license to us

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could be subject to certain requirements that could result in additional costs and the timing of the new license issuance is not certain. However, if FERC does not act on the new license application prior to the expiration of the existing license, it is required to issue annual licenses, under the same terms and conditions of the existing license, until a new license is issued.

*Energy Policy Act of 2005*

The Energy Policy Act of 2005 amended the Federal Power Act to authorize FERC to establish an electric reliability organization to develop and enforce mandatory reliability standards and to establish clear responsibility for the commission to prohibit manipulative energy trading practices. FERC certified the North American Electric Reliability Corporation, or NERC, as the electric reliability organization. The mandatory reliability standards developed by NERC and approved by FERC impose certain operating, coordination, record-keeping and reporting requirements on us. NERC has delegated day-to-day enforcement of its responsibilities to regional entities and SERC Reliability Corporation is the regional entity to enforce reliability compliance in sixteen central and southeastern states, including Georgia. These entities have the authority to issue fines and penalties for violations of these standards.

As a generator owner and generator operator, we are subject to certain of these mandatory reliability standards. We have established a comprehensive formal compliance program to establish, monitor, maintain and enhance our commitment to electric reliability compliance. This program includes comprehensive cybersecurity elements designed to protect and preserve our critical information and energy infrastructure systems. Although we intend to comply with all currently effective and enforceable reliability standards, we cannot provide assurance that we will always be in compliance. We are obligated to maintain and retain evidence of compliance with specific requirements. SERC Reliability Corporation also regularly monitors us for compliance with reliability standards. We expect that existing reliability standards will continue to be refined and that new reliability standards will be developed or adopted.

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***ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS***

The following describes material risks, in management's view, that may affect our business and financial condition or the value of our debt securities. This discussion is not exhaustive, and there may be other risks that we face which are not described below. The risks described below, as well as additional risks and uncertainties presently unknown to us or currently not deemed material, could negatively affect our business operations, financial condition and future results of operations.

***Facility Ownership, Operation and Construction Risk Factors***

***We are subject to construction risks for projects we are undertaking to meet projected load growth in Georgia.***

As a result of projected load growth in Georgia, we and our members have approved the development and construction of two new natural gas-fired generation resources. One of the projects is an approximately 1,425-megawatt, two-unit combined cycle generation facility to be located on land we own adjacent to the Smarr Energy Facility in Monroe County, Georgia. Our current budget for this project, which includes capital costs, allowance for funds used during construction and a contingency amount, is $3.3 billion. The projected commercial operation date is 2029. In September 2025, we entered into an Engineering, Procurement and Construction Agreement (the EPC Agreement) with TIC – The Industrial Company, a subsidiary of Kiewit Energy Group Inc., for the construction of the project. The EPC Agreement is a fixed price agreement with certain limited exceptions that includes performance guarantees and performance liquidated damages and a parent guaranty by Kiewit. We have separately entered into an agreement with GE Vernova Operations, LLC for the purchase of the two combined cycle units. As of December 31, 2025, we had incurred costs of approximately $343.5 million with respect to this project. The other project is an approximately 240-megawatt combustion turbine unit to be constructed at our Talbot Energy Facility. Our current budget for this unit is approximately $360 million and, as of December 31, 2025, we had incurred costs of approximately $61.5 million with respect to this project. In 2025, we entered into a contract for the combustion turbine unit and we expect to enter into a construction agreement for the project in 2026. The projected commercial operation date for the Talbot project is 2029. In connection with these additional resources, we entered into agreements to provide firm capacity on new natural gas pipeline infrastructure to meet our anticipated fuel supply needs.

We and our members have also approved 75 megawatts of utility-scale battery storage resources in connection with an $81 million award under the Department of Energy's Grid Resilience and Innovation Partnerships (GRIP) Program, and the projected commercial operation date is currently projected to be 2030. Our cost estimate of these battery storage resources is approximately $240 million, before the application of any grant proceeds. Awards under the Department of Energy's GRIP program are currently subject to administrative review and the ultimate availability of funds are not certain. Receipt of any grant proceeds is subject to meeting program requirements. We are currently working through the GRIP Program funding process and receipt of any grant proceeds remains subject to meeting program requirements. If these grant funds become unavailable for this project, we and our members will reassess whether or not to continue with this project.

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

In addition to load growth, winter planning reserve requirements are increasing in Georgia to provide greater margin against the impact of severe winter weather, and we have also made significant capital investments in certain of our generation resources to add dual-fuel capabilities to minimize the operational risk of our resources during a severe winter event. We expect that these increased reserve requirements that may contribute to generation resource development.

Our development and construction of new generating resources and the construction of new natural gas pipeline infrastructure capacity by third parties to serve these resources is subject to construction risk. We are also subject to construction risks for capital projects to upgrade our existing facilities and to comply with current or future environmental standards. Many factors could lead to cost increases and schedule delays for any of these projects, including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges related to contractors or vendors, including engineering, procurement and construction contractors and generation equipment manufacturers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contractor and subcontractor performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost and availability of labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timing and issuance of necessary permits or approvals (including required certificates from regulatory agencies) and any related litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortages, delays, increased costs or inconsistent quality of materials and equipment, including the potential impact of any tariffs or tariff uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance under construction and equipment agreements and contract disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost and availability of debt financing, including the availability of federal loan or grant programs, increased interest rates or increased funding costs as a result of construction schedule delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• catastrophic events, natural disasters and future pandemic health events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather conditions.

Failure to complete any construction project on schedule and on budget for any reason could increase the cost of electric service we provide to our members and, as a result, could affect their ability to perform their contractual obligations to us.

***We own nuclear facilities which give rise to environmental, regulatory, financial, operational and other risks.***

We own a 30% undivided interest in each of the Plant Hatch and Plant Vogtle nuclear generating facilities. Collectively, our interests in the six operating nuclear units at these facilities account for approximately 20% of our total summer planning reserve capacity and produced 42% of our energy generated during 2025.

Our ownership interests in these facilities expose us to various risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liabilities relating to harmful effects on the environment and human health and safety resulting from the operation of these facilities and the on-site storage, handling and disposal of radioactive materials, including spent nuclear fuel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties with respect to the technological and financial aspects of decommissioning these facilities at the end of their licensed lives and the ability to maintain and anticipate adequate capital reserves for decommissioning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant capital expenditures relating to maintenance, operation, security and repair of these facilities, including repairs or modifications required by the Nuclear Regulatory Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liabilities arising out of nuclear incidents caused by natural disasters, terrorist attacks, cybersecurity attacks or otherwise, including the payment of retrospective insurance premiums, whether at our own plants or the plants of other nuclear owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with nuclear operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainties with respect to the off-site storage and disposal of spent nuclear fuel in the event that on-site storage is not sufficient.

The Nuclear Regulatory Commission has broad authority under federal law to impose licensing and safety-related requirements for the operation of nuclear generating facilities. If our nuclear facilities were found to be out of compliance with applicable requirements, the Nuclear Regulatory Commission may impose fines or shut down one or more units of these facilities until compliance is achieved. Revised safety requirements issued by the Nuclear Regulatory Commission have, in the past, necessitated substantial capital expenditures at other nuclear generating facilities.

Further, a major incident at a nuclear facility anywhere in the world could cause the Nuclear Regulatory Commission to limit or prohibit the operation or licensing of any domestic nuclear unit. While we have no reason to expect a serious incident at either of our nuclear plants, if an incident did occur, it could result in substantial cost to us.

We maintain an internal fund and an external trust fund to pay for the estimated cost of decommissioning our existing nuclear facilities. We continue to collect and deposit additional funds into these funds. The internal and external funds are invested in a diversified mix of equity and debt securities, the performance of which is subject to market performance risks. If the value of the investments in the funds significantly decrease or the anticipated decommissioning costs significantly increase, it is possible that the decommissioning costs could exceed the funds available and we would have to collect additional revenue from our members to pay the unfunded costs.

***We could be adversely affected if we or third parties operating certain of our co-owned facilities are unable to continue to operate our facilities in a successful manner.***

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We rely on the successful operation of our generation facilities to provide our members' energy needs. The operation of our generating facilities may be adversely impacted by various factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk of equipment and information technology failure or operator error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating limitations that may be imposed by environmental or other regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interruptions or shortages in fuel, water or material supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply chain disruptions and the impact of any recently enacted or new tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• physical or cyber attacks against us or key suppliers or service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transmission constraints or disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of intermittent generation resources on our members' demand patterns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with electric reliability organizations' mandatory reliability and record keeping standards, including mandatory cybersecurity standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to attract and maintain a qualified workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an environmental event, such as a spill or release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor disputes; or

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

Negative events such as those discussed above could also interrupt or limit electric generation or increase the cost of operating our facilities, which could have the effect of increasing the cost of electric service we provide to our members and affect their ability to perform their contractual obligations to us.

***If we are unable to obtain an adequate supply of fuel, our ability to operate our facilities could be limited.***

We obtain our fuel supplies, including natural gas, fuel oil and coal, and our agent obtains uranium for our co-owned nuclear facilities, from various suppliers. Any disruptions in these fuel supplies, including disruptions due to weather, environmental regulations, inadequate infrastructure, labor relations, workforce shortages, cybersecurity incidents or other factors affecting our fuel suppliers, could result in us having insufficient levels of fuel supplies. Some commodities, including natural gas and coal, have been affected in recent years by broader supply chain challenges and commodity availability constraints. Natural gas supplies may be unavailable due to increased demand during periods of exceptionally cold weather and are also subject to disruption due to natural disasters and similar events or infrastructure failure. Further, a significant increase in liquefied natural gas (LNG) demand may constrain the supply of natural gas available to us. Over the past few years, we have also managed rail-related delays in connection with our coal supply. Additionally, there are only a few facilities that fabricate fuel for our nuclear units and if there was an interruption in production at one of those facilities, it could impact our agent's ability to obtain fuel for our nuclear generating facilities on a timely basis. Any failure to maintain access to or an adequate inventory of fuel supplies could require us to operate other generating plants at a higher cost or require our members to purchase higher-cost energy from other sources and, as a result, affect our members' ability to perform their contractual obligations to us.

***Georgia is experiencing significant load growth, which is projected to continue over the next several years, which may present risks to the electric system in Georgia and our members.***

Georgia is experiencing significant load growth, which is projected to continue over the next several years, resulting from native load growth and the development of several large commercial projects, including data centers to meet the increased demand for artificial intelligence (AI) resources. In Georgia, loads of 900 kilowatts or more are subject to competition at initial operation, and some of our members are competing for these loads. Our members have been selected to meet some of the additional large loads in their service territories and may be selected for more.

Significant load growth in Georgia is putting pressure on existing generation and transmission infrastructure and will require significant investment to meet anticipated demand. Members who serve large data centers may face increased counterparty risk, as these customers may constitute a disproportionate percentage of their electricity sales, which have historically been primarily residential. Technological changes could alter the development and continued resource needs of

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data centers, and any significant decrease in those needs could affect a counterparty's ability or willingness to pay for large electricity commitments. Additionally, the rapid growth in datacenters in Georgia has led to certain local and state efforts to slow down and potentially limit data center growth. Changes in local or state law could also affect the development of current or proposed data centers which may change current growth projections.

Our members will use the best information available to them to appropriately plan for their anticipated power needs. We do not serve all of our members' power supply requirements, and our members may seek additional generation from us or other third parties. If our members' actual load growth and continued demand is significantly lower than projected, additional power purchase obligations provided by us or other third parties could increase certain members' cost of electric service more than anticipated and could affect their ability to perform their contractual obligations to us.

***The operational life of some of our generating facilities exposes us to potential costs to continue to meet efficiency, reliability and environmental compliance standards.***

Many of our generating facilities were constructed more than 35 years ago and, even if maintained in accordance with good engineering practices, will require significant capital expenditures in order to maintain efficient and reliable operation. Potential operational issues associated with the age of the plants may lead to unscheduled outages, a generating facility being out of service for an extended period, or other service-related interruptions. Further, maintaining facility availability and compliance with applicable efficiency, reliability and environmental standards may require significant capital expenditures or operating reductions at certain of our facilities, and we may decide to reduce or cease operations at those facilities to avoid such capital expenditures or to meet such standards. These expenditures and service interruptions could have the effect of increasing the cost of electric service we provide to our members and, as a result, could affect our members' ability to perform their contractual obligations to us.

***We and the other co-owners may retire our remaining coal-fired generation units in advance of our currently assumed retirement dates which could result in rate recovery challenges.***

We own or lease a 60% interest in Plant Scherer Units No. 1 and No. 2 which constitutes 11% of our total summer planning reserve capacity and represented 10% of the energy we sold to our members in 2025. The percentage of gross energy generated by coal-fired resources we sell to our members has decreased from 45% in 2008 to 10% in 2025. Utilization of coal-fired generation resources is largely dependent on the relative price to generate energy compared to other available generation resources, particularly natural gas-fired resources. In addition, potential new environmental standards could require additional capital expenditures or operating costs that make continued operation of our remaining units at Plant Scherer uneconomical. In recent years, some banking and insurance companies have also voluntarily implemented policies to limit lending to, investing in and insuring utilities that significantly rely on coal-fired generation assets. We are not aware that any of those policies have directly impacted us to date. Similar pressures on coal producers have also increased and could impact our price and supply of coal.

Early retirement of our Plant Scherer units could require us to recover the undepreciated costs for the units over a shorter period. The ownership agreements for Plant Scherer, of which we own or lease 60% in each of Units No. 1 and No. 2, require the consent of participants owning at least 75% of the undivided ownership interests in that unit with respect to any decision to retire the unit. In January 2025, Georgia Power, who owns an 8.4% ownership interest in each of Scherer Units No. 1 and No. 2, as well as 75% of Unit No. 3, filed an integrated resource plan with the Georgia Public Service Commission that noted Georgia Power, as a result of projected load growth in Georgia, was extending commercial operation of Scherer Unit No. 3 to 2038. We have not made a decision regarding the retirement of Plant Scherer Units No. 1 or No. 2 prior to the end of our estimated useful life for the units. We will continue to evaluate the reliability, economics and related environmental requirements of Scherer Units No. 1 and No. 2 in order to provide our members with a balanced, reliable and cost-effective generation portfolio.

The ultimate impact of an early retirement on us and our members would depend on several factors, including the proposed retirement date, our ability to recover costs after the retirement date, the price and availability of any replacement energy and cannot be determined at this time. In order to mitigate the rate impact of any early retirement on our members, we would likely apply for regulatory accounting treatment to spread the early retirement costs over an extended period. These increased costs could affect our members' ability to perform their contractual obligations to us.

***Financial Risk Factors***

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***Our access to, and cost of, capital could be adversely affected by various factors, including market conditions, limitations on the availability of federally-guaranteed loans, federal grants and our credit ratings. Significant constraints on our access to, or increases in our cost of, capital may limit our ability to execute our business plan by impacting our ability to fund capital investments and could adversely affect our financial condition and results of operations.***

We rely on access to external funding sources as a significant source of liquidity for capital expenditures and acquisitions not satisfied by cash flow generated from operations. Unlike most investor-owned utilities, electric cooperatives cannot issue equity securities and therefore rely almost entirely on debt financing.

In connection with our share of the cost to construct the additional units at Plant Vogtle, we obtained $4.6 billion in loans from the Federal Financing Bank and a related loan guarantee from the Department of Energy. We have fully drawn those loans to fund $4.6 billion of eligible project costs. We have also issued more than $3.6 billion of first mortgage bonds to finance our portion of the Vogtle Units No. 3 and No. 4 construction costs and refinance Department of Energy-guaranteed loans that matured before the in-service date of Vogtle Unit No. 4, including an aggregate of $700 million of green first mortgage bonds in June 2024 and January 2025. With these recent bond issuances, we have substantially completed our long-term funding for Vogtle Units No. 3 and No. 4.

Historically, we have relied on federal loan programs guaranteed by the Rural Utilities Service, a branch of the U.S. Department of Agriculture, in order to meet a significant portion of our long-term financing needs, typically at a cost that was lower than traditional capital markets financing. We have applied for Rural Utilities Service funding for long-term financing for our new natural gas resource projects and for a significant amount of our ongoing capital expenditures related to existing plant operation and maintenance and expect to apply for Rural Utilities Service funding for eligible future generation resources and capital projects. However, the availability and magnitude of Rural Utilities Service funding levels are subject to the annual federal budget appropriations process and therefore are subject to uncertainty because of budgetary and political pressures faced by Congress. Additionally, significant growth in power supply needs for electric cooperatives across the country may lead to competition for available funds if funding requests exceed available funding. The timing and continued availability of Rural Utilities Service funding could also be impacted by federal administrative actions or government shutdowns. If the amount of this funding available to us in the future is decreased or eliminated, we would seek alternative sources of debt financing in the traditional capital markets which would likely be at a higher cost.

We have also received a conditional commitment from the Rural Utilities Service under its Empowering Rural America (New ERA) program to refinance outstanding debt associated with Plant Wansley with a 0% loan. The final amount and availability of funding is subject to meeting program requirements and, with respect to the New ERA loan, entering into binding agreements with the Rural Utilities Service. We have also been awarded $81 million by the Department of Energy under its GRIP Program to pay for a portion of the costs related to 75 megawatts of battery storage resources. We are continuing to work through the funding process under the GRIP Program and receipt of funds remains subject to meeting applicable program requirements.

Our access to both short-term and long-term funding remains an important factor in our existing financing plans and will be an important factor in connection with new capital investments. We have entered into multiple credit agreements that provide significant short-term and medium-term liquidity and have successfully accessed the capital markets in the past to satisfy our long-term borrowing needs. We expect to seek additional medium-term liquidity to provide interim financing for the Smarr combine cycle project, and other capital projects and system investments pending the availability of long-term financing. We believe that we will be able to maintain sufficient access to the capital markets based on our current credit ratings. However, our credit ratings reflect the views of the rating agencies, which could change at any point in the future. If one or more rating agencies downgrade us and potential investors take a similar view, our borrowing costs would likely increase and our potential pool of investors, funding sources and liquidity could decrease. In addition, if our credit ratings are lowered below investment grade, collateral calls may be triggered under certain agreements and contracts which would decrease our available liquidity.

Our borrowing costs are also affected by prevailing interest rates. If interest rates have increased at the time we issue fixed rate debt or reset the interest rates on our variable rate debt, our interest costs will increase and our financial condition and future results of operations could be adversely affected.

In addition, market disruptions could constrain, at least temporarily, lenders' willingness or ability to perform their obligations under existing credit agreements and our ability to access additional sources of capital on favorable terms or at all. These disruptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic downturns or uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• instability in domestic or foreign financial markets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a tightening of lending and lending standards by banks and other credit providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall health of the energy and financial industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative events in the energy industry, such as the bankruptcy of an unrelated energy company or the occurrence of a significant natural disaster;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pandemic health events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical instability, war or threat of war; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or threatened cyber or physical attacks on our facilities or the facilities of unrelated energy companies.

Further, certain lenders and investors are taking into account environmental, social and corporate governance criteria when making lending and investment decisions. Although we are not aware of any instances where our access to capital was limited due to these criteria, such considerations could potentially limit the number of lenders or investors who are willing to lend capital to us or other utility companies in the future.

If our ability to access capital becomes significantly constrained or more expensive for any of the reasons stated above or for any other reason, our ability to finance capital expenditures or future acquisitions could be limited and our financial condition and future results of operations could be adversely affected.

***Future capital expenditures are expected to be significant and will continue to increase our debt, which has constrained certain of our financial metrics and may also adversely affect our credit ratings, which would likely increase our borrowing costs and could decrease our access to capital.***

We are in the process of developing and constructing over $3.6 billion of natural gas resources for our members and may pursue additional generation projects or uprates to our existing facilities. These projects follow the recent completion of Vogtle Units No. 3 and No. 4, for which we added $8.6 billion of long-term debt, and the recent acquisition of four natural gas facilities. As we have financed generation assets in the past, we rely on external funding to finance additional generation resources. As of December 31, 2025, we had $12.6 billion of long-term debt outstanding. As a result of these resource additions, through 2024, our debt increased as a percentage of our total capitalization, which constrained our equity ratio. Furthermore, our debt service payment obligations have increased, which has affected certain other financial metrics. Increased debt and the related impacts on our financial metrics could negatively impact our credit ratings. Any downgrade in our credit ratings would likely increase our borrowing costs and could decrease our access to the credit and capital markets.

We are also required to maintain a minimum 1.10 margins for interest ratio under our first mortgage indenture. For most of the development and construction period for the Vogtle units, our board of directors approved budgets to achieve a margins for interest ratio of 1.14 to increase financial coverage during that period of generation expansion. In each of those years, we achieved the board-approved margins for interest ratio. Following completion of Vogtle Unit No. 4, our board of directors lowered the approved margins for interest ratio back to 1.10 for 2025 and is maintaining this level for 2026. We believe that the 1.10 margins for interest ratio is sufficient to allow us to continue to meet our current and projected debt obligations. However, beginning another period of generation expansion with our 1.10 margins for interest ratio may put continued pressure on certain of our financial metrics.

***Changes in fuel prices could have an adverse effect on our cost of electric service.***

We are exposed to the risk of changing prices for fuels, including natural gas, fuel oil, coal and uranium. Our primary fuel price exposure is to natural gas and, for 2025, natural gas expenses constituted 69% of our total fuel costs. We have taken steps to manage this exposure by entering into natural gas swap arrangements designed to manage potential fluctuations in our power rates due to changes in the price of natural gas. We have also entered into fixed or capped price contracts for some of our coal requirements. The operator of our nuclear plants manages price and supply risk through use of long-term fixed or capped price contracts with multiple vendors of uranium ore mining, conversion and enrichment services. However, these arrangements do not cover all of our and our members' risk exposure to increases in the prices of fuels. Further, changes in the utilization of different generation resources may subject us to greater fuel price volatility. Historically, natural gas prices have been more volatile than other fuel sources. Geopolitical events or conflicts, the availability of shale gas, and increasing natural gas demand from LNG terminals along the Gulf Coast may have a significant impact on the cost and supply of natural gas. Increases in fuel prices could significantly increase the cost of electric service we provide to our members and affect their ability to perform their contractual obligations to us.

***Our ability to meet our financial obligations could be adversely affected if our members fail to perform their contractual obligations to us.***

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We depend primarily on revenue from our members under the wholesale power contracts to meet our financial obligations. Our members are our owners, and we do not control their operations or financial performance.

Under Georgia law, our members generally have the exclusive right to provide retail electric service in their respective territories, subject to limited exceptions. Parties have unsuccessfully sought and may continue to seek to advance legislative proposals that will directly or indirectly affect the Georgia Territorial Act in order to allow increased retail competition in our members' service territories which could affect our members' financial performance. Further, our members must forecast their load growth and power supply needs, including how to respond to the significant amount of projected load growth in Georgia. Some of our members are also serving or will serve new large data centers in Georgia which may expose them to increased counterparty risk, potentially for a significant percentage of their sales. If our members acquire more power supply resources than needed, whether from us or other suppliers, or fail to acquire sufficient resources, our members' rates could increase excessively and affect their financial performance. Also, in times of weak economic conditions, sales by our members may not be sufficient to cover costs without rate increases, and our members may not collect all amounts billed to their consumers. Although each member has financial covenants to set rates to maintain certain margin levels and our members' rates are not regulated by the Georgia Public Service Commission, pressure from their consumer members to minimize rate increases could affect financial performance. Thus, we are exposed to the risk that one or more members could default in the performance of their obligations to us under the wholesale power contracts. Our ability to satisfy our financial obligations could be adversely affected if one or more of our members, particularly one of the larger members, defaulted on their payment obligations to us. Although the wholesale power contracts obligate non-defaulting members to pay the amount of any payment default pursuant to a pro rata step-up formula, there can be no guarantee that the non-defaulting members would be able to fulfill this obligation.

***Regulatory, Legislative and Legal Risk Factors***

***Our costs of compliance with environmental laws and regulations are significant and have increased in recent years. Potential new or stricter environmental laws and regulations, including those designed to address air and water quality, coal combustion residuals and other matters, may result in significant increases in compliance costs or operational restrictions.***

As with most electric utilities, we are subject to extensive federal, state and local environmental requirements which regulate, among other things, air pollutant emissions, wastewater discharges and the management of hazardous and solid wastes. Compliance with these requirements requires significant expenditures for the installation, maintenance and operation of pollution control equipment, monitoring systems and other equipment or facilities or operating restrictions.

The federal environmental regulatory landscape shifted significantly during 2025 and early 2026. The Trump administration issued several executive orders addressing environmental regulations and the EPA took actions that affected existing environmental regulations, and proposed new or replacement regulations in several areas. The ultimate impact of litigation challenging EPA rules finalized prior to 2025, and the impact of EPA's actions and replacement rules, including litigation challenging such actions, is uncertain.

These actions continue a trend of U.S. presidential administrations relying on regulations and executive orders to implement environmental policies in the absence of Congressional action. This course of action creates instability and uncertainty of environmental regulations, and we may need to make decisions based on regulations or executive orders that are subsequently rescinded, revised or replaced. More stringent or new standards could require us to modify the design or operation of existing facilities and result in significant increases in the cost of electricity or decreases in the amount of energy (due to operational constraints) we provide to our members.

We are investing in facility upgrades to meet the coal combustion residuals rule and effluent limitations guidelines and estimate our total capital cost for compliance at Plant Scherer to be approximately $270 million, of which approximately $200 million had been spent as of December 31, 2025. Expenditures for the settlement of related asset retirement obligations, including coal ash disposal, at our operating and retired coal plants are approximately $600 million to $800 million (in year of expenditure dollars), approximately $107 million of which had been spent as of December 31, 2025. If Georgia's requirements for coal ash disposal at Plant Scherer are subsequently revised or the proposed closure plans are not approved, our estimated compliance costs could increase materially. We continue to review the ultimate cost of these rules on our co-owned coal facilities which may be affected by any revised rules or litigation challenging those rules and cannot be determined at this time.

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Litigation relating to environmental issues, including claims of property damage, personal injury or common law nuisance caused by plant emissions, including greenhouse gases, wastewater discharges or solid waste disposal, including coal combustion residuals, is generally increasing throughout the U.S. Likewise, actions by private citizen groups to enforce environmental laws and regulations are also becoming increasingly prevalent.

While we will continue to exercise our best efforts to comply with all applicable regulations, there can be no assurance that we will always be in compliance with all current and future environmental requirements. Failure to comply with existing and future requirements, even if this failure is caused by factors beyond our control, could result in civil and criminal penalties and could cause the complete shutdown of individual generating units not in compliance with these regulations. Any additional federal or state environmental restrictions imposed on our operations could result in significant additional compliance costs, including capital expenditures. Such costs could affect future unit retirement and replacement decisions and may result in significant increases in the cost of electric service. The cost impact of future legislation, regulation, judicial interpretations of existing laws or regulations, or international obligations will depend upon the specific requirements thereof and cannot be determined at this time. For additional information regarding certain environmental regulations to which our business is subject, see "BUSINESS —REGULATION—Environmental".

***Legislative and regulatory actions intended to address climate change and to reduce greenhouse gas emissions, including carbon dioxide, may result in significant compliance costs or expenses.***

Despite the current presidential administration, concerns regarding climate change remain prevalent and future responses to those concerns by policymakers, regulators, investors, consumers and other stakeholders may affect us and our members in various ways. The costs associated with legislative or regulatory actions intended to reduce greenhouse gas emissions could be significant. However, recent actions by the executive branch have created significant uncertainty regarding EPA's greenhouse gas regulations applicable to our resources.

In May 2024, EPA published final rules to limit greenhouse gas emissions from fossil-fueled electric generating units under Section 111 of the Clean Air Act in a manner consistent with the United States' nationally determined contribution under the Paris Climate Agreement. As written, EPA's 2024 final rule addressing greenhouse gases 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. This rule was immediately challenged and continues to be the subject of litigation in the U.S. Court of Appeals for the District of Columbia.

In January 2025, President Trump signed an executive order withdrawing the United States from the Paris Climate Agreement and any attendant obligations, which became effective in January 2026. In June 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 carbon capture and sequestration-based standards for new gas-fired combustion turbines. In February 2026, the EPA repealed its 2009 endangerment finding for greenhouse gases for motor vehicles although it is unclear what effect the repeal might have on EPA's forthcoming final rule. Although we continue to evaluate the impact of EPA's greenhouse gas rules on our power plants, we cannot predict the outcome of any regulatory actions or the result of potential litigation challenging any of these actions. Even if finalized, regulatory environmental policies are subject to change based on the priorities of the then-current administration, which creates uncertainty and unpredictability for longer-term planning.

Federal and state legislative and regulatory efforts to limit greenhouse gas emissions for motor vehicles, including carbon dioxide, and reduce the potential impacts of climate change may continue over the long-term. The timing, cost and effect of any future laws or regulations attempting to address climate change and reduce greenhouse gas emissions are uncertain. However, such laws or regulations could impose operational restrictions on affected generating facilities and impose substantial costs on our business.

***General Business Risk Factors***

***Technology and information systems utilized by us, our members and third parties with whom we do business are subject to risk of failure, loss of access or cybersecurity breaches which could affect our ability to operate and expose us to litigation, regulatory action and reputational harm.***

We operate in a highly regulated industry that requires advanced information technology systems and network infrastructure. Because our generation resources are part of broader interconnected systems that constitute a part of the nation's energy infrastructure, we are at an increased risk of cyberattack.

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Cyber actors, including those associated with foreign governments, have attacked and threatened to attack energy infrastructure. Various regulators have increasingly stressed that these attacks, including ransomware attacks, and attacks targeting utility systems and other critical infrastructure, are increasing in sophistication, magnitude, and frequency. In particular, certain actors, such as nation-state and state-sponsored actors, can deploy significant resources and employ sophisticated methods to plan and carry out attacks. Risk of these attacks may escalate during periods of heightened geopolitical tensions.

Our generation assets and information technology systems, and those of our co-owned plants, could be directly or indirectly affected by deliberate or unintentional cyber incidents. If our technology systems were to be breached or otherwise fail, we may be unable to fulfill critical business functions, including the operation of our generation assets and our ability to effectively maintain certain internal controls over financial reporting. We and our third-party vendors have been subject to attempts to gain unauthorized access to our respective technology systems and confidential data and attempts to disrupt our operations. To date, none of the attempts on our systems have been successful; however, we cannot guarantee that our security efforts will prevent, detect or limit future attempts to breach or compromise our technology and information systems.

Further, our generation assets rely on an integrated transmission system to deliver power to our members, and a disruption of this transmission system could negatively impact our ability to do so. In order to reduce the likelihood and severity of any cyber incident, we have comprehensive cybersecurity programs designed to protect and preserve the confidentiality, integrity and availability of data and systems. Despite these protections, a major cyber incident could result in significant business disruption and expenses to repair security breaches or system damage and could lead to litigation, regulatory action, including fines, and an adverse effect on our reputation.

***Advances in power generation and energy storage technologies, including decreasing renewable energy costs and the broad adoption of distributed generation technologies, in our members' service territories could result in the cost of our electric service being less competitive.***

Our business model is to provide our members with wholesale electric power at the lowest possible cost. A key element of this model is that generating power at central station power plants achieves economies of scale and produces power at a competitive cost. Renewable energy, distributed generation or energy storage technologies currently exist or are in development, such as large-scale batteries, fuel cells, micro turbines, windmills and solar cells, some of which are capable of producing or storing electric power at costs that are comparable with, or lower than, our cost of generating power. If these technologies were to develop sufficient economies of scale and be broadly adopted in our members' service territories, it could adversely affect our ability to recover the fixed costs related to and the value of our generating facilities and significantly increase the cost of electric service we provide to our members and affect their ability to perform their contractual obligations to us.

***We are subject to the risk that counterparties may fail to perform their contractual obligations which could adversely affect us.***

We routinely execute transactions with counterparties in the energy and financial services industries. These transactions include credit facilities, generation resource development and construction, equipment manufacturing, natural gas pipelines, co-owner agreements, contracts related to the market price and supply of natural gas and coal, power sales and purchases and parent guarantees. Many of these transactions expose us to the risk that our counterparty may fail to perform its contractual obligations. If a defaulting counterparty is in poor financial condition, we may not be able to recover damages for any breach of contract.

In the context of development, construction and equipment manufacturing agreements, a counterparty's failure to perform its contractual obligations under the applicable agreement could impact the project cost and schedule and potentially project completion.

***Regardless of our financial condition, investors' ability to trade our debt securities may be limited by the absence of an active trading market and there is no assurance that any trading market will develop or continue to remain active.***

Our debt securities are not listed on any national securities exchange or quoted on any automated quotation system although certain series of our debt securities may be included in a fixed income index. Various dealers have made a market in certain of our debt securities and at times certain of our debt securities have an active trading market; however, other of our debt securities have no active trading market. We have remarketing agreements in place for certain of our variable rate bonds and if a particular series of new debt securities is offered through underwriters, those underwriters may attempt to make a market in the debt securities. Dealers or underwriters have no obligation to make a market in any of our debt securities and may terminate any market-making activities at any time, for any reason, without notice. Further, removal from any index may

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have an adverse effect on the liquidity of the trading market, if any, for our debt securities removed from that index. As a result, we cannot provide any assurance as to the liquidity of any trading market for our debt securities, the ability of holders to sell their debt securities or the price at which holders will be able to sell their debt securities.

Even in an active trading market, future prices of our debt securities will depend on several factors, including prevailing interest rates, the then-current ratings assigned to the debt securities, the number of holders of the debt securities, the amount of our debt securities outstanding, the market for similar securities and our financial and operating results.

***ITEM 1B.&nbsp;&nbsp;&nbsp;&nbsp;UNRESOLVED STAFF COMMENTS***

None.

***ITEM 1C.&nbsp;&nbsp;&nbsp;&nbsp;CYBERSECURITY***

**Risk Management and Strategy**

Our generating facilities are part of the United States' energy infrastructure system and we face a myriad of cybersecurity threats. As such, cybersecurity is an area of continuous focus and we maintain a comprehensive cybersecurity risk management program with processes in place to assess, identify and manage cybersecurity risks. Our management and oversight of direct and indirect cybersecurity risks and our response to any cybersecurity incident is an integral part of our business.

We have a long-standing focus on cybersecurity risks and compliance with applicable safety protocols. Our primary cybersecurity focus areas are plant infrastructure, data privacy, and outsourced services. Within these areas, we maintain multi-faceted, layered security programs designed to protect and preserve the confidentiality, integrity and availability of data and systems. Within our organization, we have a mature information technology security program and cybersecurity responsibilities are clearly defined. We regularly invest in technology and information system upgrades designed to prevent, detect and respond to attacks. We also perform tabletop exercises for executive leadership.

We require all employees to complete quarterly cybersecurity-related training and awareness programs. We review the cybersecurity practices of our vendors who provide goods and/or services that could impact our plant control systems and require contractors with access to our plant control rooms to complete annual cybersecurity-related training. We also require enhanced diligence reviews on all contractors and employees who have access to our plant control systems.

As part of the nation's critical infrastructure network, we are subject to certain mandatory reliability standards, which include cybersecurity requirements. We have a formal compliance program to establish, monitor and maintain compliance that includes comprehensive cybersecurity elements designed to protect and preserve our critical information and energy infrastructure systems. We reference industry and government frameworks and best practices to continuously improve our cybersecurity program and we participate in industry groups and information sharing exchanges to understand emerging cybersecurity trends and threats.

Georgia Transmission and Georgia System Operations provide us with certain transmission and system operations services that enable us to deliver energy to our members. As part of our risk management approach, we coordinate our cybersecurity preparedness and response planning with Georgia Transmission and Georgia System Operations.

As part of our approach to cyber risk management, we regularly perform internal audits of internal processes and controls relating to cybersecurity to assess and enhance the effectiveness of our security programs. From time to time, as appropriate under our overall cybersecurity program, we engage third-party experts to support and audit our cybersecurity preparedness. We have also adopted cybersecurity incident response guidelines. As required by these guidelines, teams and plans are in place to respond to any cybersecurity incident, including internal and external communication responsibilities.

As of the date of this annual report, we have not experienced any cybersecurity incident that has materially affected our business. See "RISK FACTORS" for a discussion of cybersecurity risks that may affect us.

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**Governance**

Our board of directors, along with the audit committee of our board of directors, is responsible for oversight of our cybersecurity risks and receives regular reports regarding our assessment and management of cybersecurity risks and information regarding any significant cybersecurity incidents.

Our board has adopted a policy regarding cybersecurity and delegated administration of the policy to our President and Chief Executive Officer.

Currently, our risk management and compliance committee, comprised of our chief executive officer, chief operating officer, chief financial officer, and the executive vice president of member and external relations, assesses and monitors material risks from cybersecurity threats. Members of our risk management and compliance committee receive regular updates regarding the prevention, mitigation, and detection of cybersecurity incidents and would oversee the response and remediation of any material cybersecurity incident. Our risk management and compliance committee also ensures our board of directors is briefed on cybersecurity risks, makes materiality determinations with regards to cybersecurity risks and monitors the active management of cybersecurity risks by internal and external teams. For additional information regarding our board of directors' risk oversight activities, see "DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE – Board of Directors' Role in Risk Oversight."

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***ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;PROPERTIES***

**Generating Facilities**

As of December 31, 2025, we owned, leased or had undivided percentage interests in the generating facilities identified in the table below. Substantially all of our interests in these facilities or agreements, as applicable, are subject to the lien of the first mortgage indenture.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Facilities** | **Type of<br>Fuel** | **Percentage<br>Interest** | **Our Summer Planning Reserve Capacity**<sup>(1)</sup><br>**(megawatts)** | **Commercial<br>Operation<br>Date** | **License<br>Expiration<br>Date** | **License<br>Expiration<br>Date** |
| Plant Hatch (near Baxley, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 1 | Nuclear | 30 | 262.2 | 1975 | 2034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 2 | Nuclear | 30 | 264.3 | 1979 | 2038 |  |
| Plant Vogtle (near Waynesboro, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 1 | Nuclear | 30 | 344.5 | 1987 | 2047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 2 | Nuclear | 30 | 344.7 | 1989 | 2049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 3 | Nuclear | 30 | 334.5 | 2023 | 2062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 4 | Nuclear | 30 | 334.5 | 2024 | 2063 |  |
| Plant Scherer (near Forsyth, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 1 | Coal | 60 | 515.0 | 1982 | N/A | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 2 | Coal | 60 | 515.0 | 1984 | N/A | <sup>(2)</sup> |
| Rocky Mountain (near Rome, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-3 | Pumped Storage Hydro | 74.61 | 816.9 | 1995 | 2026 | <sup>(3)</sup> |
| Baconton (near Baconton, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit 500 | Gas-Oil | 100 | 44.3 | 2000 | N/A | <sup>(2)</sup> |
| BC Smith (near Savannah, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 1 | Gas | 100 | 527.0 | 2003 | N/A | <sup>(2)</sup> |
| Chattahoochee (near Carrollton, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit No. 1 | Gas | 100 | 484.5 | 2003 | N/A | <sup>(2)</sup> |
| Doyle (near Monroe, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-5 | Gas | 100 | 272.1 | 2000 | N/A | <sup>(2)</sup> |
| Hartwell (near Hartwell, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-2 | Gas-Oil | 100 | 304.9 | 1994 | N/A | <sup>(2)</sup> |
| Hawk Road (near Franklin, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-3 | Gas | 100 | 478.2 | 2001 | N/A | <sup>(2)</sup> |
| Talbot (near Columbus, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-4 | Gas-Oil | 100 | 449.6 | 2002 | N/A | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 5-6 | Gas-Oil | 100 | 226.0 | 2003 | N/A | <sup>(2)</sup> |
| TA Smith (near Dalton, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-2 | Gas | 100 | 1294.6 | 2002 | N/A | <sup>(2)</sup> |
| Walton County (near Monroe, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 1-3 | Gas | 100 | 449.7 | 2001 | N/A | <sup>(2)</sup> |
| Washington County (near Sandersville, GA) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units No. 2-3 | Gas-Oil | 100 | 326.0 | 2003 | N/A | <sup>(2)</sup> |
| **TOTAL** |  |  | 8588.5 |  |  |  |

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(1)Summer Planning Reserve Capacity is the amount used for 2026 capacity reserve planning for the specified resources. Megawatt amounts in this table represent our portion of the total capacity at each facility based on our percentage interest.

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(2)Fossil-fuel fired units do not operate under operating licenses similar to those granted to nuclear units by the Nuclear Regulatory Commission and to hydroelectric plants by FERC.

(3)In 2024, we submitted an application for a new license with FERC. The FERC may set a new license term for between 30-50 years, with FERC's default being 40 years.

**Fuel Supply**

For information regarding the electricity generated with each fuel type and its cost, see "MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – Results of Operations – *Operating Expenses."*

*Coal.*&nbsp;&nbsp;&nbsp;&nbsp;Coal for Scherer Units No. 1 and No. 2 is purchased under term contracts and in spot market transactions. As of February 28, 2026, our coal stockpile at Plant Scherer contained a 38 day supply based on continuous operation. Plant Scherer burns sub-bituminous coal purchased from coal mines in the Powder River Basin in Wyoming.

We dispatch our interest in Plant Scherer, but use Georgia Power as our agent for fuel procurement. As of December 31, 2025, we leased approximately 709 railcars to transport coal. Over the past few years, we have managed rail-related delays in connection with our coal supply.

*Nuclear Fuel.*&nbsp;&nbsp;&nbsp;&nbsp;Georgia Power, as operating agent, has the responsibility to procure nuclear fuel for Plants Hatch and Vogtle. Georgia Power has contracted with Southern Nuclear to operate these plants, including nuclear fuel procurement. Southern Nuclear has contracted with multiple suppliers for uranium ore, conversion services, enrichment services and fuel fabrication to satisfy nuclear fuel requirements. Most contracts are short to medium-term. The nuclear fuel supply and related services are expected to be adequate to satisfy current and future nuclear generation requirements.

*Natural Gas.*&nbsp;&nbsp;&nbsp;&nbsp;We purchase the natural gas, including transportation and other related services, needed to operate our natural gas-fired generation resources. We purchase natural gas in the spot market and under longer-term agreements at daily market prices. We have entered into hedge agreements to manage a portion of our exposure to fluctuations in the market price of natural gas. We manage exposure to such risks only with respect to members that elect to receive such services. We have entered into long-term firm contracts for transportation of a significant percentage of our anticipated natural gas supply. We also purchase transportation under short-term firm and non-firm contracts. See "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK – Commodity Price Risk."

**Co-Owners of Plants**

Plants Hatch, Vogtle, and Scherer Units No. 1 and No. 2 are co-owned by Georgia Power, MEAG Power, the City of Dalton and us, and Rocky Mountain is co-owned by Georgia Power and us. Each co-owner owns or leases undivided interests in the amounts shown in the following table. We are the operating agent for Rocky Mountain. Georgia Power is the operating agent for each of the other plants.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nuclear** | **Nuclear** | **Nuclear** | **Nuclear** | **Coal-Fired** | **Coal-Fired** | **Pumped <br>Storage** | **Pumped <br>Storage** | |
| | **Plant Hatch** | **Plant Hatch** | **Plant Vogtle** | **Plant Vogtle** | **Plant Scherer Units<br>No. 1 & No. 2** | **Plant Scherer Units<br>No. 1 & No. 2** | **Rocky Mountain** | **Rocky Mountain** |<br>**Total** |
| | **%** | **MW**<sup>(1)</sup> | **%** | **MW**<sup>(1)</sup> | **%** | **MW**<sup>(1)</sup> | **%** | **MW**<sup>(1)</sup> | **MW**<sup>(1)</sup> |
| Oglethorpe | 30.0 | 539 | 30.0 | 1423 | 60.0 | 982 | 74.6 | 633 | 3577 |
| Georgia Power | 50.1 | 900 | 45.7 | 2167 | 8.4 | 137 | 25.4 | 215 | 3419 |
| MEAG Power | 17.7 | 318 | 22.7 | 1076 | 30.2 | 494 |  |  | 1888 |
| Dalton | 2.2 | 39 | 1.6 | 76 | 1.4 | 23 |  |  | 138 |
| Total | 100.0 | 1796 | 100.0 | 4742 | 100.0 | 1636 | 100.0 | 848 | 9022 |

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(1)Based on nameplate ratings.

*Georgia Power Company*

Georgia Power is a wholly owned subsidiary of The Southern Company and is engaged primarily in the generation and purchase of electric energy and the transmission, distribution and sale of this energy. Georgia Power distributes and sells

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energy within the State of Georgia at retail in over 530 communities, including Athens, Atlanta, Augusta, Columbus, Macon, Rome and Savannah, as well as in rural areas, and at wholesale to some of our members, MEAG Power and two municipalities. Georgia Power is the largest supplier of electric energy in the State of Georgia. See "BUSINESS – OGLETHORPE POWER CORPORATION – Relationship with Georgia Power Company." Georgia Power is subject to the informational requirements of the Exchange Act, and, in accordance therewith, files reports and other information with the SEC.

*Municipal Electric Authority of Georgia*

The Municipal Electric Authority of Georgia, also known as MEAG Power, is a state-chartered, municipal joint-action agency that provides capacity and energy to its membership of 49 municipal electric utilities, including 48 cities and one county in the State of Georgia. MEAG Power has wholesale take-or-pay power sales contracts with each of its participants. MEAG Power is Georgia's third largest power supplier behind Georgia Power and us.

*City of Dalton, Georgia*

Dalton Utilities is a combined utility that provides electric, gas, water and wastewater services to the city of Dalton, located in northwest Georgia, and some of the surrounding communities.

**The Plant Agreements**

*Plants Hatch, Vogtle and Scherer*

Our rights and obligations with respect to Plants Hatch, Vogtle and Scherer are contained in a number of contracts between Georgia Power and us and, in some instances, MEAG Power and the City of Dalton. We are a party to three Purchase and Ownership Participation Agreements (Ownership Agreements) under which we acquired from Georgia Power a 30% undivided interest in each of Plants Hatch and Vogtle Units No. 1 and No. 2, a 60% undivided interest in Scherer Units No. 1 and No. 2 and a 30% undivided interest in those facilities at Plant Scherer intended to be used in common by Scherer Units No. 1, No. 2, No. 3 and No. 4 (the Scherer Common Facilities). We have also entered into three Operating Agreements (Operating Agreements) relating to the operation and maintenance of Plants Hatch, Vogtle Units No. 1 and No. 2 and Scherer, respectively. The Ownership Agreement and Operating Agreement relating to Plant Hatch is a two-party agreement between Georgia Power and us. The Ownership Agreements and Operating Agreements relating to Plants Vogtle Units No. 1 and No. 2 and Scherer are agreements among Georgia Power, MEAG Power, the City of Dalton and us. The parties to each Ownership Agreement and Operating Agreement are referred to as "participants" with respect to each such agreement.

We have a 30% undivided interest in Vogtle Units No. 3 and No. 4. In conjunction with the development of these units, we, Georgia Power, MEAG Power and the City of Dalton entered into amendments to the Operating Agreement for Plant Vogtle and the Nuclear Managing Board Agreement, and entered into an Ownership Agreement that governs participation in Vogtle Units No. 3 and No. 4. Pursuant to this ownership agreement, Georgia Power has designated Southern Nuclear as its agent for licensing, engineering, procurement, and contract management.

In 1985, in four transactions, we sold our entire 60% undivided ownership interest in Scherer Unit No. 2 to four separate owner trusts established by investors and then leased back the 60% interest. We retained all of our rights and obligations as a participant under the Ownership and Operating Agreements relating to Scherer Unit No. 2 for the term of the leases. We have extended three of the leases to 2027 and the fourth lease to 2031. The leases provide for further lease renewal and also include fair market value purchase options at specified dates. See Note 6 of Notes to Consolidated Financial Statements. In the following discussion, references to participants "owning" a specified percentage of interests include our rights as a deemed owner with respect to our leased interests in Scherer Unit No. 2.

The Ownership Agreements appoint Georgia Power as agent with authority and responsibility for, among other things, the planning, licensing, design, construction, renewal, addition, modification and disposal of Plants Hatch, Vogtle and Scherer Units No. 1 and No. 2 and the facilities used in common at Plant Scherer. Each Operating Agreement gives Georgia Power, as agent, authority and responsibility for the management, control, maintenance and operation of the plant to which it relates. Each Operating Agreement also provides for the use of power and energy from the plant and the sharing of the costs of the plant by the participants in accordance with their respective interests in the plant. In performing its responsibilities under the Ownership and Operating Agreements, Georgia Power is required to comply with prudent utility practices. Georgia

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Power's liabilities with respect to its duties under the Ownership and Operating Agreements are limited by the terms of these agreements.

Under the Ownership Agreements, we are obligated to pay a percentage of capital costs of the respective plants, as incurred, equal to the percentage interest which we own or lease at each plant. With respect to Scherer Units No. 1 and No. 2, the participants have certain limited rights to disapprove capital budgets proposed by Georgia Power and to substitute alternative capital budgets. With respect to Plants Hatch and Vogtle, any co-owner has the right to disapprove large discretionary capital improvements.

The Scherer Ownership Agreement requires the consent of participants owning at least an aggregate 75% undivided ownership interest in the applicable unit (effectively us and MEAG Power) for actions with respect to the retirement of all or any part of the applicable unit.

In 1993, the co-owners of Plants Hatch and Vogtle entered into the Amended and Restated Nuclear Managing Board Agreement, which provides for a managing board to coordinate the implementation and administration of the Plant Hatch and Plant Vogtle Ownership and Operating Agreements, provides for increased rights for the co-owners regarding certain decisions and allows Georgia Power to contract with a third party for the operation of the nuclear units. In 1997, Georgia Power designated Southern Nuclear as the operator of Plants Hatch and Vogtle, pursuant to the Nuclear Operating Agreement between Georgia Power and Southern Nuclear, which the co-owners had previously approved. In connection with the amendments to the Plant Scherer Ownership and Operating Agreements, the co-owners of Plant Scherer entered into the Plant Scherer Managing Board Agreement which provides for a managing board to coordinate the implementation and administration of the Plant Scherer Ownership and Operating Agreements and provides for increased rights for the co-owners regarding certain decisions, but does not alter Georgia Power's role as agent with respect to Plant Scherer.

The Operating Agreements provide that we are entitled to a percentage of the net capacity and net energy output of each plant or unit equal to our percentage undivided interest owned or leased in such plant or unit. Georgia Power, as agent, schedules and dispatches Plants Hatch and Vogtle. The Plant Scherer ownership and operating agreement allows each co-owner (i) to dispatch separately its respective ownership interest in conjunction with contracting separately for long-term coal purchases procured by Georgia Power and (ii) to procure separately long-term coal purchases. We separately dispatch our ownership share of Scherer Units No. 1 and No. 2.

For Plants Hatch and Vogtle, each participant is responsible for a percentage of operating costs (as defined in the Operating Agreements) and fuel costs of each plant or unit equal to the percentage of its undivided interest which is owned or leased in such plant or unit. For Scherer Units No. 1 and No. 2, each party is responsible for its fuel costs and for variable operating costs in proportion to the net energy output for its ownership interest, and is responsible for a percentage of fixed operating costs equal to the percentage of its undivided interest which is owned or leased in such plant or unit. Georgia Power is required to furnish budgets for operating costs, fuel plans and scheduled maintenance plans. In the case of Scherer Units No. 1 and No. 2, the participants have limited rights to disapprove such budgets proposed by Georgia Power and to substitute alternative budgets. The Ownership Agreements and Operating Agreements provide that, should a participant fail to make any payment when due, among other things, such nonpaying participant's rights to output of capacity and energy would be suspended.

The Operating Agreements for Plant Hatch and Plant Vogtle will remain in effect with respect to each unit for so long as a Nuclear Regulatory Commission operating license exists for such unit. See "BUSINESS – REGULATION – Nuclear Regulation." The Operating Agreement for Scherer Units No. 1 and No. 2 expires on January 31, 2028 and automatically renews for additional two year terms subject to notice of termination provisions. Upon termination of each Operating Agreement, following any extension agreed to by the parties, Georgia Power will retain such powers as are necessary in connection with the disposition of the property of the applicable plant, and the rights and obligations of the parties shall continue with respect to actions and expenses taken or incurred in connection with such disposition.

The Georgia Public Service Commission has approved Georgia Power's proposed upgrades to Plant Vogtle Units No. 1 and No. 2, which would be available in 2029 through 2031, that would increase our nameplate capacity by an aggregate of approximately 30 megawatts (based on our 30% interest).

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*Rocky Mountain*

The Rocky Mountain Pumped Storage Hydroelectric Ownership Participation Agreement, by and between us and Georgia Power (the Rocky Mountain Ownership Agreement), appoints us as agent with sole authority and responsibility for, among other things, the planning, licensing, design, construction, operation, maintenance and disposal of Rocky Mountain. The Rocky Mountain Pumped Storage Hydroelectric Project Operating Agreement (the Rocky Mountain Operating Agreement) gives us, as agent, sole authority and responsibility for the management, control, maintenance and operation of Rocky Mountain.

In general, each co-owner is responsible for payment of its respective ownership share of all operating costs and pumping energy costs as well as costs incurred as a result of any separate schedule or independent dispatch. A co-owner's share of net available capacity and net energy is the same as its respective ownership interest under the Rocky Mountain Ownership Agreement. We and Georgia Power have each elected to schedule separately our respective ownership interests. The Rocky Mountain Operating Agreement will terminate in 2035. The Rocky Mountain Ownership and Operating Agreements provide that, should a co-owner fail to make any payment when due, among other things, such non-paying co-owner's rights to output of capacity and energy or to exercise any other right of a co-owner would be suspended until all amounts due, with interest, had been paid. The capacity and energy of a non-paying co-owner may be purchased by a paying co-owner or sold to a third party.

***ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS***

See Note 12 of Notes to Consolidated Financial Statements.

***ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES***

Not Applicable.

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***PART II***

***ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES***

Not applicable.

***ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;SELECTED FINANCIAL DATA***

The following table presents selected historical financial and statistical data. The financial data presented as of the end of and for each year in the three-year period ended December 31, 2025, has been derived from our consolidated audited financial statements. This data should be read in conjunction with "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" and the "FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA."

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| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | 2023 |
| **STATEMENTS OF REVENUES AND EXPENSES DATA** |  |  |  |
| **Operating revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to members | $**2442690** | $2145522 | $1681566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to non-members | **98502** | 36325 | 58619 |
| **Operating expenses** | $**2004647** | $1698351 | $1463119 |
| **Other income, net** | $**44482** | $67390 | $81049 |
| **Net interest charges** | $**525672** | $480385 | $292325 |
| **Net margin** | $**55355** | $70501 | $65790 |
| **BALANCE SHEET DATA** |  |  |  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | $**787886** | $320167 | $3294641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total electric plant | $**13228914** | $12712076 | $12680395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**17149799** | $16477538 | $16524851 |
| **Capitalization:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Patronage capital and membership fees | $**1383773** | $1328418 | $1257917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and obligations under finance leases | **12599232** | 12686674 | 12149489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligation under Rocky Mountain transactions | **34099** | 31910 | 29862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **5284** | 5715 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt and equities | $**14022388** | $14052717 | $13442420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Long-term debt and finance leases due within one year | **391726** | 398979 | 384426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Unamortized debt issuance costs and bond discounts | **120065** | 120328 | 120560 |
| **Total capitalization** | $**13510597** | $13533410 | $12937434 |
| **OTHER DATA** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Megawatt hours sold to members<sup>(1)</sup> | **33086185** | 31001082 | 28289147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Member energy requirements (MWh)<sup>(2)</sup> | **45836479** | 44245782 | 41370456 |
| Percentage of Member energy requirements supplied | **72%** | 70% | 68% |
| Member revenues per kWh sold | **7.38 ¢** | 6.92 ¢ | 5.94 ¢ |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Ratio<sup>(3)</sup> | **9.9%** | 9.5% | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Margins for Interest Ratio<sup>(4)</sup> | **1.10** | 1.14 | 1.14 |

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

(2) Retail requirements served by our and member resources, adjusted to include requirements served by resources, to the extent known by us, behind the delivery points. See "BUSINESS – OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources." Also includes energy we supplied to our own facilities.

(3) Our equity ratio is calculated, pursuant to our first mortgage indenture, by dividing patronage capital and membership fees by total capitalization plus unamortized debt issuance costs and bond discounts and long-term debt and finance leases due within one year ("Total long-term debt and equities" in the table above). We have no financial covenant that requires us to maintain a minimum equity ratio; however, a covenant in the first mortgage indenture restricts distributions of equity (patronage capital) to our members if our equity ratio is below 20%. We also have covenants in three of our line of credit agreements that require us to maintain minimum total patronage capital, the highest of which is $900 million.

(4) Our margins for interest ratio is calculated on an annual basis by dividing our margins for interest by interest charges, both as defined in our first mortgage indenture. The first mortgage indenture obligates us to establish and collect rates that, subject to any necessary regulatory approvals, are reasonably expected to yield a margins for interest ratio equal to at least 1.10 for each fiscal year. In addition, the first mortgage indenture requires us to demonstrate that we have met this requirement for certain historical periods as a condition to issuing additional obligations under the first mortgage indenture. For 2023 and 2024, our board of directors approved a budget to achieve a 1.14 margins for interest ratio, above the minimum 1.10 ratio required by the first mortgage indenture. For 2025 and 2026, our board of directors approved a budget to achieve a 1.10 margins for interest ratio. As our capital requirements continue to evolve, our board of directors will continue to evaluate the level of margin coverage and may choose to change the targeted margins for interest ratio in the future, although not below 1.10.

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***ITEM 7.&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS***

**Executive Overview**

*General*

Consistent with our cooperative mission, our principal business is providing wholesale electric service to our 38 members in a reliable, safe and cost-effective manner. In 2025, we served 72% of our members' power supply needs from our diverse portfolio of generating units that totals 8,589 megawatts of summer planning reserve capacity. Consequently, substantially all of our revenues and cash flow are derived from sales to our members pursuant to take-or-pay wholesale power contracts which extend until 2085. These contracts obligate our members jointly and severally to pay all of our costs and expenses associated with owning and operating our power supply business which provides revenue stability to support our members' long-term power supply needs. To that end, our rate structure provides for a pass-through of actual energy costs to our members. Charges for fixed costs, including capacity, other non-energy charges, debt service obligations and the margin required to meet our budgeted margins for interest ratio are established based on an annual budget, and are allocated to our members regardless of energy usage. This budget may be adjusted throughout the year to ensure full cost recovery and margin coverage. Our rate structure provides us with the ability to manage our revenues to assure full recovery of our costs and has enabled us consistently to meet our financial obligations since our formation in 1974.

*2025 Financial Results*

We had another successful year in 2025 and continue to be well positioned, both financially and operationally, to fulfill our obligations to our members, bondholders and creditors.

In 2025, our operating revenues increased to $2.5 billion, and we sold over 33.0 million megawatt hours to our members compared to $2.2 billion in revenues and 31.0 million megawatt hours sold to our members in 2024. In 2025, our revenues were sufficient to recover all of our costs and to satisfy our debt service obligations and financial covenants. Specifically, we recorded a net margin of $55.4 million in 2025, which achieved the 1.10 margins for interest ratio as approved by our board of directors and is required to meet the rate covenant under our first mortgage indenture. For 2026, our board of directors has approved a budgeted margins for interest ratio of 1.10. Our cost-plus formulary rate structure ensures recovery of costs on a monthly basis, and we remain focused on delivering cost-effective, reliable power to our members rather than on maximizing revenues.

As a result of expanding our portfolio of generation resources through the completion of Vogtle Units No. 3 and No. 4 in 2024 and the acquisition of multiple natural gas-fired generation resources and the upgrading of our existing generation facilities, our total assets and total debt have significantly increased over the past several years. At December 31, 2025, our total assets were $17.1 billion and total long-term debt was $12.6 billion. We are also in the process of developing and constructing additional generation resources on behalf of our members which will continue to increase our total assets and long-term debt.

We have strategically financed and refinanced capital investments over the last several years with long-term debt through the Department of Energy and Rural Utilities Service loan guarantee programs, and taxable and tax-exempt capital markets offerings. This has enabled us to borrow long-term debt at relatively low rates and our weighted average interest cost on long-term debt was 4.07% per annum at December 31, 2025. We will continue to actively manage our debt portfolio and utilize advantageous borrowing programs available to us as our ability to borrow at lower costs ultimately benefits our members and their customers as interest savings are reflected in our pass-through rate structure.

Fiscal year 2025 represented the first year in which the costs of both Vogtle Unit No. 3 and Unit No. 4 were reflected in member rates for the entire year. Even including costs related to the new Vogtle units, our average wholesale power cost to our members remained below 7.5 cents per kilowatt hour in 2025. Fiscal year 2025 was also the first year our target margins for interest ratio returned to the pre-construction level of 1.10. Consequently, our 2025 financial results represent a normalized operating profile under our cost-plus formulary rate structure and serves as a relevant baseline for our long-term financial planning. Following the completion of the Vogtle units, we are continuing to advance additional generation projects to meet our members' projected needs.

*New Resources to Meet Member Demand* 

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Georgia is experiencing significant load growth, which is projected to continue over the next several years. This growth is a result of native load growth and the development of several large commercial projects, including data centers. In addition to load growth, our member demand has experienced an increase in winter peaks which, in connection with increasing winter capacity reserve requirements, has created the need for additional natural gas resources that can reliably provide energy during severe winter events and particularly when solar resources are not generating electricity. One way to improve winter reliability is to add dual-fuel capability to combustion turbine units.

As a result of these factors, we are developing and constructing two new natural gas-fired generation resources for our members. One of the projects is an approximately 1,425-megawatt, two-unit combined cycle generation facility to be located on land we own adjacent to the Smarr Energy Facility in Monroe County, Georgia. Our current budget for this project, which includes capital costs, allowance for funds used during construction and a contingency amount, is $3.3 billion. During 2025, we entered into key construction and procurement contracts to proceed with the development and construction of this project, and our projected commercial operation date is in 2029. As of December 31, 2025, we had incurred costs of approximately $343.5 million with respect to this project. The other natural gas project is an approximately 240-megawatt combustion turbine unit to be constructed at our Talbot Energy Facility in Talbot County, Georgia. Our current budget for this project is approximately $360 million and, as of December 31, 2025, we had incurred costs of approximately $61.5 million with respect to this project. In 2025, we entered into an agreement for the combustion turbine unit and expect to enter into a construction agreement in 2026. Our projected commercial operation date for the Talbot unit is in 2029. The new Talbot unit will be constructed with dual-fuel capabilities. This will complement our 2025 investments in dual-fuel upgrades to the existing Talbot and Washington County combustion turbine units, which now provide us a total of 11 combustion turbine units with dual-fuel capabilities.

We and our members have also approved 75 megawatts of utility-scale battery storage resources. Our budget for these batteries is approximately $240 million which is expected to be offset by an $81 million grant awarded under the Department of Energy's GRIP Program. We are continuing to work through the funding process under the GRIP Program and receipt of funds remains subject to meeting applicable program requirements. Our projected commercial operation dates for these battery storage resources is in 2030.

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

Our members will continue to assess the potential impact of this load growth on their power supply needs and may evaluate additional resources from us or other third parties to meet additional demand.

*Liquidity Position*

Our strong liquidity position continues to be one of the most positive attributes contributing to our solid financial standing. This liquidity is comprised of a diversified, cost-effective mix of cash (including short-term investments), committed lines of credit and commercial paper. Our primary source of liquidity is a $1.275 billion unsecured credit facility that extends through May 2029 and supports our commercial paper program. Additionally, we have three other bank credit facilities which provide another $450 million in credit commitments. In order to maintain strong liquidity levels, and support our capital program, we are evaluating additional intermediate-term financing over the next two years, which may consist of bank term loans and/or bond offerings, subject to market conditions. These financings are expected to provide construction-period funding for new generation resources, capital improvements to existing facilities, and general corporate purposes, including refinancing of interim borrowings.

Beyond our liquidity resources, we have multiple sources of long-term financing available to meet our anticipated capital needs. These sources include the Rural Utilities Service federal loan program and the taxable and tax-exempt capital markets. We expect to continue utilizing each of these sources of capital to meet our long-term financing needs in the coming years. We also have $3.9 billion outstanding pursuant to borrowings under the Department of Energy loan program to finance the construction of the new Vogtle Units. We have also been awarded funds under the Department of Energy GRIP Program and the Rural Utilities Service Empowering Rural America (New ERA) program; however, receipt of funding under these

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programs is not certain and subject to the risk of federal administrative actions, meeting programmatic requirements and, in the case of the Rural Utilities Service New ERA loan, entering into final agreements.

*Environmental Regulations*

In 2025 and early 2026, presidential executive orders and EPA actions significantly changed the federal environmental regulatory landscape. In addition to other actions, EPA's repeal of the 2009 endangerment finding for greenhouse gas emissions for motor vehicles in February 2026 has the potential to significantly change greenhouse gas regulations that apply to our fossil-fuel generation resources. At this time, the future of federal environmental regulations is subject to significant uncertainty, and we cannot predict the outcome or potential cost of any legislative or regulatory changes on us or our members. Regardless as to the outcome of current regulatory proposals and rules, the continuing trend of presidential administrations rescinding or rewriting existing regulations, or adopting new regulations, creates an environment of instability and uncertainty in which we will need to make decisions.

Despite this uncertainty, we believe that we are well-situated to effectively manage such challenges. Our diverse asset base, along with our investment in additional carbon-free generation at Vogtle Units No. 3 and No. 4, recent additions of natural gas generation resources and the construction of new generation resources, position us well to continue to meet our members' needs.

*Commitment to our Members* 

*Outlook for 2026*

As Georgia faces significant growth in electricity demand and as the electric utility industry across the country continues to experience change, we remain focused on providing reliable, safe, and cost-effective energy to our members and the 4.7 million people they serve. We believe we are well positioned to do so. As discussed above, there are certain risks and challenges that we must continue to address. However, as we manage our risks, we intend to keep doing what we have done so successfully for more than 50 years, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining a balanced and diverse portfolio of generating resources, including nuclear, natural gas, coal, fuel oil and hydro and continuing the reliable, efficient and cost-effective operation of these resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining strong liquidity to fulfill current obligations and to finance future capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and constructing additional generation resources to enable our members to meet the energy requirements stemming from load growth in their service territories; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• working with our members to explore existing and emerging opportunities to add value to our ultimate consumers.

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**Accounting Policies**

*Basis of Accounting*

We follow generally accepted accounting principles in the United States and the practices prescribed in the Uniform System of Accounts of FERC as modified and adopted by the Rural Utilities Service.

*Critical Accounting Policies*

We have determined that the following accounting policies are critical to understanding and evaluating our financial condition and results of operations and require management to make estimates and assumptions about matters that were uncertain at the time of the preparation of our financial statements. Changes in these estimates and assumptions could materially impact our results of operations and financial condition. Management has discussed these critical accounting policies and the related estimates and assumptions with the audit committee of our board of directors.

*Regulatory Accounting.*&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the provisions of the Financial Accounting Standards Board (FASB) authoritative guidance issued regarding regulated operations. The guidance permits us to record regulatory assets and regulatory liabilities to reflect future cost recoveries or refunds, respectively, that we have a right to pass through to our members. At December 31, 2025, our regulatory assets and regulatory liabilities totaled $1.0 billion and $869.9 million, respectively. Application of regulated operations accounting is based on management's assessment that it is probable that these costs will be recovered from members through future revenues under our wholesale power contracts. If events such as increased competition, changes in regulation, or other factors were to occur that would make recovery no longer probable, we could no longer apply the provisions of accounting for regulated operations. This would require us to eliminate all regulatory assets and regulatory liabilities from our consolidated balance sheet, resulting in a critical change in how we recognize our revenues and expenses. In addition, we would be required to determine any impairment to other assets, including plants, and write-down those assets, if impaired, to their fair values.

*Asset Retirement Obligations.* Accounting for asset retirement obligations requires legal obligations associated with the retirement of long-lived assets to be recognized at fair value when incurred and capitalized as part of the related long-lived asset. In the absence of quoted market prices, we estimate the fair value of our asset retirement obligations using present value techniques, in which estimates of future base year decommissioning and closure costs are discounted using a credit-adjusted risk-free rate. Estimating the amount and timing of future expenditures includes, among other things, identifying which of our generation plants have a legal obligation, making projections for when our generation plants will be retired, estimating the decommissioning and closure costs, and evaluating how costs will escalate with inflation. Actual results may differ from our estimates. At December 31, 2025, approximately 94% of our total asset retirement obligations related to our nuclear decommissioning and coal ash pond closure obligations. For additional details regarding our asset retirement obligations, see Note 1h of Notes to Consolidated Financial Statements.

*Nuclear Decommissioning Obligations.* Given its significance, we consider our nuclear decommissioning liabilities critical estimates. At December 31, 2025, our nuclear decommissioning related asset retirement obligation was $851.8 million. Decommissioning cost studies for Plants Hatch and Vogtle are performed periodically to provide updated site-specific "base year" cost estimates used to estimate the nature, cost and timing of planned decommissioning activities for the plants. These cost studies are based on relevant information available at the time they are performed; however, estimates of the amount and timing of future cash flows for extended periods are by nature highly uncertain and may vary significantly from actual costs. In addition, these estimates are dependent on subjective factors, including estimates computed by third party specialists in the nuclear regulatory environment, the selection of cost escalation, discount rates and assumed dates of decommissioning, which we consider to be critical assumptions. These significant assumptions are evaluated at least annually and updated as necessary based on current information. In evaluating these assumptions, management considers factors including, but not limited to, the nuclear units' remaining licensed and economic lives, re-licensing expectations, regulatory requirements, economic considerations and industry trends. Our current estimates are based upon studies that were performed in 2024. For ratemaking purposes, we record decommissioning costs over the expected useful life of each unit. No significant changes in cash flow estimates were recorded in 2025. Changes in these assumptions, including those related to regulatory requirements or the nuclear regulatory environment, could materially affect the measurement of the related asset retirement obligation and the amount and timing of future depreciation expense associated to amounts capitalized as part of the related long-lived assets.

*Coal Ash Pond Closure Obligations.* We also consider our coal ash pond closure liabilities to be critical estimates. At December 31, 2025, our coal ash related asset retirement obligation was $356.5 million. Cost studies are periodically performed to provide site-specific "base year" estimates that determine the nature and timing of planned closure costs. These

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cost studies are based on relevant information available at the time they are performed; however, estimates of the amount and timing of future cash flows for extended periods are by nature highly uncertain and may vary significantly from actual costs. Critical assumptions include the coal ash pond closure strategy, including water treatment requirements, and the volume of coal ash in the ponds. In addition, these estimates are dependent on other subjective factors, such as estimates of costs to perform the closure and post-closure activities, timing of future cash outlays, and the selection of cost escalation and discount rates. Estimates are sensitive to changes in federal and state environmental regulations, including coal combustion residual requirements. These significant assumptions are evaluated at least annually and updated as necessary based on current information, including regulatory developments, site conditions and economic factors. Our current estimates are based upon studies that were performed in 2025. For ratemaking purposes, we apply regulated operations accounting to the closure costs and expect to recover ash pond closure costs through rates. Changes in these assumptions or in regulatory requirements could materially affect the measurement of the related asset retirement obligation and the amount and timing of future depreciation expense associated to amounts capitalized as part of the related long-lived assets.

**Summary of Cooperative Operations**

*Sources of Revenues*

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. Our primary source of revenue is the sale of capacity and energy to our members for a portion of their energy requirements. We may also sell capacity and energy to non-members. Capacity revenues are the revenues we receive for providing electric service whether or not our generation and purchased power resources are dispatched to produce electricity. Energy revenues are the revenues we receive by selling electricity that we generate or purchase.

We have assigned fixed percentage capacity cost responsibilities to our members for all of our generation resources. Each member has contractually agreed to pay us for the electric capacity assigned to it based on its individual fixed percentage capacity cost responsibility.

Each member is also contractually obligated to pay us for electric energy we provide to it based on individual usage. Energy sales to our members fluctuate from period to period based on several factors, including fuel costs, weather and other seasonal factors, load requirements in the service territories of our members, operating costs, availability of electric generation resources and our decisions of whether to dispatch our owned or purchased resources or member-owned resources over which we have dispatch rights. In addition, as we do not provide our members with all of their energy requirements, energy sales may also fluctuate based on our members' decisions of whether to purchase a portion of their hourly energy requirements from our resources or from other suppliers.

*Formulary Rate*

The rates we charge our members are designed to cover all of our costs plus a margin. This cost-plus rate structure is set forth as a formula in the rate schedule to the wholesale power contracts between us and each of our members. These contracts require us to design capacity and energy rates that generate revenues sufficient to recover all costs, including payments of principal and interest on our indebtedness, to establish and maintain reasonable margins and to meet the financial coverage requirements under the first mortgage indenture.

The formulary rate provides for the pass through of our fixed costs to members as capacity charges and our variable costs to members as energy charges. Fixed costs are assigned to members according to their individual fixed percentage capacity cost responsibility for each resource in which they participate. Variable costs are passed through to our members based on the amount of energy supplied to each member.

Capacity charges are based on an annual budget of fixed costs plus a targeted margin and are billed to members in equal monthly installments over the course of the year. Fixed costs include items such as depreciation, interest, fixed operations and maintenance expenses, administrative and general expenses. We monitor fixed cost budget variances to projected actual costs throughout the year, and with board approval, make budget adjustments when and as necessary to ensure that we generate revenues sufficient to recover all costs and to meet our targeted margin. Budget adjustments are typically made twice a year; once during the first quarter and again at year end. In contrast to the way we bill our members for capacity charges, which are billed based on a budget and trued up to actuals by the end of the year, energy charges are billed on a more real-time basis. Estimated energy charges are billed to members based on the amount of energy supplied to each member during the month,

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and are adjusted when actual costs are available, generally the following month. Energy charges, or variable costs, include fuel, purchased energy and variable operations and maintenance expenses. Each generating resource has a different variable cost profile, and members are billed based on the energy cost profile of the resources from which their energy is supplied.

*Margins*

Revenues in excess of current period costs in any year are designated as net margin in our statements of revenues and expenses, and we have generated a positive net margin every year since our formation in 1974. Under our first mortgage indenture, we are required, subject to any necessary regulatory approval, to establish and collect rates that are reasonably expected, together with our other revenues, to yield a margins for interest ratio for each fiscal year equal to at least 1.10. See "BUSINESS – OGLETHORPE POWER CORPORATION – First Mortgage Indenture" for a discussion of how we calculate our margins for interest ratio.

In the event we were to fall short of the minimum 1.10 margins for interest ratio at year end, the formulary rate is designed to recover the shortfall from our members in the following year without any additional action by our board of directors.

Prior to 2009, we budgeted and achieved annual margins for interest ratios of 1.10, the minimum required by the first mortgage indenture. To enhance margin coverage during a period of increased capital requirements, our board of directors has approved budgets with margins for interest ratios that exceeded 1.10. Since 2010, we have achieved our board approved margins for interest ratio of 1.14. Following the completion of Vogtle Unit No. 4, our board returned the approved margins for interest ratio of 1.10 for 2025. As our capital requirements continue to evolve, our board will continue to evaluate the level of margin coverage and may choose to change the targeted margins for interest ratio in the future, although not below 1.10.

*Patronage Capital*

Retained net margins are designated on our balance sheets as patronage capital. As a cooperative, patronage capital constitutes our principal equity. As of December 31, 2025, we had $1.4 billion in patronage capital and membership fees. Our equity ratio, calculated pursuant to our first mortgage indenture as patronage capital and membership fees divided by total capitalization and long-term debt due within one year, was 9.9% and 9.5% at December 31, 2025 and 2024, respectively.

Patronage capital is allocated to each of our members on the basis of their fixed percentage capacity cost responsibilities in our generation resources. Any distribution of patronage capital is subject to the discretion of our board of directors and limitations under our first mortgage indenture. See "BUSINESS – OGLETHORPE POWER CORPORATION – First Mortgage Indenture" for a discussion regarding limitations on distributions under our first mortgage indenture.

*Rate Regulation*

Under our loan agreements with each of the Rural Utilities Service and Department of Energy, changes to our rates resulting from adjustments in our annual budget are generally not subject to their approval. We must provide the Rural Utilities Service and Department of Energy with a notice of and opportunity to object to most changes to the formulary rate under the wholesale power contracts. See "BUSINESS – OGLETHORPE POWER CORPORATION – Relationship with Federal Lenders." Currently, our rates are not subject to the approval of any other federal or state agency or authority, including the Georgia Public Service Commission.

*Tax Status*

While we are a not-for-profit membership corporation formed under the laws of Georgia, we are subject to federal and state income taxation. As a taxable cooperative, we are allowed to deduct patronage dividends that we allocate to our members for purposes of calculating our taxable income. We annually allocate income and deductions between patronage and non-patronage activities and substantially all of our income is from patronage-sourced activities, resulting in no current period income tax expense or current income tax liability. For further discussion of our taxable status, see Note 5 of Notes to Consolidated Financial Statements.

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**Results of Operations**

*Factors Affecting Results*

Certain of our recent financial and operational results were affected both by the way in which we dispatch our power plants as well as by significant events or trends described below.

The types of generation assets we own include six nuclear units, three combined cycle natural gas-fired plants, several natural gas-fired simple cycle combustion turbine plants, a plant that burns sub-bituminous coal, and a pumped storage hydroelectric plant.

In 2025, the amount of energy we supplied to our members and the percentage of our members' overall load continued to increase. One of the primary reasons for this growth was that 2025 was the first full year that both Vogtle Units No. 3 and No. 4 were operational. We are continuing to develop additional resources for our members with the development and construction of the Smarr combined cycle and Talbot Unit No. 7 projects, which increased our construction work in progress in 2025.

Decisions to dispatch our power plants and thus the amount of energy we generate and sell to our members are economically driven by supply and demand considerations. The primary supply considerations include (i) fuel prices and other marginal operating costs of the plant, which factor into a dispatch cost we calculate for each resource, (ii) plant availability, which is driven by factors such as outages for maintenance or refuelings and (iii) plant efficiency, as determined by the heat rate which measures the amount of fuel required to generate one kilowatt hour of electricity. We prioritize the order in which we typically dispatch our plants such that we dispatch our available plants with the lowest dispatch cost first, and those with the highest dispatch cost last, when demand is highest.

The primary demand consideration that affects how we dispatch our plants is the amount of energy our members require from us. This is a function of weather, economic activity, residential use patterns and the relative cost and availability of our members' third party supply arrangements, which account for approximately a third of the energy they purchase.

Over the past few years, weather has been a significant factor. The summer experienced extremely hot weather in 2025. Based on meter readings, our member system hit a new summer peak demand of 10,424 megawatts in July 2025, exceeding both our members' prior summer and winter peaks of 10,092 and 10,236 megawatts, respectively in 2024. In 2024, the summer experienced extremely hot weather and winter was below normal and, in 2023, the summer experienced extremely hot weather. As a result, the amount of energy (in megawatt-hours) we generated and sold to members was higher than in 2024 and 2023. The higher sales was provided by an increase in nuclear generation and higher utilization our combined cycles generating facilities and our coal facility and our simple cycle combustion facilities.

In addition to member demand, we sell power from BC Smith, Baconton, Washington County, and Walton County off-system. We acquired these resources in advance of some members needing the capacity or energy. These members elect to defer their portion of the resource, and the output of the resource is sold to non-members which helps reduce deferred costs for these deferring members. At December 31, 2025, the deferral periods for Baconton and Washington County ended. BC Smith and Walton County's deferral periods are expected to end November 2026 and December 2027, respectively. In 2024, BC Smith underwent a major maintenance outage during the first half of 2024, therefore, we generated and sold fewer megawatt-hours of off-system energy from BC Smith compared with 2025 and 2023.

Fuel cost is our most significant operating cost. As our rate structure directly recovers costs through revenues, fuel prices greatly impact the cost of energy sold to our members and our member sales (in dollars). The price of natural gas is the most significant variable in our cost of fuel and also affects how we dispatch our generation resources. Higher average natural gas prices as well as a full year of operation at Vogtle 3&4 contributed to the increase in fuel costs and megawatt-hour sales to the members in 2025. In 2024, the first full year of commercial operation of Vogtle Unit No. 3, which began in July 2023, and commercial operation of Vogtle Unit No. 4, which began in April 2024, primarily contributed to the increase in fuel costs and megawatt-hour sales to the members in 2024. Offsetting the increase in fuel costs, we recorded a decrease in fuel costs for the settlement of two claims related to spent nuclear fuel storage costs.

In addition to the prevailing market price, our average cost of natural gas per kilowatt-hour generated is also affected by how efficiently our natural gas facilities operate. Compared to our combustion turbine units, our combined cycle units are more efficient and burn less gas per kilowatt hour of electricity generated. Consequently, our combustion turbine units have a higher dispatch cost than our combined cycle units and are typically used to generate energy only during periods of higher electricity demand, such as hot summer days or colder winter days. In 2025, generation from our combined cycle units was

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higher compared to 2024 when two of our combined cycle units underwent major maintenance outages. These outages also resulted in lower generation from our combined cycle units in 2024 compared to 2023.

Our nuclear units require refueling on an 18 or 24-month cycle and these refueling outages, which typically last several weeks, resulted in fluctuations in nuclear plant availability and generation in each of the last three years. These shutdowns and outages significantly reduced generation at the affected plants, reduced kilowatt-hour sales to and energy revenues from our members during the periods that the plants were not generating power. In 2024 and 2025, generation from the new units at Plant Vogtle offset the temporary decrease in generation from refueling outages at other units at Plant Hatch and Plant Vogtle.

We also continued to make significant capital investments over the past three years. Some of our main investments have been for (i) the new units at Plant Vogtle, (ii) the Baconton and Walton County acquisitions and (iii) dual fuel projects at Talbot and Washington County, which were completed and placed in-service in December 2025. We have primarily financed these capital expenditures with debt. This increased our overall debt which has increased our interest expense and our allowance for debt funds used during construction. Additionally, since our margin is calculated as a percentage of our secured interest expense, our net margin has generally increased notwithstanding a decrease from 2024 to 2025 as we lowered our targeted margins for interest ratio from 1.14 to 1.10 in 2025.

*Net Margin*

Our net margin for the years ended December 31, 2025, 2024 and 2023 was $55.4 million, $70.5 million and $65.8 million, respectively. These amounts produced a margins for interest ratio of 1.10 for 2025 and 1.14 for 2024 and 2023. For additional information on our margin requirement, see "– Summary of Cooperative Operations – *Margins."*

*Operating Revenues*

*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.

The components of member revenues were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | (in thousands) | (in thousands) | (in thousands) | | |
| | **2025** | 2024 | 2023 | 2025 vs. 2024% Change | 2024 vs. 2023% Change |
| Capacity revenues | $**1603888** | $1501903 | $1082368 | 6.8% | 38.8% |
| Energy revenues | **838802** | 643619 | 599198 | 30.3% | 7.4% |
| Total | $**2442690** | $2145522 | $1681566 | 13.9% | 27.6% |
| kWh Sales to members<sup>(1)</sup> | **33086185** | 31001082 | 28289147 | 6.7% | 9.6% |
| Cents/kWh | **7.38** | 6.92 | 5.94 | 6.7% | 16.5% |
| Member energy requirements supplied<sup>(1)</sup> | **72%** | 70% | 68% | 2.9% | 2.9% |

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

Capacity revenues increased in 2025 compared to 2024 primarily due to a full year of operation of Plant Vogtle Unit No. 4 and the Walton resource we acquired in 2024 and the related recovery of net interest and depreciation expense. The increase in capacity revenues in 2024 compared to 2023 was due primarily to Plant Vogtle Unit No. 4 being placed in service

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in April 2024 and the related recovery of net interest and depreciation expense. For a discussion of production costs and depreciation expense, see "– *Operating Expenses."*

The 30.3% increase in energy revenues from members in 2025 compared to 2024 was primarily a result of an increase in our average cost of energy and a 6.8% increase in generation for member sales. The 7.4% increase in energy revenues from members in 2024 compared to 2023 was primarily a result of a 9.6% increase in generation for member sales offset by a decrease in energy revenues due to proceeds from the spent nuclear fuel storage costs litigation settlement. Upon recognition of the settlement, we recorded a $34.4 million reduction in fuel expense and a corresponding decrease in member energy revenues. For additional information regarding spent nuclear fuel storage costs litigation, see Notes 1e and 1g of Notes to Consolidated Financial Statements. For a discussion of fuel expense, see "– *Operating Expenses*."

*Sales to non-members.*&nbsp;&nbsp;&nbsp;&nbsp;In 2025 and 2024, energy revenues from non-members were primarily from the sale of the BC Smith deferring members' output into the wholesale market. Energy revenues from non-members increased in 2025 from 2024 due to an increase in fuel costs for natural gas and an increase in megawatt-hours sold. Energy revenues from non-members decreased in 2024 from 2023 due to a decrease in megawatt-hours sold offset by an increase in fuel costs for natural gas. In 2024 and 2023, we recognized capacity revenues from non-members related to a tolling agreement associated with the two units we acquired at the Washington County Power Plant. This tolling agreement with Georgia Power expired in May 2024.

Sales to non-members were as follows:

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| | | | |
|:---|:---|:---|:---|
| | (in thousands) | (in thousands) | (in thousands) |
| | **2025** | 2024 | 2023 |
| Energy revenues | $**98502** | $34753 | $44995 |
| Capacity revenues | **—** | 1572 | 13624 |
| Total | $**98502** | $36325 | $58619 |
| kWh Sales to non-members | **2151506** | 1048865 | 1415042 |
| Cents/kWh | **4.58** | 3.46 | 4.14 |

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*Operating Expenses*

Our operating expenses increased 18.0% in 2025 compared to 2024 primarily due to significantly higher fuel costs, higher depreciation and amortization expenses, higher purchased power costs and higher production costs. Our operating expenses increased 16.1% in 2024 compared to 2023 primarily due to significantly higher production costs and higher depreciation and amortization expenses.

The following table summarizes our fuel costs and net kilowatt-hour (kWh) generation by generating source.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cost** | **Cost** | **Cost** | **Cost** | **Cost** | **Generation**<sup>(1)</sup> | **Generation**<sup>(1)</sup> | **Generation**<sup>(1)</sup> | **Generation**<sup>(1)</sup> | **Generation**<sup>(1)</sup> | **Cents per kWh** | **Cents per kWh** | **Cents per kWh** | **Cents per kWh** | **Cents per kWh** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (kWh in thousands) | (kWh in thousands) | (kWh in thousands) | (kWh in thousands) | (kWh in thousands) | | | | | |
| **Fuel Source** | **2025** | 2024 | 2023 | 2025 vs.<br>2024%<br>Change | 2024 vs.<br>2023%<br>Change | **2025** | 2024 | 2023 | 2025 vs.<br>2024%<br>Change | 2024 vs.<br>2023%<br>Change | **2025** | 2024 | 2023 | 2025 vs.<br>2024%<br>Change | 2024 vs.<br>2023%<br>Change |
| Coal | $**139399** | $138682 | $124638 | 0.5% | 11.3% | **3557472** | 3501003 | 3166368 | 1.6% | 10.6% | **3.92** | 3.96 | 3.94 | (1.1)% | 0.6% |
| Nuclear | **118331** | 115825 | 84192 | 2.2% | 37.6% | **15353653** | 14219693 | 11122301 | 8.0% | 27.8% | **0.77** | 0.81 | 0.76 | (5.4)% | 7.6% |
| Nuclear Fuel Credits<sup>(2)</sup> | **—** | (34400) |  | N/M | N/M |  |  |  | N/M | N/M | **N/M** | N/M | N/M | N/M | N/M |
| Natural Gas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Combined Cycle | **481776** | 321268 | 323614 | 50.0% | (0.7)% | **15027655** | 13095458 | 14804306 | 14.8% | (11.5)% | **3.21** | 2.45 | 2.19 | 30.7% | 12.2% |
| Combustion Turbine | **101836** | 71065 | 46350 | 43.3% | 53.3% | **2285039** | 2058663 | 1382989 | 11.0% | 48.9% | **4.46** | 3.45 | 3.35 | 29.1% | 3.0% |
|  | $**841342** | $612440 | $578794 | 37.4% | 5.8% | **36223819** | 32874817 | 30475964 | 10.2% | 7.9% | **2.32** | 1.86 | 1.90 | 24.7% | (1.9)% |

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<sup>(2)</sup> Represents credits to fuel expense for settlements related to spent nuclear fuel storage costs. For additional information regarding spent nuclear fuel storage costs litigation, see Notes 1e and 1g of Notes to Consolidated Financial Statements.

N/M - Not meaningful

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*Fuel*

Total fuel expense increased in 2025 compared to 2024 as a result of an increase in average fuel cost and an overall increase in generation. The increase in average fuel cost was primarily due to higher average natural gas prices in 2025 compared to 2024. The increase in generation was primarily due to an increase in sales to our members as a result of the first full year of commercial operation for both Vogtle Units No. 3 and No. 4 and our members obtaining more of their energy requirements from us due to relative energy prices. Total fuel expense increased in 2024 compared to 2023 as a result of an overall increase in generation. The increase in generation was primarily due to an increase in sales to our members as a result of the commercial operation of Vogtle Units No. 3 and No. 4 and our members obtaining more of their energy requirements from us due to relative energy prices. The decrease in average fuel cost was primarily due to the spent nuclear fuel storage costs litigation proceeds and lower average natural gas prices in 2024. For additional information regarding spent nuclear fuel storage costs litigation, see Notes 1e and 1g of Notes to Consolidated Financial Statements. In 2025 and 2024, we included $9.9 million and $24.3 million of net gains and net losses recognized, respectively, in total fuel expense for the settlement of natural gas financial contracts we utilized to manage our exposure to fluctuations in market prices.

*Production*

Production costs can vary due to the number and extent of outages in a given year. Production costs increased 6.3% in 2025 compared to 2024 and increased 26.9% in 2024 compared to 2023. The increase in 2025 was due to higher production costs related to Plant Vogtle Unit No. 4 and the result of deferring BC Smith's effects on net margin during 2025 compared to 2024. The increase in 2024 was due to higher fixed major maintenance outage costs associated with our combined cycle plants and the result of deferring BC Smith's effects on net margin during 2024 compared to 2023. Production costs also increased in 2024 as a result of higher production costs related to Plant Vogtle Units No. 3 and No. 4. Production costs for the new Vogtle units are net of $86.0 million and $72.6 million in credits recognized in 2025 and 2024, respectively, from the sale of nuclear production tax credits to Georgia Power.

*Depreciation and amortization*

Depreciation and amortization expense increased 11.0% in 2025 compared to 2024 primarily as a result of higher depreciation expense related to Vogtle Unit No. 4, which completed its first full year in 2025 after being placed in service on April 29, 2024. Depreciation and amortization expense increased 24.6% in 2024 compared to 2023 primarily as a result of higher depreciation expense related to Vogtle Units No. 3 and No. 4 being placed in service on July 31, 2023 and April 29, 2024, respectively.

*Other Income*

The 34.0% decrease in other income in 2025 compared to 2024 was primarily due to a decrease in realized gains associated with our nuclear decommissioning funds in 2025 compared to 2024. The 16.9% decrease in other income in 2024 compared to 2023 was primarily due to lower interest income as a result of lower average balances of commercial paper investments held in 2024 compared to 2023.

*Interest Charges*

Interest expense increased in 2025 compared to 2024 primarily due to higher outstanding long-term debt balances in 2025 compared to 2024. Interest expense increased in 2024 primarily due to refinancing of commercial paper with higher-interest-rate long-term taxable bonds in December 2023 and in June 2024, and as a result of higher interest rates on the commercial paper in 2025 compared to 2024. The commercial paper that we refinanced with these bond issues was used as interim financing for Vogtle Units No. 3 and No. 4 construction expenditures, and for interim refinancing of Department of Energy-guaranteed loan repayments made prior to the commercial operation of Vogtle Unit No. 4. Allowance for debt funds used during construction decreased in 2025 compared to 2024 primarily due to Vogtle Unit No. 4 being placed in service. Allowance for debt funds used during construction decreased in 2024 compared to 2023 due to Vogtle Units No. 3 and No. 4 being placed in service. As a result of these factors, net interest charges increased 9.4% in 2025. Net interest charges increased in 2025 compared to 2024 primarily due to higher outstanding long-term debt balances and the allowance for debt funds used during construction decreased due to Vogtle Unit No. 4 being placed in service. Net interest charges increased in 2024 compared to 2023 primarily due to higher interest rates on commercial paper and the allowance for debt funds used during construction decreased due to Vogtle Unit No. 3 being placed in service.

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**Financial Condition**

*Overview*

Consistent with our budgeted margin for 2025, we achieved a 1.10 margins for interest ratio which produced a net margin of $55.4 million. This net margin increased our total patronage capital (our equity) and membership fees to $1.4 billion at December 31, 2025.

Our equity to total capitalization ratio, as defined in our first mortgage indenture, was 9.9% at December 31, 2025 and 9.5% at December 31, 2024. We anticipate that our equity ratio will remain around its current level during the next several years due to the new generation construction; however, the absolute level of patronage capital will continue to increase.

We had a strong liquidity position at December 31, 2025 with $1.5 billion of unrestricted available liquidity, including $251.1 million of cash and cash equivalents. We issued commercial paper throughout the year to provide interim financing for Smarr combined cycle and Talbot combustion turbine unit No. 7 generation facilities construction, and for other general purposes. The average cost of funds on the $459.5 million of commercial paper outstanding at December 31, 2025 was 4.05%.

Electric plant in service, net, increased $516.8 million primarily due to construction work in progress at our Smarr combined cycle and Talbot combustion turbine unit No. 7 generation projects and our dual fuel construction projects at Washington County and Talbot being placed in service. The other capital additions include costs related to normal additions and replacements to existing generation facilities and purchases of nuclear fuel.

Nuclear decommissioning trust fund increased $133.6 million primarily due to the increase in the fair market value of investments and the increase in investment income due to continued appreciation in the stock market in 2025. The nuclear decommissioning trust fund has produced an average annualized return for Plant Hatch Units No. 1 and No. 2 and Plant Vogtle Units No. 1 and No. 2 of approximately 8.47% in the last ten years and 6.68% since inception in 1990. The nuclear decommissioning trust fund has produced an average annualized return for Plant Vogtle Units No. 3 and No. 4 of approximately 20.20% since inception in 2022.

Long-term investments increased primarily due to an increase in funds invested, including reinvestment of earnings, and an increase in fair market value of investments. Largely offsetting these increases were redemptions 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. See Notes 1e and 1q of Notes to Consolidated Financial Statements for a discussion of our member rate management programs and regulatory liabilities.

Receivables increased $150.5 million at December 31, 2025 compared to December 31, 2024. The net increase was primarily due to a $126.5 million increase in receivables from the U.S. Government relating to nuclear production tax credits for fiscal year 2024. See Note 1q and Note 8 of Notes to Consolidated Financial Statements for a discussion of nuclear production tax credits and regulatory liabilities.

Regulatory assets decreased by $79.8 million at December 31, 2025 compared to December 31, 2024. The net decrease was primarily due to the decrease in the deferral associated with coal ash pond asset retirement obligations by $39.7 million and by $21.1 million in amortization of the deferral of accelerated depreciation associated with the early retirement of Plant Wansley, which occurred in August 2022.

Deferred charges and other assets increased $42.4 million at December 31, 2025 compared to December 31, 2024. The net increase was primarily due to a $53.6 million increase in a long-term receivable from the U.S. Government relating to nuclear production tax credits for fiscal year 2025. See Note 1q and Note 8 of Notes to Consolidated Financial Statements for a discussion of nuclear production tax credits and regulatory liabilities.

Long-term debt and long-term debt and finance leases due within one year decreased $75.6 million at December 31, 2025 compared to December 31, 2024. The net decrease was primarily a result of $348.2 million in debt service payments. Offsetting this decrease was the issuance of $350.0 million of our Series 2025A green first mortgage bonds, reclassifying $254.5 million of commercial paper that was refinanced through the issuance of the Series 2025A green first mortgage bonds and reclassified as long-term at December 31, 2024 to commercial paper debt in January 2025 and $175.6 million in advances under Rural Utilities Service-guaranteed loans. The weighted average interest rate on the $12.6 billion of long-term debt outstanding at December 31, 2025 was 4.07%.

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Short-term borrowings, which primarily provided interim financing for Smarr combined cycle and Talbot Unit No. 7 construction costs, increased $313.9 million at December 31, 2025 compared to December 31, 2024, primarily as a result of commercial paper issuances of $326.9 million and the reclassification of $254.5 million of commercial paper, that was classified as long-term debt at December 31, 2024, to short-term borrowings in January 2025. Offsetting these increases were repayments of $267.5 million, primarily from the Series 2025A green first mortgage bonds proceeds.

Accounts payable increased $110.0 million at December 31, 2025 compared to December 31, 2024. The increase was primarily due to a $51.7 million increase in payables to Georgia Power, a $22.5 million increase in trade accounts payable, and a $21.0 million increase in payables for natural gas purchases and related transportation.

Regulatory liabilities increased by $208.3 million at December 31, 2025 compared to December 31, 2024. The net increase was primarily due to a $142.3 million increase in deferred nuclear asset retirement obligations that was primarily driven by an increase in unrealized gains associated with our nuclear decommissioning investments, an $180.1 million increase in the regulatory liability for nuclear production tax credits, and a $15.1 million increase in the liability for collections of future debt service payments. Offsetting these increases was an $89.6 million decrease in the liability for our revenue deferral rate management plan, which is associated with the new Vogtle units, and an $18.0 million decrease in the liability associated with unrealized gains on our natural gas contracts. See Note 1q and Note 8 of Notes to Consolidated Financial Statements for a discussion of nuclear production tax credits and regulatory liabilities.

*Sources of Capital and Liquidity* 

*Sources of Capital.*&nbsp;&nbsp;&nbsp;&nbsp;We fund our capital requirements through a combination of funds generated from operations and short-term and long-term borrowings. See "– *Capital Requirements* – *Capital Expenditures*" for more detailed information regarding our estimated capital expenditures.

We have fully drawn $4.6 billion of loans from the Federal Financing Bank that are guaranteed by the Department of Energy to fund a portion of our cost to construct the two new nuclear units at Plant Vogtle. As of December 31, 2025, we had $3.9 billion outstanding.

Historically, we have also obtained a substantial portion of our long-term financing from Rural Utilities Service-guaranteed loans funded by the Federal Financing Bank. We continue to utilize these loans for general and environmental improvements, and we have utilized these loans to provide a portion of the long-term financing for the Walton County acquisition and related costs. We plan to utilize these loans to provide long-term financing for our two new natural gas generation resources and other capital projects for existing resources. However, Rural Utilities Service funding levels for projects we may choose to undertake are uncertain and may be limited in the future due to budgetary and political pressures faced by Congress and by competition amongst cooperatives for available Rural Utilities Service funding. Because of these factors, we cannot predict the amount or cost of Rural Utilities Service loans that may be available to us in the future.

We have also issued a substantial amount of taxable and tax-exempt debt in the capital markets. If the Rural Utilities Service loan program were to be curtailed or eliminated, we believe we are well positioned to continue to access capital market financings. See "– *Financing Activities*" for more detailed information regarding our financing plans.

See "BUSINESS – OGLETHORPE POWER CORPORATION – Relationship with Federal Lenders" for further discussion of our relationship with the Department of Energy and Rural Utilities Service. See Note 7 in Notes to Consolidated Financial Statements for additional information regarding these loans.

*Liquidity.*&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2025, we had $1.5 billion of unrestricted available liquidity to meet short-term cash needs and liquidity requirements, consisting of $251.1 million of cash and cash equivalents and $1.26 billion of unused and available committed credit arrangements.

Net cash provided by operating activities was $502.1 million in 2025 and averaged $375.2 million per year for the three-year period 2023 through 2025.

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At December 31, 2025, we had $1.725 billion of committed credit arrangements in place and $1.26 billion available under four separate credit facilities. These are reflected in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Committed Credit Facilities** | **Committed Credit Facilities** | **Committed Credit Facilities** | **Committed Credit Facilities** |
|  | (dollars in millions) | (dollars in millions) |  |
|  | **Authorized<br>Amount** | **Available<br>12/31/2025** | **Expiration<br>Date** |
| **Unsecured Facilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Syndicated Line among 11 banks led by CFC<sup>(1)</sup> | $1275 | $814 | May 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFC Line of Credit<sup>(2)</sup> | 110 | 110 | December 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Line of Credit<sup>(3)</sup> | 200 | 197 | March 2027 |
| **Secured Facilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CFC Term Loan<sup>(2)</sup> | 250 | 140 | December 2028 |

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(1)This facility is dedicated to support outstanding commercial paper and the portion of this facility that was unavailable represents outstanding commercial paper at December 31, 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 December 31, 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 $1.275 billion syndicated line of credit. At December 31, 2025, our outstanding commercial paper primarily was 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 acquisition, and

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

Rural Utilities Service financing is our preferred source of long-term financing 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 Rural Utilities Service, and for the net costs associated with recently acquired generation facilities that are incurred prior to recovery through member rates.

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 December 31, 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 for our natural gas resources, until 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 December 31, 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

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defined in the credit agreements, to $4 billion. At December 31, 2025, we had $459.5 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 December 31, 2025, we had five members participating in the program and a balance of $66.8 million remaining to be applied against future power bills.

*Liquidity Covenants.*&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2025, we had only one financial agreement in place containing a liquidity covenant. This covenant is in connection with the Rocky Mountain lease transaction and requires us to maintain minimum liquidity of $50 million at all times during the term of the lease. We had sufficient liquidity to meet this covenant in 2025 and expect to have sufficient liquidity to meet this covenant in 2026. For a discussion of the Rocky Mountain lease transaction, see Note 4 of Notes to Consolidated Financial Statements.

*Financing Activities*

*First Mortgage Indenture.*&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2025, we had $12.6 billion of outstanding debt secured equally and ratably under our first mortgage indenture, an increase of $177.4 million from December 31, 2024. From time to time, we may issue additional first mortgage obligations ranking equally and ratably with the existing first mortgage indenture obligations. The aggregate principal amount of obligations that may be issued under the first mortgage indenture is not limited; however, our ability to issue additional obligations under the first mortgage indenture is subject to certain requirements related to the certified value of certain of our tangible property, repayment of obligations outstanding under the first mortgage indenture and payments made under certain pledged contracts relating to property to be acquired. As of December 31, 2025, the amount of certified bondable additions and retired or defeased first mortgage indenture obligations available for the issuance of additional first mortgage indenture obligations was approximately $3.4 billion. In addition, as of December 31, 2025, we had $947.6 million of property additions and certified progress payments under qualified engineering, procurement and construction contracts that, once certified in accordance with the first mortgage indenture, will be available for the issuance of additional first mortgage indenture obligations.

*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 December 31, 2025, we had repaid $715.8 million under these loans and $3.9 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.

*Rural Utilities Service-Guaranteed Loans.*&nbsp;&nbsp;&nbsp;&nbsp;A summary of our current Rural Utilities Service-Guaranteed Loans as of December 31, 2025 is provided in the table below:

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| | | | |
|:---|:---|:---|:---|
| **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<br>December 31, 2025** | **Amount Remaining<br>December 31, 2025** |
|  | (dollars in millions) | (dollars in millions) |  |
| General and Environmental Improvements | $630.3 | $485.0 | $145.3 |
| General and Environmental Improvements | 755.2 | 338.5 | 416.7 |
| General and Environmental Improvements | 112.6 |  | 112.6 |
| Walton Acquisition | 80.1 |  | 80.1 |
| Total | $1578.2 | $823.5 | $754.7 |

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In 2025, we borrowed $175.6 million under various Rural Utilities Service-guaranteed loans. This included a $24.4 million advance on the $630.3 million general and environmental improvements loan and a $151.2 million advance on the $755.2 million general and environmental improvements loan. In February 2026, we closed on a guaranteed loan of $80.1 million for our acquisition of the Walton County Power Plant. When advanced, the debt will be secured ratably under our first mortgage indenture. In February 2026, we received a conditional commitment from the Rural Utilities Service for a guaranteed loan of $112.6 million for general and environmental improvements. We expect to close and advance on that loan in 2027. We have also applied for an additional $4.2 billion of Rural Utilities Service-guaranteed loans to provide for long-term financing for our Smarr Combined Cycle and Talbot Unit No. 7 projects as well as other capital projects. All loan

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applications are subject to review and approval by the Rural Utilities Service and, if conditionally committed, remain subject to standard loan closing conditions. As of December 31, 2025, we had $2.8 billion of debt outstanding under various Rural Utilities Service-guaranteed loans, an increase of $23.3 million from December 31, 2024.

In December 2024, the Rural Utilities Service announced a $331 million award to us under its Empowering Rural America (New ERA) program. The award would be used to refinance outstanding debt associated with the retired Wansley coal plant, which will result in interest expense savings that will be passed to our members. The final amount and availability of any award is subject to entering into binding agreements with the Rural Utilities Service and meeting program requirements.

All of the approved Rural Utilities Service-guaranteed loans are funded through the Federal Financing Bank, and the debt is secured ratably with all other debt under our first mortgage indenture.

*Bond Financings.* In January 2025, we issued $350 million of 5.90% Series 2025A green first mortgage bonds, Series 2025A, to provide long-term refinancing of the principal repayments of our Department of Energy-guaranteed loans that occurred before the in-service date of Vogtle Unit No. 4, and for expenditures related to the construction of Vogtle Units No. 3 and No. 4. These bonds are due to mature in February 2055 and are secured under our first mortgage indenture. With these financings, we have substantially completed our long-term funding for Vogtle Units No. 3 and No. 4.

*Capital Requirements*

*Cash Requirements.* Our cash requirements relate primarily to operating expenses, capital expenditures and debt service. As discussed under "– *Sources of Capital and Liquidity*," we fund our cash requirements through a mix of funds generated from operations and short- and long-term borrowings. For additional information regarding our contractual commitments, see Note 11 of Notes to Consolidated Financial Statements.

*Capital Expenditures.*&nbsp;&nbsp;&nbsp;&nbsp;As part of our ongoing capital planning, we forecast expenditures required for generating facilities and other capital projects. The table below details these forecasts for 2026 through 2028. Actual expenditures may vary from the estimates listed in the table because of factors such as changes in business conditions, design changes and rework required by regulatory bodies, delays in obtaining necessary regulatory approvals, construction delays, changing environmental requirements, and changes in cost of capital, equipment, material and labor.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> |
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
|  | **2026** | **2027** | **2028** | **Total** |
| Future Generation<sup>(2)</sup> | $834909 | $1211397 | $829892 | $2876198 |
| Existing Generation<sup>(3)</sup> | 416000 | 590087 | 272733 | 1278820 |
| Environmental Compliance<sup>(4)</sup> | 31614 | 28559 | 11392 | 71565 |
| Nuclear Fuel | 126052 | 113580 | 151121 | 390753 |
| General Plant | 37446 | 27637 | 5559 | 70642 |
| Total | $1446021 | $1971260 | $1270697 | $4687978 |

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(1)Includes allowance for funds used during construction.

(2)Relates to construction of our Smarr Combined Cycle, Talbot Unit No. 7, and battery storage resource projects, net of approximately $81 million in expected GRIP grant proceeds. No amounts have been included related to the potential Wansley combined cycle or Doyle combustion turbine projects.

(3)Normal additions and replacements to plant in-service.

(4)Pollution control equipment and facilities being installed at coal-fired Plant Scherer, including to comply with coal ash regulations.

We are currently subject to extensive environmental regulations and may be subject to future additional environmental regulations, including future implementation of existing laws and regulations. Since alternative legislative and regulatory environmental compliance programs continue to be debated on a state and national level, we cannot predict what capital costs may ultimately be required. Therefore, environmental expenditures included in the above table only include amounts related to budgeted projects to comply with existing and certain well-defined rules and regulations and do not include amounts related to compliance with other, less certain rules.

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Depending on how we and the other co-owners of Plant Scherer choose to comply with any future legislation or regulations, both capital expenditures and operating expenditures may be impacted. As required by the wholesale power contracts, we expect to be able to recover from our members all capital and operating expenditures made in complying with current and future environmental regulations.

For additional information regarding environmental regulation, see "BUSINESS – REGULATION – Environmental."

*Credit Rating Risk*

The table below sets forth our current ratings from S&P Global Ratings, Moody's Investors Service and Fitch Ratings.

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| | | | |
|:---|:---|:---|:---|
| **Our Ratings** | **S&P** | **Moody's** | **Fitch** |
| **Long-term ratings:** | | | |
| &nbsp;&nbsp;&nbsp;Senior secured rating | BBB+ | A3 | BBB+ |
| &nbsp;&nbsp;Issuer/unsecured rating<sup>(1)</sup> | BBB+ | Baa1 | BBB+ |
| &nbsp;&nbsp;&nbsp;Rating outlook | Stable | Stable | Stable |
| **Short-term rating:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial paper rating | A-2 | P-2 | F1 |

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(1)We currently have no long-term debt that is unsecured; however, pricing of our $1.275 billion syndicated line of credit is determined based on our unsecured or issuer ratings.

We have financial and other contractual agreements in place containing provisions which, upon a credit rating downgrade below specified levels, may require the posting of collateral in the form of letters of credit or other acceptable collateral. Our primary exposure to potential collateral postings is at rating levels of BBB-/Baa3 or below. As of December 31, 2025, our maximum potential collateral requirements were as follows:

At senior secured rating levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately $50 million at a senior secured level of BBB-/Baa3,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately $112 million at a senior secured level of BB+/Ba1 or below, and

At senior unsecured or issuer rating levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately $62 million at a senior unsecured or issuer rating level of BB+/Ba1 or below.

Additionally, if certain of our pipeline, natural gas and power trading counterparties have reasonable grounds for insecurity regarding our ability to meet our obligations or we have experienced a material change in creditworthiness, including a significant credit ratings downgrade, these counterparties could require us to post an additional $52 million in collateral, based on their credit exposure to us as of December 31, 2025.

Under certain of our new natural gas transportation precedent agreements, the potential collateral we could be required to post to our counterparties will increase by up to $192 million after service begins under these agreements (currently projected for November 2028) upon a senior secured credit rating downgrade below investment grade by two rating agencies.

The Rural Utilities Service Loan Contract contains covenants that, upon a credit rating downgrade below investment grade by two rating agencies, could result in restrictions on issuing debt. Certain of our credit agreements and pollution control bond agreements contain provisions based on our ratings that, upon a credit rating downgrade below specified levels, could result in increased interest rates. Also, borrowing rates, letter of credit fees and commitment fees in two of our lines of credit agreements are based on credit ratings and could increase if our ratings are lowered. None of these covenants and provisions, however, would result in acceleration of any debt due to credit rating downgrades.

Given our current level of ratings, our management does not have any reason to expect a downgrade that would result in any material impacts to our business. However, our ratings reflect only the views of the rating agencies and we cannot give any assurance that our ratings will be maintained at current levels for any period of time.

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***ITEM 7A.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK***

Due to our cost-based rate structure, we have limited exposure to market risks. However, changes in interest rates, equity prices, and commodity prices may result in fluctuations in member rates. We use derivatives only to manage this volatility and do not use derivatives for speculative purposes.

We have an executive risk management and compliance committee that provides general oversight over corporate compliance and all risk management activities, including, but not limited to, commodity trading, fuels management, insurance procurement, debt management, investment portfolio management, environmental compliance, and electric reliability compliance. This committee is comprised of our chief executive officer, chief operating officer, chief financial officer and the executive vice president, member relations. The risk management and compliance committee has implemented comprehensive risk management policies to manage and monitor credit, market price, and other corporate risks. These policies also specify controls and authorization levels related to various risk management activities. The committee frequently meets to review corporate exposures, risk management strategies, hedge positions, and compliance matters. The audit committee of our board of directors receives regular reports on corporate exposures, risk management and compliance activities and the actions of the risk management and compliance committee. For further discussion of our board of director's oversight of risk management and compliance, see "DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE – Board of Directors' Role in Risk Oversight."

**Interest Rate Risk**

We are exposed to the risk of changes in interest rates relating to a portion of our debt. We categorize our debt as variable rate, which is debt that is subject to a change in interest rates within the next year, intermediate-term fixed rate debt, which is debt that is not subject to a change in interest rates within the next year, but is subject to a change in interest rates within the next five years, or long-term fixed rate debt, which is debt that is not subject to a change in interest rates within the next five years. At December 31, 2025, we had $691.5 million of variable rate debt, $272.2 million of intermediate-term fixed rate debt, and the remainder of our debt was long-term fixed rate debt. Our $691.5 million of variable rate debt at December 31, 2025, included $459.5 million of commercial paper outstanding (which typically has maturities of between 1 and 90 days) and $232.0 million of pollution control bonds. These pollution control bonds include $191.5 million of indexed variable rate bonds and $40.5 million of variable rate demand bonds, all of which are subject to repricing weekly.

At December 31, 2025, the weighted average interest rate on our variable rate debt was 4.1%. If, during 2025, interest rates on this debt changed a hypothetical 100 basis points on the next respective repricing dates and remained at that level for the remainder of the year, annual interest expense would change by approximately $6.7 million.

Our objective in managing interest rate risk is to maintain a balance of long-term fixed, intermediate-term fixed and variable rate debt that will lower our overall borrowing costs within reasonable risk parameters. At December 31, 2025, we had 5.3% of our total debt, including commercial paper, classified as variable rate and 2.1% of our debt classified as intermediate-term fixed rate. The remaining 92.6% of our debt was classified as long-term fixed rate.

The operative documents underlying the pollution control bond debt contain provisions that allow us to convert the debt that is not fixed to maturity to a variety of variable interest rate modes (such as daily, weekly, monthly, commercial paper, or term rate mode), or to convert the debt to a fixed rate of interest to maturity. Having these interest rate conversion options improves our ability to manage our exposure to variable interest rates.

In addition to interest rate risk on existing debt, we are exposed to the risk of rising interest rates due to the new long-term debt we expect to incur in connection with anticipated capital expenditures, such as for the issuance of long-term debt related to the Smarr Combined Cycle project, Talbot Unit No. 7 project and other projects we may undertake, as well as the short-term debt we plan to use for interim financing of our various projects.

**Investment Risks**

We maintain external trust funds (reflected as "Nuclear decommissioning trust fund" on the balance sheet) to fund our share of certain costs associated with the decommissioning of our nuclear plants as required by the Nuclear Regulatory Commission. We also maintain an internal reserve for decommissioning (included in "Long-term investments" on the balance sheet) from which funds can be transferred to the external trust fund, if necessary. For further discussion on our nuclear decommissioning trust funds, see Note 1 of Notes to Consolidated Financial Statements.

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The allocation of equity and fixed income securities in both the external and internal funds is designed to provide returns to be used to fund decommissioning and to offset inflationary increases in decommissioning costs; however, the equity portion of these funds is exposed to price fluctuations in equity markets, and the values of fixed-rate, fixed-income securities are exposed to changes in interest rates. We actively monitor the investment performance of the funds and periodically review asset allocation in accordance with our nuclear decommissioning fund investment policy. Our investment policy establishes targeted and permissible investment allocation ranges for equity and fixed income securities. The targeted asset allocation is diversified among various asset classes and investment styles. Specific investment guidelines are established with each of the investment advisors that are selected to manage a particular asset class or subclass.

The investment guidelines for equity securities typically limit the type of securities that may be purchased and the concentration of equity holdings in any one issuer and within any one sector. With respect to fixed-income securities, the investment guidelines set forth limits for the type of bonds that may be purchased, state that investments be primarily in securities with an assigned investment grade rating of BBB- or above and establish that the average credit quality of the portfolio typically be A+/A1 or higher.

Changes in interest rates also affect the market value of fixed income investments and rising interest rates may adversely affect the market value of fixed income investments in our nuclear and coal ash pond decommissioning funds. While we generally intend to hold these investments to maturity, sale of fixed income investments could lead to realizing losses on certain investments. While increases in interest rates may decrease the market value of fixed income assets, it may increase the amount of interest received for newly purchased fixed income investments and for funds invested in variable interest rate assets.

A 10% decline in the value of the internal and external funds' equity and fixed income securities as of December 31, 2025 would result in a loss of value to the funds of approximately $10.4 million.

We also maintain funds to finance our coal ash pond retirement obligations and for major maintenance expenses. We invest a portion of our coal ash decommissioning and major maintenance accounts in fixed income funds that are subject to changes in market value. A 10% decrease in the market value of these funds would be approximately $24.7 million.

**Commodity Price Risk**

We are also exposed to the risk of changing prices for fuels, including coal and natural gas.

*Coal*

We have interests in 982 megawatts of coal-fired nameplate capacity at Plant Scherer. We purchase coal under term contracts and in spot-market transactions. Some of our coal contracts provide volume flexibility and most have fixed or capped prices. Our existing contracts and stockpile are expected to provide fixed prices for 100% and 75% of our forecasted coal requirements for 2026 and 2027, respectively.

The objective of our coal procurement strategy is to ensure reliable coal supply and some price stability for our members. Our strategy permits coal commitments for up to seven years. The procurement guidelines provide for layering in fixed and/or capped prices by annually entering into coal contracts for a portion of projected coal need for up to seven years.

*Natural Gas*

We own or operate twelve gas fired generation facilities totaling over 5,700 megawatts of nameplate capacity. See "PROPERTIES – Generating Facilities" and "BUSINESS – OUR MEMBERS AND THEIR POWER SUPPLY RESOURCES – Member Power Supply Resources – *Smarr EMC*."

We maintain a natural gas hedge program, which assists our participating members in managing potential fluctuations in our power rates to them due to changes in the market price of natural gas. Currently, 19 of our members have elected to participate in our natural gas hedging program. This program layers in fixed prices for a portion of our forecasted natural gas requirements over a rolling time horizon of up to five and a half years. Natural gas swap arrangements are used for hedging under this program. Under our swap agreements, 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

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fixed price, we will receive a net payment. The fair value of the swaps at December 31, 2025 was a net asset of approximately $10.6 million, which represents the net amount we would have received if the swaps had been terminated as of that date. As of December 31, 2025, approximately 18% of our 2026 total system forecasted natural gas requirements were hedged under swap arrangements. A hypothetical 10% decline in the market price of natural gas would have resulted in a decrease of approximately $17.6 million to the fair value of our natural gas swap agreements. Additional members may elect to participate in our natural gas hedging program, and participating members may choose to discontinue their active participation in this program at any time.

**Changes in Risk Exposure**

Our exposure to changes in interest rates, the value of investments we hold, and commodity prices have not changed materially from the previous reporting period.

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***ITEM 8.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA***

**Index To Financial Statements**

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| | |
|:---|:---|
| | **Page** |
| <u>[Consolidated Statements of Revenues and Expenses, For the Years Ended December 31, 202](#ib694f326c88b4137bb70075de5bd3873_70)[5](#ib694f326c88b4137bb70075de5bd3873_70)[, 202](#ib694f326c88b4137bb70075de5bd3873_70)[4](#ib694f326c88b4137bb70075de5bd3873_70)[and](#ib694f326c88b4137bb70075de5bd3873_70)[2023](#ib694f326c88b4137bb70075de5bd3873_70)</u> | <u>[59](#ib694f326c88b4137bb70075de5bd3873_70)</u> |
| <u>[Consolidated Balance Sheets, at December 31, 202](#ib694f326c88b4137bb70075de5bd3873_73)[5](#ib694f326c88b4137bb70075de5bd3873_73)[and](#ib694f326c88b4137bb70075de5bd3873_73)[2024](#ib694f326c88b4137bb70075de5bd3873_73)</u> | <u>[60](#ib694f326c88b4137bb70075de5bd3873_73)</u> |
| <u>[Consolidated Statements of Capitalization, at December 31, 202](#ib694f326c88b4137bb70075de5bd3873_76)[5](#ib694f326c88b4137bb70075de5bd3873_76)[and](#ib694f326c88b4137bb70075de5bd3873_76)[2024](#ib694f326c88b4137bb70075de5bd3873_76)</u> | <u>[62](#ib694f326c88b4137bb70075de5bd3873_76)</u> |
| <u>[Consolidated Statements of Cash Flows, For the Years Ended December 31, 202](#ib694f326c88b4137bb70075de5bd3873_82)[5](#ib694f326c88b4137bb70075de5bd3873_82)[, 202](#ib694f326c88b4137bb70075de5bd3873_82)[4](#ib694f326c88b4137bb70075de5bd3873_82)[and](#ib694f326c88b4137bb70075de5bd3873_82)[2023](#ib694f326c88b4137bb70075de5bd3873_82)</u> | <u>[63](#ib694f326c88b4137bb70075de5bd3873_82)</u> |
| <u>[Consolidated Statements of Patronage Capital and Membership Fees, For the Years Ended December 31, 202](#ib694f326c88b4137bb70075de5bd3873_85)[5](#ib694f326c88b4137bb70075de5bd3873_85)[, 202](#ib694f326c88b4137bb70075de5bd3873_85)[4](#ib694f326c88b4137bb70075de5bd3873_85)[, and](#ib694f326c88b4137bb70075de5bd3873_85)[2023](#ib694f326c88b4137bb70075de5bd3873_85)</u> | <u>[64](#ib694f326c88b4137bb70075de5bd3873_85)</u> |
| <u>[Notes to Consolidated Financial Statements](#ib694f326c88b4137bb70075de5bd3873_88)</u> | <u>[65](#ib694f326c88b4137bb70075de5bd3873_88)</u> |
| <u>[Report of Independent Registered Public Accounting Firm](#ib694f326c88b4137bb70075de5bd3873_154)</u> (PCAOB ID: 42) | <u>[98](#ib694f326c88b4137bb70075de5bd3873_154)</u> |

---

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

***CONSOLIDATED STATEMENTS OF REVENUES AND EXPENSES***

*For the years ended December 31, 2025, 2024 and 2023*

---

| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | 2023 |
| **Operating revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to members | $**2442690** | $2145522 | $1681566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to non-members | **98502** | 36325 | 58619 |
| **Total operating revenues** | **2541192** | 2181847 | 1740185 |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | $**841342** | $612440 | $578794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production | **557602** | 524355 | 413312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **456967** | 411598 | 330449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | **89977** | 80735 | 74657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion | **58759** | 69223 | 65907 |
| **Total operating expenses** | $**2004647** | $1698351 | $1463119 |
| **Operating margin** | $**536545** | $483496 | $277066 |
| **Other income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | $**32961** | $56282 | $70252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred gains | **1789** | 1789 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **3033** | 1756 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **6699** | 7563 | 8258 |
| **Total other income** | $**44482** | $67390 | $81049 |
| **Interest charges:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $**538569** | $521525 | $515862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for debt funds used during construction | **(22971)** | (52352) | (234090) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and expense | **10074** | 11212 | 10553 |
| **Net interest charges** | $**525672** | $480385 | $292325 |
| **Net margin** | $**55355** | $70501 | $65790 |

---

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

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

***CONSOLIDATED BALANCE SHEETS***

*December 31, 2025 and 2024*

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Assets** |  |  |
| **Electric plant:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In service | $**17663646** | $17388476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets--finance leases | **302732** | 302732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated provision for depreciation | **(5933906)** | (5701627) |
| **Electric plant in service, net** | **12032472** | 11989581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuclear fuel, at amortized cost | **408556** | 402328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | **787886** | 320167 |
| **Total electric plant** | **13228914** | 12712076 |
| **Investments and funds:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuclear decommissioning trust fund | **855223** | 721624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in associated companies | **91378** | 86720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | **653265** | 645166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **42111** | 38862 |
| **Total investments and funds** | **1641977** | 1492372 |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **251119** | 337813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and short-term investments | **500** | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | **80164** | 124572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | **397059** | 246581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, at weighted average cost | **372765** | 356285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | **45472** | 44218 |
| **Total current assets** | **1147079** | 1109969 |
| **Deferred charges and other assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | **1023859** | 1103633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments to Georgia Power Company | **22419** | 16334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **85551** | 43154 |
| **Total deferred charges and other assets** | **1131829** | 1163121 |
| **Total assets** | $**17149799** | $16477538 |

---

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

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

***CONSOLIDATED BALANCE SHEETS***

*December 31, 2025 and 2024*

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Equity and Liabilities** |  |  |
| **Capitalization:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Patronage capital and membership fees | $**1383773** | $1328418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **12065863** | 12134194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations under finance leases | **21578** | 33173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligation under Rocky Mountain transactions | **34099** | 31910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **5284** | 5715 |
| **Total capitalization** | **13510597** | 13533410 |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and finance leases due within one year | **391726** | 398979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | **459513** | 145604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **248499** | 138537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **91146** | 81425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Member power bill prepayments, current | **28453** | 31258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **215193** | 140611 |
| **Total current liabilities** | **1434530** | 936414 |
| **Deferred credits and other liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | **1280941** | 1279121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Member power bill prepayments, non-current | **38300** | 54183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | **869860** | 661592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **15571** | 12818 |
| **Total deferred credits and other liabilities** | **2204672** | 2007714 |
| **Total equity and liabilities** | $**17149799** | $16477538 |
| **Commitments and Contingencies (Notes 1, 7, 10, 11 and 12)** |  |  |

---

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

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

***CONSOLIDATED STATEMENTS OF CAPITALIZATION***

*December 31, 2025 and 2024*

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Secured Long-term debt:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgage notes payable to the Federal Financing Bank at interest rates varying from 1.03% to 5.97% (average rate of 3.57% at December 31, 2025) due in quarterly installments through 2053 | $**2819612** | $2796291 |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgage notes payable to the Federal Financing Bank at interest rates varying from 1.44% to 4.01% (average rate of 2.94% at December 31, 2025) due in quarterly installments through 2044 | **3917257** | 4050644 |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgage bonds payable: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2006<br>First Mortgage Bonds, 5.534%, due 2031 through 2035 | **300000** | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2007<br>First Mortgage Bonds, 6.191%, due 2024 through 2031 | **375000** | 437500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2009B<br>First Mortgage Bonds, 5.95%, due 2039 | **400000** | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2010A<br>First Mortgage Bonds, 5.375% due 2040 | **450000** | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2011A<br>First Mortgage Bonds, 5.25% due 2050 | **300000** | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2012A<br>First Mortgage Bonds, 4.20% due 2042 | **250000** | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2014A<br>First Mortgage Bonds, 4.55% due 2044 | **250000** | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2016A<br>First Mortgage Bonds, 4.25% due 2046 | **250000** | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2018A<br>First Mortgage Bonds, 5.05% due 2048 | **500000** | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2020A<br>First Mortgage Bonds, 3.75% due 2050 | **450000** | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2022A<br>First Mortgage Bonds, 4.50% due 2047 | **500000** | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2023A<br>First Mortgage Bonds, 6.20% due 2053 | **400000** | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2024A<br>First Mortgage Bonds, 5.80% due 2054 | **350000** | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2025A<br>&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage Bonds, 5.90% due 2055 | **350000** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgage notes issued in connection with the sale of pollution control revenue bonds through the Development Authorities of Appling, Burke and Monroe Counties, Georgia: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2013A Appling, Burke and Monroe<br>Term rate bonds, 1.50% through February 1, 2025, due 2038 through 2040 | **—** | 212760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2013A Appling<br>&nbsp;&nbsp;&nbsp;&nbsp; Weekly rate bonds, 2.50% due 2038 | **40530** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2013A Burke and Monroe<br>&nbsp;&nbsp;&nbsp;&nbsp; Term rate bonds, 3.60% through February 1, 2030, due 2038 through 2040 | **172230** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2017A, B Burke<br>Indexed put bonds–weekly reset, 4.27% due 2045 | **91645** | 91645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2017C, D Burke<br>Fixed rate bonds, 4.125%, due 2041 through 2045 | **200000** | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2017E Burke<br>Term rate bonds, 3.60% through February 3, 2025, due 2041 through 2045 | **100000** | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series 2017F Burke<br>Indexed put bonds-weekly reset, 4.52% due 2040 through 2045 | **99785** | 99785 |
| **Total Secured Long-term debt** | $**12566059** | $12388625 |
| Unsecured debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial paper refinanced on a long-term basis | **—** | 254463 |
| **Total Long-term debt** | $**12566059** | $12643088 |
| **Obligations under finance leases** | **33173** | 43586 |
| **Obligation under Rocky Mountain transactions** | **34099** | 31910 |
| **Other** | **5284** | 5715 |
| **Patronage capital and membership fees** | **1383773** | 1328418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $**14022388** | $14052717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: long-term debt and finance leases due within one year | **(391726)** | (398979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: unamortized debt issuance costs | **(96978)** | (97623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: unamortized bond discounts on long-term debt | **(23087)** | (22705) |
| **Total capitalization** | $**13510597** | $13533410 |

---

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

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

***CONSOLIDATED STATEMENTS OF CASH FLOWS***

*For the years ended December 31, 2025, 2024 and 2023*

---

| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | 2023 |
| **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | $**55355** | $70501 | $65790 |
| &nbsp;&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 | $**629202** | $569349 | $441926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion cost | **58759** | 69223 | 65907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred gains | **(1789)** | (1789) | (1789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | **(3033)** | (1756) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred outage costs | **(43866)** | (46065) | (32390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments | **(38068)** | (90356) | (6954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory deferral of costs associated with nuclear decommissioning | **48710** | 74805 | (21449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(28872)** | (47605) | (5150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **(35508)** | (32222) | 12011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(16480)** | (34717) | (38562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | **(6948)** | (7912) | (2211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **35173** | 29156 | (104164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **9721** | (24930) | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **5446** | 9678 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of asset retirement obligations | **(40017)** | (23293) | (14521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **42** | 36778 | (51274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate management program billing credits applied | **(107064)** | (126876) | (56612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(18689)** | 6902 | (57281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | $**446719** | $358370 | $128727 |
| **Net cash provided by operating activities** | $**502074** | $428871 | $194517 |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property additions | $**(890366)** | $(662122) | $(474952) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plant acquisition | **—** | (75240) | (16743) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation proceeds received for capitalized spent nuclear fuel storage costs | **21684** | 14347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in nuclear decommissioning trust fund – Purchases | **(1252652)** | (1149281) | (535027) |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in nuclear decommissioning trust fund – Proceeds | **1221699** | 1129631 | 520986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in restricted investments | **—** |  | 74031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in other long-term investments – Purchases | **(286160)** | (264277) | (262712) |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in other long-term investments – Proceeds | **359382** | 354894 | 199200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(6311)** | 1156 | 13782 |
| **Net cash used in investing activities** | $**(832724)** | $(650892) | $(481435) |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt proceeds | $**525595** | $667493 | $506272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt payments | **(358574)** | (384771) | (358477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in short-term borrowings, net | **59446** | (207818) | (47765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **17489** | (5162) | 51699 |
| **Net cash provided by financing activities** | **243956** | 69742 | 151729 |
| **Net decrease in cash, cash equivalents and restricted cash** | $**(86694)** | $(152279) | $(135189) |
| **Cash, cash equivalents and restricted cash at beginning of period** | **338313** | 490592 | 625781 |
| **Cash, cash equivalents and restricted cash at end of period** | $**251619** | $338313 | $490592 |
| **Supplemental cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for – |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (net of amounts capitalized) | $**503688** | $492055 | $278952 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in asset retirement obligations | $**(16605)** | $(225604) | $63803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued property additions at end of period | $**194785** | $49683 | $39854 |

---

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

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**OGLETHORPE POWER CORPORATION**

***CONSOLIDATED STATEMENTS OF PATRONAGE CAPITAL AND MEMBERSHIP FEES***

*For the years ended December 31, 2025, 2024 and 2023*

---

| | |
|:---|:---|
| | (dollars in thousands) |
| **Balance at December 31, 2022** | $1192127 |
| **Components of comprehensive margin in 2023:** |  |
| Net margin | 65790 |
| **Balance at December 31, 2023** | $1257917 |
| **Components of comprehensive margin in 2024:** |  |
| Net margin | 70501 |
| **Balance at December 31, 2024** | $1328418 |
| **Components of comprehensive margin in 2025:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | **55355** |
| **Balance at December 31, 2025** | $**1383773** |

---

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

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

***NOTES TO CONSOLIDATED FINANCIAL STATEMENTS***

*For the years ended December 31, 2025, 2024 and 2023*

**1. Summary of significant accounting policies:**

**a. Business description**

Oglethorpe Power Corporation is an electric membership corporation incorporated in 1974 and headquartered in metropolitan Atlanta, Georgia that operates on a not-for-profit basis. We are owned by 38 retail electric distribution cooperative members in Georgia. We provide wholesale electric power from a combination of owned and co-owned generating units of which our ownership share totals 8,589 megawatts of summer planning reserve capacity. We also manage and operate Smarr EMC which owns 729 megawatts of summer planning reserve capacity. In addition, we supply financial and management services to Green Power EMC, which purchases energy from renewable energy facilities totaling 820 megawatts of capacity, including 804 megawatts sourced by solar energy. Georgia Power Company is a co-owner and the operating agent of our nuclear and coal-fired generating units.

**b. Basis of accounting**

Our consolidated financial statements include our accounts and the accounts of our majority-owned and controlled subsidiary. We have determined that there are no accounts of variable interest entities for which we are the primary beneficiary. We have eliminated any intercompany profits and transactions in consolidation. Certain prior year amounts have

been reclassified to conform with current year presentation.

We follow generally accepted accounting principles in the United States. We maintain our accounts in accordance with the Uniform System of Accounts of the Federal Energy Regulatory Commission as modified and adopted by the Rural Utilities Service. We also apply the accounting guidance for regulated operations.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2025 and 2024 and the reported amounts of revenues and expenses for each of the three years in the period ended December 31, 2025. Examples of estimates used include items related to our asset retirement obligations. Accounting for asset retirement obligations requires legal obligations associated with the retirement of long-lived assets to be recognized at fair value when incurred and capitalized as part of the related long-lived asset. In the absence of quoted market prices, we estimate the fair value of our asset retirement obligations using present value techniques, in which estimates of future cash flows associated with retirement activities are discounted using a credit-adjusted risk-free rate. Estimating the amount and timing of future expenditures includes, among other things, identifying which of our generation plants have a legal obligation, making projections for when our generation plants will be retired, estimating the decommissioning and closure costs, and evaluating how costs will escalate with inflation. Actual results could differ from our estimates.

**c. Patronage capital and membership fees**

We are organized and operate as a cooperative. Our members paid a total of $190 in membership fees. Patronage capital includes retained net margin. Any excess of revenues over expenditures from operations is treated as an advance of capital by our members and is allocated to each member on the basis of their fixed percentage capacity cost responsibilities in our generation resources.

Any distributions of patronage capital are subject to the discretion of our board of directors, subject to first mortgage indenture requirements. Under our first mortgage indenture, we are prohibited from making any distribution of patronage capital to our members if, at the time of or after giving effect to, (i) an event of default exists under the indenture, (ii) our equity as of the end of the immediately preceding fiscal quarter is less than 20% of our total long-term debt and equities, or (iii) the aggregate amount expended for distributions on or after the date on which our equity first reaches 20% of our total long-term debt and equities exceeds 35% of our aggregate net margins earned after such date. This last restriction, however will not apply if, after giving effect to such distribution, our equity as of the end of the immediately preceding fiscal quarter is not less than 30% of our long-term debt and equities.

------

<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**d. Margin policy**

We are required under our first mortgage indenture to produce a margins for interest ratio of at least 1.10 for each fiscal year. For 2025, we achieved a margins for interest ratio of 1.10. For 2024 and 2023, we achieved a margins for interest ratio of 1.14.

**e. Revenue recognition**

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. These contracts, which extend to December 31, 2085, 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 its 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 December 31, 2025 and 2024, we did not have any significant long-term contracts with non-members.

The consideration we receive for providing capacity services to our members 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 1q.

Capacity revenues are recognized by us for standing ready to deliver electricity to our customers. Our member capacity revenues are based on the associated costs we expect to recover in a given year and are 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 1p.

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

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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.

We are required under our first mortgage indenture to produce a margins for interest ratio of at least 1.10 for each fiscal year. For 2025, our board approved, and we achieved, a targeted margins for interest ratio of 1.10. For 2024 and 2023, our board approved, and we achieved, a targeted margins for interest ratio of 1.14. For 2026, our board of directors approved a budget to achieve a 1.10 margins for interest ratio. 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 consolidated balance sheets. As of December 31, 2025 and December 31, 2024, we recognized refund liabilities totaling $70,632,000 and $55,914,000, respectively. Based on our current agreements with non-members, we do not refund any consideration received from non-members.

Sales to members were as follows:

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| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | 2023 |
| Capacity revenues | $**1603888** | $1501903 | $1082368 |
| Energy revenues | **838802** | 643619 | 599198 |
| Total | $**2442690** | $2145522 | $1681566 |

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In 2024, we recorded a reduction of $34,400,000 in fuel expense and a corresponding decrease in member energy revenues for the settlement of two claims related to spent nuclear fuel storage costs. The combined settlements were credited to fuel expense, electric plant in service and production expenses, the accounts to which the original costs were recorded. For additional information regarding the claims for spent nuclear fuel storage costs, see Note 1g in our 2024 Form 10-K.

The following table reflects members whose revenues accounted for 10% or more of our total operating revenues in 2025, 2024 or 2023:

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| | | | |
|:---|:---|:---|:---|
| | **2025** | 2024 | 2023 |
| Jackson EMC | **18.0%** | 18.0% | 15.1% |
| Cobb EMC | **8.1%** | 9.0% | 11.4% |

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Energy revenues from non-members were primarily from the sale of the BC Smith deferring members' output into the wholesale market. In 2025, BC Smith did not undergo a major maintenance outage as it did in 2024, therefore, we generated and sold more megawatt-hours of off-system energy from BC Smith compared with 2024. In 2024, BC Smith underwent a major maintenance outage during the first half of 2024, therefore, we generated and sold fewer megawatt-hours of off-system energy from BC Smith compared with 2023. In 2024 and 2023, we recognized capacity revenues from non-members related to a tolling agreement associated with the two units we acquired at the Washington County Power Plant in 2022. This tolling agreement with Georgia Power expired in May 2024.

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Sales to non-members were as follows:

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| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | 2023 |
| Energy revenues | $**98502** | $34753 | $44995 |
| Capacity revenues | **—** | 1572 | 13624 |
| Total | $**98502** | $36325 | $58619 |

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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 an additional 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 December 2022, collections from our members ended for this rate management program. Under this program, billing credits to participating members during 2025, 2024 and 2023 were $96,927,000, $121,638,000 and $52,378,000 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 consolidated balance sheets. In conjunction with this program, we are applying regulated operations accounting to defer these revenues and related investment income on the funds collected. Amounts deferred under the program will be amortized to income when applied to members' bills. The net cumulative amount billed since inception of the program totaled $369,102,000. As of December 31, 2025, $107,784,000 was our remaining liability to be credited to our members' bills. For additional information regarding our revenue deferral plan, see Note 1q.

**f. Receivables**

A substantial portion of our receivables are related to capacity and energy sales to our members. These receivables are recorded at the invoiced amount and do not bear interest. Our members are required through the wholesale power contracts to reimburse us for all costs, plus a margin requirement. Receivables from contracts with our members at December 31, 2025, 2024 and 2023 were $237,834,000, $177,790,000 and $170,901,000, respectively. Payment is typically received the following month in which capacity and energy are billed. Estimated energy charges are billed based on the amount of energy supplied during the month and are adjusted when actual costs are available, generally the following month.

The remainder of our receivables is primarily related to nuclear production tax credits and transactions with non-members for the sale of the BC Smith deferring members' output, affiliated companies and investment income. Our receivables from non-members at December 31, 2025, included a receivable of $126,517,000 from the U.S. Government relating to nuclear production tax credits ("45U NPTCs"), pursuant to Internal Revenue Code 45U for fiscal year 2024. We have applied regulatory accounting to these tax credits and are deferring the benefit until the three-year Internal Revenue Service ("IRS") statute of limitations has passed and/or completion of an IRS audit for 2024 45U NPTCs. For information regarding regulatory accounting, see Note 1q. Our receivables from non-members at December 31, 2025, 2024 and 2023 were $159,225,000 and $68,791,000, and $30,883,000, respectively.

As of December 31, 2025, we have recognized a long-term receivable of $53,566,000 from the U.S. Government relating to 45U NPTCS for fiscal year 2025. We also have applied regulatory accounting to these tax credits and are deferring the benefit until the three-year IRS statute of limitations has passed and/or completion of an IRS audit for 2025 45U NPTCs. For information regarding regulatory accounting, see Note 1q.

As a result of our historical experience, the short duration lifetime of our receivables 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 our receivables is remote. During 2025, 2024 and 2023, no credit losses were recognized on any receivables that arose from contracts with members or non-members.

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**g. Nuclear fuel cost**

The cost of nuclear fuel is amortized to fuel expense based on usage. The total nuclear fuel expense for 2025, 2024 and 2023 amounted to $118,331,000, $81,425,000, and $84,192,000, respectively.

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

Georgia Power filed multiple claims against the U.S. government seeking damages for spent nuclear fuel storage costs at Plant Hatch and Plant Vogtle Units No. 1 and No. 2 covering the period from January 1, 2011 through December 31, 2019.

In June 2024, the U.S. Court of Federal Claims entered a final judgment awarding damages to Georgia Power for spent nuclear fuel storage costs incurred at Plants Hatch and Vogtle from January 1, 2011 through December 31, 2014. Our share of the judgements is approximately $39,400,000. During the third quarter of 2024, we recorded a settlement receivable of approximately $39,400,000 in our consolidated financial statements.

In August 2024, the U.S. Court of Federal Claims entered a final judgment awarding damages to Georgia Power for spent nuclear fuel storage costs incurred at Plants Hatch and Vogtle from January 1, 2015 through December 31, 2019. Our share of the judgements is approximately $38,900,000. During the third quarter of 2024, we recorded a settlement receivable of approximately $38,900,000 in our consolidated financial statements.

The combined receivables totaled $78,300,000 and credits were recorded to the accounts to which the original costs were recorded. We credited fuel expense by $34,400,000, electric plant in service by $36,000,000 and production expenses by $7,900,000. As of December 31, 2024, $39,433,000 was outstanding for both receivables and included in the Receivables line items within our consolidated balance sheets. As of December 31, 2025, no amounts are outstanding.

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

No amounts have been recognized in our consolidated financial statements as of December 31, 2025 for any potential recoveries from the pending lawsuits. The final outcome of this matter cannot be determined at this time.

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

**h. Asset retirement obligations and other retirement costs**

Asset retirement obligations are legal obligations associated with the retirement of long-lived assets. These obligations represent the present value of the estimated future costs discounted using a credit-adjusted risk-free rate and are recorded in the period in which the liability is incurred. The liabilities we have recognized primarily relate to the nuclear decommissioning costs and coal ash pond closure costs. In addition, we have asset retirement obligations related to gypsum cells, powder activated carbon cells, landfill sites, asbestos removal and nuclear interim costs. Under the accounting provision for regulated operations, we record a regulatory asset or liability to reflect the difference in timing of recognition of the legally obligated retirement costs for financial statement purposes and for ratemaking purposes.

Periodically, we obtain revised cost studies associated with our nuclear and coal-fired plants' asset retirement obligations. Actual retirement costs may vary from these estimates. The estimated nuclear decommissioning costs and coal ash pond closure costs are based on the most recent studies performed in 2024 and 2025, respectively.

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The following table reflects the details of the asset retirement obligations included in the consolidated balance sheets for the years 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **Nuclear** | **Coal Ash Pond** | **Other** | **Total** |
| Balance at December 31, 2024 | $812239 | $403170 | $63712 | $1279121 |
| Liabilities settled | **—** | **(39053)** | **(964)** | **(40017)** |
| Accretion | **39523** | **16196** | **3040** | **58759** |
| Deferred accretion | **—** | **(317)** | **—** | **(317)** |
| Change in cash flow estimates | **—** | **(23475)** | **6870** | **(16605)** |
| **Balance at December 31, 2025** | $**851762** | $**356521** | $**72658** | $**1280941** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | Nuclear | Coal Ash Pond | Other | Total |
| Balance at December 31, 2023 | $929804 | $463967 | $65166 | $1458937 |
| Liabilities incurred | 65149 |  |  | 65149 |
| Liabilities settled |  | (21593) | (1700) | (23293) |
| Accretion | 49307 | 17109 | 2807 | 69223 |
| Deferred accretion |  | (142) |  | (142) |
| Change in cash flow estimates | (232021) | (56171) | (2561) | (290753) |
| Balance at December 31, 2024 | $812239 | $403170 | $63712 | $1279121 |

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**Asset Retirement Obligations**

*Nuclear Decommissioning.*&nbsp;&nbsp;&nbsp;&nbsp;Nuclear decommissioning cost estimates are based on site studies and assume prompt dismantlement and removal of both the radiated and non-radiated portions of the plant from service, as well as the management of spent fuel. We do not have a legal obligation to decommission non-radiated structures and, therefore, these costs are excluded from the related asset retirement obligation and the amounts in the table above. Actual decommissioning costs may vary from these estimates because of, but not limited to, changes in the assumed date of decommissioning, changes in regulatory requirements, changes in technology, and changes in costs of labor, materials and equipment, and how costs will escalate with inflation. During 2024, we performed a revised assessment of our nuclear decommissioning asset retirement obligations for Plants Hatch and Vogtle. The revised studies incorporated updated assumptions regarding expected decommissioning dates. Based on the revised studies of estimates computed by third party specialists in the nuclear regulatory environment, we recorded a decrease of approximately $232,000,000 in asset retirement obligations and a corresponding decrease in asset retirement costs (electric plant in service). The decrease was primarily due to extending the assumed decommissioning dates of the reactors and an increase in credit-adjusted risk-free rates, partially offset by an increase in base year decommissioning costs. In evaluating the significant assumptions used in the studies, management considered factors including, but not limited to, examination of the nuclear units' remaining licensed and economic lives, re-licensing expectations, regulatory requirements and industry trends. These significant assumptions are evaluated at least annually and updated as necessary based on current information.

In March 2023 and February 2024, Plant Vogtle Units No. 3's and No. 4's nuclear reactors achieved self-sustaining nuclear fission, commonly referred to as initial criticality. As a result, we recognized a new nuclear asset retirement obligation for Plant Vogtle Unit No. 3 totaling $62,841,000 in 2023 and for Unit No. 4 totaling $65,100,000 in 2024. Our portion of the estimated costs of decommissioning co-owned nuclear facilities for which we have recorded asset retirement

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obligations as of December 31, 2025 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| **2024 site study** | Hatch<br>Unit No. 1 | Hatch<br>Unit No. 2 | Vogtle<br>Unit No. 1 | Vogtle<br>Unit No. 2 |
| Estimated costs based on site study in 2024 dollars: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiated structures | $234000 | $242000 | $216000 | $226000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spent fuel management | 95000 | 89000 | 86000 | 82000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-radiated structures | 19000 | 27000 | 31000 | 39000 |
| Total estimated site study costs | $348000 | $358000 | $333000 | $347000 |

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| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| **2024 site study** | Vogtle<br>Unit No. 3 | Vogtle Unit No. 4 |
| Estimated costs based on site study in 2024 dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiated structures | $195000 | $199000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spent fuel management | 27000 | 29000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-radiated structures | 25000 | 33000 |
| Total estimated site study costs | $247000 | $261000 |

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We have established funds to comply with the Nuclear Regulatory Commission regulations regarding the decommissioning of our nuclear plants. See Note 1i for information regarding the nuclear decommissioning funds.

We apply the provision of regulated operations to nuclear decommissioning transactions such that collections and investment income (interest, dividends and realized gains and losses) of our nuclear decommissioning funds are compared to the associated decommissioning expenses with the difference deferred as regulatory asset or liability. As this difference is largely attributable to the timing of decommissioning fund earnings, the difference is recorded as an adjustment to investment income in our consolidated statements of revenues and expenses. Unrealized gains and losses of the decommissioning funds are recorded directly to the regulatory asset or liability for asset retirement obligations in accordance with our ratemaking treatment.

*Coal Combustion Residuals.*&nbsp;&nbsp;&nbsp;&nbsp;Coal combustion residuals (CCR) are subject to federal and state regulations. Our obligations associated with CCR are primarily for the closure of coal ash ponds. During 2025 and 2024, assessments of the coal ash pond asset retirement obligation resulted in decreases in cash flow estimates of $23,475,000 and $56,171,000, respectively. These adjustments to the asset retirement obligations had a corresponding offset to our coal ash related regulatory asset. The 2025 and 2024 decreases were primarily due to a reduction of estimated base closure and post-closure costs, partially offset by an increase in water treatment costs required under new effluent limitations guidelines (ELG) and CCR rules. The 2024 ELG Supplemental Rule included additional treatment requirements for CCR and non-CCR waste streams once a site is retired. Estimates are based on various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, discount rates and methods for complying with the CCR regulations. Asset retirement obligations may be adjusted in future periods as a result of changes in estimates and assumptions.

We have internally segregated the funds collected for coal ash pond and other CCR closure costs, including earnings thereon. As of December 31, 2025 and December 31, 2024, the fund balances were $219,634,000 and $201,535,000, respectively, and included in the Long-term investments line items within our consolidated balance sheets.

We apply the provision of regulated operations to coal ash pond and other CCR closure transactions such that collections and investment income (interest, dividends and realized gains and losses) are compared to the associated closure expenses with the difference deferred to or amortized from the regulatory asset. This difference recorded to the associated expenses in our consolidated statements of revenues and expenses. Unrealized gains and losses of the associated coal ash fund are recorded directly to the regulatory asset in accordance with our ratemaking treatment.

**Other Retirement Costs**

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Accounting standards for asset retirement and environmental obligations do not apply to a retirement cost for which there is no legal obligation to retire the asset, and non-regulated entities are not allowed to accrue for such future retirement costs. We continue to recognize retirement costs for these other obligations in our depreciation rates under the accounting provisions for regulated operations. Accordingly, the accumulated retirement costs for other obligations are reflected as a regulatory liability in our balance sheets. For information regarding accumulated retirement costs for other obligations, see Note 1q.

**i. Nuclear decommissioning funds**

The Nuclear Regulatory Commission (NRC) requires all licensees operating commercial power reactors to establish a plan for providing, with reasonable assurance, funds for decommissioning. The NRC definition of decommissioning does not include all costs that may be associated with decommissioning, such as spent fuel management and non-radiated structures. We have established external trust funds to comply with the NRC's regulations. Upon approval by the NRC, any funding in the external trust in excess of their requirements may be used for other decommissioning costs. As a result of nuclear fuel load for Plant Vogtle Units No. 3 and No. 4, in 2025 and 2024, we contributed $11,000,000 and $8,632,000, respectively, to the external trust funds. These funds are managed by unrelated third party investment managers with the discretion to buy, sell and invest pursuant to investment objectives and restrictions set forth in agreements entered into between us and the investment managers. We record the investment securities held in the nuclear decommissioning trust fund at fair value, as disclosed in Note 2. Because day-to-day investment decisions are made by third party investment managers, the ability to hold investments in unrealized loss positions is outside our control.

In addition to the external trust funds, we maintain unrestricted investments internally designated for nuclear decommissioning. These internal funds are available to be utilized to fund the external trust funds, should additional funding be required, as well as other decommissioning costs outside the scope of the NRC funding regulations. The funds are included in long-term investments on our consolidated balance sheets. We contributed $10,833,000 and $8,333,000 into the internal funds in 2025 and 2024, respectively.

The following table outlines the fair value of our nuclear decommissioning funds as of December 31, 2025 and December 31, 2024. The funds were invested in a diversified mix of approximately 62% equity, and 38% fixed income securities in 2025 and 51% equity, 34% fixed income securities and 15% temporarily in cash pending reallocation between equity funds in 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
| *External Trust Funds:* | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|  | Cost<br>12/31/2024 | **Purchases** | **Net Proceeds**<sup>(1)</sup> | **Unrealized Gain(Loss)** | **Fair Value 12/31/2025** |
| Equity | $343529 | $**22516** | $**27482** | $**248075** | $**641602** |
| Debt | 202356 | **1198611** | **(1184252)** | **(618)** | **216097** |
| Other | (1677) | **38968** | **(39767)** | **—** | **(2476)** |
|  | $544208 | $**1260095** | $**(1196537)** | $**247457** | $**855223** |

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(1)Also included in net proceeds are net realized gains or losses, interest income, dividends, contributions and fees of $63,558,000.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| *Internal Funds:* | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|  | Cost<br>12/31/2024 | **Purchases** | **Net**<br>**Proceeds**<sup>(1)</sup> | **Unrealized Gain(Loss)** | **Fair Value 12/31/2025** |
| Equity | $89635 | $**—** | $**5314** | $**59745** | $**154694** |
| Debt | 72879 | **175854** | **(159785)** | **1591** | **90539** |
|  | $162514 | $**175854** | $**(154471)** | $**61336** | $**245233** |

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(1)Also included in net proceeds are net realized gains or losses, interest income, dividends, contributions and fees of $21,383,000.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 2024 | 2024 | 2024 | 2024 | 2024 |
| *External Trust Funds:* | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|  | Cost<br>12/31/2023 | Purchases | Net<br>Proceeds<sup>(1)</sup> | Unrealized Gain(Loss) | Fair Value 12/31/2024 |
| Equity | $249063 | $169927 | $(75461) | $186129 | $529658 |
| Debt | 195756 | 788109 | (781509) | (8713) | 193643 |
| Other | (729) | 191247 | (192195) |  | (1677) |
|  | $444090 | $1149283 | $(1049165) | $177416 | $721624 |

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(1)Also included in net proceeds are net realized gains or losses, interest income, dividends and fees of $100,118,000.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 2024 | 2024 | 2024 | 2024 | 2024 |
| *Internal Funds:* | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|  | Cost<br>12/31/2023 | Purchases | Net<br>Proceeds<sup>(1)</sup> | Unrealized Gain(Loss) | Fair Value 12/31/2024 |
| Equity | $86378 | $— | $3257 | $40466 | $130101 |
| Debt | 49320 | 139657 | (116098) | (2180) | 70699 |
|  | $135698 | $139657 | $(112841) | $38286 | $200800 |

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(1)Also included in net proceeds are net realized gains or losses, interest income, dividends, contributions and fees of $26,817,000.

Realized and unrealized gains and losses of the nuclear decommissioning funds that would be recorded in earnings by a non-regulated entity are directly deducted from or added to the regulatory asset or liability for asset retirement obligations in accordance with our rate-making treatment.

**j. Depreciation**

Depreciation is computed on additions when they are placed in service using the composite straight-line method. We use prescribed depreciation rates as well as site specific rates determined through depreciation studies as approved by the Rural Utilities Service. The depreciation rates for steam, nuclear and other production in the table below reflect rates from depreciation rate studies completed in various years. Site specific depreciation studies are performed at a minimum of every five years. Annual weighted average depreciation rates in effect in 2025, 2024, and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **2025** | 2024 | 2023 |
| Steam production | **3.04%** | 3.04% | 3.05% |
| Nuclear production | **1.85%** | 1.88% | 1.87% |
| Hydro production | **2.00%** | 2.00% | 2.00% |
| Other production | **2.65%** | 2.71% | 2.73% |
| Transmission | **2.75%** | 2.75% | 2.75% |
| General | **2.00-33.33%** | 2.00-33.33% | 2.00-33.33% |

---

Depreciation expense for the years 2025, 2024 and 2023 was $424,243,000, $404,178,000, and $321,047,000, respectively. In 2025, depreciation expense increased by $20,065,000 compared to 2024 primarily due to a full year of operating Plant Vogtle Unit No. 4 and Walton County, which was acquired in 2024. In 2024, depreciation expense increased by $83,131,000 compared to 2023 primarily due to Plant Vogtle Unit No. 4 achieving commercial operation in April 2024 and a full year of operating Plant Vogtle Unit No. 3. In 2021, the composite depreciation rate for Plant Wansley was increased in anticipation of the plant's retirement in 2022. In addition to the depreciation expense recognized in 2022 and 2021, $165,013,000 and $204,891,000, respectively, of Plant Wansley's depreciation expense was deferred. Subsequent to the retirement of Plant Wansley, we amortized approximately $21,074,000, $20,603,000 and $25,900,000 of deferred depreciation expense in 2025, 2024 and 2023, respectively. In 2024, we recorded an increase of approximately $21,900,000 of deferred expense relating to additional dismantlement costs for Plant Wansley. See Note 1q for information regarding regulatory assets and liabilities.

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**k. Electric plant**

Electric plant is stated at original cost, which is the cost of the plant when first dedicated to public service, including acquisition adjustments, if any, plus the cost of any subsequent additions. Cost includes an allowance for the cost of equity and debt funds used during construction and allocable overheads. For the years 2025, 2024 and 2023, the allowance for funds used during construction rates were 4.32%, 4.29% and 4.18%, respectively.

Replacements and renewals of items considered to be units of property, the lowest level of property for which we capitalize, are charged to the plant accounts. At the time properties are disposed of, the original cost is charged to the accumulated provision for depreciation. Cost of removal, less salvage, is charged to a regulatory liability, accumulated retirement costs for other assets. Maintenance and repairs of property and replacements and renewals of items determined to be less than units of property are charged to expense, including certain major maintenance costs at our natural gas-fired plants.

**l. Cash and cash equivalents**

We consider all temporary cash investments purchased with an original maturity of three months or less to be cash equivalents. Temporary cash investments with maturities at the time of purchase of more than three months are classified as short-term investments.

**m. 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 consolidated balance sheets that sum to the total of the same such amounts reported in the consolidated statements of cash flows.

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| | | |
|:---|:---|:---|
| **Classification** | | |
| | **Twelve months ended** | **Twelve months ended** |
|  | **December 31, 2025** | December 31, 2024 |
|  | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**251119** | $337813 |
| &nbsp;&nbsp;&nbsp;Restricted cash included in restricted cash and short-term investments | **500** | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows** | $**251619** | $338313 |

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**n. Inventories**

We maintain inventories of fossil fuel and spare parts, including materials and supplies for our generation plants. These inventories are stated at weighted average cost.

The fossil fuel inventories primarily include the direct cost of coal and related transportation charges. The cost of fossil fuel inventories is carried at weighted average cost and is charged to fuel expense as consumed. The spare parts inventory primarily includes the direct cost of generating plant spare parts. The spare parts inventory is carried at weighted average cost and the parts are charged to expense or capitalized, as appropriate when installed.

At December 31, 2025 and December 31, 2024, fossil fuels inventories were $68,169,000 and $83,705,000, respectively. Inventories for spare parts at 2025 and 2024 were $304,596,000 and $272,580,000, respectively.

**o. Deferred charges and other assets**

Deferred charges and other assets represent regulatory assets, long-term prepayments to Georgia Power and other deferred charges. Other deferred charges primarily represent a long-term receivable from the U.S. Government relating to nuclear production tax credits for fiscal year 2025 and the fair value of our natural gas contracts that will settle after the next

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twelve months and other long-term prepayments. For a discussion regarding regulatory assets and liabilities and nuclear production tax credits, see Note 1q and Note 8, respectively.

**p. Deferred credits and other liabilities**

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 monthly and are recorded as a reduction to member revenues. The prepayments are being credited against members' power bills through December 2028, with the majority of the balance scheduled to be credited by the end of 2027.

Deferred credits and other liabilities also consist of asset retirement obligations as discussed in Note 1h and regulatory liabilities in Note 1q.

**q. Regulatory assets and liabilities**

We apply the accounting guidance for regulated operations. Regulatory assets represent certain costs that are probable of recovery from our members in future revenues through rates established under the wholesale power contracts we have with each of our members. These 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 members.

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| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| *Regulatory Assets:* |  |  |
| Premium and loss on reacquired debt(a) | $**20173** | $21587 |
| Amortization on financing leases(b) | **19556** | 24699 |
| Outage costs(c) | **46781** | 45749 |
| Asset retirement obligations – Ashpond and other(l) | **228400** | 268074 |
| Depreciation expense - Plant Vogtle(d) | **31279** | 32702 |
| Depreciation expense - Plant Wansley(e) | **316106** | 337181 |
| Deferred charges related to Vogtle Units No. 3 and No. 4 training costs(f) | **53619** | 54545 |
| Interest rate options cost(g) | **123650** | 130456 |
| Deferral of effects on net margin – TA Smith Energy Facility(h) | **118896** | 124840 |
| Deferral of effects on net margin – BC Smith Energy Facility(p) | **13868** | 27841 |
| Inventory adjustments - TA Smith Energy Facility(q) | **13701** | 14723 |
| Accumulated retirement costs for other obligations(i) | **5479** |  |
| Other regulatory assets(o) | **32351** | 21236 |
| *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Regulatory Assets* | $**1023859** | $1103633 |
| *Regulatory Liabilities:* |  |  |
| Accumulated retirement costs for other obligations(i) | **—** | $29975 |
| Deferral of effects on net margin – Hawk Road Energy Facility(h) | **14788** | 15404 |
| Major maintenance reserve(j) | **109028** | 99987 |
| Deferred debt service adder(k) | **201836** | 186757 |
| Asset retirement obligations – Nuclear(l) | **245133** | 102858 |
| Revenue deferral plan(m) | **107784** | 197373 |
| Natural gas hedges(n) | **10642** | 28624 |
| Deferral of direct pay nuclear production tax credits(r) | **180082** |  |
| Other regulatory liabilities(o) | **567** | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Total Regulatory Liabilities* | $**869860** | $661592 |
| Net regulatory assets | $**153999** | $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 30 years.

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

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(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 will commence effective with the commercial operation date of each unit and 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 2023 after Vogtle Unit No. 3 was placed in service.

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

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

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

(k)Represents collections to fund certain debt payments 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 future decommissioning or closure costs for financial statement purposes versus ratemaking purposes, as well as the deferral of unrealized gains and losses of funds set aside for decommissioning or closure.

(m)Deferred revenues under a rate management program that allowed for additional collections from 2018 through 2022 over a five-year period beginning in 2018. These amounts are being amortized to income and applied to member billings, per each member's election, over the subsequent five-year period.

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

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

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

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

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

**r. Related parties**

We and our 38 members are members of Georgia Transmission Corporation. Georgia Transmission provides transmission services to its members for delivery of its members' power purchases from us and other power suppliers. We have entered into an agreement with Georgia Transmission to provide transmission services for third party transactions and for service to our owned facilities. For 2025, 2024, and 2023, we incurred expenses from Georgia Transmission of $46,353,000, $43,965,000, and $41,426,000, respectively.

We, Georgia Transmission and 38 of our members are members of Georgia System Operations. Georgia System Operations operates the system control center and currently provides us system operations services and administrative

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support services. For 2025, 2024, and 2023, we incurred expenses from Georgia System Operations of $37,271,000, $32,932,000, and $30,109,000, respectively.

**s. Other income**

Other income includes net revenue from Georgia Transmission and Georgia System Operations Corporation for administrative costs, as well as capital credits from investments in associated organizations and other miscellaneous income.

**t. 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 have fully completed our evaluation of this new standard. The adoption of this standard on December 31, 2025 did not have a material impact on our consolidated financial statements. For the related income tax disclosures, see Note 5.

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

In September 2025, the FASB issued "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", which modernizes the accounting for internal-use software under Accounting Standards Codification (ASC) 350-40 by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. The new standard is effective for us for interim and annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.

**u. 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 1f 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.

**2. Fair Value:**

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;• *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.

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&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;• *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.

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;*(1)Market approach.* 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Income approach.* 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;*(3)Cost approach.* 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 or comparable utility adjusted for obsolescence.

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

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

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The Level 2 investments above in corporate bonds and debt, federal agency mortgage backed securities, and mortgage backed securities may not be exchange traded. The fair value measurements for these investments are based on a market approach, including the use of observable inputs. 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 December 31, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | 2024 | 2024 |
| | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| | **Carrying<br>Value** | **Fair<br>Value** | Carrying<br>Value | Fair<br>Value |
| Long-term debt | $**12566059** | $**11008470** | $12643088 | $10666727 |

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The estimated fair value of long-term debt is classified as Level 2 and is based on observed or quoted market prices for the same or similar issues, or based on current rates offered to us for debt of similar maturities. The primary sources of our long-term debt consist of first mortgage bonds, pollution control revenue bonds and long-term debt issued by the Federal Financing Bank that is guaranteed by the Rural Utilities Service or the U.S. Department of Energy. The valuations for the first mortgage bonds and the pollution control revenue bonds were obtained from a third party data reporting service, and are based on secondary market trading of our debt. Valuations for debt issued by the Federal Financing Bank are based on U.S. Treasury rates as of December 31, 2025 plus an applicable spread, which reflects our borrowing rate for new loans of this type from the Federal Financing Bank.

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

**3. Derivative instruments:**

We use commodity derivatives to manage our exposure to fluctuation 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 statements 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 December 31, 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 December 31, 2025 and 2024, the estimated fair values of our natural gas contracts were net assets of $10,642,000 and $28,624,000, respectively.

As of December 31, 2025 and December 31, 2024, one of our counterparties was required to post credit collateral totaling $500,000 under our natural gas swap agreements. Such posted collateral is classified as restricted cash and included in the Restricted cash and short-term investments line items within our consolidated balance sheets.

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The following table reflects the volume activity of our natural gas derivatives as of December 31, 2025 that is expected to settle or mature each year:

---

| | |
|:---|:---|
| **Year** | **Natural Gas<br>Swaps<br>(MMBTUs)** |
|  | (in millions) |
| 2026 | 25.6 |
| 2027 | 21.6 |
| 2028 | 11.6 |
| 2029 | 11.8 |
| 2030 | 12.8 |
| **Total** | **83.4** |

---

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 December 31, 2025 and 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $**14775** | $**(2505)** | $**12270** | $19527 | $(1563) | $17964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other deferred charges | **3084** | **(1251)** | **1833** | 17566 | (5279) | 12287 |
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other current liabilities | $**145** | $**(435)** | $**(290)** | $290 | $(1917) | $(1627) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Other deferred credits | **1020** | **(4191)** | **(3171)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $**19024** | $**(8382)** | $**10642** | $37383 | $(8759) | $28624 |

---

The following table presents the realized gains and (losses) on derivative instruments recognized in margin for the years ended December 31, 2025, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated<br>Statement of<br>Revenues and<br>Expenses Location** | **2025** | 2024 | 2023 |
| | | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps gains | Fuel | $**15638** | $1213 | $2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps losses | Fuel | **(5747)** | (25510) | (22924) |
| **Total** |  | $**9891** | $(24297) | $(20923) |

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The following table presents the unrealized (gains) and losses on derivative instruments deferred on the consolidated balance sheets at December 31, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | **Consolidated Balance<br>Sheet Location** | | |
| | | **2025** | 2024 |
| | | (dollars in thousands) | (dollars in thousands) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas swaps | Regulatory liability | $**10642** | $28624 |
| **Total** |  | $**10642** | $28624 |

---

**4. Investments:**

***Investments in debt and equity securities***

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 at December 31, 2025 and 2024.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **Gross Unrealized** | **Gross Unrealized** | **Gross Unrealized** | **Gross Unrealized** |
| 2024 | **Cost** | **Gains** | **Losses** | **Fair Value** |
| Equity | $259554 | $231815 | $(6385) | $484984 |
| Debt | 864575 | 3209 | (17336) | 850448 |
| Other | 155802 | 224 | (96) | 155930 |
| Total | $1279931 | $235248 | $(23817) | $1491362 |

---

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

The contractual maturities of debt securities, which are included in the estimated fair value table above, at December 31, 2025 and 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | **2025** | 2024 | 2024 |
| | **Cost** | **Fair Value** | Cost | Fair Value |
| Due within one year | $**446048** | $**450544** | $489744 | $488062 |
| Due after one year through five years | **134402** | **135895** | 188519 | 185714 |
| Due after five years through ten years | **94416** | **95596** | 63526 | 62123 |
| Due after ten years | **175190** | **169132** | 122785 | 114549 |
| Total | $**850056** | $**851167** | $864574 | $850448 |

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The following table summarizes the realized gains and losses and proceeds from sales of securities for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 | 2023 |
| Gross realized gains | $**39726** | $101549 | $15518 |
| Gross realized losses | **(1658)** | (11193) | (8564) |
| Proceeds from sales | **1581081** | 1484525 | 720186 |

---

***Investment in associated companies***

Investments in associated companies were as follows at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| National Rural Utilities Cooperative Finance Corporation (CFC) | $**23899** | $23983 |
| CT Parts, LLC | **6795** | 6561 |
| Georgia Transmission Corporation | **49150** | 44936 |
| Georgia System Operations Corporation | **7500** | 7250 |
| Other | **4034** | 3990 |
| Total | $**91378** | $86720 |

---

The CFC investments consist of capital term certificates required in connection with our membership in CFC and a voluntary investment in CFC member capital securities. Accordingly, there is no market for these investments and they are valued at cost. The investment in Georgia Transmission represents capital credits valued at cost. The investment in Georgia System Operations represents loan advances. Repayments of these advances are due by December 2028.

CT Parts, LLC is an affiliated organization formed by us and Smarr EMC for the purpose of purchasing and maintaining spare parts inventory and for the administration of contracted services for combustion turbine generation facilities. Such investment is recorded at cost.

***Rocky Mountain transactions***

In December 1996 and January 1997, we entered into six long-term lease transactions relating to our 74.61% undivided interest in Rocky Mountain. In each transaction, we leased a portion of our undivided interest in Rocky Mountain to six separate owner trusts for the benefit of three investors, referred to as owner participants, for a term equal to 120% of the estimated useful life of Rocky Mountain. Immediately thereafter, the owner trusts leased their undivided interests in Rocky Mountain to our wholly owned subsidiary, Rocky Mountain Leasing Corporation, or RMLC, for a term of 30 years under six separate leases. RMLC then subleased the undivided interests back to us under six separate leases for an identical term.

In 2012, we terminated five of the six lease transactions prior to the end of their lease terms. The remaining lease in place represent approximately 10% of the original lease transactions. Pursuant to a payment undertaking agreement, we have a guarantee for the annual basic rent payments due under the remaining lease. The fair value amount relating to the guarantee of basic rent payment is immaterial to us principally due to the high credit rating of the payment undertaker, Rabobank Nederland. The basic rental payments remaining through the end of the lease, which expires in 2027, are approximately $4,634,000.

In connection with the end of the lease term, we have exercised our option to cause RMLC to purchase the owner trust's undivided interest in Rocky Mountain at a fixed purchase option price of approximately $112,000,000. The payment undertaking agreement, along with the equity funding agreement with AIG Matched Funding Corp., is expected to fund approximately $74,000,000 and $37,928,000 of this amount, respectively, and these amounts are expected to paid to the owner trust over five installments in 2027.

The assets of RMLC are not available to pay our creditors.

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**5. Income taxes:** 

While we are a not-for-profit membership corporation formed under the laws of the state of Georgia, we are subject to federal and state income taxation. As a taxable cooperative, we are allowed to deduct patronage dividends allocated to members when calculating taxable income. We annually allocate income and deductions between patronage and non-patronage activities and substantially all of our income is from patronage-sourced activities. As a result, we generally do not incur current period income tax expense and do not record a net deferred income tax asset or liability.

Although we believe that treatment of non-member sales as patronage-sourced income is appropriate, this treatment has not been examined by the Internal Revenue Service. If this treatment was not sustained, we believe that the amount of taxes on such non-member sales, after allocating related expenses against the revenues from such sales, would not have a material adverse effect on our financial condition or results of operations and cash flows.

We account for income taxes pursuant to the authoritative guidance for accounting for income taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.

The difference between the statutory federal income tax rate on income before income taxes and our effective income tax rate is summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **2025** | | **2024** | | **2023** |
| | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
| Statutory federal income tax rate | $**11625** | **21.0%** | $14805 | 21.0% | $13816 | 21.0% |
| Patronage exclusion | **(11625)** | **(21.0)%** | (14805) | (21.0)% | (13816) | (21.0)% |
| Effective income tax rate | $— | **0.0%** | $— | 0.0% | $— | 0.0% |

---

Substantially all operations are conducted in the United States; therefore, income before income taxes is entirely attributable to domestic operations for all periods presented. Income taxes paid, net of refunds, were zero for the years ended December 31, 2025, 2024 and 2023.

The components of our net deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) |
| | **2025** | 2024 |
| **Deferred tax assets** |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses | $**214816** | $157190 |
| &nbsp;&nbsp;&nbsp;Obligation related to asset retirements | **319494** | 319040 |
| &nbsp;&nbsp;&nbsp;Advance payments | **121095** | 142949 |
| &nbsp;&nbsp;&nbsp;Other regulatory liabilities | **63528** | 36973 |
| &nbsp;&nbsp;&nbsp;Other assets | **14110** | 13026 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | **733043** | 669178 |
| Less: Valuation allowance | **—** |  |
| **Net deferred tax assets** | $**733043** | $669178 |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed assets and intangibles | $**(239649)** | $(175777) |
| &nbsp;&nbsp;&nbsp;Right-of-use assets-finance leases | **(75508)** | (75508) |
| &nbsp;&nbsp;&nbsp;Other regulatory asset | **(361775)** | (338048) |
| &nbsp;&nbsp;&nbsp;Other liabilities | **(18244)** | (19024) |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | **(695176)** | (608357) |
| **Net deferred tax assets (liabilities)** | $**37867** | $60821 |
| &nbsp;&nbsp;&nbsp;Less: Impact of patronage dividend allocation | **(37867)** | (60821) |
| **Net deferred taxes** | $**—** | $— |

---

As of December 31, 2025, we have federal and state net operating loss carryforwards of $861,260,000. Federal net operating loss carryforwards may be carried forward indefinitely. State net operating loss carryforwards may be carried forward for periods ranging from fifteen years to indefinitely, depending on the applicable state jurisdiction. Due to the tax

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basis method for allocating patronage dividends, these losses would be utilized to offset any future federal taxable income prior to member allocation per the bylaws. Accordingly, there is no net impact to the deferred tax asset after the patronage exclusion.

The authoritative guidance for income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. We may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

We file a U.S. federal consolidated income tax return. The U.S. federal statute of limitations remains open for the year 2022 and forward. State jurisdictions have statutes of limitations generally ranging from three to five years from the filing of an income tax return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. Years still open to examination by tax authorities in major state jurisdictions include 2022 and forward. We have no liabilities recorded for uncertain tax positions.

**6. Leases:**

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

&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 October 31, 2030. 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 our incremental borrowing rate based on the information available at the time new lease agreements are entered into or reassessed to determine the present value of lease payments.

We combine lease and nonlease components for all lease agreements.

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---

| | | |
|:---|:---|:---|
| **Classification** | **2025** | 2024 |
|  | (dollars in thousands) | (dollars in thousands) |
| **Right-of-use assets - Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | $**302732** | $302732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated provision for depreciation | **(288688)** | (283417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total finance lease assets | $**14044** | $19315 |
| **Lease liabilities - Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations under finance leases | $**21578** | $33173 |
| Long-term debt and finance leases due within one year | **11595** | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total finance lease liabilities | $**33173** | $43586 |

---

---

| | | |
|:---|:---|:---|
| **Classification** | **2025** | 2024 |
|  | (dollars in thousands) | (dollars in thousands) |
| **Right-of-use assets - Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric plant in service, net | $**7357** | $7723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating lease assets | $**7357** | $7723 |
| **Lease liabilities - Operating leases** |  |  |
| Capitalization - Other | $**5284** | $5715 |
| Other current liabilities | **2073** | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating lease liabilities | $**7357** | $7669 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **2025** | 2024 |
| | | (dollars in thousands) | (dollars in thousands) |
| **Lease Cost** | **Classification** |  |  |
| Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of leased assets | Depreciation and amortization | $**10413** | $9351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | Interest expense | $**4536** | $5598 |
| Operating lease cost | Inventory<sup>(1)</sup> & production expense | $**2429** | $2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total lease cost |  | $**17378** | $17236 |

---

<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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---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | December 31, 2024 |
| **Lease Term and Discount Rate** |  |  |
| **Weighted-average remaining lease term (in years):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | **3.55** | 4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | **4.36** | 5.01 |
| **Weighted-average discount rate:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | **11.05%** | 11.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | **6.14%** | 6.34% |

---

---

| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| | (dollars in thousands) | (dollars in thousands) |
| **Other Information:** |  |  |
| **Cash paid for amounts included in the measurement of lease liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from finance leases | $**4536** | $5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $**2429** | $2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows from finance leases | $**10413** | $9351 |
| **Right-of-use assets obtained in exchange for new operating lease liabilities** | $**1670** | $2951 |

---

Maturity analysis of our finance and operating lease liabilities as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Year Ending December 31, | Finance Leases | Operating Leases | Total |
| 2026 | $14949 | $2467 | $17416 |
| 2027 | 14949 | 2190 | 17139 |
| 2028 | 3052 | 2080 | 5132 |
| 2029 | 3052 | 643 | 3695 |
| 2030 | 3052 | 389 | 3441 |
| Thereafter | 1528 | 651 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | $40582 | $8420 | $49002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: imputed interest | (7409) | (1063) | (8472) |
| **Present value of lease liabilities** | $33173 | $7357 | $40530 |

---

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 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | 2024 |
| | (dollars in thousands) | (dollars in thousands) |
| Lease income | **$5221** | $5561 |

---

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**7. Debt:**

Long-term debt consists of first mortgage notes payable to the United States of America acting through the Federal Financing Bank (FFB) and guaranteed by the Rural Utilities Service or the U.S. Department of Energy, first mortgage bonds payable (FMBs) and first mortgage notes issued in conjunction with the sale by public authorities of pollution control revenue bonds (PCRBs). Substantially all of our owned tangible and certain of our intangible assets are pledged under our first mortgage indenture as collateral for the Federal Financing Bank notes, the first mortgage bonds, and the first mortgage notes issued in conjunction with the sale of pollution control revenue bonds.

Maturities for long-term debt and finance lease obligations through 2030 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| | 2026 | 2027 | 2028 | 2029 | 2030 |
| FFB | $277101 | $253087 | $297901 | $346710 | $315442 |
| FMBs | 62500 | 62500 | 62500 | 62500 | 62500 |
| PCRBs<sup>(1)</sup> | 40530 |  | 91645 | 99785 |  |
|  | $380131 | $315587 | $452046 | $508995 | $377942 |
| Finance Leases | 11595 | 12912 | 2153 | 2397 | 2669 |
| Total | $391726 | $328499 | $454199 | $511392 | $380611 |

---

<sup>(1)</sup> Represents amounts that would be due in the current year upon optional tender by holders of the Series 2013A Appling bonds. These bonds have a provision that holders of the bonds may tender the bonds for purchase at any time upon at least seven days notice, and we are obligated to pay the purchase price of the bonds tendered for purchase and not remarketed. These Series 2013A Appling bonds, totaling $40,530,000, have a nominal maturity in 2038. Amounts reflected in 2028 represent the Series 2017A and 2017B Burke indexed put bonds, which are subject to a mandatory tender in September 2027. If not successfully remarketed at that time, the bonds would enter a failed remarketing period and be subject to mandatory redemption in September 2028. Amounts reflected in 2029 represent the Series 2017F Burke indexed put bonds, which are subject to a mandatory tender on February 1, 2028. If not successfully remarketed at that time, the bonds would enter a failed remarketing period and be subject to mandatory redemption in February, 2029. There are no scheduled debt maturities for the PCRBs through 2030.

The weighted average interest rate on our long-term debt at December 31, 2025 and 2024 was 4.07% and 3.95%, respectively. The weighted average interest rate on our short-term borrowings at December 31, 2025 and 2024 was 4.05% and 4.80%, respectively.

Long-term debt outstanding, excluding commercial paper reclassified to long-term debt, and the associated unamortized debt issuance costs and debt discounts at December 31, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | 2024 | 2024 |
| | **Principal** | **Unamortized Debt<br>Issuance Costs<br>and<br>Debt Discounts** | Principal | Unamortized Debt<br>Issuance Costs<br>and<br>Debt Discounts |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| FFB | $**6736869** | $**46268** | $6846935 | $48947 |
| FMBs | **5125000** | **65617** | 4837500 | 63373 |
| PCRBs | **704190** | **8180** | 704190 | 8008 |
|  | $**12566059** | $**120065** | $12388625 | $120328 |

---

We use the effective interest rate method to amortize debt issuance costs and debt discounts as well as the straight-line method when the results approximate those of the effective interest rate method. Unamortized debt issuance costs and debt discounts are being amortized to expense over the life of the respective debt issues.

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 December 31, 2025, we have repaid $715,771,000 of principal on the notes related to these borrowings and the aggregate

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Department of Energy-guaranteed borrowings outstanding, including capitalized interest, totaled $3,917,257,000. The final maturity date is February 20, 2044.

b)*Rural Utilities Service Guaranteed Loans:*

During 2025, we received advances on Rural Utilities Service-guaranteed Federal Financing Bank loans totaling $175,595,000, consisting of $24,368,000 and $151,227,000 for two loans of long-term financing of general and environmental improvements at existing plants.

In January 2026, we received an additional $43,332,000 in advances on Rural Utilities Service-guaranteed Federal Financing Bank loans for long-term financing of general and environmental improvements at existing plants.

*c)Credit Facilities:*

As of December 31, 2025, we had a total of $1,725,000,000 of committed credit arrangements comprised of four separate facilities with maturity dates that range from March 2027 to May 2029. These credit facilities are for general working capital purposes, issuing letters of credit and backing up outstanding commercial paper. Under our unsecured committed lines of credit that we had in place at December 31, 2025, we had the ability to issue letters of credit totaling $810,000,000 in the aggregate, of which $807,000,000 remained available. At December 31, 2025, we had (i) $2,504,000 under these lines of credit in the form of issued letters of credit and (ii) $461,149,000 dedicated under one of these lines of credit to support a like face value of commercial paper that was outstanding.

*d)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.

*e)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 million of Burke and Monroe bonds which we remarketed as five-year term-rate bonds, and $40,530,000 million of Series 2013A Appling bonds, which we converted to a weekly rate mode without external credit or liquidity support. We added a provision to the Appling bonds that permits holders of the bonds to tender their bonds for purchase at any time upon at least seven days notice, and obligates us to pay the purchase price of the bonds tendered for purchase that are not remarketed. Since the Series 2013A Appling bonds contain a provision that could accelerate their payment to the current year under certain circumstances, these bonds are included within 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.

**8. Electric plant, construction and related agreements:**

**a. Electric plant**

We, along with Georgia Power, have entered into agreements providing for the purchase and subsequent joint operation of certain electric generating plants. Each co-owner is responsible for providing their own financing. The plant investments disclosed in the table below represent our undivided interest in each plant. A summary of our plant investments and related accumulated depreciation as of December 31, 2025 and 2024 is as follows:

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|:---|:---|
| **2025** | 2024 |
| (dollars in thousands) | (dollars in thousands) |

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| | | | | |
|:---|:---|:---|:---|:---|
| Plant | **Investment** | **Accumulated<br>Depreciation** | Investment | Accumulated<br>Depreciation |
| In-service<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owned property |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vogtle Units No. 1 & No. 2<br>*(Nuclear – 30% ownership)* | $**2908491** | $**(1965417)** | $2941737 | $(1958308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Vogtle Units No. 3 and No. 4<br>*(Nuclear – 30% ownership)*<sup>(2)</sup> | **8003060** | **(286647)** | 7966038 | (153949) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hatch Units No. 1 & No. 2<br>*(Nuclear – 30% ownership)* | **915953** | **(568987)** | 912629 | (558916) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wansley Common<br>*(Fossil – 30% ownership)* | **30894** | **(28641)** | 26603 | (23344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Scherer Unit No. 1<br>*(Fossil – 60% ownership)* | **1353887** | **(703748)** | 1369982 | (690307) |
| &nbsp;&nbsp;&nbsp;&nbsp;Doyle *(Combustion Turbine - 100% ownership)* | **157751** | **(133076)** | 151697 | (130479) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocky Mountain Units No. 1, No. 2 & No. 3<br>*(Hydro – 74.61% ownership)* | **624279** | **(331658)** | 619581 | (319528) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartwell *(Combustion Turbine - 100% ownership)* | **244632** | **(135252)** | 239570 | (134649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawk Road *(Combustion Turbine - 100% ownership)* | **281032** | **(91954)** | 277099 | (84004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Talbot Units No. 1 - No. 6<br>*(Combustion Turbine - 100% ownership)* | **414987** | **(175240)** | 310826 | (172890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Chattahoochee *(Combined cycle - 100% ownership)* | **362721** | **(174919)** | 354570 | (172094) |
| &nbsp;&nbsp;&nbsp;&nbsp; BC Smith *(Combined cycle - 100% ownership)* | **465758** | **(123642)** | 413829 | (119228) |
| &nbsp;&nbsp;&nbsp;&nbsp; TA Smith *(Combined cycle - 100% ownership)* | **716742** | **(252913)** | 702383 | (243554) |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington County Unit No. 2 and Unit No. 3<br>*(Combustion Turbine –* 100% *ownership)* | **215967** | **(97664)** | 171937 | (94418) |
| &nbsp;&nbsp;&nbsp;&nbsp;Baconton Unit 500 *(Combustion Turbine –* 100% *ownership)* | **33630** | **(17577)** | 33910 | (16900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Walton County *(Combustion Turbine –* 100% *ownership)* | **163010** | **(32715)** | 121718 | (43697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission plant | **176187** | **(81654)** | 173183 | (77295) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **104625** | **(63257)** | 103785 | (64004) |
| Property under finance lease: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Scherer Unit No. 2 *(Fossil – 60% leasehold)* | **792772** | **(668945)** | 800131 | (644063) |
| Total in-service | $**17966378** | $**(5933906)** | $17691208 | $(5701627) |
| Construction work in progress |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hatch Units No. 1 & No. 2<br>*(Nuclear – 30% ownership)* | $**69217** |  | $29563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Scherer Units No. 1 & No. 2 *(Fossil –*60% *ownership & 60% leasehold)* | **81106** |  | 42774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vogtle Units No. 1 & No. 2<br>*(Nuclear – 30% ownership)* | **79323** |  | 22842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vogtle Units No. 3 and No. 4<br>*(Nuclear –30% ownership)*<sup>(23)</sup> | **31723** |  | 10623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wansley Common<br>*(Fossil –30% ownership)* | **5437** |  | 152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Smarr CC (Combined cycle - 100% ownership)* | **343532** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Talbot Unit No. 7 *(Combustion Turbine - 100% ownership)* | **61497** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental and other<br>&nbsp;&nbsp;&nbsp;&nbsp; generation improvements | **116051** |  | 214213 |  |
| Total construction work in progress | $**787886** |  | $320167 |  |

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(1)Amounts include $330,730,000 of plant acquisition adjustments at December 31, 2025 and 2024.

(2)Plant Vogtle Units No. 3 and No. 4 were placed in service on July 31, 2023 and April 29, 2024, respectively.

Our proportionate share of direct expenses of joint operation of the above plants is included in the corresponding operating expense captions (e.g., fuel, production) on the accompanying consolidated statements of revenues and expenses.

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**b. Plant Vogtle Units No. 3 and No. 4** 

We, Georgia Power, the Municipal Electric Authority of Georgia (MEAG Power), 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.

Georgia Power placed Unit No. 3 in service on July 31, 2023 and placed Unit No. 4 in service on April 29, 2024. 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, and a summer planning reserve capacity of 670 megawatts.

Vogtle Unit No. 3 and No. 4 site demobilization efforts have been completed, and remaining contractor obligations have been substantially satisfied. As of December 31, 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 $427 million we received from Georgia Power pursuant to the cost-sharing provisions in a settlement agreement with Georgia Power.

*45J Nuclear Production Tax Credits ("45J NPTCs")*

In 2025 and 2024, since Plant Vogtle Units No. 3 and No. 4 were placed in service, we sold to Georgia Power approximately $85,951,000 and $72,600,000, respectively, of 45J 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.

**c. Plant Hatch Unit No. 1 and No. 2 and Vogtle Unit No. 1 and No. 2**

In December 2025, we recognized receivables of $180,082,000 from the U.S. Government relating to 45U NPTCs for fiscal years 2024 and 2025 collectively. We intend to defer the benefit of these 45U NPTCs until the three-year IRS statute of limitations has passed and/or completion of an IRS audit for that year's 45U NPTCs. For information regarding this receivable from the U.S. Government and regulatory accounting, see Notes 1f and 1q.

**9. Employee benefit plans:**

Our retirement plan is a contributory 401(k) that covers substantially all employees. An employee may contribute, subject to IRS limitations, up to 60% of his or her eligible annual compensation. At our discretion, we may match the employee's contribution and have done so each year of the plan's existence. The match, which is calculated each pay period, currently can be equal to as much as three-quarters of the first 6% of an employee's eligible compensation, depending on the amount and timing of the employee's contribution. Our contributions to the matching feature of the plan were approximately $2,680,000, $2,324,000 and $2,143,000 in 2025, 2024 and 2023, respectively.

Our 401(k) plan also includes an employer retirement contribution feature, which subject to IRS limitations, contributes 11% of an employee's eligible annual compensation. Our contributions to the employer retirement contribution feature of the 401(k) plan were approximately $7,041,000, $6,251,000 and $5,655,000 in 2025, 2024 and 2023, respectively.

We also sponsor two deferred compensation plans for eligible employees. Eligible employees are defined as highly compensated individuals within the definition of the Internal Revenue Code. The plans offer investment options to all eligible participants without regard to salary limits. In addition, one plan enables us to continue employer retirement contributions to highly compensated employees who exceed Internal Revenue Code salary limits for retirement plan contributions. The value of the plans is recorded as an asset and an equal offsetting liability with balances of $8,013,000 and $6,952,000 in 2025 and 2024, respectively.

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**10. Nuclear insurance:**

The Price-Anderson Act limits public liability claims that could arise from a single nuclear incident to $16.3 billion. This amount is covered by private insurance and a mandatory program of deferred premiums that could be assessed against all owners of nuclear power reactors. Such private insurance provided by American Nuclear Insurers (ANI), is carried by Georgia Power for the benefit of all the co-owners of Plants Hatch and Vogtle. Agreements of indemnity have been entered into by and between each of the co-owners and the NRC. In the event of a nuclear incident involving any commercial nuclear facility in the country involving total public liability in excess of $500 million, a licensee of a nuclear power plant could be assessed a deferred premium of up to $166 million per incident for each licensed reactor operated by it, but not more than $25 million per reactor per incident to be paid in a calendar year. On the basis of our ownership interest in six nuclear reactors, we could be assessed a maximum of $299 million per incident, but not more than $44 million in any one year. Both the maximum assessment per reactor and the maximum yearly assessment are adjusted for inflation at least every 5 years, and exclude any applicable state premium taxes. The next scheduled adjustment is due no later than November 1, 2028.

Georgia Power, on behalf of all the co-owners of Plants Hatch and Vogtle, is a member of Nuclear Electric Insurance, Ltd. (NEIL), a mutual insurer established to provide property damage insurance coverage in an amount up to $1.5 billion for members' operating nuclear generating facilities. Additionally, there is coverage through NEIL for decontamination, excess property insurance, and premature decommissioning coverage up to $1.25 billion for nuclear losses and policies providing coverage up to $750 million for non-nuclear losses in excess of the $1.5 billion primary coverage.

NEIL also covers the additional costs that could be incurred in obtaining replacement power during a prolonged accidental outage at a member's nuclear plant. Members can purchase this coverage, subject to a deductible waiting period of up to 26 weeks, with a maximum per occurrence per unit limit of $490 million. After the deductible period, weekly indemnity payments would be received until either the unit is operational or until the limit is exhausted. We became a member of NEIL and started purchasing accidental outage coverage in April 2023.

Under each of the NEIL policies, members are subject to retroactive assessments in proportion to their premiums, if losses each year exceed the accumulated reserve funds available to the insurer. The maximum annual assessment for Oglethorpe as of December 31, 2025, based on ownership share is limited to approximately $52 million.

Claims resulting from terrorist acts and cyber events are covered under both the ANI and NEIL policies (subject to normal policy limits). The maximum aggregate that NEIL will pay for all claims resulting from terrorist acts and cyber attacks in any 12-month period is $3.2 billion each, plus such additional amounts NEIL can recover through reinsurance, indemnity, or other sources.

For all on-site property damage insurance policies for commercial nuclear power plants, the NRC requires that the proceeds of such policies shall be dedicated first for the sole purpose of placing the reactor in a safe and stable condition after an accident. Any remaining proceeds are next to be applied toward the costs of decontamination and debris removal operations ordered by the NRC, and any further remaining proceeds are to be paid either to Georgia Power, for the benefit of all the co-owners, or to bond trustees as may be appropriate under the policies and applicable trust indentures.

All retrospective assessments, whether generated for liability or property, may be subject to applicable state premium taxes. In the event of a loss, the amount of insurance available may not be adequate to cover property damage and other incurred expenses. Uninsured losses and other expenses could have a material adverse effect on our financial condition and results of operations.

**11. Commitments:**

We have entered into long-term commitments to meet fuel, transportation, maintenance and asset retirement requirements.

To supply a portion of the fuel requirements to our co-owned generating units, Georgia Power, on our behalf for coal and Southern Nuclear on our behalf for nuclear fuel, have entered into various long-term commitments for the procurement of coal and nuclear fuel. The contracts in most cases contain provision for price escalations, minimum and maximum purchase

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levels and other financial commitments. The value of the coal commitments is based on maximum coal prices and minimum volumes as provided in the contracts and does not include taxes, transportation, government impositions or railcar costs.

We have entered into long-term agreements with various counterparties to provide firm natural gas transportation to our natural gas-fired facilities. The value of these agreements is based on fixed rates as provided in the contracts and does not include variable costs.

We have also entered into long-term maintenance agreements for certain of our natural gas-fired facilities. In most cases, these agreements include provisions for price escalation and performance bonuses and, if applicable, are included in the values; timing of expenditures is based on current operational assumptions. Certain agreements contain significant cancellation for convenience penalties and, therefore, amounts in the table below include total estimated expenditures over the life of the agreement. If these agreements were terminated by us in 2026 for convenience, our cancellation obligation would be approximately $64,911,000.

We have asset retirement obligations which are legal obligations to retire long-lived assets. These obligations are primarily for the decommissioning of our nuclear units and closure of our coal ash ponds. Expenditures are based on estimates determined through periodic cost studies and include provisions for price escalation and other factors. See Note 1h for information regarding our asset retirement obligations.

We have a small portfolio of leases with the most significant being a finance lease for our 60% undivided interest in Scherer Unit No. 2. In addition, we have other operating leases including railcar leases for the transportation of coal at our coal-fired plant and various other leases of minimal value. For information regarding these leases, see Note 6.

As of December 31, 2025, our estimated commitments are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | | | |
| | **Coal** | **Nuclear Fuel** | **Gas<br>Transportation** |<br>**Maintenance<br>Agreements** |<br>**Asset<br>Retirement<br>Obligations** |<br>**Finance and Operating Leases** |
| 2026 | $25074 | $79860 | $75818 | $16315 | $52185 | $17416 |
| 2027 | 13622 | 27900 | 76779 | 3818 | 44425 | 17139 |
| 2028 | 7399 | 31500 | 97740 | 53068 | 33229 | 5132 |
| 2029 |  | 25770 | 227038 | 57352 | 41792 | 3695 |
| 2030 |  | 22920 | 225525 | 22794 | 56910 | 3441 |
| Thereafter |  | 27300 | 3473182 | 463611 | 10542047 | 2179 |

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**12. Contingencies and Regulatory Matters:**

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*

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

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in compliance with those environmental regulations currently applicable to our business and operations. Although it is our intent to comply with current and future regulations, we cannot provide assurance that we will always be in compliance.

At this time, the ultimate impact of any proposed or potential 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.

**13. 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.

**14. Smarr Combined Cycle Project:**

We and our members have approved the development and construction of an approximately 1,425-megawatt, two-unit combined cycle generation facility to be located on land we own adjacent to the Smarr Energy Facility in Monroe County, Georgia. Our current budget for this project, which includes capital costs, allowance for funds used during construction and a contingency amount, is $3.3 billion. The projected commercial operation date is 2029. In September 2025, we entered into an Engineering, Procurement and Construction Agreement (the EPC Agreement) with TIC – The Industrial Company, a subsidiary of Kiewit Energy Group Inc., for the construction of the project. The EPC Agreement is a fixed price agreement with certain limited exceptions that includes performance guarantees and performance liquidated damages and a parent guaranty by Kiewit. We have separately entered into an agreement with GE Vernova Operations, LLC for the purchase of the two combined cycle units. In connection with this additional resource, we entered into agreements to provide firm capacity on new natural gas pipeline infrastructure to meet our anticipated fuel supply needs. As of December 31, 2025, we had incurred costs of approximately $343.5 million with respect to this project.

**15. Talbot Combustion Turbine Unit No. 7:**

We and our members have also approved the development and construction of an approximately 240-megawatt combustion turbine unit to be constructed at our Talbot Energy Facility in Talbot County, Georgia. In 2025, we entered into a purchase agreement with the equipment manufacturer for the unit and we expect to enter into a construction agreement for the project in 2026. Our current budget for this unit is approximately $360 million and the projected commercial operation date is 2029. As of December 31, 2025, we had incurred costs of approximately $61.5 million with respect to this project.

**16. 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

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our segment information in the same way that management internally organizes our business for assessing performance and making decisions regarding the allocation of resources in accordance with ASC 280, Segment Reporting. We have one reportable operating segment.

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

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

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

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

**17. Quarterly financial data (unaudited):**

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Summarized quarterly financial information for 2025 and 2024 is as follows:

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|:---|:---|:---|:---|:---|
| | **First<br>Quarter** | **Second<br>Quarter** | **Third<br>Quarter** | **Fourth<br>Quarter** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| **2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating revenues** | $**677576** | $**633748** | $**631461** | $**598407** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating margin** | **162081** | **144897** | **122930** | **106637** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net margin** | **43006** | **20295** | **1878** | **(9824)** |
| 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating revenues | $536314 | $564090 | $540670 | $540773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin | 120231 | 125140 | 125545 | 112580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | 42099 | 24191 | 10560 | (6349) |

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***REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM***

To the Members and the Board of Directors of Oglethorpe Power Corporation&nbsp;&nbsp;&nbsp;&nbsp;

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets and statements of capitalization of Oglethorpe Power Corporation (the Company) as of December 31, 2025 and 2024, the related consolidated statements of revenues and expenses, patronage capital and membership fees and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

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|:---|:---|
| | ***Valuation of asset retirement obligations related to nuclear decommissioning*** |
| *Description of the Matter* | As described in Note 1h of the consolidated financial statements, the Company has legal obligations associated with the future decommissioning of its nuclear facilities. Each asset retirement obligation recorded represents the present value of the estimated future costs expected to be incurred during decommissioning discounted using a credit-adjusted risk-free rate. The nuclear decommissioning cost estimates are based on site studies that are performed periodically and assume the prompt dismantlement and removal of the radiated portions of the plant from service, as well as management of spent fuel. The Company last obtained updated cost studies during the year ended December 31, 2024. At December 31, 2025, the Company's asset retirement obligations related to nuclear decommissioning totaled $851.8 million.<br>Auditing the valuation of asset retirement obligations related to nuclear decommissioning is complex due to the judgmental nature of certain assumptions used in determining the liability, including the assumed dates of decommissioning and estimated labor, materials and equipment costs. |
| *How We Addressed the*<br>*Matter in Our Audit* | To test the valuation of asset retirement obligations related to nuclear decommissioning, we performed audit procedures with the involvement of engineering specialists, that included, among others, evaluating changes in regulatory requirements, re-licensing expectations and industry trends related to plant closure data used in the most recent cost studies that would impact the significant assumptions described above. |

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/s/ Ernst & Young LLP

We have served as the Company's auditor since 2009.

Atlanta, Georgia

March 27, 2026

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***ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE***

None.

***ITEM 9A.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES***

**Management's Responsibility for Financial Statements**

Our management has prepared this annual report on Form 10-K and is responsible for the financial statements and related information included herein. These statements were prepared in accordance with generally accepted accounting principles and necessarily include amounts that are based on best estimates and judgments of management. Financial information throughout this annual report on Form 10-K is consistent with the financial statements.

Management believes that our policies and procedures provide reasonable assurance that our operations are conducted with a high standard of business ethics. In management's opinion, our financial statements present fairly, in all material respects, our financial position, results of operations, and cash flows.

**Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including the principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025 in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods in SEC rules and forms, including a reasonable level of assurance that information we are required to disclose in such reports is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

**Management's Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). 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 our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013 framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2025 in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting that occurred during the fourth quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

***ITEM 9B.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION***

During the fiscal quarter ended December 31, 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 annual report, we are a membership corporation and have no authorized or outstanding equity securities although we do have outstanding debt securities.

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***ITEM 9C.&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS***

Not applicable.

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***PART III***

***ITEM 10.&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE***

**Our Board of Directors**

*Structure of our Board of Directors*

Our members elect our board of directors. Our board of directors consists of directors and general managers from our members, referred to as "member directors," and up to two outside directors. Our bylaws divide member director positions among the member scheduling groups specifically described in the bylaws, referred to as the "member groups." There are currently five member groups and, except for Group 5, each member group is represented by two member directors. Of each member group's two directors, one must be a general manager of a member in that member group and one must be a director of a member in that member group. Jackson Electric Membership Corporation is the only member in Group 5 and has only one director. The bylaws permit expansion of the number of member groups and changes in the composition of member groups. Formation of new member groups and changes in the composition of member groups are subject to certain required member approvals, and the requirement that the composition of the member groups at Oglethorpe, Georgia Transmission and Georgia System Operations be identical, except in cases where a member is no longer a member of one or more of Oglethorpe, Georgia Transmission or Georgia System Operations. The number of member director positions will change if additional member groups are formed or a member group ceases to exist. The bylaws also provide for three at-large member director positions which may only be filled by a director of one of our members.

In an effort to provide for equitable representation among the member groups across the boards of directors of Oglethorpe, Georgia Transmission and Georgia System Operations, the bylaws provide for certain limitations on the eligibility of directors of members of each member group to fill the three at-large member director positions. No more than one at-large member director position on our board of directors may be filled by a director of a member of any member group, no more than two directors from members of any member group may be serving in at-large member director positions on the boards of directors of Oglethorpe, Georgia Transmission and Georgia System Operations, and at least one at-large member director position on the boards of directors of Oglethorpe, Georgia Transmission or Georgia System Operations must be filled by a director of a member of each member group that has at least two members.

Pursuant to the bylaws, a member may not have both its general manager and one of its directors serve as a director of ours at the same time. Subject to a limited exception for Jackson Electric Membership Corporation, which is the sole member of one of the member groups, the bylaws prohibit any person from simultaneously serving as a director of Oglethorpe and either Georgia Transmission or Georgia System Operations.

Our bylaws require outside directors to have experience related to our business, including, without limitation, operations, marketing, finance or legal matters. No outside director may be one of our current or former officers, a current employee of ours or a former employee of ours receiving compensation for prior services. Outside directors cannot also be a director, officer or employee of Georgia Transmission, Georgia System Operations or any member. Additionally, no person who receives payment from us in any capacity other than as an outside director, including direct or indirect payments for goods and services, may serve as outside director.

The members of our board of directors serve staggered three-year terms.

Our board of directors currently has one vacancy for an outside director position. Our members did not fill the vacancy at our 2025 annual member meeting.

*Election of our Board of Directors*

For a cooperative organization to maintain its status under federal tax law, it must abide by the cooperative principle of democratic control. The nomination and election of the members of our board of directors and the representation of our members by the elected directors is consistent with this principle.

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Candidates for our board of directors must be nominated by the nominating committee. The nominating committee is comprised of one representative from each of our members. A majority vote of the nominating committee is required to nominate each candidate for the board of directors. Each member representative's nomination vote is weighted based on the number of retail customers served by the member. After the nominating committee nominates a candidate for a director position, the candidate must be elected by a majority vote of all of our member representatives, voting on an unweighted, one-member, one-vote basis. If the nominated candidate fails to receive a majority of the vote, the nominating committee must nominate another candidate and the member representatives will vote on the new candidate. Should that candidate also fail to receive a majority vote, this nomination and election process would be repeated until a nominated candidate is elected by a majority of the members.

Our members will hold their next annual meeting on March 30, 2026. At this meeting, our members will nominate and elect directors to fill the director positions for any director terms ending at that annual meeting and will also have the opportunity to elect a director to fill the vacant outside director position.

Potential candidates for our board of directors must meet the requirements set forth in our bylaws, as discussed under *"– Structure of our Board of Directors."* Management does not have a direct role in the nomination or election of the members of our board of directors.

Neither we, the nominating committee, nor any of our members, to our knowledge, have a policy with regard to the consideration of diversity in identifying potential candidates for our board of directors.

*Board of Directors Leadership Structure*

Our principal executive officer and chairman of the board positions are separate and are held by different persons. The chairman of the board and any vice-chairman of the board are elected annually by a majority vote of the members of our board of directors. Our president and chief executive officer is appointed by our board of directors. None of our executive officers or other employees are members of our board of directors.

As a cooperative, our members are our owners. Our members believe that the most effective structure to efficiently provide for their current and future needs is to take a prominent role in the direction of our business. Member control over the board of directors, and the board of directors' independence from management is beneficial and provides for member input. Direct accountability to and separation from the board of directors helps ensure that management acts in the best interests of our members.

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**Executive Officer and Director Biographies**

Our executive officers and directors are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| **Executive Officers:** | | |
| Annalisa M. Bloodworth | 47 | President and Chief Executive Officer |
| Elizabeth B. Higgins | 57 | Executive Vice President and Chief Financial Officer |
| Heather H. Teilhet | 50 | Executive Vice President, External Affairs |
| William F. Ussery | 61 | Executive Vice President, Member Relations |
| Richard D. Wallen | 55 | Executive Vice President and Chief Operating Officer |
| Jami G. Reusch | 63 | Senior Vice President, Human Resources |
| Suzanne N. Roberts | 43 | Senior Vice President and General Counsel |
| **Directors:** |  |  |
| Marshall S. Millwood | 76 | Chairman and Member Group Director (Group 3) |
| James I. White | 80 | Vice-Chairman and Member Group Director (Group 1) |
| Jimmy G. Bailey | 77 | At-Large Director |
| Ronnie M. Hendricks | 57 | At-Large Director |
| Horace H. Weathersby III | 66 | At-Large Director |
| George L. Weaver | 78 | Member Group Director (Group 1) |
| Danny L. Nichols | 61 | Member Group Director (Group 2) |
| Sammy G. Simonton | 84 | Member Group Director (Group 2) |
| Christopher L. Stephens | 57 | Member Group Director (Group 3) |
| Fred A. McWhorter | 79 | Member Group Director (Group 4) |
| Jeffrey W. Murphy | 62 | Member Group Director (Group 4) |
| Ernest A. "Chip" Jakins III | 55 | Member Group Director (Group 5) |
| Kevin W. Bush | 41 | Outside Director |

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**Executive Officers**

*Overview*

We are managed and operated under the direction of a president and chief executive officer who is appointed by our board of directors. Our president and chief executive officer selects the remainder of the executive officers. Certain of our executive officers have entered into an employment contract with us that provides for minimum annual base salary and performance pay. See "EXECUTIVE COMPENSATION – Compensation Discussion and Analysis – *Employment Agreements*" for further discussion of these agreements.

*Executive Officer Biographies*

**Annalisa M. Bloodworth** is our President and Chief Executive Officer and has served in that capacity since February 1, 2025. Ms. Bloodworth joined Oglethorpe in 2010 and served in various roles prior to taking her current position, most recently as Senior Vice President and General Counsel. Prior to joining Oglethorpe, Ms. Bloodworth was in private practice at Eversheds Sutherland (US) LLP. In addition to energy, her experience includes significant work in commercial real estate development, dispute resolution, regulatory compliance, and construction. Ms. Bloodworth is a graduate of Trinity University where she earned a Bachelor of Arts in Economics and Emory University School of Law where she earned her Juris Doctor degree. Ms. Bloodworth is a member of the International Women's Forum, Leadership Georgia, and Leadership Atlanta. She serves as Treasurer for the board of directors of Murphy-Harpst Children's Home, and is a Past-President of the Emory University School of Law Alumni Board.

**Elizabeth B. Higgins** is our Executive Vice President and Chief Financial Officer and has served in that office since July 2004. In October 2008, Ms. Higgins' title changed from Chief Financial Officer to her current title. Ms. Higgins served as Senior Vice President, Finance & Planning of Oglethorpe from July 2003 to July 2004. Ms. Higgins served as Vice President of Oglethorpe with various responsibilities including strategic planning, rates, analysis and member relations from September

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2000 to July 2003. Ms. Higgins served as the Vice President and Assistant to the Chief Executive Officer of Oglethorpe from October 1999 to September 2000 and served in other capacities for Oglethorpe from April 1997 to September 1999. Prior to that, Ms. Higgins served as Project Manager at Southern Engineering from October 1995 to April 1997, as Senior Consultant at Deloitte & Touche, LLP from April 1995 to October 1995, and as Senior Consultant at Energy Management Associates from June 1991 to April 1995. Ms. Higgins has a Bachelor of Industrial Engineering degree from the Georgia Institute of Technology and a Master of Business Administration degree from Georgia State University. Ms. Higgins is a member of the Rotary Club of Atlanta, the International Women's Forum and Leadership Atlanta. She serves on the board of directors for Voices for Georgia's Children and Java Joy and she represents Oglethorpe on the Metro Atlanta Chamber board of advisors. She also serves on the advisory board of FM Global, one of our property insurers, and the CFO Forum Atlanta. She has volunteered as a mentor with Pathbuilders, a development program for high potential women, since 2017.

**Heather H. Teilhet** is our Executive Vice President, External Affairs and has served in that capacity since February 2025. Prior to this position, Ms. Teilhet was our Senior Vice President, External Affairs since 2020. Ms. Teilhet joined us in January 2017 as Vice President of Governmental Affairs. Prior to joining Oglethorpe, Ms. Teilhet served as Vice President of Government Relations for Georgia Electric Membership Corporation from 2010 to 2016, where she represented Georgia's 41 electric cooperatives before the Georgia General Assembly, the U.S. Congress and certain regulatory agencies. Prior to joining Georgia EMC, she served as a senior staff member for Georgia's 81st Governor, Sonny Perdue. Ms. Teilhet graduated from the University of Georgia and holds a Masters in Public Administration from Georgia State University.

**William F. Ussery** is our Executive Vice President, Member Relations and has served in that office since October 2005. In October 2008, Mr. Ussery's title changed from Senior Vice President, Member and External Relations to Executive Vice President, Member and External Relations. In January 2020, Mr. Ussery's title changed to Executive Vice President, Member Relations. Mr. Ussery previously served as Vice President and Assistant Chief Operating Officer of Oglethorpe from November 2003 to October 2005. Prior to joining Oglethorpe in 2001, Mr. Ussery held several key positions, including Chief Operating Officer, Vice President of Engineering and System Engineer at Sawnee Electric Membership Corporation. Mr. Ussery holds a Bachelor of Science degree in Electrical Engineering from Auburn University and an associate degree in Science from Middle Georgia College.

**Richard D. Wallen** is our Executive Vice President and Chief Operating Officer, and began serving in that capacity on March 31, 2025. Mr. Wallen has more than 30 years of energy generation experience. From 2017 to February 2025, he was the Chief Executive Officer and General Manager of the Grant County Public Utility District in Washington and was responsible for providing power to more than 50,000 meters across Grant County. From 2014 to 2017, Mr. Wallen was with Oglethorpe as our Plant General Manager and Combustion Turbine Fleet Manager and was responsible for operating our combustion turbine facilities. Prior to that he worked for Siemens Energy Inc., Duke Energy, Dominion Energy and Carolina Power and Light. Before moving to the utility industry, Mr. Wallen served as a Chief Mechanical Operator with the U.S. Navy for eleven years and was a nuclear power plant operator aboard the USS Enterprise. He earned his bachelor's degree from West Virginia University and received a master's degree in business management from Clayton State University.

**Jami G. Reusch** is our Senior Vice President, Human Resources and has served in that office since July 2004. In February 2025, Ms. Reusch's title changed from Vice President, Human Resources, to Senior Vice President, Human Resources. Ms. Reusch served as Oglethorpe's Director of Human Resources and held several other management and staff positions in Human Resources prior to July 2004. Prior to joining Oglethorpe in 1994, Ms. Reusch was a senior officer in the banking industry in Georgia, where she held various leadership roles. Ms. Reusch has a Bachelor of Education degree and a Master of Human Resource Development degree from Georgia State University. She also holds several Senior Professional certificates in Human Resources Management.

**Suzanne N. Roberts** is our Senior Vice President and General Counsel and has served in that capacity since February 1, 2025. Ms. Roberts joined Oglethorpe in 2016 and served in various roles prior to taking her current position, most recently as Deputy General Counsel. Prior to joining Oglethorpe, Ms. Roberts was in private practice at Alston & Bird LLP. In addition to energy, her legal experience includes commercial litigation, mergers and acquisitions, bankruptcy, real estate, regulatory compliance, and construction contracting. Ms. Roberts is a graduate of Duke University where she earned her Bachelor of Arts, double majoring in Economics and Public Policy. Ms. Roberts earned her Juris Doctor degree summa cum laude from Georgia State University College of Law. Ms. Roberts volunteers her time with Duke University's Sui Generis program.

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**Board of Directors**

*Director Qualifications*

As required by our bylaws, all of the members of our board of directors, except for the outside director, are either directors or general managers of one of our members. This prerequisite helps to insure that the members of our board of directors have business experience related to electric membership corporations as well as an interest in the successful operation of our business. The members of our board of directors are elected solely by the vote of our members; we have no direct role in the nomination of the candidates or the election of members to our board of directors. Therefore, the following director biographies do not include a discussion of the specific experience, qualifications, attributes or skills that led our members to the conclusion that a person should serve as a director on our board of directors. For further discussion of our nomination and election process, see "– Our Board of Directors – *Election of our Board of Directors.*"

*Director Biographies*

**Jimmy G. Bailey** is an at-large director. Mr. Bailey has served on our board of directors since September 2015 and his present term will expire in March 2028. Mr. Bailey is a member of the compensation committee and the construction project committee. Mr. Bailey is a director of the Diverse Power Incorporated, an EMC, and served as the Chairman of Diverse Power board from 2018 to 2020. Mr. Bailey owned and operated a construction contracting business from 1970 to 2018. He also served as Chairman of Kudzu Networks Inc., a subsidiary of Diverse Power, and was President of the Georgia Directors Association in 2017 and 2018.

**Kevin W. Bush** is an outside director. Mr. Bush was elected to our board of directors on March 31, 2025, and his present term will expire in March 2027. Mr. Bush is a member of our audit committee. Since 2019, Mr. Bush has served as Chief Financial Officer for the Shadday Family Office, which manages a portfolio of real estate and operating companies, including Big Dan's Car Wash. Prior to that, Mr. Bush was Chief Financial Officer of Superior Transport Inc., also owned by Shadday Family Office at that time, from 2011 until 2017 when he led the successful sale of the company. Mr. Bush began his career in public accounting with Whittington, Jones & Rudert where he specialized in assurance services. He is a licensed certified public accountant and a member of the American Institute of Certified Public Accountants and Georgia Society of CPAs. Mr. Bush holds a Bachelor of Science degree in accounting from North Georgia College and a Master of Business Administration in Business Administration from Berry College.

**Ronnie M. Hendricks** is an at-large director. Mr. Hendricks was elected to our board of directors on March 31, 2025, and his present term will expire in March 2028. Mr. Hendricks is a member of the audit committee. Mr. Hendricks is Chairman of the board of directors for Upson Electric Membership Corporation and has served on the Upson EMC board since 1999. Mr. Hendricks is currently the Assistant County Manager for Talbot County, Georgia and has served in that capacity since 2017. Prior to that, he owned Ronnie Hendricks Electrical and was self-employed as an electrical contractor for 25 years. Mr. Hendricks is also on the board of directors for Georgia Electric Membership Corporation and he is the former Chairman of the Talbot County Tax Assessors Board and former Vice-Chairman of the Talbot County Planning Commission.

**Ernest A. "Chip" Jakins III** is a member group director (group 5). Mr. Jakins has served on our board of directors since 2014, and his present term will expire on March 30, 2026. Mr. Jakins is chairman of the compensation committee and also serves on the construction project committee. Mr. Jakins is currently the President and Chief Executive Officer of Jackson Electric Membership Corporation and was previously President and Chief Executive Officer of Carroll Electric Membership Corporation. He also serves as a director for Georgia System Operations, where he is a member of the compensation committee, for Georgia Electric Membership Corporation where he is a member of the Economic Development Committee, and for Green Power EMC. He is also a member of the Georgia Chamber of Commerce.

**Fred A. McWhorter** is a member group director (group 4). Mr. McWhorter has served on our board of directors since September 2012, and his present term will expire in March 2028. He is a member of the compensation committee and the construction project committee. Mr. McWhorter serves as Chairman of the Rayle Electric Membership Corporation board of directors. Mr. McWhorter also serves on the board of directors for Georgia Electric Cooperative. He is the owner of F.A. McWhorter Poultry Farms.

**Marshall S. Millwood** is the Chairman of the Board and a member group director (group 3). Mr. Millwood has served on our board of directors since March 2003, and his present term will expire on March 30, 2026. He has been the owner and

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operator of Marjomil Inc., a poultry and cattle farm in Forsyth County, Georgia, since 1998. He is a director of Sawnee Electric Membership Corporation.

**Jeffrey W. Murphy** is a member group director (group 4). Mr. Murphy has served on our board of directors since March 2004, and his present term will expire in March 2027. He is the chairman of the audit committee. Mr. Murphy has been the President and Chief Executive Officer of Hart Electric Membership Corporation since May 2002. He is also the Secretary of Georgia Energy Cooperative.

**Danny L. Nichols** is a member group director (group 2). Mr. Nichols has served on our board of directors since March 2011, and his present term will expire on March 30, 2026. Mr. Nichols is the chairman of the construction project committee and also serves on the compensation committee. Mr. Nichols is the President/Chief Executive Officer of Colquitt Electric Membership Corporation.

**Sammy G. Simonton** is a member group director (group 2). Mr. Simonton has served on our board of directors since October 2012, and his present term will expire in March 2027. He is a member of the audit committee. Mr. Simonton is a director of Walton Electric Membership Corporation. Mr. Simonton is currently the owner of Simonton Farms and has previous business affiliations with Meridian Homes, Moreland Altobelli Associates, Inc. and the Georgia Department of Transportation.

**Christopher L. Stephens** is a member group director (group 3). Mr. Stephens was elected to our board of directors on March 31, 2025, and his present term will expire in March 2028. Mr. Stephens is a member of the compensation committee and the construction projects committee. Mr. Stephens is the President and Chief Executive Officer of Coweta-Fayette Electric Membership Corporation and has served in that capacity since 2014. Mr. Stephens first joined Coweta-Fayette EMC in 1996 as a Supervisor of Engineering and was promoted to various positions, including Senior Vice President of Engineering, before assuming his current role. Mr. Stephens also assumed the role of Chief Executive Officer of True Natural Gas on April 1, 2025. He is currently Chairman of the board of directors for GRESCO Utility Supply, Inc., Secretary-Treasurer for Georgia Electric Membership Corporation and on the board of directors for Piedmont Newnan Hospital and is the former Chairman of the Fayette County Chamber of Commerce and former President of the Georgia EMC Managers Association.

**Horace H. Weathersby III** is an at-large director. Mr. Weathersby has served on our board of directors since 2022, and his present term will expire on March 30, 2026. He is a member of the compensation committee and the construction committee. Mr. Weathersby is a director of Planters Electric Membership Corporation where he has served since 2006 and currently serves as Chairman. Mr. Weathersby is the owner of Millen Peanut Company and Horace Weathersby Farms. Mr. Weathersby is also a director of Georgia Electric Membership Corporation, Jenkins County Commission and South Jenkins Volunteer Fire Department.

**George L. Weaver** is a member group director (group 1). Mr. Weaver has served on our board of directors since March 2010, and his present term will expire in March 2028. He is a member of the audit committee. Mr. Weaver has been employed by Central Georgia Electric Membership Corporation since 1970 and is currently serving as President and Chief Executive Officer. Mr. Weaver is currently a director of Meridian Cooperative and is a former director of Federated Rural Electric Insurance Corporation.

**James I. White** is Vice-Chairman of the Board and a member group director (group 1). Mr. White has served on our board of directors since March 2012, and his present term will expire on March 30, 2026. He is a member of the audit committee. Mr. White has served as a director of Snapping Shoals Electric Membership Corporation since 1995. Mr. White owns a small farm in Henry County, Georgia and is the owner of T.K. White Real Estate Co. He was formerly the owner and president of Realty South Inc. Mr. White was involved with the Henry County Development Authority for over 20 years. He was previously vice president at the First National Bank in Crestview, Florida.

**Committees of the Board of Directors**

Our board of directors has established an audit committee, a compensation committee and a construction project committee. The audit committee, the compensation committee and the construction project committee each operate pursuant to a committee charter and/or policy. We do not have a nominating and corporate governance committee; directors are nominated by representatives from each member whose weighted nomination is based on the number of retail customers served by each member, and after nomination, elected by a majority vote of the members, voting on a one-member, one-vote basis.

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*Audit Committee.*&nbsp;&nbsp;&nbsp;&nbsp;The audit committee is responsible for assisting the board of directors in its oversight of various aspects of our business, including all material aspects of our financial reporting functions as well as risk assessment and management. Its responsibilities related to financial reporting include selecting our independent accountants, reviewing the plans, scope and results of the audit engagement with our independent accountants, reviewing the independence of our independent accountants and reviewing the adequacy of our internal accounting controls. The audit committee also reviews our policy standards and guidelines for risk assessment and risk management as discussed further under "– Board of Directors' Role in Risk Oversight." As of the date of this annual report, the members of the audit committee are Jeffrey Murphy, Kevin Bush, Ronnie Hendricks, Sam Simonton, George Weaver and James White. Mr. Murphy is the chairman of the audit committee. The board of directors has determined that Mr. Bush qualifies as an independent audit committee financial expert.

*Compensation Committee.*&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee is responsible for monitoring adherence with our compensation programs and recommending changes to our compensation programs as needed. As of the date of this annual report, the members of the compensation committee are Chip Jakins, Jimmy Bailey, Fred McWhorter, Danny Nichols, Christopher Stephens and Horace Weathersby. Mr. Jakins is the chairman of the compensation committee.

*Construction Project Committee.*&nbsp;&nbsp;&nbsp;&nbsp;The construction project committee is responsible for reviewing and making recommendations to our board of directors with regards to major actions or commitments relating to new power plant construction projects and certain existing plant modification projects. Its responsibilities include reviewing and recommending to our board of directors final plant sites, project budgets (including certain modifications to project budgets) and project construction plans, and a quarterly reviewing of and reporting on the status of projects. As of the date of this annual report, the members of the construction project committee are Danny Nichols, Jimmy Bailey, Chip Jakins, Fred McWhorter, Christopher Stephens and Horace Weathersby. Mr. Nichols is the chairman of the construction project committee.

**Board of Directors' Role in Risk Oversight**

Our board of directors and the audit committee both actively oversee our exposure to risks in our business. Our board of directors has adopted corporate policies regarding management of risks related to financial management, capital investment and the use of derivatives. One of the primary risk oversight activities of the board of directors is to hold an annual strategic planning session to review potentially material threats and opportunities to our business. To facilitate this review, management develops a comprehensive strategic issues matrix. The strategic issues matrix identifies, describes, assesses and classifies the potential impact or magnitude, and outlines corporate strategies for addressing potentially material threats and opportunities to our business. During this session, our board of directors reviews these analyses and affirms or assists management with developing strategies to address these strategic risks and opportunities. Additionally, management also develops and typically shares a corporate risk map with our audit committee. The corporate risk map depicts the probability of occurrence and the potential severity for each significant corporate risk.

At each regular meeting of the board of directors, management provides the board with reports on significant changes related to the top strategic risks and opportunities facing us and a revised version of the strategic issues matrix that highlights any revisions to the matrix. The audit committee chairman also provides the board of directors with updates on overall corporate risk exposure. Furthermore, the board of directors receives risk analysis reports that identify key risks that could create variances from our approved annual budget and long-range forecasts and discuss the potential likelihood and magnitude of changes to member rates related to these risks based on scenario modeling.

Our board of directors has delegated direct oversight of corporate risk management and compliance to the audit committee. Pursuant to its charter, the audit committee reviews our business risk management process, including the adequacy of our overall control environment, in selected areas that represent significant financial and business risks. The audit committee receives regular reports on the activities of the risk management and compliance committee, which are described below, as well as quarter-end reports, which include changes to derivative hedge positions and overall corporate risk exposure. Additionally, the audit committee provides oversight over corporate ethics and compliance matters and receives regular reports on compliance, which include, but are not limited to, the review of (i) significant compliance issues, (ii) significant audits/examinations by governmental or other regulatory agencies, and (iii) significant regulatory proceedings. The risk management and compliance committee, comprised of our chief executive officer, chief operating officer, chief financial officer, and the executive vice president of member and external relations, provides general oversight over all of our risk management and compliance activities, including but not limited to commodity trading, fuels management, insurance procurement, debt management, investment portfolio management, environmental and electric reliability compliance and cyber-security. The risk management and compliance committee has implemented comprehensive policies and procedures,

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consistent with current board policies, which govern our activities pertaining to market, compliance/regulatory and other risks. For further discussion about our risk management and compliance committee and its activities, see "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK." For a discussion regarding our cybersecurity risk oversight, see "CYBERSECURITY".

**Code of Ethics and Code of Conduct**

We have adopted a Code of Conduct that applies to all our employees, including our principal executive, financial and accounting officers. Our Code of Conduct is available at our website, www.opc.com.

**Insider Trading Policy** 

We have an Insider Trading Policy that provides guidelines with respect to transactions in our debt securities and the handling of confidential information about us and the companies with which we do business. The policy promotes compliance with U.S. securities laws that prohibit certain persons who are aware of material nonpublic information from purchasing, selling, or otherwise engaging in transactions in our securities, or providing material nonpublic information to other persons who may trade on the basis of that information. The prohibitions against insider trading apply to trading or otherwise transacting in our securities, tipping, and making recommendations to engage in transactions our securities, if the information involved is material and nonpublic. In addition, the prohibitions against insider trading extend to transactions in securities of other companies if the transactions are based on material nonpublic information gained while working for us. As a membership corporation, we do not have any outstanding equity securities although we do have outstanding debt securities. A copy of our board policy prohibiting insider trading is filed as Exhibit 19.1 to this Form 10-K.

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***ITEM 11.&nbsp;&nbsp;&nbsp;&nbsp;EXECUTIVE COMPENSATION***

**Compensation Discussion and Analysis**

*Executive Summary*

The philosophy and objective of our compensation and benefits program is to establish and maintain competitive total compensation programs that will attract, motivate and retain the qualified and skilled workforce necessary for our continued success. The compensation committee of the board of directors has the primary responsibility for establishing, implementing and monitoring adherence with our compensation programs. To help align executive officers' interests with those of our members, we have designed a significant portion of our cash compensation program as a pay for performance-based system that rewards executive officers based on our success in achieving the corporate goals discussed below. To remain competitive, we review our total compensation program against generally available market data to gain a general understanding of current compensation practices.

*Components of Total Compensation*

The compensation committee determined that compensation packages for the fiscal year ended December 31, 2025 for our executive officers should be comprised of the following three primary components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual base salary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance pay, which consists of a cash award based on the achievement of corporate goals, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Benefits, which consist primarily of health, welfare and retirement benefits.

Certain of our executive officers have an employment agreement that provides for minimum annual base salary and performance pay. See "– *Employment Agreements*."

Since we are an electric cooperative, we do not have any stock and as a result do not have equity-based compensation programs.

*Base Salary.*&nbsp;&nbsp;&nbsp;&nbsp;Base salary is the primary component of our compensation program and it is set at a level to attract and retain executives who can lead us in meeting our corporate goals. Base salary levels are set based on several factors, including but not limited to the position's duties and responsibilities, the individual's value and contributions to the company, work experience and length of service.

*Performance Pay.*&nbsp;&nbsp;&nbsp;&nbsp;Performance pay is designed to reward executive officers based on the achievement of certain strategic corporate goals. The corporate goals selected are designed to align the interests of our executive officers and employees with the interests of our members. The compensation committee believes it is appropriate to consider only corporate goal achievement when determining executive officers' performance pay because our corporate philosophy focuses on teamwork, and we believe that better results evolve from mutual work towards common goals. Furthermore, the compensation committee believes that our achievement of these corporate goals will correspond to high company performance, and our executive officers are responsible for directing the work and making the strategic decisions necessary to successfully meet these goals. Each executive officer is eligible to receive performance pay equal to 35% of his or her base salary, based on position, multiplied by the percentage of corporate goals achieved.

Importantly, our executive officers cannot help us meet our goals and improve performance without the work of others. For this reason, the performance goals set at the corporate level are the same for both executive officers and non-executive employees.

*Benefits.*&nbsp;&nbsp;&nbsp;&nbsp;The benefits program is designed to allow executive officers to choose the benefit options that best meet their needs. Our president and chief executive officer recommends changes to the benefits program or level of benefits that all executive officers, including our president and chief executive officer, receive to the compensation committee. The compensation committee then reviews and recommends changes to the board of directors for its approval. To meet the health and welfare needs of our executive officers at a reasonable cost, we pay for 80-85% of an executive officer's health and welfare benefits. Our president and chief executive officer decides our exact cost sharing percentage. We also provide each

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executive officer with life insurance coverage of two times the officer's base salary, up to $800,000, as well as disability insurance at a level equal to 60% of the officer's base salary. The health, life and disability insurance coverage we provide to our executive officers is consistent with the coverage we provide to our employees generally.

We also provide retirement benefits that allow executive officers the opportunity to develop an investment strategy that best meets their retirement needs. We will contribute up to $0.75 of every dollar an executive officer contributes to his or her retirement plan, up to 6% of an executive officer's pay per period. In 2025, we contributed an additional amount equal to 11% of an executive officer's pay per period. See "– Nonqualified Deferred Compensation" below for additional information regarding our contributions to our executive officers' retirement plans.

*Perquisites.*&nbsp;&nbsp;&nbsp;&nbsp;We provide our executive officers with perquisites that we and the compensation committee believe are reasonable and consistent with our overall compensation program. The most significant perquisite provided to our executive officers is a monthly car allowance, the amount of which is based upon the executive officer's position. Our president and chief executive officer approves the executive officers eligible for car allowances and reports this information to the compensation committee. The car allowance for our president and chief executive officer is included in her employment agreement. The compensation committee periodically reviews the levels of perquisites provided to executive officers.

*Bonuses.*&nbsp;&nbsp;&nbsp;&nbsp;Our practice has been to, on infrequent occasions, award cash bonuses to senior management related to exemplary performance. Our compensation committee may determine bonus criteria and may recommend discretionary bonuses for our president and chief executive officer to our board of directors for approval. Our president and chief executive officer may determine bonus criteria and issue discretionary bonuses to other members of senior management.

*Establishing Compensation Levels*

*Role of the Compensation Committee.*&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee annually reviews each of the components of our compensation program for our officers, directors and employees and recommends any changes to our board of directors for approval. To aid in this review, the compensation committee receives a comprehensive report on an annual basis regarding all facets of our compensation program. In order to have a compensation program that is internally consistent and equitable, the compensation committee considers several subjective and objective factors when determining the compensation program. The compensation committee also approves our performance pay program including, the corporate goals related to such program.

The compensation committee currently reviews and recommends to the board of directors for approval the compensation, including any bonus, for our president and chief executive officer. Some of the factors reviewed include the position's duties and responsibilities, the individual's job performance, experience, longevity of service and overall value provided for our members. Each year, the compensation committee reviews the employment agreement of our president and chief executive officer and makes a recommendation to our board of directors whether it should be extended.

The compensation committee operates pursuant to a statement of functions that sets forth the committee's objectives and responsibilities. The compensation committee's objective is to review and recommend to the board of directors for approval any changes to various compensation related matters, as well as any significant changes in benefits cost or level of benefits, for the members of the board of directors, the executive officers, and other employees. The compensation committee annually reviews its statement of functions and makes any necessary revisions to ensure its responsibilities are accurately stated.

*Role of Management.*&nbsp;&nbsp;&nbsp;&nbsp;Our president and chief executive officer is the key member of management involved in our compensation process and annually reviews the compensation of our other executive officers and in certain circumstances provides an adjustment to the executive officers' base salaries. Some of the factors the president and chief executive officer considers include the person's relative responsibilities and duties, experience, job performance, longevity of service and overall value provided for our members. Our president and chief executive officer also reviews any employment agreements with our executive officers on an annual basis and makes an affirmative decision whether each should be extended. Our president and chief executive officer reports the executive officers' salaries and determination whether to extend the employment agreements, if applicable, to the compensation committee and board of directors annually.

Our president and chief executive officer, together with the other executive officers, identifies corporate performance objectives that are used to determine performance pay amounts. She and our senior vice president, human resources present these goals to the compensation committee. The compensation committee then reviews and approves the goals and presents them to the board of directors for final approval.

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*Role of the Board of Directors.*&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors must approve changes recommended by the compensation committee before the changes may take effect. These approvals include the compensation of our president and chief executive officer, the extension of the president and chief executive officer's employment agreement, and the components of our compensation program each year.

*Role of Generally Available Market Data.*&nbsp;&nbsp;&nbsp;&nbsp;To confirm that our compensation levels remain competitive, we review standardized surveys to compare our total compensation program against other companies in the utility industry of a similar size. We utilize these surveys to gain a general understanding of current compensation practices and better understand and compare the components of our compensation program. The surveys we review are generally available and executive compensation levels at other companies do not drive our compensation decisions. For our employees overall and for our executive officers, we review market compensation levels as a reference point in our overall compensation review process.

In order to supplement our internal review of generally available market data, we periodically hire a compensation consultant to provide us with supplemental market information to help us evaluate our compensation practices. In 2025, we engaged an independent consultant to provide supplemental market data regarding the relative competitiveness of our compensation.

*Corporate Goals for Performance Pay*

We choose to tie performance compensation to selected corporate goals that most appropriately measure our achievement of our strategic objectives. For 2025, our performance measures were divided into the following categories: (i) safety, (ii) operations, (iii) construction and project management, (iv) corporate compliance, (v) financial and (vi) quality. Targeted performance measures in these categories are designed to help us accomplish our corporate goals which will benefit our members, employees and promote responsible environmental stewardship.

For an executive officer to earn his or her maximum performance pay, 100% of the performance measures must be achieved. The performance measures are weighted to align with our current strategic focus. Goals are reviewed annually and may be adjusted in order to reflect any changes in our strategic focus. We also review and refine these goals annually and make adjustments as necessary to ensure that we are consistently stretching our expectations and performance. Although some performance measures may stay the same, the applicable threshold may become more difficult. The following provides an overview of the purposes of each category of our corporate goals:

*Safety.*&nbsp;&nbsp;&nbsp;&nbsp;Our safety goals provide employees a financial incentive to focus on a safe workplace environment, which increases employee morale and minimizes lost work time. Our safety performance goals are focused on serious injuries and fatalities, safety training and meetings, enhancing our safety program and procedures and reducing workplace hazards for both our employees and contractors.

*Operations.*&nbsp;&nbsp;&nbsp;&nbsp;The operations goals measure how well each of our operating plants responds to system requirements. In order to optimize generation for system load requirements, we generally dispatch the most efficient and economical generation resources first. If the preferred generation resource is not available when called upon, we must resort to a more expensive alternative. Most of the performance measures in this category, including successful starts and peak season availability, are measured against industry averages and the applicable thresholds are set above average. To meet these standards, we or the operator of certain co-owned facilities must operate and maintain these facilities in a manner that minimizes long-term outage and replacement energy costs. Our achieving operational excellence at the corporate level results in the most reliable, efficient and lowest cost power supply for our members.

*Construction and Project Management.*&nbsp;&nbsp;&nbsp;&nbsp;Our construction and project management goals measure our management and involvement regarding construction at our owned and co-owned generating facilities. Following the completion of Vogtle Units in 2024, we removed the goals related to Vogtle project and added and increased the weighting of several construction projects at our other plants. The projects weighted most heavily for 2025 were the Smarr combined cycle project and the Talbot and Washington County dual fuel projects. Other projects included the Talbot Unit No. 7 project as well as several other smaller capital projects and upgrades for our existing generation resources. We measure performance based on successful project completion in a timely manner and within project budget.

*Corporate Compliance.*&nbsp;&nbsp;&nbsp;&nbsp;Our corporate compliance goals are divided into two categories – environmental and electric reliability standards. These environmental goals promote our commitment to responsible environmental stewardship while providing reliable and affordable energy. We measure our performance by the number and severity of environmental

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incidents, such as spills, which not only increase costs for our members but may cause environmental damage. Electric reliability standards compliance is measured by reviewing our performance as determined by standards set by the electric reliability organizations related to protection of our critical and non-critical infrastructure.

*Financial.*&nbsp;&nbsp;&nbsp;&nbsp;Our financial goals provide direct benefits to our members by lowering power costs. One goal is tied to specific financial performance while others focus on emphasizing the importance of appropriate and effective internal controls. For example, the cost savings goal is designed to encourage staff to identify and implement strategies that result in cost savings or cost reductions in either the current year or on a long-term basis. Any cost savings included in this goal must be over and above what would generally be expected. For 2025, we may earn up to an additional 5% of performance pay by identifying cost savings or reduction strategies above the initial $52 million goal. Two other financial goals focus on our internal controls over financial reporting.

*Quality.*&nbsp;&nbsp;&nbsp;&nbsp;Quality is a subjective goal that is intended to measure the satisfaction of our members with our efforts, initiatives, responsiveness and other intangibles that are not readily quantified. Performance on this goal is based on semi-annual surveys submitted by the members of the board of directors who, except for our outside director, are general managers or directors of our members. The results of the surveys are averaged to determine the total quality result. In order to achieve the maximum award, we must receive a 100% rating from every member of the board of directors on both surveys, an extremely high standard that has yet to be achieved.

*Calculation of Performance Pay Earned*

Performance pay earned by our executive officers is based on our success in achieving each of our corporate goals. Annually, our board of directors approves a weighted system for determining performance pay whereby we assign a percentage to each of the goals, as noted below. Based on the achievement of each performance metric, a percentage of the weighted goal is available as performance pay to our executive officers. Each performance metric has a minimum threshold level that must be achieved before any performance pay is earned. If the actual performance for that metric meets the applicable threshold, then a pre-determined percentage of the percentage pay for that metric will be awarded. The percentage awarded will increase up to a maximum of 100% of the weighted goal if the maximum performance level of the performance metric is achieved. Threshold and maximum levels are reviewed annually and generally reset as necessary to demand ever improving corporate performance. Meeting the applicable thresholds is not guaranteed and requires diligence and hard work. Exceptional performance is required to reach the maximum goals.

For 2025, we multiplied 35% of each executive officers' base salary by the corporate goal achievement percentage to determine his or her performance bonus.

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*Assessment of Performance of 2025 Corporate Goals* 

The specific corporate performance measures, thresholds, maximums and results for our executive officers' 2025 performance pay were the following:

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|:---|:---|:---|:---|:---|:---|:---|
| **Performance<br>Category/ Description** | **Performance Measure** | **Threshold** | **Maximum** | **2025<br>Result** | **Weight** | **Weighted<br>Goal<br>Achieved** |
| **Safety** | | | | | | |
| Incident Rate | Serious Injuries and Fatalities | 0 | 0 | 100.0% | 3.00% | 3.00% |
| Safety Program<sup>(1)</sup> | Safety Training and Meetings | 100.0% | 100.0% | 100.0% | 1.00% | 1.00% |
|  | Safety Observation Program | 300/240 | 500/400 | 100.0% | 2.00% | 2.00% |
|  | Diversity of Observation Contributors | 120 | 200 | 100.0% | 0.50% | 0.50% |
|  | Hazard Reduction Program | 75.0% | 100.0% | 100.0% | 0.50% | 0.50% |
| **Operations**<sup>(2)</sup> |  |  |  |  |  |  |
| Oglethorpe Managed | Successful Starts | 99.0% | 100.0% | 99.5% | 3.00% | 2.92% |
|  | Peak Season Availability | 68.5% | 99.8% | 84.6% | 23.00% | 19.43% |
| Co-Owned Fleet | Coal Fleet Peak Season Equivalent Forced Outage Rate | 6.0% | 3.0% | 100.0% | 0.65% | 0.65% |
|  | Coal Fleet Annual Equivalent Unplanned Unavailability Factor | 5.8% | 3.3% | 50.0% | 0.35% | 0.18% |
|  | Nuclear Fleet Capability Factor | 91.0% | 93.0% | 93.1% | 3.00% | 3.00% |
| **Construction and Project Management** |  |  |  |  |  |  |
| Oglethorpe New Generation Construction | Status of Projects | Meet applicable deadlines |  | 100.0% | 6.00% | 6.00% |
| Oglethorpe Existing Fleet Projects | Status of Projects | Meet applicable deadlines & budgets |  | 85.8% | 13.00% | 11.16% |
| **Corporate Compliance** |  |  |  |  |  |  |
| Environmental | Final Notices of Violation and Letters of Non-Compliance | 1 (if fine is ≤ $5,000) or 2 | 0 | 0 | 4.00% | 4.00% |
|  | Reportable Spills | 1 | 0 | 0 | 4.00% | 4.00% |
| Mandatory Electric Reliability Standards | Non-Critical Infrastructure Protection Compliance | 1+ (if minimal penalty) | 0 | 0 | 2.00% | 2.00% |
|  | Critical Infrastructure Protection Compliance | 1+ (if minimal penalty) | 0 | 0 | 3.00% | 3.00% |
| **Financial** |  |  |  |  |  |  |
| Cost Saving | Current Year / Long-Term Savings | $0 | $52000000 | $53095614 | 14.00% | 14.00% |
|  | Additional Cost Savings | $0 | $50000000 | $46543196 | 0-5.0% | 4.65% |
| Internal Control over Financial Reporting | Significant Deficiency Or Material Weakness | 0 | 0 | 0.00 | 2.00% | 2.00% |
|  | Control Deficiency resulting in immaterial misstatement of Audit Committee disclosure | 2 | 0 | 0.00 | 1.00% | 1.00% |
| **Quality** |  |  |  |  |  |  |
| Board Satisfaction | Board of Directors Survey | 80.0% | 100.0% | 96.40% | 14.00% | 13.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  |  |  | **100.00%** | **98.49%** |

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(1)Certain sub-goals are aggregated for purposes of the table.

(2)Operations goals apply to individual units of each generation facility. The thresholds and performance results provided in this summary table are aggregated based on all of the generating units within the category.

As noted above, we achieved 98.49% of our corporate goals for 2025. As a result, Ms. Bloodworth, Ms. Higgins, Mr. Wallen, Mr. Ussery and Ms. Teilhet received performance pay in an amount equal to 98.49% of 35% of his or her base salary. Set forth below is a table showing performance pay figures for each of our executive officers who received

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performance pay in 2025:

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|:---|:---|
| **Executive Officer** | **Performance Pay\*** |
| Annalisa M. Bloodworth | $312312 |
| Elizabeth B. Higgins | 240556 |
| Richard D. Wallen | 137800 |
| William F. Ussery | 170334 |
| Heather H. Teilhet | 160000 |

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\*Performance pay was calculated based on base salaries as of December 31, 2025. Actual compensation earned in 2025 is reported in the Summary Compensation Table below.

*Employment Agreements*

*General*

We have an employment agreement with Ms. Bloodworth, Ms. Higgins, Ms. Teilhet, Mr. Ussery and Mr. Wallen. We negotiated each of these employment agreements on an arms-length basis, and the compensation committee determined that the terms of each agreement are reasonable and necessary to ensure that these executive officers' goals are aligned with our members' interests and that each performs his or her respective role while acting in our members' best interests. We review these agreements on an annual basis.

Our employment agreement with Ms. Bloodworth extends through December 31, 2028. Ms. Bloodworth's agreement will automatically renew pursuant to the corresponding provision of the agreement for successive one-year periods unless either party provides written notice not to renew the agreement twenty-four months before the expiration of any extended term. Each year, our board of directors makes an affirmative determination as to whether to provide such notice and no such notice has been provided. Ms. Bloodworth's minimum annual base salary under her agreement is $906,000, and is subject to review and adjustment by our board of directors. Ms. Bloodworth is eligible to participate in incentive compensation plans generally available to similarly situated employees and for an annual bonus determined by our board of directors at its sole discretion. Ms. Bloodworth is also entitled to an automobile or an automobile allowance during the term of the agreement. Ms. Bloodworth's employment agreement contains severance pay provisions.

We also have employment agreements with Ms. Higgins, Ms. Teilhet, Mr. Ussery and Mr. Wallen. The current term of Ms. Higgins', Ms. Teilhet's and Mr. Ussery's agreements extends through December 31, 2028 and will automatically renew for successive one-year periods unless either party provides written notice not to renew the agreement twenty-four months before the expiration of any extended term. The current term of Mr. Wallen's agreement extends through December 31, 2027 and will automatically renew for successive one-year periods unless either party provides written notice not to renew the agreement twelve months before the expiration of any extended term. Each year, our president and chief executive officer makes an affirmative determination as to whether to provide such notice, and no such notices have been provided.

Minimum annual base salaries under these agreements are $671,000 for Ms. Higgins, $406,300 for Ms. Teilhet, $470,600 for Mr. Ussery and $533,000 for Mr. Wallen. Salaries are subject to review and possible adjustment as determined by the president and chief executive officer. Each executive is also eligible to participate in incentive compensation plans generally available to similarly situated employees and for an annual bonus determined by the president and chief executive officer at his sole discretion. The employment agreements with Ms. Higgins, Ms. Teilhet, Mr. Ussery and Mr. Wallen contain severance pay provisions.

We also have a retention agreement with Ms. Higgins. Pursuant to the terms of this agreement, Ms. Higgins will receive a bonus of $200,000, $300,000, $350,000 and $350,000 provided she is our Executive Vice President and Chief Financial Officer as of December 31, 2025, 2026, 2027 and 2028, respectively.

*Assessment of Severance Arrangements*

Pursuant to their respective employment agreements, certain of our executive officers are entitled to severance payments and benefits in the event they are terminated not for cause or they resign for good reason.

In determining that the president and chief executive officer's employment agreement was appropriate and necessary, the compensation committee considered Ms. Bloodworth's role and responsibility within Oglethorpe in relation to the total

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amount of severance pay she would receive upon the occurrence of a severance event. The committee also considered whether the amount Ms. Bloodworth would receive upon severance was appropriate given her total annual compensation. Upon review, the compensation committee determined that a maximum amount of severance compensation equal to a maximum of two year's compensation, plus benefits as described below, was an appropriate amount of severance compensation for Ms. Bloodworth. The compensation committee believes that entering into a severance agreement with our president and chief executive officer is beneficial because it gives us a measure of stability in this position while affording us the flexibility to change management with minimal disruption, should our board of directors ever determine such a change to be necessary and in our best interests. The compensation committee considers an amount equal to up to two years of compensation and benefits to be an appropriate amount to address competitive concerns and offset any potential risk Ms. Bloodworth faces in her role as our president and chief executive officer. Furthermore, it should be noted that we do not compensate our president and chief executive officer using options or other forms of equity compensation that typically lead to significant wealth accumulation.

Pursuant to the terms of her employment agreement, Ms. Bloodworth will be entitled to a lump-sum severance payment upon the occurrence of any of the following events: (1) we terminate her employment without cause; or (2) she resigns due to a demotion or material reduction of her position or responsibilities, a material reduction of her base salary, or a relocation of her principal office by more than 50 miles. The severance payment will equal Ms. Bloodworth's then current base salary through the rest of the term of the agreement (with a minimum of one year's pay and a maximum of two years' pay), and an amount equal to her costs for medical and dental continuation coverage under COBRA, each for the longer of one year or the remaining term of the agreement, and is payable within 30 days of termination, subject to the provisions of Internal Revenue Code Section 409A. In addition, Ms. Bloodworth will be entitled to one year outplacement services. Severance is payable only if Ms. Bloodworth signs a form releasing all claims against us. The maximum severance that would be payable to Ms. Bloodworth in the circumstances described above is $2,084,710.

Our president and chief executive officer considered the total amount of compensation Ms. Higgins, Ms. Teilhet, Mr. Ussery and Mr. Wallen would receive upon the occurrence of a severance event and determined that it was appropriate for Ms. Higgins, Ms. Teilhet and Mr. Ussery to receive severance compensation equal to a maximum of two years of his or her then current base salary and for Mr. Wallen to receive severance compensation equal to of one year of his then current base salary, plus benefits as described below, because such agreements provide a measure of stability for both us and the executive officers. In addition, like our president and chief executive officer, these executive officers are not compensated using options or other forms of equity compensation that lead to significant wealth accumulation. Therefore, our president and chief executive officer believes such severance compensation is necessary to address competitive concerns and offset any potential risk our executive officers face in the course of their employment.

Pursuant to the terms of their employment agreements, Ms. Higgins, Ms. Teilhet, Mr. Ussery and Mr. Wallen will each be entitled to a lump-sum severance payment if we terminate the executive without cause or if the executive resigns after a demotion or material reduction of his or her position or responsibilities, a reduction of his or her base salary, or a relocation of his or her principal office by more than 50 miles. The severance payment for Ms. Higgins, Ms. Teilhet and Mr. Ussery will equal the executive officer's then current base salary through the rest of the term of the agreement (with a minimum of one year's pay and a maximum of two years' pay), and an amount equal to the executive's cost for medical and dental continuation coverage under COBRA for one year payable within 30 days of termination, subject to the provisions of Internal Revenue Code Section 409A. The severance payment for Mr. Wallen will equal his then current base salary of one year's pay and an amount equal to his cost for medical and dental continuation coverage under COBRA for six months payable within 30 days of termination, subject to the provisions of Internal Revenue Code Section 409A. In addition, the executive will be entitled to one year of outplacement services paid directly to the outplacement firm. Severance is payable only if the executive signs a form releasing all claims against us. The maximum severance that would be payable to Ms. Higgins, Ms. Teilhet, Mr. Ussery and Mr. Wallen in the circumstances described above is $1,533,979, $1,047,554, $1,079,786 and $641,438, respectively.

**Compensation Committee Report**

The Compensation Committee of Oglethorpe Power Corporation has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Compensation Committee recommended to the Board that the Compensation Discussion and Analysis be included in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for filing with the SEC.

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Respectfully Submitted

The Compensation Committee

Earnest A. Jakins III

Jimmy G. Bailey

Fred A. McWhorter

Danny L. Nichols

Christopher L. Stephens

Horace H. Weathersby III

**Compensation Committee Interlocks and Insider Participation**

Mr. Jakins, Mr. Bailey, Mr. McWhorter, Mr. Millwood, Mr. Nichols, Mr. Stephens and Mr. Weathersby served as members of our compensation committee during all or a portion of 2025.

Mr. Jakins is a director of ours and the President and Chief Executive Officer of Jackson Electric Membership Corporation. Jackson is a member of ours and has a wholesale power contract with us. Jackson's revenues of $457.9 million to us in 2025 under its wholesale power contract accounted for approximately 18.0% of our total revenues.

Mr. Nichols is a director of ours and is the President and Chief Executive Officer of Colquitt Electric Membership Corporation. Colquitt is a member of ours and has a wholesale power contract with us. Colquitt's revenues of $52.5 million to us in 2025 under its wholesale power contract accounted for approximately 2.1% of our total revenues.

Mr. Stephens is a director of ours and the President and Chief Executive Officer of Coweta-Fayette Electric Membership Corporation. Coweta-Fayette is a member of ours and has a wholesale power contract with us. Coweta-Fayette's revenues of $111.5 million to us in 2025 under its wholesale power contract accounted for approximately 4.4% of our total revenues.

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**Summary Compensation Table**

The following table sets forth the total compensation paid or earned by each of our executive officers for the fiscal years ended December 31, 2025, 2024 and 2023.

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|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus** | **Non-Equity<br>Incentive Plan<br>Compensation** | **All Other**<br>**Compensation**<sup>(1)</sup> | **Total** |
| **Annalisa M. Bloodworth**<sup>(2)</sup> | 2025 | $870750 | $— | $312312 | $199212 | $1382274 |
| President and | 2024 | 478000 |  | 142190 | 126503 | 746693 |
| Chief Executive Officer | 2023 | 438333 |  | 130654 | 107364 | 676351 |
| **Michael L. Smith**<sup>(3)</sup> | 2025 | 90307 |  |  | 351361 | 441668 |
| Former President and | 2024 | 1072663 |  | 372198 | 233401 | 1678262 |
| Chief Executive Officer | 2023 | 1007450 |  | 342394 | 196817 | 1546661 |
| **Elizabeth B. Higgins** | 2025 | 689200 |  | 240556 | 351171 | 1280927 |
| Executive Vice President and | 2024 | 614667 |  | 213286 | 133479 | 961432 |
| Chief Financial Officer | 2023 | 578333 |  | 196174 | 118561 | 893068 |
| **Richard D. Wallen**<sup>(4)</sup> | 2025 | 534017 |  | 137800 | 76331 | 748148 |
| Executive Vice President and |  |  |  |  |  |  |
| Chief Operating Officer |  |  |  |  |  |  |
| **William F. Ussery** | 2025 | 478806 |  | 170334 | 107757 | 756897 |
| Executive Vice President, | 2024 | 466016 |  | 138540 | 112740 | 717296 |
| Member Relations | 2023 | 439583 |  | 127799 | 93720 | 661102 |
| **Heather H. Teilhet** | 2025 | 457843 |  | 160000 | 115951 | 733794 |
| Executive Vice President, |  |  |  |  |  |  |
| External Affairs |  |  |  |  |  |  |
| **David W. Sorrick**<sup>(5)</sup> | 2025 | 24166 |  |  | 1337248 | 1361414 |
| Former Executive Vice President | 2024 | 574333 |  | 199204 | 126800 | 900337 |
| Chief Operating Officer | 2023 | 541667 |  | 183724 | 110200 | 835591 |

---

(1)Figures for 2025 consist of matching contributions and contributions we made under the 401(k) Retirement Savings Plan on behalf of Ms. Bloodworth, Ms. Higgins, Mr. Ussery, Ms. Teilhet, and Mr. Smith of $46,500; Mr. Wallen of $51,053, and Mr. Sorrick of $46,037, contributions by Oglethorpe to a nonqualified deferred compensation plan on behalf of Ms. Bloodworth, Ms. Higgins, Mr. Wallen, Mr. Ussery, Ms. Teilhet, Mr. Smith and Mr. Sorrick, respectively, of $122,215, $113,259, $14,589, $64,112, $50,966, $105,755 and $20,159; car allowances; paid time off, executive health benefits; customary holiday gifts and service awards. Amounts for Ms. Higgins in 2025 also include a payment of $200,000 under our retention agreement with Ms. Higgins. Amounts for Mr. Sorrick in 2025 also include payment of $1,205,427 for severance and medical and dental insurance continuation coverage made in accordance with the terms of Mr. Sorrick's employment agreement. The 2025 amounts for Mr. Smith and Mr. Sorrick also include payments of $191,557 and $65,250, respectively, for unused paid time off in accordance with our policy.

(2)Ms. Bloodworth was our Senior Vice President and General Counsel through January 31, 2025 and assumed the role of President and Chief Executive Officer on February 1, 2025.

(3)Mr. Smith retired from Oglethorpe on January 31, 2025.

(4)Mr. Wallen joined Oglethorpe on March 31, 2025.

(5)Mr. Sorrick resigned from Oglethorpe on January 7, 2025.

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The following table sets forth the threshold and maximum awards available to the executive officers listed in the Summary Compensation Table who received performance pay for the fiscal year ended December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| | | **Estimated Future<br>Payouts<br>Under Non-Equity<br>Incentive Plan Awards** | **Estimated Future<br>Payouts<br>Under Non-Equity<br>Incentive Plan Awards** |
| **Name** |<br>**Grant Date** | **Threshold** | **Maximum** |
| **Annalisa M. Bloodworth** | N/A | $96076 | $317100 |
| **Elizabeth B. Higgins** | N/A | $74002 | $244244 |
| **Richard D. Wallen** | N/A | $56522 | $186550 |
| **William F. Ussery** | N/A | $52400 | $172946 |
| **Heather H. Teilhet** | N/A | $49221 | $162453 |

---

For an explanation of the criteria and formula used to determine the awards listed above, please refer to "– Compensation Discussion and Analysis – *Assessment of Performance of 2025 Corporate Goals*."

**Nonqualified Deferred Compensation**

We maintain a Fidelity Non-Qualified Deferred Compensation Program for each of the executive officers in the table below. This non-qualified deferred compensation program serves as a vehicle through which we can continue our employer retirement contributions to our executive officers beyond the IRS salary limits on the retirement plan ($345,000 as indexed).

The following table sets forth contributions for the fiscal year ended December 31, 2025 along with aggregate earnings for the same period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Executive<br>Contributions<br>in Last FY** | **Registrant**<br>**Contributions**<br>**in Last FY**<sup>(1)</sup> | **Aggregate**<br>**Earnings (Loss)**<br>**in Last FY**<sup>(2)</sup> | **Aggregate<br>Withdrawals/<br>Distributions<br>in Last FY** | **Aggregate<br>Balance at<br>Last FYE** |
| **Annalisa M. Bloodworth** | $39720 | $122215 | $55327 | $— | $528659 |
| **Elizabeth B. Higgins** | $24797 | $113259 | $207688 | $— | $1691491 |
| **Richard D. Wallen** | $11008 | $14589 | $692 | $— | $26289 |
| **William F. Ussery** | $3000 | $64112 | $85624 | $— | $717539 |
| **Heather H. Teilhet** | $8640 | $50966 | $22688 | $— | $207798 |
| **Former Executive Officers:** |  |  |  |  |  |
| **Michael L. Smith** | $7292 | $105755 | $269253 | $(413294) | $2014884 |
| **David W. Sorrick** | $533 | $20159 | $19548 | $(34743) | $145463 |

---

(1)All registrant contribution amounts shown have been included in the "All Other Compensation" column of the Summary Compensation Table above and are limited to the Fidelity Non-Qualified Deferred Compensation Program.

(2)A participant's accounts under the deferred compensation program are invested in the investment options selected by the participant. The accounts are credited with gains and losses actually experienced by the investments.&nbsp;&nbsp;&nbsp;&nbsp;

*Pay Ratio Disclosure*

We strive to provide fair and equitable compensation to each of our employees through a combination of competitive base pay, performance incentives, retirement plans and other benefits. The following pay ratio and supporting information compares the annual total compensation of Ms. Bloodworth, our president and chief executive officer during 2025, to the annual total compensation of our median employee for the fiscal year ended December 31, 2025.

To identify our median employee, we determined that as of December 31, 2025, we had 401 employees, including full-time, part-time, temporary and seasonal workers (excluding our president and chief executive officer), who were all located in the United States. We then calculated the annual total compensation for each of these employees for the fiscal year ended December 31, 2025 in the same manner in which we calculated our president and chief executive officer's total annual compensation presented in the "Summary Compensation Table." Employee compensation includes salary, performance pay and benefits.

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Based upon this analysis, we determined that our median employee's annual total compensation for 2025 was $175,194. As set forth in the Summary Compensation Table, our president and chief executive officer's annual total compensation for 2025 was $1,382,274. The ratio of our president and chief executive officer's annual total compensation to our median employee's annual total compensation for the fiscal year ended December 31, 2025 was 7.89:1.

**Compensation Policies and Practices As They Relate to Our Risk Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our compensation policies and practices for all employees, including executive officers, do not create risks that are reasonably likely to have a material adverse effect on us.

**Director Compensation**

The following table sets forth the total compensation paid or earned by each of our directors for the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| **Name** | **Total Fees<br>Earned or Paid<br>in Cash** |
| **Member Directors** | |
| Jimmy G. Bailey | $44770 |
| Randy Crenshaw<sup>(1)</sup> | $6425 |
| Ronnie M. Hendricks<sup>(2)</sup> | $37600 |
| Ernest A. "Chip" Jakins III | $40250 |
| Fred A. McWhorter | $39670 |
| Marshall S. Millwood, Chairman | $55265 |
| Jeffrey W. Murphy | $42875 |
| Danny L. Nichols | $41650 |
| Sammy G. Simonton | $44595 |
| Christopher L. Stephens<sup>(2)</sup> | $34450 |
| Horace H. Weathersby III | $44770 |
| George L. Weaver | $45675 |
| James I. White, Vice-Chairman | $47195 |
| **Outside Directors** |  |
| Wm. Ronald Duffey<sup>(1)</sup> | $12405 |
| Kevin W. Bush<sup>(2)</sup> | $70880 |

---

(1)Mr. Crenshaw and Mr. Duffey each served on our board of directors until the annual meeting of our members on March 31, 2025.

(2)Mr. Bush, Mr. Hendricks and Mr. Stephens were each elected to our board of directors at the annual meeting of our members on March 31, 2025.&nbsp;&nbsp;&nbsp;&nbsp;

In 2025, we paid our member directors a per diem of $3,700 for attending board meetings and $1,400 for attending committee meetings or other official business approved by the chairman of the board of directors. Member directors were paid $780 per day for attending our members' annual meeting and for member advisory board meetings. We paid our outside director a per diem of $8,400 for attending board meetings, $1,400 for attending committee meetings or other official business approved by the chairman of the board of directors and $1,000 to attend our members' annual meeting. In addition, we reimburse all directors for reasonable out-of-pocket expenses incurred in attending a meeting. All directors were paid $175 per hour when participating in meetings virtually. The per diem rate paid to the chairman of the board of directors will be increased by 20% for each per diem that includes a board of directors meeting as compensation for time involved in preparing for the meetings. The audit committee financial expert will be paid an additional per diem of $680 for each per diem with an audit committee meeting as compensation for the time involved in fulfilling that role. Neither our outside director nor member directors receive any perquisites or other personal benefits from us.

The audit committee is directly responsible for oversight of our financial reporting functions and for the auditor reports included in our SEC quarterly and annual filings. Directors on the audit committee that attend an audit committee meeting pertaining to a quarterly SEC filing will be paid $1,400 regardless of whether the meeting is in person or virtual. Directors attending a board of directors meeting pertaining to a quarterly or annual SEC filing will be paid $1,400 regardless of whether the meeting is in person or virtual. If a board and committee meeting on a quarterly or annual SEC filing occur on the same day and

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both the board and committee meeting are exclusively to consider the SEC filing, the director compensation will be capped at $1,400 per director for the day.

Directors may choose up to three external training courses related to their role as director and/or the energy industry per year to attend. Our directors will be paid $600 per day for each day of an external training course plus, where applicable, up to two additional days for time spent traveling to and from an external training course. Directors will be reimbursed for travel and out-of-pocket expenses for attending external training.

***ITEM 12.&nbsp;&nbsp;&nbsp;&nbsp;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS***

Not Applicable.

***ITEM 13.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE***

**Certain Relationships and Related Transactions**

Chip Jakins is a director of ours and the President and Chief Executive Officer of Jackson Electric Membership Corporation. Jackson is a member of ours and has a wholesale power contract with us. Jackson's revenues of $457.9 million to us in 2025 under its wholesale power contract accounted for approximately 18.0% of our total revenues.

Jeffrey Murphy is a director of ours and the President and Chief Executive Officer of Hart Electric Membership Corporation. Hart is a member of ours and has a wholesale power contract with us. Hart's revenues of $36.7 million to us in 2025 under its wholesale power contract accounted for approximately 1.4% of our total revenues.

Danny Nichols is a director of ours and is the President and Chief Executive Officer of Colquitt Electric Membership Corporation. Colquitt is a member of ours and has a wholesale power contract with us. Colquitt's revenues of $52.5 million to us in 2025 under its wholesale power contract accounted for approximately 2.1% of our total revenues.

Christopher Stephens is a director of ours and the President and Chief Executive Officer of Coweta-Fayette Electric Membership Corporation. Coweta-Fayette is a member of ours and has a wholesale power contract with us. Coweta-Fayette's revenues of $111.5 million to us in 2025 under its wholesale power contract accounted for approximately 4.4% of our total revenues.

George Weaver is a director of ours and the President and Chief Executive Officer of Central Georgia Electric Membership Corporation. Central Georgia is a member of ours and has a wholesale power contract with us. Central Georgia's revenues of $99.4 million to us in 2025 under its wholesale power contract accounted for approximately 3.9% of our total revenues.

We have a Standards of Conduct/Conflict of Interest policy that sets forth guidelines that our employees and directors must follow in order to avoid conflicts of interest, or any appearance of conflicts of interest, between an individual's personal interests and our interests. Pursuant to this policy, each employee and director must disclose any conflicts of interest, actions or relationships that might give rise to a conflict. Our president and chief executive officer is responsible for taking reasonable steps to ensure that the employees are complying with this policy and the audit committee is responsible for taking reasonable steps to ensure that the directors are complying with this policy. The audit committee is charged with monitoring compliance with this policy and making recommendations to the board of directors regarding this policy. Certain actions or relationships that might give rise to a conflict of interest are reviewed and approved by our board of directors.

**Director Independence**

Because we are an electric cooperative, our members own and manage us. Our bylaws set forth specific requirements regarding the composition of our board of directors. See "DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE

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GOVERNANCE – Our Board of Directors – *Structure of Our Board of Directors*" for a detailed discussion of the specific requirements contained in our bylaws regarding the composition of our board of directors.

In addition to meeting the requirements set forth in our bylaws, all directors, with the exception of Chip Jakins, satisfy the definition of director independence as prescribed by the NASDAQ Stock Market and otherwise meet the requirements set forth in our bylaws. Mr. Jakins does not qualify as an independent director because he is the President and Chief Executive Officer of Jackson Electric Membership Corporation, an organization from which we received more than 5% of our gross revenues for the fiscal year ended December 31, 2025. Although we do not have any securities listed on the NASDAQ Stock Market, we have used its independence criteria in making this determination in accordance with applicable SEC rules.

***ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL ACCOUNTANT FEES AND SERVICES***

For 2025 and 2024, fees for services provided by our independent registered public accounting firm, Ernst & Young LLP were as follows:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| | (dollars in thousands) | (dollars in thousands) |
| Audit Fees<sup>(1)</sup> | $**879** | $745 |
| Audit-Related Fees<sup>(2)</sup> | **277** | 142 |
| All Other Fees<sup>(3)</sup> | **5** |  |
| **Total** | $**1161** | $887 |

---

(1)Audit of annual financial statements and review of financial statements included in SEC filings and services rendered in connection with financings.

(2)Other audit-related services.

(3)All other fees related to a subscription of an online accounting research and investigative tool.

In considering the nature of the services provided by our independent registered public accounting firm, the audit committee determined that such services are compatible with the provision of independent audit services. The audit committee discussed all non-audit services to be provided by independent registered public accounting firm to us with management prior to approving them to confirm that they were non-audit services permitted to be provided by our independent registered public accounting firm.

**Pre-Approval Policy**

The audit and permissible non-audit services performed by Ernst & Young LLP in 2025 were pre-approved in accordance with the pre-approval policy and procedures adopted by the audit committee. The policy requires that requests for all services must be submitted to the audit committee for specific pre-approval and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings.

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***PART IV***

***ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES***

**(a)List of Documents Filed as a Part of This Report.**

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| | | |
|:---|:---|:---|
| | | **Page** |
| (1) | Financial Statements (Included under "Financial Statements and Supplementary Data") |  |
|  | <u>[Consolidated Statements of Revenues and Expenses, For the Years Ended December 31, 2025, 2024 and 2023](#ib694f326c88b4137bb70075de5bd3873_70)</u> | <u>[59](#ib694f326c88b4137bb70075de5bd3873_70)</u> |
|  | <u>[Consolidated Balance Sheets, As of December 31, 2025 and 2024](#ib694f326c88b4137bb70075de5bd3873_73)</u> | <u>[60](#ib694f326c88b4137bb70075de5bd3873_73)</u> |
|  | <u>[Consolidated Statements of Capitalization, As of December 31, 2025 and 2024](#ib694f326c88b4137bb70075de5bd3873_76)</u> | <u>[62](#ib694f326c88b4137bb70075de5bd3873_76)</u> |
|  | <u>[Consolidated Statements of Cash Flows, For the Years Ended December 31, 2025, 2024 and 2023](#ib694f326c88b4137bb70075de5bd3873_82)</u> | <u>[63](#ib694f326c88b4137bb70075de5bd3873_82)</u> |
|  | <u>[Consolidated Statements of Patronage Capital and Membership Fees, For the Years Ended December 31, 2025, 2024 and 2023](#ib694f326c88b4137bb70075de5bd3873_85)</u> | <u>[64](#ib694f326c88b4137bb70075de5bd3873_85)</u> |
|  | <u>[Notes to Consolidated Financial Statements](#ib694f326c88b4137bb70075de5bd3873_88)</u> | <u>[65](#ib694f326c88b4137bb70075de5bd3873_88)</u> |
|  | <u>[Report of Independent Registered Public Accounting Firm](#ib694f326c88b4137bb70075de5bd3873_154)</u> | <u>[98](#ib694f326c88b4137bb70075de5bd3873_154)</u> |
| (2) | Financial Statement Schedules |  |
|  | None applicable. |  |
| (3) | Exhibits |  |

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Exhibits marked with an asterisk (\*) are hereby incorporated by reference to exhibits previously filed by the Registrant as indicated in parentheses following the description of the exhibit.

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| | |
|:---|:---|
| Number | Description |
| \*3.1(a) | Restated Articles of Incorporation of Oglethorpe, dated as of July 26, 1988. (Filed as Exhibit 3.1 to the Registrant's Form 10-K for the fiscal year ended December 31, 1988, File No. 33-7591.) |
| \*3.1(b) | <u>[Amendment to Articles of Incorporation of Oglethorpe, dated as of March 11, 1997. (Filed as Exhibit 3(i)(b) to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*3.2 | <u>[Bylaws of Oglethorpe, as amended and restated, as of March 25, 2024. (Filed as Exhibit 3.1 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2024. File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828024013312/exhibit32-sx4.htm)</u> |
| 4.1 | <u>[Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe and the United States of America.](exhibit41.htm)</u> |
| \*4.2.1(a) | <u>[Indenture, dated as of March 1, 1997, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee. (Filed as Exhibit 4.8.1 to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*4.2.1(b) | <u>[First Supplemental Indenture, dated as of October 1, 1997, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1997B (Burke) Note. (Filed as Exhibit 4.8.1(b) to the Registrant's Form 10-Q for the quarterly period ended September 30, 1997, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/0001047469-97-004933-index.html)</u> |
| \*4.2.1(c) | <u>[Second Supplemental Indenture, dated as of January 1, 1998, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 1997C (Burke) Note. (Filed as Exhibit 4.7.1(c) to the Registrant's Form 10-K for the fiscal year ended December 31, 1997, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-009457-index.html)</u> |
| \*4.2.1(d) | <u>[Third Supplemental Indenture, dated as of January 1, 1998, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 1997A (Monroe) Note. (Filed as Exhibit 4.7.1(d) to the Registrant's Form 10-K for the fiscal year December 31, 1997, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-009457-index.html)</u> |
| \*4.2.1(e) | <u>[Fourth Supplemental Indenture, dated as of March 1, 1998, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1998A (Burke) and 1998B (Burke) Notes. (Filed as Exhibit 4.7.1(e) to the Registrant's Form 10-K for the fiscal year ended December 31, 1998, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-99-011641-index.html)</u> |
| \*4.2.1(f) | <u>[Fifth Supplemental Indenture, dated as of April 1, 1998, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1998 CFC Note. (Filed as Exhibit 4.7.1(f) to the Registrant's Form 10-K for the fiscal year ended December 31, 1998, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-99-011641-index.html)</u> |
| \*4.2.1(g) | <u>[Sixth Supplemental Indenture, dated as of January 1, 1999, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1998C (Burke) Note. (Filed as Exhibit 4.7.1(g) to the Registrant's Form 10-K for the fiscal year ended December 31, 1998, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-99-011641-index.html)</u> |
| \*4.2.1(h) | <u>[Seventh Supplemental Indenture, dated as of January 1, 1999, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1998A (Monroe) Note. (Filed as Exhibit 4.7.1(h) to the Registrant's Form 10-K for the fiscal year ended December 31, 1998, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-99-011641-index.html)</u> |
| \*4.2.1(i) | <u>[Eighth Supplemental Indenture, dated as of November 1, 1999, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1999B (Burke) Note. (Filed as Exhibit 4.7.1(i) to the Registrant's Form 10-K for the fiscal year ended December 31, 1999, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-00-013464-index.html)</u> |
| \*4.2.1(j) | <u>[Ninth Supplemental Indenture, dated as of November 1, 1999, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1999B (Monroe) Note. (Filed as Exhibit 4.7.1(j) to the Registrant's Form 10-K for the fiscal year ended December 31, 1999, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-00-013464-index.html)</u> |
| \*4.2.1(k) | <u>[Tenth Supplemental Indenture, dated as of December 1, 1999, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee, relating to the Series 1999 Lease Notes. (Filed as Exhibit 4.7.1(k) to the Registrant's Form 10-K for the fiscal year ended December 31, 1999, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-00-013464-index.html)</u> |

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| | |
|:---|:---|
| \*4.2.1(l) | <u>[Eleventh Supplemental Indenture, dated as of January 1, 2000, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 1999A (Burke) Note. (Filed as Exhibit 4.7.1(l) to the Registrant's Form 10-K for the fiscal year ended December 31, 1999, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-00-013464-index.html)</u> |
| \*4.2.1(m) | <u>[Twelfth Supplemental Indenture, dated as of January 1, 2000, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 1999A (Monroe) Note. (Filed as Exhibit 4.7.1(m) to the Registrant's Form 10-K for the fiscal year ended December 31, 1999, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-00-013464-index.html)</u> |
| \*4.2.1(n) | <u>[Thirteenth Supplemental Indenture, dated as of January 1, 2001, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2000 (Burke) Note. (Filed as Exhibit 4.7.1(n) to the Registrant's Form 10-K for the fiscal year ended December 31, 2000, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000101915201000006/0001019152-01-000006-0002.txt)</u> |
| \*4.2.1(o) | <u>[Fourteenth Supplemental Indenture, dated as of January 1, 2001, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2000 (Monroe) Note. (Filed as Exhibit 4.7.1(o) to the Registrant's Form 10-K for the fiscal year ended December 31, 2000, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000101915201000006/0001019152-01-000006-0003.txt)</u> |
| \*4.2.1(p) | <u>[Fifteenth Supplemental Indenture, dated as of January 1, 2002, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2001 (Burke) Note. (Filed as Exhibit 4.7.1(p) to the Registrant's Form 10-K for the fiscal year ended December 31, 2001, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960702000117/ex4p.txt)</u> |
| \*4.2.1(q) | <u>[Sixteenth Supplemental Indenture, dated as of January 1, 2002, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2001 (Monroe) Note. (Filed as Exhibit 4.7.1(q) to the Registrant's Form 10-K for the fiscal year ended December 31, 2001, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960702000117/ex4q.txt)</u> |
| \*4.2.1(r) | <u>[Seventeenth Supplemental Indenture, dated as of October 1, 2002, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2002A (Burke) Note. (Filed as Exhibit 4.7.1(r) to the Registrant's Form 10-K for the fiscal year ended December 31, 2002, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960703000098/ex471r.txt)</u> |
| \*4.2.1(s) | <u>[Eighteenth Supplemental Indenture, dated as of October 1, 2002, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2002B (Burke) Note. (Filed as Exhibit 4.7.1(s) to the Registrant's Form 10-K for the fiscal year ended December 31, 2002, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960703000098/ex471s.txt)</u> |
| \*4.2.1(t) | <u>[Nineteenth Supplemental Indenture, dated as of January 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2002C (Burke) Note. (Filed as Exhibit 4.7.1(t) to the Registrant's Form 10-K for the fiscal year ended December 31, 2002, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960703000098/ex471t.txt)</u> |
| \*4.2.1(u) | <u>[Twentieth Supplemental Indenture, dated as of January 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2002 (Monroe) Note. (Filed as Exhibit 4.7.1(u) to the Registrant's Form 10-K for the fiscal year ended December 31, 2002, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960703000098/ex471u.txt)</u> |
| \*4.2.1(v) | <u>[Twenty-First Supplemental Indenture, dated as of January 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2002 (Appling) Note. (Filed as Exhibit 4.7.1(v) to the Registrant's Form 10-K for the fiscal year ended December 31, 2002, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000091960703000098/ex471v.txt)</u> |
| \*4.2.1(w) | <u>[Twenty-Second Supplemental Indenture, dated as of March 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003 (FFB M-8) Note and Series 2003 (RUS M-8) Reimbursement Note. (Filed as Exhibit 4.7.1(w) to the Registrant's Form 10-Q for the quarterly period ended September 30, 2003, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000124014603000017/ex471w.htm)</u> |
| \*4.2.1(x) | <u>[Twenty-Third Supplemental Indenture, dated as of March 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003 (FFB N-8) Note and Series 2003 (RUS N-8) Reimbursement Note. (Filed as Exhibit 4.7.1(x) to the Registrant's Form 10-Q for the quarterly period ended September 30, 2003, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000124014603000017/ex471x.htm)</u> |
| \*4.2.1(y) | <u>[Twenty-Fourth Supplemental Indenture, dated as of December 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003A (Appling) Note. (Filed as Exhibit 4.7.1(y) to the Registrant's Form 10-K for the fiscal year ended December 31, 2003, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000124014604000003/b330636ex4_71y.htm)</u> |
| \*4.2.1(z) | <u>[Twenty-Fifth Supplemental Indenture, dated as of December 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003A (Burke) Note. (Filed as Exhibit 4.7.1(z) to the Registrant's Form 10-K for the fiscal year ended December 31, 2003, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000124014604000003/b330636ex4_71z.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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|:---|:---|
| \*4.2.1(aa) | <u>[Twenty-Sixth Supplemental Indenture, dated as of December 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003B (Burke) Note. (Filed as Exhibit 4.7.1(aa) to the Registrant's Form 10-K for the fiscal year ended December 31, 2003, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000124014604000003/b330636ex4_71aa.htm)</u> |
| \*4.2.1(bb) | <u>[Twenty-Seventh Supplemental Indenture, dated as of December 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003A (Heard) Note. (Filed as Exhibit 4.7.1(bb) to the Registrant's Form 10-K for the fiscal year ended December 31, 2003, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000124014604000003/b330636ex4_71bb.htm)</u> |
| \*4.2.1(cc) | <u>[Twenty-Eighth Supplemental Indenture, dated as of December 1, 2003, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2003A (Monroe) Note. (Filed as Exhibit 4.7.1(cc) to the Registrant's Form 10-K for the fiscal year ended December 31, 2003, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000124014604000003/b330636ex4_71cc.htm)</u> |
| \*4.2.1(dd) | <u>[Twenty-Ninth Supplemental Indenture, dated as of December 1, 2004, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2004 (Burke) Note. (Filed as Exhibit 4.7.1(dd) to the Registrant's Form 10-K for the fiscal year ended December 31, 2004, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746905008541/a2153366zex-4_71dd.htm)</u> |
| \*4.2.1(ee) | <u>[Thirtieth Supplemental Indenture, dated as of December 1, 2004, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2004 (Monroe) Note. (Filed as Exhibit 4.7.1(ee) to the Registrant's Form 10-K for the fiscal year ended December 31, 2004, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746905008541/a2153366zex-4_71ee.htm)</u> |
| \*4.2.1(ff) | <u>[Thirty-First Supplemental Indenture, dated as of November 1, 2005, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2005 (Burke) Note. (Filed as Exhibit 4.7.1(ff) to the Registrant's Form 10-K for the fiscal year ended December 31, 2005, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746906004284/a2168512zex-4_71ff.htm)</u> |
| \*4.2.1(gg) | <u>[Thirty-Second Supplemental Indenture, dated as of November 1, 2005, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2005 (Monroe) Note. (Filed as Exhibit 4.7.1(gg) to the Registrant's Form 10-K for the fiscal year ended December 31, 2005, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746906004284/a2168512zex-4_71gg.htm)</u> |
| \*4.2.1(hh) | <u>[Thirty-Third Supplemental Indenture, dated as of May 1, 2006, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Series 2006 (FFB P-8) Note and Series 2006 (RUS P-8) Reimbursement Note. (Filed as Exhibit 4.7.1(hh) to the Registrant's Form 10-Q for the quarterly period ended June 30, 2006, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000104746906010891/a2172483zex-4_71hh.htm)</u> |
| \*4.2.1(ii) | <u>[Thirty-Fourth Supplemental Indenture, dated as of September 22, 2006, made by Oglethorpe to SunTrust Bank, as trustee, relating to the Amendment of Section 9.9 of the Original Indenture. (Filed as Exhibit 4.7.1(ii) to the Registrant's Form 10-K for the fiscal year ended December 31, 2006, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907002207/a2176759zex-4_71ii.htm)</u> |
| \*4.2.1(jj) | <u>[Thirty-Fifth Supplemental Indenture, dated as of October 1, 2006, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation First Mortgage Bonds, Series 2006. (Filed as Exhibit 4.7.1(jj) to the Registrant's Form 10-K for the fiscal year ended December 31, 2006, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907002207/a2176759zex-4_71jj.htm)</u> |
| \*4.2.1(kk) | <u>[Thirty-Sixth Supplemental Indenture, dated as of October 1, 2006, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2006A (Burke) Note, Series 2006B-1 (Burke) Note, Series 2006B-2 (Burke) Note, Series 2006B-3 (Burke) Note, Series 2006B-4 (Burke) Note and Series 2006A (Monroe) Note. (Filed as Exhibit 4.7.1(kk) to the Registrant's Form 10-K for the fiscal year ended December 31, 2006, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907002207/a2176759zex-4_71kk.htm)</u> |
| \*4.2.1(ll) | <u>[Thirty-Seventh Supplemental Indenture, dated as of October 1, 2006, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2006C-1 (Burke) Note, Series 2006C-2 (Burke) Note and Series 2006B (Monroe) Note. (Filed as Exhibit 4.7.1(ll) to the Registrant's Form 10-K for the fiscal year ended December 31, 2006, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907002207/a2176759zex-4_71ll.htm)</u> |
| \*4.2.1(mm) | <u>[Thirty-Eighth Supplemental Indenture, dated as of May 1, 2007, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Amendments to the Retained Indebtedness Note. (Filed as Exhibit 4.7.1(mm) to the Registrant's Form 10-Q for the quarterly period ended June 30, 2007, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907006402/a2179061zex-4_71mm.htm)</u> |
| \*4.2.1(nn) | <u>[Thirty-Ninth Supplemental Indenture, dated as of July 1, 2007, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2007 (FFB R-8) Note and Series 2007 (RUS R-8) Reimbursement Note. (Filed as Exhibit 4.7.1(nn) to the Registrant's Form 10-Q for the quarterly period ended June 30, 2007, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907006402/a2179061zex-4_71nn.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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|:---|:---|
| \*4.2.1(oo) | <u>[Fortieth Supplemental Indenture, dated as of October 1, 2007, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation First Mortgage Bonds, Series 2007. (Filed as Exhibit 4.7.1(oo) to the Registrant's Form 10-Q for the quarterly period ended September 30, 2007, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000104746907009134/a2180998zex-4_71oo.htm)</u> |
| \*4.2.1(pp) | <u>[Forty-First Supplemental Indenture, dated as of October 1, 2007, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2007A (Appling) Note, Series 2007B (Appling) Note, Series 2007A (Burke) Note, Series 2007B (Burke) Note, Series 2007C (Burke) Note, Series 2007D (Burke) Note, Series 2007E (Burke) Note, Series 2007F (Burke) Note and Series 2007A (Monroe) Note. (Filed as Exhibit 4.7.1(pp) to the Registrant's Form 10-Q for the quarterly period ended September 30, 2007, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746907009134/a2180998zex-4_71pp.htm)</u> |
| \*4.2.1(qq) | <u>[Forty-Second Supplemental Indenture, dated as of February 5, 2008, made by Oglethorpe to U.S. Bank National Association, as trustee, providing for the Amendment of Section 1.1 of the Original Indenture. (Filed as Exhibit 4.7.1(qq) to the Registrant's Form 10-K for the fiscal year ended December 31, 2007, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746908003520/a2184036zex-4_71qq.htm)</u> |
| \*4.2.1(rr) | <u>[Forty-Third Supplemental Indenture, dated as of August 1, 2008, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2008A (Burke) Note, Series 2008B (Burke) Note and Series 2008C (Burke) Note. (Filed as Exhibit 4.7.1(rr) to the Registrant's Form 10-K for the fiscal year ended December 31, 2008, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000104746909003303/a2191676zex-4_71rr.htm)</u> |
| \*4.2.1(ss) | <u>[Forty-Fourth Supplemental Indenture, dated as of September 1, 2008, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2008 (FFB S-8) Note and Series 2008 (RUS S-8) Reimbursement Note. (Filed as Exhibit 4.7.1(ss) to the Registrant's Form 10-K for the fiscal year ended December 31, 2008, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746909003303/a2191676zex-4_71ss.htm)</u> |
| \*4.2.1(tt) | <u>[Forty-Fifth Supplemental Indenture, dated as of December 1, 2008, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2008D (Burke) Note, Series 2008E (Burke) Note, Series 2008F (Burke) Note, Series 2008G (Burke) Note and Series 2008A (Monroe) Note. (Filed as Exhibit 4.7.1(tt) to the Registrant's Form 10-K for the fiscal year ended December 31, 2008, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746909003303/a2191676zex-4_71tt.htm)</u> |
| \*4.2.1(uu) | <u>[Forty-Sixth Supplemental Indenture, dated as of February 1, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation First Mortgage Bonds, Series 2009 A. (Filed as Exhibit 4.7.1(uu) to the Registrant's Form 10-K for the fiscal year ended December 31, 2008, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746909003303/a2191676zex-4_71uu.htm)</u> |
| \*4.2.1(vv) | <u>[Forty-Seventh Supplemental Indenture, dated as of February 19, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, providing for the Amendment of the Original Indenture. (Filed as Exhibit 4.7.1(vv) to the Registrant's Form 10-K for the fiscal year ended December 31, 2008, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/000104746909003303/a2191676zex-4_71vv.htm)</u> |
| \*4.2.1(ww) | <u>[Forty-Eighth Supplemental Indenture, dated as of August 1, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2009B CFC Note, Series 2009C CFC Note and Series 2009D CFC Project Note. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2009, File No. 333-159338.)](http://www.sec.gov/Archives/edgar/data/788816/000104746909007638/a2194170zex-4_1.htm)</u> |
| \*4.2.1(xx) | <u>[Forty-Ninth Supplemental Indenture, dated as of November 1, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation First Mortgage Bonds, Series 2009 B. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarter ended September 30, 2009, File No. 333-159338.)](http://www.sec.gov/Archives/edgar/data/788816/000104746909010029/a2195480zex-4_1.htm)</u> |
| \*4.2.1(yy) | <u>[Fiftieth Supplemental Indenture, dated as of November 30, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2009A Line of Credit Notes. (Filed as Exhibit 4.7.1 (yy) to the Registrant's Form 10-K for the fiscal year ended December 31, 2009, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910002553/a2197413zex-4_71yy.htm)</u> |
| \*4.2.1 (zz) | <u>[Fifty-First Supplemental Indenture, dated as of December 1, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2009A (Heard) Note, Series 2009A (Monroe) Note and Series 2009B (Monroe) Note. (Filed as Exhibit 4.7.1 (zz) to the Registrant's Form 10-K for the fiscal year ended December 31, 2009, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910002553/a2197413zex-4_71zz.htm)</u> |
| \*4.2.1 (aaa) | <u>[Fifty-Second Supplemental Indenture, dated as of December 30, 2009, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the First Mortgage Bond, Series 2009 CoBank (Clean Renewable Energy Bond). (Filed as Exhibit 4.7.1 (aaa) to the Registrant's Form 10-K for the fiscal year ended December 31, 2009, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910002553/a2197413zex-4_71aaa.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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| \*4.2.1 (bbb) | <u>[Fifty-Third Supplemental Indenture, dated as of March 1, 2010, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2010A (Burke) Note, Series 2010B (Burke) Note, Series 2010A (Monroe) Note, Series 2010A (Burke) Reimbursement Obligation, Series 2010B (Burke) Reimbursement Obligation and Series 2010A (Monroe) Reimbursement Obligation. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2010, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910005394/a2198439zex-4_1.htm)</u> |
| \*4.2.1 (ccc) | <u>[Fifty-Fourth Supplemental Indenture, dated as of May 21, 2010, made by Oglethorpe to U.S. Bank National Association, as trustee, confirming the lien of the Indenture with respect to certain After-Acquired Property (relating to the Hawk Road and Hartwell Energy Facilities). (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2010, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910007480/a2199596zex-4_1.htm)</u> |
| \*4.2.1 (ddd) | <u>[Fifty-Fifth Supplemental Indenture, dated as of August 1, 2010, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2010 (FFB V-8) Note and Series 2010 (RUS V-8) Reimbursement Note. (Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2010, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910009681/a2200936zex-4_2.htm)</u> |
| \*4.2.1 (eee) | <u>[Fifty-Sixth Supplemental Indenture, dated as of November 1, 2010, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation First Mortgage Bonds, Series 2010 A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on November 8, 2010, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910009423/a2200852zex-4_2.htm)</u> |
| \*4.2.1(fff) | <u>[Fifty-Seventh Supplemental Indenture, dated as of December 1, 2010, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2010A CFC Note. (Filed as Exhibit 4.8.1(fff) to the Registrant's Form S-3 Registration Statement, File No. 333-171342.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910010560/a2201469zex-4_81fff.htm)</u> |
| \*4.2.1(ggg) | <u>[Fifty-Eighth Supplemental Indenture, dated as of December 1, 2010, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Agreement Modifying Future Advance Promissory Note. (Filed as Exhibit 4.8.1(ggg) to the Registrant's Form S-3 Registration Statement, File No. 333-171342.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910010560/a2201469zex-4_81ggg.htm)</u> |
| \*4.2.1(hhh) | <u>[Fifty-Ninth Supplemental Indenture, dated as of March 1, 2011, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2011A (Appling) Note, Series 2011A (Burke) Note and Series 2011A (Monroe) Note. (Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2011, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746911005017/a2203918zex-4_2.htm)</u> |
| \*4.2.1(iii) | <u>[Sixtieth Supplemental Indenture, dated as of April 1, 2011, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2011 (FFB W-8) Note, Series 2011 (RUS W-8) Reimbursement Note, Series 2011 (FFB X-8) Note, and Series 2011 (RUS X-8) Reimbursement Note. (Filed as Exhibit 4.3 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2011, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746911005017/a2203918zex-4_3.htm)</u> |
| \*4.2.1(jjj) | <u>[Sixty-First Supplemental Indenture, dated as of August 1, 2011, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation First Mortgage Bonds, Series 2011A. (filed as Exhibit 4.2 to the Registrant's Form 8-K filed on August 17, 2011, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746911007485/a2205325zex-4_2.htm)</u> |
| \*4.2.1(kkk) | <u>[Sixty-Second Supplemental Indenture, dated as of April 1, 2012, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2012A (Monroe) Note. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2012, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746912005823/a2208932zex-4_1.htm)</u> |
| \*4.2.1(lll) | <u>[Sixty-Third Supplemental Indenture, dated as of November 1, 2012, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2012A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on November 28, 2012, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746912010837/a2211990zex-4_2.htm)</u> |
| \*4.2.1(mmm) | <u>[Sixty-Fourth Supplemental Indenture, dated as of April 1, 2013, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2013A (Appling) Note, Series 2013A (Burke) Note and Series 2013A (Monroe) Note. (Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2013, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746913005960/a2214946zex-4_2.htm)</u> |
| \*4.2.1(nnn) | <u>[Sixty-Fifth Supplemental Indenture, dated as of April 23, 2013, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2013 (FFB Y-8) Note, Series 2013 (RUS Y-8) Reimbursement Note, Series 2013 (FFB AA-8) Note, and Series 2013 (RUS AA-8) Reimbursement Note and amendments to the Indenture. (Filed as Exhibit 4.3 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2013, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746913005960/a2214946zex-4_3.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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|:---|:---|
| \*4.2.1(ooo) | <u>[Deed to Secure Debt, Security Agreement and Sixty-Sixth Supplemental Indenture, dated as of April 25, 2013, made by Oglethorpe and Murray County Industrial Development Authority to U.S. Bank National Association, as trustee, relating to the consolidation of Murray I and II LLC. (Filed as Exhibit 4.4 to the Registrant's Form 10-Q for the quarterly period ended March 31, 2013, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746913005960/a2214946zex-4_4.htm)</u> |
| \*4.2.1(ppp) | <u>[Sixty-Seventh Supplemental Indenture, dated as of February 1, 2014, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Future Advance Promissory Note No. 1, Reimbursement Note No. 1, Future Advance Promissory Note No. 2, Reimbursement Note No. 2 and amendments to the Indenture. (Filed as Exhibit 4.8 to the Registrant's Form 8-K filed on February 20, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914001104/a2218360zex-4_8.htm)</u> |
| \*4.2.1(qqq) | <u>[Sixty-Eighth Supplemental Indenture, dated as of June 1, 2014 made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2014A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on June 11, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000110465914045170/a14-15007_4ex4d2.htm)</u> |
| \*4.2.1(rrr) | <u>[Sixty-Ninth Supplemental Indenture, dated as of September 2, 2014 made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2014 (FFB AB-8) Note and Series 2014 (RUS AB-8) Reimbursement Note. (Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914008964/a2222084zex-4_2.htm)</u> |
| \*4.2.1(sss) | <u>[Seventieth Supplemental Indenture, dated as of May 27, 2015, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Amendment of the Series 2011 (FFB W-8) Note. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2015, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746915006799/a2225642zex-4_1.htm)</u> |
| \*4.2.1(ttt) | <u>[Seventy-First Supplemental Indenture, dated August 24, 2015, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the addition of property in Walton County, Georgia. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2015, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746915008576/a2226491zex-4_1.htm)</u> |
| \*4.2.1(uuu) | <u>[Seventy-Second Supplemental Indenture, dated as of April 1, 2016, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2016A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on April 19, 2016, File No. 000-53908).](http://www.sec.gov/Archives/edgar/data/788816/000104746916012337/a2228319zex-4_2.htm)</u> |
| \*4.2.1(vvv) | <u>[Seventy-Third Supplemental Indenture, dated as of July 26, 2017, made by Oglethorpe to U.S. Bank National Association, as trustee, confirming the lien of the Indenture with respect to certain agreements and licenses. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2017, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000104746917005172/a2232920zex-4_1.htm)</u> |
| \*4.2.1(www) | <u>[Seventy-Fourth Supplemental Indenture, dated as of October 1, 2017, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2017A (Burke) Note, the Series 2017B (Burke) Note, the Series 2017A (Heard) Note and the Series 2017A (Monroe) Note. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2017, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000104746917007004/a2233732zex-4_1.htm)</u> |
| \*4.2.1(xxx) | <u>[Seventy-Fifth Supplemental Indenture, dated as of October 18, 2017, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Amendment of the Original Indenture. (Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2017, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000104746917007004/a2233732zex-4_2.htm)</u> |
| \*4.2.1(yyy) | <u>[Seventy-Sixth Supplemental Indenture, dated as of December 1, 2017, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2017C (Burke) Note, the Series 2017D (Burke) Note, the Series 2017E (Burke) Note and the Series 2017F (Burke) Note. (Filed as Exhibit 4.2.1(yyy) to the Registrant's Form 10-K for the fiscal year ended December 31, 2017, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000104746918002324/a2234998zex-4_21yyy.htm)</u> |
| \*4.2.1(zzz) | <u>[Seventy-Seventh Supplemental Indenture, dated as of January 30, 2018, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2018 (FFB AC-8) Note and Series 2018 (RUS AC-8) Reimbursement Note. (Filed as Exhibit 4.2.1(zzz) to the Registrant's Form 10-K for the fiscal year ended December 31, 2017, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000104746918002324/a2234998zex-4_21zzz.htm)</u> |
| \*4.2.1(aaaa) | <u>[Seventy-Eighth Supplemental Indenture, dated as of October 1, 2018, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2018A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on October 30, 2018, File No. 333-192954).](http://www.sec.gov/Archives/edgar/data/788816/000110465918064655/a18-37208_2ex4d2.htm)</u> |
| \*4.2.1(bbbb) | <u>[Seventy-Ninth Supplemental Indenture, dated as of March 1, 2019, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Future Advance Promissory Note and Reimbursement Note. (Filed as Exhibit 4.6 to the Registrant's Form 8-K filed on March 27, 2019, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000110465919017788/a19-7052_1ex4d6.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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|:---|:---|
| \*4.2.1(cccc) | <u>[Eightieth Supplemental Indenture, dated as of August 1, 2020, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2020A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on August 19, 2020, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828020012820/exhibit42_supplementalin.htm)</u> |
| \*4.2.1(dddd) | <u>[Eighty-First Supplemental Indenture, dated as of December 3, 2020, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2020 (FFB AD48) Note and Series 2020 (RUS AD48) Reimbursement Note and Amendment of the Original Indenture. (Filed as Exhibit 4.3 to the Registrant's Form 8-K filed on December 9, 2020, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828020017256/exhibit43-eightyxfirstsu.htm)</u> |
| \*4.2.1(eeee) | <u>[Eighty-Second Supplemental Indenture, dated as of October 6, 2021, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to Recording the Indenture in Effingham County, GA. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2021, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828021023113/exhibit41.htm)</u> |
| \*4.2.1(ffff) | <u>[Eighty-Third Supplemental Indenture, dated as of April 1, 2022, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2022A. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on April 7, 2022, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828022008738/exhibit42_eighty-thirdsu.htm)</u> |
| \*4.2.1(gggg) | <u>[Eighty-Fourth Supplemental Indenture, dated as of October 18, 2022, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to the Series 2022 (FFB AE48) Note, Series 2022 (RUS AE48) Reimbursement Note. (Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2022, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828022029484/exhibit42-eightyxfourths.htm)</u> |
| \*4.2.1(hhhh) | <u>[Eighty-Fifth Supplemental Indenture, dated as of February 6, 2023, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to conforming the lien of the indenture with respect to certain after-acquired property.](https://www.sec.gov/Archives/edgar/data/788816/000162828023028916/exhibit41-eightyxfifthsu.htm)</u> <u>[(Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2023, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828023028916/exhibit41-eightyxfifthsu.htm)</u> |
| \*4.2.1(iiii) | <u>[Eighty-Sixth Supplemental Indenture, dated as of May 25, 2023, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to recording the indenture in Mitchell County, Georgia.](https://www.sec.gov/Archives/edgar/data/788816/000162828023028916/exhibit42-eightyxsixthsu.htm)[(Filed as Exhibit 4.2 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2023, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828022029484/exhibit42-eightyxfourths.htm)</u> |
| \*4.2.1(jjjj) | <u>[Eighty-Seventh Supplemental Indenture, dated as of December 1. 2023, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee,](https://www.sec.gov/Archives/edgar/data/788816/000162828023040379/exhibit42_oglethorpe-ser.htm)[relating to Oglethorpe Power Corporation First Mortgage Bonds, Series 2023A](https://www.sec.gov/Archives/edgar/data/788816/000162828022008738/exhibit42_eighty-thirdsu.htm)[.](https://www.sec.gov/Archives/edgar/data/788816/000162828023028916/exhibit42-eightyxsixthsu.htm)</u> <u>[(Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on December 1, 2023, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828022029484/exhibit42-eightyxfourths.htm)</u> |
| \*4.2.1(kkkk) | <u>[Eighty-Eighth Supplemental Indenture, dated as of May 30, 2024, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Series 2024 (FFB AF48) Note, Series 2024 (RUS AF48) Reimbursement Note, Series 2024 (FFB AG48) Note, Series 2024 (RUS AG48) Reimbursement Note, Series 2024 (FFB AH48) Note and Series 2024 (RUS AH48) Reimbursement Note. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828024047625/exhibit41_oglethorpe-eig.htm)</u> |
| \*4.2.1(llll) | <u>[Eighty-Ninth Supplemental Indenture, dated as of June 1, 2024, made by Oglethorpe to U.S. Bank National Association, as trustee, relating to the Oglethorpe Power Corporation Green First Mortgage Bonds, Series 2024A. (Filed as Exhibit 4.1 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828024047625/exhibit42_oglethorpe-ser.htm)</u> |
| \*4.2.1(mmmm) | <u>[Ninetieth Supplemental Indenture, dated as of January 1, 2025, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to Oglethorpe Power Corporation Green First Mortgage Bonds, Series 2025A. (Filed as Exhibit 4.1(mmmm) to the Registrant's Form 10-K for the fiscal year ended December 31, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025015552/exhibit421mmmm.htm)</u> |
| 4.2.1(nnnn) | <u>[Ninety-First Supplemental Indenture, dated as of November 18, 2025, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to subjecting, conveying and confirming the lien of the indenture with respect to certain agreements, instruments, other documents and property.](exhibit421nnnn.htm)</u> |
| 4.2.1(oooo) | <u>[Ninety-Second Supplemental Indenture, dated as of December 11, 2025, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to subjecting, conveying and confirming the lien of the indenture with respect to certain agreements, instruments, other documents and property.](exhibit421oooo.htm)</u> |
| 4.2.1(pppp) | <u>[Ninety-Third Supplemental Indenture, dated as of February 24, 2026, made by Oglethorpe to U.S. Bank Trust Company, National Association, as trustee, relating to relating to the Series 2026 (FFB AK48) Note, Series 2026 (RUS AK48) Reimbursement Note.](exhibit42pppp.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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|:---|:---|
| \*4.2.2 | <u>[Security Agreement, dated as of March 1, 1997, made by Oglethorpe to SunTrust Bank, Atlanta, as trustee. (Filed as Exhibit 4.8.2 to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](http://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*4.3 | <u>[Unsecured Indenture, dated as of December 22, 2010, by and between Oglethorpe and U.S. Bank National Association, as trustee. (Filed as Exhibit 4.1 to the Registrant's Form S-3 Registration Statement, File No. 333-171342.)](http://www.sec.gov/Archives/edgar/data/788816/000104746910010560/a2201469zex-4_1.htm)</u> |
| 4.4.1<sup>(1)</sup> | Loan Agreement, dated as of April 1, 2013, between the Development Authority of Appling County and Oglethorpe relating to the Development Authority of Appling County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Hatch Project), Series 2013A, and two other substantially identical (Term Rate and Weekly Rate Bonds) loan agreements. |
| 4.4.2<sup>(1)</sup> | Note, dated April 23, 2013, from Oglethorpe to U.S. Bank National Association, as trustee, acting pursuant to a Trust Indenture, dated as of April 1, 2013, between the Development Authority of Appling County and U.S. Bank National Association relating to the Development Authority of Appling County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Hatch Project), Series 2013A, and two other substantially identical notes. |
| 4.4.3<sup>(1)</sup> | Trust Indenture, dated as of April 1, 2013, between the Development Authority of Appling County and U.S. Bank National Association, as trustee, relating to the Development Authority of Appling County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Hatch Project), Series 2013A, and two other substantially identical indentures. |
| 4.5.1<sup>(1)</sup> | Loan Agreement, dated as of October 1, 2017, between the Development Authority of Burke County and Oglethorpe relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017A, and two other substantially identical (Indexed Put Rate Bonds) loan agreements. |
| 4.5.2<sup>(1)</sup> | Note, dated October 12, 2017, from Oglethorpe to U.S. Bank National Association, as trustee, acting pursuant to a Trust Indenture, dated as of October 1, 2017, between the Development Authority of Burke County and U.S. Bank National Association relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017A, and two other substantially identical notes. |
| 4.5.3<sup>(1)</sup> | Trust Indenture, dated as of October 1, 2017, between the Development Authority of Burke County and U.S. Bank National Association, as trustee, relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017A, and two other substantially identical indentures. |
| 4.5.4<sup>(1)</sup> | Bondholder's Agreement, dated as of October 1, 2017, by and between Oglethorpe and RBC Municipal Products, LLC, relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017A, and two other substantially identical bondholder's agreements. |
| 4.6.1<sup>(1)</sup> | Loan Agreement, dated as of December 1, 2017, between the Development Authority of Burke County and Oglethorpe relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017C, and two other substantially identical (Fixed Rate and Term Rate Bonds) loan agreements. |
| 4.6.2<sup>(1)</sup> | Note, dated December 28, 2017, from Oglethorpe to U.S. Bank National Association, as trustee, acting pursuant to a Trust Indenture, dated as of December 1, 2017, between the Development Authority of Burke County and U.S. Bank National Association relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017C, and two other substantially identical notes. |
| 4.6.3<sup>(1)</sup> | Trust Indenture, dated as of December 1, 2017, between the Development Authority of Burke County and U.S. Bank National Association, as trustee, relating to the Development Authority of Burke County Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle Project), Series 2017C, and two other substantially identical indentures. |
| \*4.7.1 | <u>[Note Purchase Agreement, dated February 20, 2014, between Oglethorpe, Federal Financing Bank and United States Department of Energy. (Filed as Exhibit 4.1 to the Registrant's Form 8-K filed on February 20, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914001104/a2218360zex-4_1.htm)</u> |
| \*4.7.2 | <u>[Future Advance Promissory Note No. 1, dated February 20, 2014, from Oglethorpe to Federal Financing Bank. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on February 20, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914001104/a2218360zex-4_2.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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| \*4.7.3 | <u>[Future Advance Promissory Note No. 2, dated February 20, 2014, from Oglethorpe to Federal Financing Bank. (Filed as Exhibit 4.3 to the Registrant's Form 8-K filed on February 20, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914001104/a2218360zex-4_3.htm)</u> |
| \*4.7.4 | <u>[Note Purchase Agreement, dated as of March 22, 2019, between Oglethorpe, Federal Financing Bank and the United States Department of Energy. (Filed as Exhibit 4.1 to the Registrant's Form 8-K filed on March 27, 2019, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000110465919017788/a19-7052_1ex4d1.htm)</u> |
| \*4.7.5 | <u>[Future Advance Promissory Note, dated March 22, 2019, from Oglethorpe to Federal Financing Bank. (Filed as Exhibit 4.2 to the Registrant's Form 8-K filed on March 27, 2019, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000110465919017788/a19-7052_1ex4d2.htm)</u> |
| \*4.7.6(a) | <u>[Amended and Restated Loan Guarantee Agreement, dated as of March 22, 2019, between Oglethorpe and the United States Department of Energy, acting by and through the Secretary of Energy. (Filed as Exhibit 4.3 to the Registrant's Form 8-K filed on March 27, 2019, File No. 333-192954.)](http://www.sec.gov/Archives/edgar/data/788816/000110465919017788/a19-7052_1ex4d3.htm)</u> |
| \*4.7.6(b) | <u>[Amendment No.1 to Amended and Restated Loan Guarantee Agreement, dated December 3, 2020, between Oglethorpe and the Department of Energy. (Filed as Exhibit 4.9.6(g) to the Registrant's Form 10-K for the fiscal year ended December 31, 2020, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828021005217/a496g_oglethorpe-amendme.htm)</u> |
| \*4.7.7 | <u>[Reimbursement Note No. 1, dated February 20, 2014, issued by Oglethorpe to the Department of Energy. (Filed as Exhibit 4.5 to the Registrant's Form 8-K filed on February 20, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914001104/a2218360zex-4_5.htm)</u> |
| \*4.7.8 | <u>[Reimbursement Note No. 2, dated February 20, 2014, issued by Oglethorpe to the Department of Energy. (Filed as Exhibit 4.6 to the Registrant's Form 8-K filed on February 20, 2014, File No. 000-53908.)](http://www.sec.gov/Archives/edgar/data/788816/000104746914001104/a2218360zex-4_6.htm)</u> |
| \*4.7.9 | <u>[Reimbursement Note, dated March 22, 2019, issued by Oglethorpe to the Department of Energy. (Filed as Exhibit 4.4 to the Registrant's Form 8-K filed on March 27, 2019, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000110465919017788/a19-7052_1ex4d4.htm)</u> |
| \*10.1.1(a) | Participation Agreement No. 2 among Oglethorpe as Lessee, Wilmington Trust Company as Owner Trustee, The First National Bank of Atlanta as Indenture Trustee, Columbia Bank for Cooperatives as Loan Participant and Ford Motor Credit Company as Owner Participant, dated December 30, 1985, together with a schedule identifying three other substantially identical Participation Agreements. (Filed as Exhibit 10.1.1(b) to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.1(b) | Supplemental Participation Agreement No. 2. (Filed as Exhibit 10.1.1(a) to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.1(c) | Supplemental Participation Agreement No. 1, dated as of June 30, 1987, among Oglethorpe as Lessee, IBM Credit Financing Corporation as Owner Participant, Wilmington Trust Company and The Citizens and Southern National Bank as Owner Trustee, The First National Bank of Atlanta, as Indenture Trustee, and Columbia Bank for Cooperatives, as Loan Participant. (Filed as Exhibit 10.1.1(c) to the Registrant's Form 10-K for the fiscal year ended December 31, 1987, File No. 33-7591.) |
| \*10.1.1(d) | <u>[Second Supplemental Participation Agreement No. 2, dated as of December 17, 1997, among Oglethorpe as Lessee, DFO Partnership, as assignee of Ford Motor Credit Company, as Owner Participant, Wilmington Trust Company and NationsBank, N.A. as Owner Trustee, The Bank of New York Trust Company of Florida, N.A. as Indenture Trustee, CoBank, ACB as Loan Participant, OPC Scherer Funding Corporation, as Original Funding Corporation, OPC Scherer 1997 Funding Corporation A, as Funding Corporation, and SunTrust Bank, Atlanta, as Original Collateral Trust Trustee and Collateral Trust Trustee, with a schedule identifying three substantially identical Second Supplemental Participation Agreements and any material differences. (Filed as Exhibit 10.1.1(d) to Registrant's Form S-4 Registration Statement, File No. 333-4275.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-001122-index.html)</u> |
| \*10.1.2 | General Warranty Deed and Bill of Sale No. 2 between Oglethorpe, Grantor, and Wilmington Trust Company and William J. Wade, as Owner Trustees under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, Grantee, together with a schedule identifying three substantially identical General Warranty Deeds and Bills of Sale. (Filed as Exhibit 10.1.2 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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|:---|:---|
| \*10.1.3 | <u>[Amended and Restated Indenture of Trust, Deed to Secure Debt and Security Agreement No. 2, dated December 1, 1997, between Wilmington Trust Company and NationsBank, N.A. collectively as Owner Trustee, under Trust Agreement No. 2, dated December 30, 1985, with DFO Partnership, as assignee of Ford Motor Credit Company, and The Bank of New York Trust Company of Florida, N.A. as Indenture Trustee, with a schedule identifying three other substantially identical Amended and Restated Indentures of Trust, Deeds to Secure Debt and Security Agreements and any material differences. (Filed as Exhibit 4.4 to the Registrant's Form S-4 Registration Statement, File No. 333-42759.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-001122-index.html)</u> |
| \*10.1.4(a) | Lease Agreement No. 2, dated December 30, 1985, between Wilmington Trust Company and William J. Wade, as Owner Trustees under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, Lessor, and Oglethorpe, Lessee, with a schedule identifying three other substantially identical Lease Agreements. (Filed as Exhibit 4.5(b) to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.4(b) | First Supplement to Lease Agreement No. 2 (included as Exhibit B to the Supplemental Participation Agreement No. 2 listed as Exhibit 10.1.1(b)). |
| \*10.1.4(c) | First Supplement to Lease Agreement No. 1, dated as of June 30, 1987, between The Citizens and Southern National Bank as Owner Trustee under Trust Agreement No. 1 with IBM Credit Financing Corporation, as Lessor, and Oglethorpe, as Lessee. (Filed as Exhibit 4.5(c) to the Registrant's Form 10-K for the fiscal year ended December 31, 1987, File No. 33-7591.) |
| \*10.1.4(d) | <u>[Second Supplement to Lease Agreement No. 2, dated as of December 17, 1997, between NationsBank, N.A., acting through its agent, The Bank of New York, as an Owner Trustee under the Trust Agreement No. 2, dated December 30, 1985, among DFO Partnership, as assignee of Ford Motor Credit Company, as the Owner Participant, and the Original Trustee, as Lessor, and Oglethorpe, as Lessee, with a schedule identifying three other substantially identical Second Supplements to Lease Agreements and any material differences. (Filed as Exhibit 4.5(d) to the Registrant's Form S-4 Registration Statement, File No. 333-42759.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-001122-index.html)</u> |
| \*10.1.5(a) | Supporting Assets Lease No. 2, dated December 30, 1985, between Oglethorpe, Lessor, and Wilmington Trust Company and William J. Wade, as Owner Trustees, under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, Lessee, together with a schedule identifying three substantially identical Supporting Assets Leases. (Filed as Exhibit 10.1.3 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.5(b) | First Amendment to Supporting Assets Lease No. 2, dated as of November 19, 1987, together with a schedule identifying three substantially identical First Amendments to Supporting Assets Leases. (Filed as Exhibit 10.1.3(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 1987, File No. 33-7591.) |
| \*10.1.5(c) | <u>[Second Amendment to Supporting Assets Lease No. 2, dated as of October 3, 1989, together with a schedule identifying three substantially identical Second Amendments to Supporting Assets Leases. (Filed as Exhibit 10.1.3(c) to the Registrant's Form 10-Q for the quarterly period ended March 31, 1998, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-020043-index.html)</u> |
| \*10.1.6(a) | Supporting Assets Sublease No. 2, dated December 30, 1985, between Wilmington Trust Company and William J. Wade, as Owner Trustees under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, Sublessor, and Oglethorpe, Sublessee, together with a schedule identifying three substantially identical Supporting Assets Subleases. (Filed as Exhibit 10.1.4 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.6(b) | First Amendment to Supporting Assets Sublease No. 2, dated as of November 19, 1987, together with a schedule identifying three substantially identical First Amendments to Supporting Assets Subleases. (Filed as Exhibit 10.1.4(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 1987, File No. 33-7591.) |
| \*10.1.6(c) | <u>[Second Amendment to Supporting Assets Sublease No. 2, dated as of October 3, 1989, together with a schedule identifying three substantially identical Second Amendments to Supporting Assets Subleases. (Filed as Exhibit 10.1.4(c) to the Registrant's Form 10-Q for the quarterly period ended March 31, 1998, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-020043-index.html)</u> |
| \*10.1.7(a) | Tax Indemnification Agreement No. 2, dated December 30, 1985, between Ford Motor Credit Company, Owner Participant, and Oglethorpe, Lessee, together with a schedule identifying three substantially identical Tax Indemnification Agreements. (Filed as Exhibit 10.1.5 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |

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| \*10.1.7(b) | <u>[Amendment No. 1 to the Tax Indemnification Agreement No. 2, dated December 17, 1997, between DFO Partnership, as assignee of Ford Motor Credit Company, as Owner Participant, and Oglethorpe, as Lessee, with a schedule identifying three substantially identical Amendments No. 1 to the Tax Indemnification Agreements and any material differences. (Filed as Exhibit 10.1.5(b) to the Registrant's Form S-4 Registration Statement, File No. 333-42759.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-98-001122-index.html)</u> |
| \*10.1.8 | Assignment of Interest in Ownership Agreement and Operating Agreement No. 2, dated December 30, 1985, between Oglethorpe, Assignor, and Wilmington Trust Company and William J. Wade, as Owner Trustees under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, Assignee, together with a schedule identifying three substantially identical Assignments of Interest in Ownership Agreement and Operating Agreement. (Filed as Exhibit 10.1.6 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.9(a) | Consent, Amendment and Assumption No. 2, dated December 30, 1985, among Georgia Power Company and Oglethorpe and Municipal Electric Authority of Georgia and City of Dalton, Georgia and Gulf Power Company and Wilmington Trust Company and William J. Wade, as Owner Trustees under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, together with a schedule identifying three substantially identical Consents, Amendments and Assumptions. (Filed as Exhibit 10.1.9 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.1.9(b) | Amendment to Consent, Amendment and Assumption No. 2, dated as of August 16, 1993, among Oglethorpe, Georgia Power Company, Municipal Electric Authority of Georgia, City of Dalton, Georgia, Gulf Power Company, Jacksonville Electric Authority, Florida Power & Light Company and Wilmington Trust Company and NationsBank of Georgia, N.A., as Owner Trustees under Trust Agreement No. 2, dated December 30, 1985, with Ford Motor Credit Company, together with a schedule identifying three substantially identical Amendments to Consents, Amendments and Assumptions. (Filed as Exhibit 10.1.9(a) to the Registrant's Form 10-Q for the quarterly period ended September 30, 1993, File No. 33-7591.) |
| \*10.2.1(a) | Plant Robert W. Scherer Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of May 15, 1980. (Filed as Exhibit 10.6.1 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.2.1(b) | Amendment to Plant Robert W. Scherer Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of December 30, 1985. (Filed as Exhibit 10.1.8 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.2.1(c) | Amendment Number Two to the Plant Robert W. Scherer Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of July 1, 1986. (Filed as Exhibit 10.6.1(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 1987, File No. 33-7591.) |
| \*10.2.1(d) | Amendment Number Three to the Plant Robert W. Scherer Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of August 1, 1988. (Filed as Exhibit 10.6.1(b) to the Registrant's Form 10-Q for the quarterly period ended September 30, 1993, File No. 33-7591.) |
| \*10.2.1(e) | Amendment Number Four to the Plant Robert W. Scherer Units Number One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of December 31, 1990. (Filed as Exhibit 10.6.1(c) to the Registrant's Form 10-Q for the quarterly period ended September 30, 1993, File No. 33-7591.) |
| \*10.2.2(a) | Plant Robert W. Scherer Units Numbers One and Two Operating Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of May 15, 1980. (Filed as Exhibit 10.6.2 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.2.2(b) | Amendment to Plant Robert W. Scherer Units Numbers One and Two Operating Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of December 30, 1985. (Filed as Exhibit 10.1.7 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |

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| \*10.2.2(c) | Amendment Number Two to the Plant Robert W. Scherer Units Numbers One and Two Operating Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of December 31, 1990. (Filed as Exhibit 10.6.2(a) to the Registrant's Form 10-Q for the quarterly period ended September 30, 1993, File No. 33-7591.) |
| \*10.2.2(d) | <u>[Third Amendment to Plant Robert W. Scherer Units One and Two Operating Agreement Among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of February 22, 2022. (Filed as Exhibit 10.2.2(d) to the Registrant's Form 10-K for the fiscal year ended December 31, 2021, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828022007375/exhibit10-22d.htm)</u> |
| \*10.2.3 | Plant Scherer Managing Board Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia, City of Dalton, Georgia, Gulf Power Company, Florida Power & Light Company and Jacksonville Electric Authority, dated as of December 31, 1990. (Filed as Exhibit 10.6.3 to the Registrant's Form 10-Q for the quarterly period ended September 30, 1993, File No. 33-7591.) |
| \*10.3.1(a) | Alvin W. Vogtle Nuclear Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of August 27, 1976. (Filed as Exhibit 10.7.1 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.3.1(b) | Amendment Number One, dated January 18, 1977, to the Alvin W. Vogtle Nuclear Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia. (Filed as Exhibit 10.7.3 to the Registrant's Form 10-K for the fiscal year ended December 31, 1986, File No. 33-7591.) |
| \*10.3.1(c) | Amendment Number Two, dated February 24, 1977, to the Alvin W. Vogtle Nuclear Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia. (Filed as Exhibit 10.7.4 to the Registrant's Form 10-K for the fiscal year ended December 31, 1986, File No. 33-7591.) |
| \*10.3.2 | <u>[Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of April 21, 2006. (Filed as Exhibit 10.4.4 to the Registrant's Form 8-K, filed April 27, 2006, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000110465906028248/a06-10482_1ex10d4d4.htm)</u> |
| \*10.3.2(a) | <u>[Amendment No. 1 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, dated as of April 8, 2008, by and among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia. (Filed as Exhibit 10.3.2(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 2013, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746914003077/a2219203zex-10_32a.htm)</u> |
| \*10.3.2(b) | <u>[Agreement and Amendment No. 2 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, dated as of February 20, 2014, by and among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia. (Filed as Exhibit 10.3.2(b) to the Registrant's Form 10-K for the fiscal year ended December 31, 2013, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746914003077/a2219203zex-10_32b.htm)</u> |
| \*10.3.2(c) | <u>[Amendment regarding Additional Participating Party Rights and Amendment No. 3 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement and Amendment No. 4 to Plant Vogtle Owners Agreement Authorizing Development, Construction, Licensing, and Operation of Additional Generating Units, dated as of November 2, 2017, by and among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC, and the City of Dalton, Georgia. (Filed as Exhibit 10.1 to the Registrant's Form 10-Q for the quarterly period ended September 30, 2017, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000104746917007004/a2233732zex-10_1.htm)</u> |
| \*10.3.2(d) | <u>[Global Amendments to Vogtle Additional Units Agreements, dated as of February 18, 2019, by and among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC, and the City of Dalton, Georgia. (Filed as Exhibit 10.1 to the Registrant's Form 8-K filed on February 20, 2019, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000110465919009476/a19-4999_1ex10d1.htm)</u> |
| \*10.3.2(e) | <u>[Amended and Restated Owners Consent to Assignment and Direct Agreement and Amendment to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement by and among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC, and the City of Dalton, Georgia, dated as of March 22, 2019. (Filed as Exhibit 10.1 to the Registrant's Form 8-K filed on March 27, 2019, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000110465919017788/a19-7052_1ex10d1.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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| \*10.3.3 | <u>[Plant Alvin W. Vogtle Nuclear Units Amended and Restated Operating Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of April 21, 2006. (Filed as Exhibit 10.4.3 to the Registrant's Form 8-K filed on April 27, 2006, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000110465906028248/a06-10482_1ex10d4d3.htm)</u> |
| \*10.3.3(a) | <u>[Amendment No. 1 to Plant Alvin W. Vogtle Nuclear Units Amended and Restated Operating Agreement, dated as of April 8, 2008, among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia. (Filed as Exhibit 10.3.3(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 2013, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746914003077/a2219203zex-10_33a.htm)</u> |
| \*10.3.3(b) | <u>[Agreement and Amendment No. 2 to Plant Alvin W. Vogtle Nuclear Units Amended and Restated Operating Agreement, dated as of February 20, 2014, among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia. (Filed as Exhibit 10.3.3(b) to the Registrant's Form 10-K for the fiscal year ended December 31, 2013, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746914003077/a2219203zex-10_33b.htm)</u> |
| \*10.4.1 | Edwin I. Hatch Nuclear Plant Purchase and Ownership Participation Agreement between Georgia Power Company and Oglethorpe, dated as of January 6, 1975. (Filed as Exhibit 10.9.1 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.4.2 | Edwin I. Hatch Nuclear Plant Operating Agreement between Georgia Power Company and Oglethorpe, dated as of January 6, 1975. (Filed as Exhibit 10.9.2 to the Registrant's Form S-1 Registration Statement, File No. 33-7591.) |
| \*10.5.1 | Rocky Mountain Pumped Storage Hydroelectric Project Ownership Participation Agreement, dated as of November 18, 1988, by and between Oglethorpe and Georgia Power Company. (Filed as Exhibit 10.22.1 to the Registrant's Form 10-K for the fiscal year ended December 31, 1988, File No. 33-7591.) |
| \*10.5.2 | Rocky Mountain Pumped Storage Hydroelectric Project Operating Agreement, dated as of November 18, 1988, by and between Oglethorpe and Georgia Power Company. (Filed as Exhibit 10.22.2 to the Registrant's Form 10-K for the fiscal year ended December 31, 1988, File No. 33-7591.) |
| \*10.6.1(a) | <u>[Amended and Restated Wholesale Power Contract, dated as of January 1, 2003, between Oglethorpe and Altamaha Electric Membership Corporation, together with a schedule identifying 36 other substantially identical Amended and Restated Wholesale Power Contracts. (Filed as Exhibit 10.31.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2003, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000124014603000002/ex1031_1.htm)</u> |
| \*10.6.1(b) | <u>[First Amendment to Amended and Restated Wholesale Power Contract, dated as of June 1, 2005, between Oglethorpe and Altamaha Electric Membership Corporation, together with a scheduling identifying 35 other substantially identical First Amendments. (Filed as Exhibit 10.8.2 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2005, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000110465905039690/a05-14482_1ex10d8d2.htm)</u> |
| \*10.6.1(c) | <u>[Second Amendment to Amended and Restated Wholesale Power Contract, dated as of November 15, 2023 between Oglethorpe and Altamaha Electric Membership Corporation, together with a schedule identifying 37 other substantially identical Second Amendments). (Filed as Exhibit 10.1 to the Registrant's Form 8-K filed on November 17, 2023, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828023039404/exhibit101.htm)</u> |
| \*10.6.2 | <u>[Amended and Restated Supplemental Agreement, dated as of January 1, 2003, by and among Oglethorpe, Altamaha Electric Membership Corporation and the United States of America, together with a schedule identifying 36 other substantially identical Amended and Restated Supplemental Agreements. (Filed as Exhibit 10.31.2 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2003, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000124014603000002/ex1031_2.htm)</u> |
| \*10.6.3 | <u>[Supplemental Agreement to the Amended and Restated Wholesale Power Contract, dated as of January 1, 1997, by and among Georgia Power Company, Oglethorpe and Altamaha Electric Membership Corporation, together with a schedule identifying 36 other substantially identical Supplemental Agreements. (Filed as Exhibit 10.8.3 to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*10.6.4 | <u>[Wholesale Power Contract, dated November 1, 2009, between Oglethorpe and Flint Electric Membership Corporation. (Filed as Exhibit 10.8.8 to the Registrant's Form 10-K for the fiscal year ended December 31, 2009, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746910002553/a2197413zex-10_88.htm)</u> |
| \*10.6.5 | <u>[Supplemental Agreement to the Wholesale Power Contract, dated as of November 1, 2009, by and between Oglethorpe, Flint Electric Membership Corporation and the United States of America. (Filed as Exhibit 10.8.9 to the Registrant's Form 10-K for the fiscal year ended December 31, 2009, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746910002553/a2197413zex-10_89.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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| \*10.7 | ITSA, Power Sale and Coordination Umbrella Agreement between Oglethorpe and Georgia Power Company, dated as of November 12, 1990. (Filed as Exhibit 10.28 to the Registrant's Form 8-K, filed January 4, 1991, File No. 33-7591.) |
| \*10.8 | <u>[Second Amended and Restated Nuclear Managing Board Agreement among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton, Georgia, dated as of April 21, 2006. (Filed as Exhibit 10.13(b) to the Registrant's Form 8-K, filed April 27, 2006, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000110465906028248/a06-10482_1ex10d13b.htm)</u> |
| \*10.8(a) | <u>[Amendment No. 1 to Second Amended and Restated Nuclear Managing Board Agreement, dated as of April 8, 2008, among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia and City of Dalton. (Filed as Exhibit 10.9(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 2013, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746914003077/a2219203zex-10_9a.htm)</u> |
| \*10.8(b) | <u>[Agreement and Amendment No. 2 to Second Amended and Restated Nuclear Managing Board Agreement, dated as of February 20, 2014, among Georgia Power Company, Oglethorpe, Municipal Electric Authority of Georgia, MEAG Power SPV J, LLC, MEAG Power SPV P, LLC, MEAG Power SPV M, LLC and City of Dalton. (Filed as Exhibit 10.9(b) to the Registrant's Form 10-K for the fiscal year ended December 31, 2013, File No. 000-53908.)](https://www.sec.gov/Archives/edgar/data/788816/000104746914003077/a2219203zex-10_9b.htm)</u> |
| \*10.9 | Supplemental Agreement by and among Oglethorpe, Tri-County Electric Membership Corporation and Georgia Power Company, dated as of November 12, 1990, together with a schedule identifying 37 other substantially identical Supplemental Agreements. (Filed as Exhibit 10.30 to the Registrant's Form 8-K, filed January 4, 1991, File No. 33-7591.) |
| \*10.10.1(a) | <u>[Member Transmission Service Agreement, dated as of March 1, 1997, by and between Oglethorpe and Georgia Transmission Corporation (An Electric Membership Corporation). (Filed as Exhibit 10.33.1 to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*10.10.1(b) | <u>[Agreement to Extend the Term of the Member Transmission Service Agreement, dated as of August 2, 2006, by and between Oglethorpe and Georgia Transmission Corporation (An Membership Corporation). (Filed as Exhibit 10.17.1(b) to the Registrant's Form 10-Q for the quarterly period ended June 30, 2006, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/000104746906010891/a2172483zex-10_171b.htm)</u> |
| \*10.10.1(c) | <u>[Agreement to Extend the Term of the Member Transmission Service Agreement, dated as of December 30, 2024, by and between Oglethorpe and Georgia Transmission Corporation (An Electric Membership Corporation.) (Filed as Exhibit 10.10.1(c) to the Registrant's Form 10-K for the fiscal year ended December 31, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025015552/exhibit10101c.htm)</u> |
| \*10.10.2 | <u>[Generation Services Agreement, dated as of March 1, 1997, by and between Oglethorpe and Georgia System Operations Corporation. (Filed as Exhibit 10.33.2 to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*10.10.3 | <u>[Operation Services Agreement, dated as of March 1, 1997, by and between Oglethorpe and Georgia System Operations Corporation. (Filed as Exhibit 10.33.3 to the Registrant's Form 10-K for the fiscal year ended December 31, 1996, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0000912057-97-010250-index.html)</u> |
| \*10.11 | <u>[Long Term Transaction Service Agreement Under Southern Companies' Federal Energy Regulatory Commission Electric Tariff Volume No. 4 Market-Based Rate Tariff, between Georgia Power Company and Oglethorpe, dated as of February 26, 1999. (Filed as Exhibit 10.27 to the Registrant's Form 10-Q for the quarterly period ended March 31, 1999, File No. 33-7591.)](https://www.sec.gov/Archives/edgar/data/788816/0001047469-99-021037-index.html)</u> |
| \*10.12(a) | <u>[Amended and Restated Credit Agreement, dated as of December 11, 2019, among Oglethorpe, as borrower, and the lenders identified therein, including National Rural Utilities Cooperative Finance Corporation, as administrative agent. (Filed as Exhibit 10.1 to the Registrant's Form 8-K filed on December 11, 2019, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000110465919071875/tm1924910d1_8k.htm)</u> |
| \*10.12(b) | <u>[Amendment No. 1 to Amended and Restated Credit Agreement, dated as of May 31, 2023, between Oglethorpe, as borrower, and National Rural Utilities Cooperative Finance Corporation, as administrative agent.](https://www.sec.gov/Archives/edgar/data/788816/000162828023028916/exhibit101-cfcoglethorpe.htm)</u> <u>[(Filed as Exhibit 10.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2023, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828022029484/exhibit42-eightyxfourths.htm)</u> |
| \*10.12(c) | <u>[Amendment No. 2 to Amended and Restated Credit Agreement, dated as of May 23, 2024, between Oglethorpe, as borrower, and National Rural Utilities Cooperative Finance Corporation, as administrative agent. (Filed as Exhibit 10.1 to the Registrant's Form 8-K filed on May 30, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828024025692/exhibit101_cfcxopc-amend.htm)</u> |
| \*10.13<sup>(2)</sup> | <u>[Amended and Restated Employment Agreement, dated as of November 5, 2024, between Oglethorpe and Annalisa M. Bloodworth. (Filed as Exhibit 10.1 to the Registrant's Form 8-K filed on November 12, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828024046825/exhibit101abloodworth-eo.htm)</u> |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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| | |
|:---|:---|
| \*10.14(a)<sup>(2)</sup> | <u>[Amended and Restated Employment Agreement, dated as of January 1, 2025, between Oglethorpe and Elizabeth B. Higgins. (Filed as Exhibit 10.14(a) to the Registrant's Form 10-K for the fiscal year ended December 31, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025015552/exhibit1014a3.htm)</u> |
| \*10.14(b)<sup>(2)</sup> | <u>[Retention Incentive Agreement, dated as of December 9, 2024, between Oglethorpe and Elizabeth B. Higgins. (Filed as Exhibit 10.14(b) to the Registrant's Form 10-K for the fiscal year ended December 31, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025015552/exhibit1014b3.htm)</u> |
| \*10.15<sup>(2)</sup> | <u>[Amended and Restated Employment Agreement, dated as of January 1, 2025, between Oglethorpe and William F. Ussery. (Filed as Exhibit 10.15 to the Registrant's Form 10-K for the fiscal year ended December 31, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025015552/exhibit10153.htm)</u> |
| 10.16<sup>(2)</sup> | <u>[Amended and Restated Employment Agreement, dated as of January 1, 2025, between Oglethorpe and Heather H. Teilhet.](exhibit10162.htm)</u> |
| 10.17<sup>(2)</sup> | <u>[Employment Agreement, dated as of January 1, 2026, between Oglethorpe and Richard D. Wallen.](exhibit10172.htm)</u> |
| 14.1 | Code of Conduct, available on our website, www.opc.com. |
| \*19.1 | <u>[Insider Trading Policy (Filed as Exhibit 19.1 to the Registrant's Form 10-K for the fiscal year ended December 31, 2024, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025015552/exhibit191.htm)</u> |
| 31.1 | <u>[Rule 13a-14(a)/15d-14(a) Certification, by Annalisa M. Bloodworth (Principal Executive Officer).](ex-3112025form10k.htm)</u> |
| 31.2 | <u>[Rule 13a-14(a)/15d-14(a) Certification, by Elizabeth B. Higgins (Principal Financial Officer).](ex-3122025form10k.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).](ex-3212025form10k.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).](ex-3222025form10k.htm)</u> |
| \*99.1 | <u>[Member Financial and Statistical Information. (Filed as Exhibit 99.1 to the Registrant's Form 10-Q for the quarterly period ended June 30, 2025, File No. 333-192954.)](https://www.sec.gov/Archives/edgar/data/788816/000162828025040048/exhibit991.htm)</u> |
| 101 | XBRL Interactive Data File. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

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___________________________________________________________________

(1)Pursuant to 17 C.F.R. 229.601(b)(4)(iii), this document(s) is not filed herewith; however the registrant hereby agrees that such document(s) will be provided to the Commission upon request.

(2)Indicates a management contract or compensatory arrangement required to be filed as an exhibit to this Report.

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

***ITEM 16.&nbsp;&nbsp;&nbsp;&nbsp;FORM 10-K SUMMARY***

None.

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, on the 27th day of March, 2026.

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| | |
|:---|:---|
| **OGLETHORPE POWER CORPORATION<br>(AN ELECTRIC MEMBERSHIP CORPORATION)** | **OGLETHORPE POWER CORPORATION<br>(AN ELECTRIC MEMBERSHIP CORPORATION)** |
| By: | /s/ ANNALISA M. BLOODWORTH |
|  | ANNALISA M. BLOODWORTH |
|  | President and Chief Executive Officer |

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/ ANNALISA M. BLOODWORTH | President and Chief Executive Officer (Principal Executive Officer) | March 27, 2026 |
| ANNALISA M. BLOODWORTH | President and Chief Executive Officer (Principal Executive Officer) | March 27, 2026 |
| /s/ ELIZABETH B. HIGGINS | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | March 27, 2026 |
| ELIZABETH B. HIGGINS | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | March 27, 2026 |
| /s/ KATHRYN N. CURTIS | Vice President, Controller (Principal Accounting Officer) | March 27, 2026 |
| KATHRYN N. CURTIS | Vice President, Controller (Principal Accounting Officer) | March 27, 2026 |
| /s/ JIMMY G. BAILEY | Director | March 27, 2026 |
| JIMMY G. BAILEY | Director | March 27, 2026 |
| /s/ KEVIN W. BUSH | Director | March 27, 2026 |
| KEVIN W. BUSH | Director | March 27, 2026 |
| /s/ RONNIE M. HENDRICKS | Director | March 27, 2026 |
| RONNIE M. HENDRICKS | Director | March 27, 2026 |
| /s/ ERNEST A. JAKINS III | Director | March 27, 2026 |
| ERNEST A. JAKINS III | Director | March 27, 2026 |
| /s/ FRED MCWHORTER | Director | March 27, 2026 |
| FRED MCWHORTER | Director | March 27, 2026 |

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<u>[**Table of Contents**](#ib694f326c88b4137bb70075de5bd3873_7)</u>

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| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/ MARSHALL S. MILLWOOD | Director | March 27, 2026 |
| MARSHALL S. MILLWOOD | Director | March 27, 2026 |
| /s/ JEFFREY W. MURPHY | Director | March 27, 2026 |
| JEFFREY W. MURPHY | Director | March 27, 2026 |
| /s/ DANNY L. NICHOLS | Director | March 27, 2026 |
| DANNY L. NICHOLS | Director | March 27, 2026 |
| /s/ SAMMY G. SIMONTON | Director | March 27, 2026 |
| SAMMY G. SIMONTON | Director | March 27, 2026 |
| /s/ CHRISTOPHER L. STEPHENS | Director | March 27, 2026 |
| CHRISTOPHER L. STEPHENS | Director | March 27, 2026 |
| /s/ HORACE H. WEATHERSBY III | Director | March 27, 2026 |
| HORACE H. WEATHERSBY III | Director | March 27, 2026 |
| /s/ GEORGE L. WEAVER | Director | March 27, 2026 |
| GEORGE L. WEAVER | Director | March 27, 2026 |
| /s/ JAMES I. WHITE | Director | March 27, 2026 |
| JAMES I. WHITE | Director | March 27, 2026 |

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## Exhibit 4.1

![](exhibit41001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 4.1 FOURTEENTH AMENDED AND RESTATED LOAN CONTRACT Dated as of February 24, 2026 between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) and UNITED STATES OF AMERICA RUS Project Designation: Georgia 109 "AK48" OPC

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![](exhibit41002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(i) **TABLE OF CONTENTS** Page ARTICLE I - DEFINITIONS ......................................................................................................1 ARTICLE II - REPRESENTATIONS AND WARRANTIES .................................................7 ARTICLE III - THE LOANS ......................................................................................................9 Section 3.1 The Loans ...................................................................................................9 Section 3.2 No Further Advances .................................................................................9 Section 3.3 Advances under any Partially Unadvanced Note or the AK48 FFB Note ........................................................................................10 Section 3.4 Interest Rates and Payment ....................................................................10 Section 3.5 Prepayment ...............................................................................................10 Section 3.6 Last Day for an Advance under any Partially Unadvanced Note and the AK48 FFB Note ...........................................10 ARTICLE IV - CONDITIONS OF LENDING ........................................................................11 Section 4.1 General Conditions ..................................................................................11 Section 4.2 Conditions to Advances Under any Partially Unadvanced Note or the AK48 FFB Note..............................................12 ARTICLE V - AFFIRMATIVE COVENANTS ......................................................................13 Section 5.1 Generally ...................................................................................................13 Section 5.2 Performance under Indenture ................................................................13 Section 5.3 Annual Compliance Certificate ..............................................................13 Section 5.4 Simultaneous Prepayment of Contemporaneous Loans ......................14 Section 5.5 Coverage Ratios .......................................................................................14 Section 5.6 Financial Books ........................................................................................15 Section 5.7 Rights of Inspection .................................................................................15 Section 5.8 Real Property Acquisition .......................................................................15 Section 5.9 Financial Reports .....................................................................................15 Section 5.10 Miscellaneous Reports and Notices ........................................................15 Section 5.11 Variable Rate Indebtedness ....................................................................16 Section 5.12 Special Construction Account .................................................................16 Section 5.13 Compliance with Laws ............................................................................16 Section 5.14 Plant Agreements .....................................................................................17 Section 5.15 Lockbox Agreement .................................................................................17 Section 5.16 Nuclear Fuel, Coal, Oil and Natural Gas ...............................................17 Section 5.17 Power Requirements Studies ..................................................................17 Section 5.18 Engineering Planning ..............................................................................18 Section 5.19 Procurement .............................................................................................18 Section 5.20 Construction Work Plans ........................................................................18 Section 5.21 Design Standards, Construction Standards and List of Materials ...................................................................................................18 Section 5.22 "Buy American" Requirements ..............................................................19 Section 5.23 Maintenance of Credit Ratings ...............................................................20

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![](exhibit41003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 5.24 Application of Advances ..........................................................................20 Section 5.25 Excepted Property ...................................................................................20 Section 5.26 Additional Affirmative Covenants .........................................................20 ARTICLE VI - NEGATIVE COVENANTS ............................................................................20 Section 6.1 General ......................................................................................................20 Section 6.2 Limitations on Additions to Capacity and Dispositions of System Assets .......................................................................................20 Section 6.3 Limitations on Employment and Retention of General Manager ....................................................................................................21 Section 6.4 Limitations on Certain Types of Contracts ...........................................21 Section 6.5 Limitations on Loans, Investments and Other Obligations ................................................................................................23 Section 6.6 Accounting ................................................................................................24 Section 6.7 Rate Reductions .......................................................................................24 Section 6.8 Indenture Restrictions .............................................................................24 Section 6.9 Negative Pledge ........................................................................................27 Section 6.10 Environmental Allowances and Credits ................................................28 Section 6.11 Changes to Plant Agreements .................................................................28 Section 6.12 Fiscal Year ................................................................................................29 Section 6.13 Limits on Variable Rate Indebtedness ...................................................29 Section 6.14 Limitations on Changing Principal Place of Business ..........................29 Section 6.15 Limitations on RUS Financed Extensions and Additions ....................29 Section 6.16 Historic Preservation ...............................................................................29 Section 6.17 Impairment of Wholesale Power Contracts ..........................................29 Section 6.18 State Regulation .......................................................................................30 Section 6.19 Limitations on Short-Term Indebtedness ..............................................30 Section 6.20 Certain Indenture Amendments .............................................................30 Section 6.21 Additional Negative Covenants ..............................................................30 ARTICLE VII - EVENTS OF DEFAULT ...............................................................................30 ARTICLE VIII - REMEDIES ...................................................................................................31 Section 8.1 Remedies ...................................................................................................31 Section 8.2 Suspension of Advances ...........................................................................32 ARTICLE IX - MISCELLANEOUS.........................................................................................32 Section 9.1 Notice to RUS; Objection of RUS ...........................................................32 Section 9.2 Notices .......................................................................................................33 Section 9.3 Expenses ....................................................................................................33 Section 9.4 Late Payments ..........................................................................................34 Section 9.5 Filing Fees .................................................................................................34 Section 9.6 No Waiver .................................................................................................34 Section 9.7 Governing Law .........................................................................................34 Section 9.8 Holiday Payments ....................................................................................34 Section 9.9 Successors and Assigns ............................................................................35 Section 9.10 Complete Agreement; Amendments ......................................................35 Section 9.11 Headings....................................................................................................35

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![](exhibit41004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Section 9.12 Severability ...............................................................................................35 Section 9.13 Right of Set Off.........................................................................................35 Section 9.14 Schedules and Exhibits ............................................................................36 Section 9.15 Sole Benefit ...............................................................................................36 Section 9.16 Existing Loan Contract ...........................................................................36 Section 9.17 Authority of RUS Representatives .........................................................36 Section 9.18 Relation to RUS Regulations ..................................................................36 Section 9.19 Term ..........................................................................................................37 Section 9.20 References to Statutes and Regulations .................................................37 Section 9.21 Relation to Indenture ...............................................................................37

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![](exhibit41005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(i) SCHEDULES AND EXHIBITS Schedule 1 Contemporaneous Loans, Outstanding Notes and Fiscal Year of Obligation for the AK48 FFB Note Schedule 2 Plant Agreements Schedule 3 Subsidiaries Schedule 4 Additional Affirmative and Negative Covenants Schedule 5 Litigation Schedule 6 Certain Investments Exhibit A Description of Rating Agency Services

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![](exhibit41006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;FOURTEENTH AMENDED AND RESTATED LOAN CONTRACT THIS FOURTEENTH AMENDED AND RESTATED LOAN CONTRACT, dated as of February 24, 2026, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation) (together with any successors and assigns, the "Borrower"), a corporation organized and existing under the laws of the State of Georgia (the "State"), and the UNITED STATES OF AMERICA (the "Government"), acting by and through the Administrator (together with any person succeeding to the powers and rights of the Administrator with respect to this Agreement, the "Administrator") of the Rural Utilities Service (together with any agency succeeding to the powers and rights of the Rural Utilities Service with respect to this Agreement, the "RUS"), and amends and restates that certain Thirteenth Amended and Restated Loan Contract, dated as of May 30, 2024, between the Borrower and the Government, acting by and through the Administrator of the RUS (the "Existing Loan Contract"). RECITALS WHEREAS, the Borrower has incurred, pursuant to the Act (as defined in Article I) and under the Existing Loan Contract, certain indebtedness and other obligations to, or guaranteed by, the Government, acting by and through the Administrator of the RUS, which indebtedness and other obligations are evidenced by the Outstanding Notes (as defined in Article I); and WHEREAS, the Borrower has entered into that certain Indenture (as defined in Article I), pursuant to which the Borrower has granted security title to and a security interest in substantially all of its real and personal property to secure the indebtedness and other obligations evidenced by the Outstanding Notes and to secure certain other indebtedness; and WHEREAS, in order to provide for the Borrower incurring, pursuant to the Act, certain additional indebtedness and other obligations to, or guaranteed by, the Government, acting by and through the Administrator of the RUS, which additional indebtedness and other obligations will be evidenced by the AK48 Notes (as defined in Article I), the Borrower and the RUS desire to amend and restate the Existing Loan Contract as hereinafter set forth. NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto amend and restate the Existing Loan Contract to read in its entirety, and agree and bind themselves, as follows: ARTICLE I - DEFINITIONS Capitalized terms that are not defined herein shall have the meanings set forth in the Indenture. The terms defined herein include both the plural and the singular. Unless otherwise specifically provided, all accounting terms not otherwise defined herein shall have the meanings assigned to them, and all determinations and computations herein provided for shall be made, in accordance with Accounting Requirements. "Accounting Requirements" shall have the meaning given such term in the Indenture.

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![](exhibit41007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2 "Act" shall mean the Rural Electrification Act of 1936, as amended. "Advance" or "Advances" shall mean an advance or advances made or approved by the RUS under any Partially Unadvanced Note payable to FFB or under the AK48 FFB Note. "Agent" shall mean, at any time, the entity appointed by the joint owners under a joint ownership contract for purposes of undertaking construction, operation and similar responsibilities on behalf of the joint owners with respect to the related jointly owned facility. "Agreement" shall mean this Fourteenth Amended and Restated Loan Contract, as it may be amended or supplemented from time to time, together with all schedules and exhibits hereto. "AK48 FFB Note" shall mean the note of the Borrower, dated February 24, 2026, payable to the order of FFB in the face principal amount of $80,058,000, the payment of which is guaranteed by the Government, acting by and through the Administrator of the RUS, pursuant to the Act, and all amendments, supplements, extensions and replacements to, of or for such note. "AK48 Loan" shall have the meaning as defined in Section 3.1(b). "AK48 Loan Documents" shall mean, collectively, this Agreement, the AK48 Notes and the supplement to the Indenture pursuant to which the AK48 Notes are issued. "AK48 Notes" shall mean, collectively, the AK48 FFB Note and the AK48 Reimbursement Note. "AK48 Reimbursement Note" shall mean the note of the Borrower, dated February 24, 2026, evidencing the reimbursement obligations of the Borrower to the Government, acting by and through the Administrator of the RUS, with respect to the Government's guarantee of the AK48 FFB Note, and all amendments, supplements, extensions and replacements to, of or for such note. "Business Day" shall mean any day that the RUS and FFB are both open for business. "Contemporaneous Loans" shall mean those loans identified as such on Schedule 1 hereto. Any loan used to refinance or refund a Contemporaneous Loan is also considered to be a Contemporaneous Loan. "Credit Rating" shall mean (i) a rating assigned by a Rating Agency to any long-term indebtedness (that is not subject to Credit Enhancement)(including, without limitation, indebtedness issued by any governmental authority with respect to which the Borrower is an obligor) secured directly or indirectly under the Indenture, or (ii) if a Rating Agency has not assigned a rating of the type described in clause (i) above, an indebtedness or company rating assigned by a Rating Agency of the type that is the same or substantially similar to the type that the Borrower has in place on the date of this Agreement. "Current Refunding" shall mean any refinancing or refunding of indebtedness that occurs not more than ninety (90) days following the Stated Maturity of such indebtedness.

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![](exhibit41008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3 "Designation Notice" shall have the meaning as defined in Section 4.1(c). "Environmental Allowances and Credits" shall mean attributes of an environmental or similar nature that are created or otherwise arise from the generation, purchase or sale of electricity or that result from the avoidance or reduction of the emission of any gas, chemical or other substance (including any and all environmental air quality credits, green credits, white credits, renewable energy credits or certificates, carbon credits, emissions reduction credits, energy efficiency or energy use reduction credits, certificates, tags, offsets, tax credits, emission allowances, or similar products or rights as well as reporting rights, however entitled, currently existing or later arising under local, state, regional, federal, or international legislation or regulation or voluntary program). "Equity" shall mean the Borrower's total margins and equities computed in accordance with Accounting Requirements. "Events of Default" shall have the meaning as defined in Article VII. "FERC" shall mean the Federal Energy Regulatory Commission, or any agency or other governmental body succeeding to the functions thereof. "FFB" shall mean the Federal Financing Bank, an instrumentality and wholly-owned corporation of the Government, and any successor to the powers and rights thereof with respect to the Notes. "Financial and Operating Report Electric – Power Supply" shall mean the version of Financial and Operating Report Electric – Power Supply (including subdivisions thereof) submitted by the Borrower and dated as of December 31, 2024 or corresponding information in future versions of such form or any form required by RUS in substitution therefor containing corresponding information. "Fitch" shall mean Fitch Ratings, Ltd. and any successor thereto. "General Manager" shall mean the President and Chief Executive Officer of the Borrower or the person performing the duties of a chief executive officer if no person holds such title and, in the event of any dispute between the Borrower and the Government as to who is the General Manager, the Administrator may designate a person or position that shall be the General Manager for purposes of this Agreement. "Highest Oversight Period" shall mean (x) as to an event described in clause (i) or (iv) below, any period commencing on the date that the Borrower receives written notice from the Administrator that such event has occurred and stating that the Administrator has elected to commence a Highest Oversight Period and ending on the date that such event has ended, and (y) as to an event described in clause (ii) or (iii) below, any period commencing on the date that the Borrower receives written notice from the Administrator that such event has occurred (which notice shall set forth the basis for concluding that such event has occurred) and ending on the date that the Borrower receives written notice from the Administrator that such period has ended:

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![](exhibit41009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4 (i) the Borrower has been assigned a Credit Rating of less than "Ba3" (or its then current equivalent) in the case of Moody's, "BB-" (or its then current equivalent) in the case of S&P, "BB-" (or its then current equivalent) in the case of Fitch, or the then current equivalent by any other Rating Agency then assigning a Credit Rating; (ii) the Administrator determines that the System is incapable of providing reliable service to the members of the Borrower pursuant to the terms of the Wholesale Power Contracts; (iii) the Administrator determines that, as a consequence of any change in the condition, financial or otherwise, operations, properties or business of the Borrower, the Borrower will be unable to perform its material obligations under (a) this Agreement, (b) the Wholesale Power Contracts, (c) the Notes, or (d) the Indenture; or (iv) a Significant or Uncured Indenture Event of Default shall have occurred. "Increased Oversight Period" shall mean any period commencing on the date that the Borrower receives written notice from the Administrator that the Borrower has been assigned a Credit Rating below investment grade by at least two (2) Rating Agencies and stating that the Administrator has elected to commence an Increased Oversight Period and ending on the date that the Borrower no longer has been assigned a Credit Rating below investment grade by at least two (2) Rating Agencies. For purposes of this definition, an investment grade Credit Rating shall mean, in the case of Moody's, a rating of "Baa3" (or its then current equivalent) or higher, in the case of S&P, a rating of "BBB-" (or its then current equivalent) or higher, in the case of Fitch, a rating of "BBB-" (or its then current equivalent) or higher, and in the case of any other Rating Agency, the then current equivalent thereof. "Indenture" shall mean the Indenture, dated as of March 1, 1997, entered into by the Borrower and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association (as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta), as trustee (the "Trustee"), and all amendments and supplements thereto. "Investment" shall mean any loan or advance to, or any investment in, or purchase or commitment to purchase any stock, bonds, notes or other securities of, or guaranty, assumption or other obligation or liability with respect to the obligations of, any other person, firm or corporation, except investments in securities or deposits issued, guaranteed or fully insured as to payment by the Government or any agency thereof and amounts deposited in an RUS cushion of credit or similar account. "Laws" shall have the meaning as defined in Paragraph (e) of Article II. "Loan Documents" shall mean, collectively, this Agreement, the Notes, the Indenture, the supplements to the Indenture pursuant to which the Notes were issued and the Lockbox Agreement. "Loans" shall mean the loans and other obligations described in Article III.

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![](exhibit41010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5 "Lockbox Agreement" shall mean that certain Amended and Restated Lockbox Agreement, dated as of May 30, 2024, among U.S. Bank Trust Company, National Association, the Borrower, the Trustee and the RUS. "Material Adverse Effect" shall mean (a) an effect on the Borrower's overall condition, financial or otherwise, operations, properties, margins or business, the result of which would be a material adverse effect on the ability of the Borrower to perform its obligations under the Loan Documents or (b) a material adverse effect on the validity or enforceability of this Agreement or the rights and remedies of the RUS hereunder. "Moody's" shall mean Moody's Investors Service, Inc., and any successor thereto. "Notes" shall mean, collectively, the Outstanding Notes and the AK48 Notes. "Notice of Intent" shall mean either (i) the Borrower's submission to the RUS of a loan application seeking RUS financing for the System extension or addition in whole or in part, or (ii) a notification of the Borrower providing a reasonably sufficient summary of the System extension or addition for which the construction or acquisition may be financed in whole or part by the RUS and indicating the Borrower's intent as of the date of the Notice of Intent to seek RUS financing, in whole or in part, for such System extension or addition through the submission of a loan application to the RUS in the future. "Outstanding Notes" shall mean those notes, other than the AK48 Notes, of the Borrower outstanding on the date hereof payable to the order of FFB, the payment of which is guaranteed by the Government, acting by and through the Administrator of the RUS, pursuant to the Act, and those notes, other than the AK48 Notes, of the Borrower outstanding on the date hereof payable to the order of the Government evidencing loans made by the Government, acting by and through the Administrator of the RUS, pursuant to the Act, or evidencing reimbursement obligations of the Borrower to the Government with respect to the Government's guarantee of the payment of certain notes payable to the order of FFB, all as specifically identified on Schedule 1 hereto, and all amendments, supplements, extensions and replacements to, of or for such notes. "Partially Unadvanced Notes" shall mean those Outstanding Notes, if any, as to which portions of the available principal amount thereunder remain unadvanced. "PILOT Transaction" shall mean any sale or lease, subject to the lien of the Indenture, of any portion of the Trust Estate to any government or governmental authority for ad valorem tax abatement purposes and a corresponding lease or sublease of such portion of the Trust Estate from such government or governmental authority to the Borrower. "Plant Agreements" shall mean those agreements relating to the ownership and operation of generating facilities described on Schedule 2 hereto. "Project" shall mean any facility, equipment or other capital asset, or any improvement or modification to any facility, equipment or other capital asset having a specific project number assigned thereto pursuant to a construction work plan of the Borrower approved by the RUS (as such plan may be amended from time to time with the approval of the RUS).

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![](exhibit41011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6 "Prudent Utility Practice" shall mean any of the practices, methods and acts engaged in or approved by a significant portion of the electric utility industry in the region during the relevant time period, or any of the practices, methods and acts that, in the exercise of reasonable judgment in light of the facts known at the time the decision was made, could have been expected to accomplish the desired result at lowest reasonable cost consistent with good business practices, reliability, safety and expedition. "Prudent Utility Practice" is not intended to be limited to the optimum practice, method or act, to the exclusion of all others, but rather to include a spectrum of possible practices, methods or acts generally in acceptance in the region in light of the circumstances. "Rates" shall have the meaning given such term in the Indenture. "Rating Agency" shall mean S&P, Moody's, Fitch or, provided that it is acceptable to the RUS, any other nationally recognized statistical rating organization (within the meaning of the rules of the United States Securities and Exchange Commission). "RTO" shall mean any independent system operator and/or regional transmission organization under FERC's jurisdiction that provides open-access transmission service and administers centralized markets for energy, capacity or ancillary services, or other private joint utility transmission organization or system that provides transmission service and energy, capacity or ancillary services. "RUS Regulations" shall mean the rules, regulations and bulletins of general applicability published by the RUS from time to time as such rules, regulations and bulletins exist at the date of applicability thereof, and, unless the context clearly demonstrates a contrary intent, shall also include any rules and regulations of other Federal entities which the RUS is required by law to implement. "S&P" shall mean Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto. "Short-Term Indebtedness" shall have the meaning as defined in Section 6.19. "Significant or Uncured Indenture Event of Default" shall mean any Event of Default under the Indenture, except any such Event of Default as to which (i) the Borrower shall have provided the RUS notice thereof, which notice from the Borrower shall describe such Event of Default and state either that such Event of Default is not material or has been cured, and (ii) the RUS shall not have responded to the Borrower in writing within sixty (60) days of confirmed receipt of such notice from the Borrower, which response from the RUS shall state that the RUS in its discretion has elected to reserve its remedies with respect to such Event of Default. "Special Construction Account" shall have the meaning as defined in Section 5.12. "Subsidiary" shall mean a corporation or other entity that is a subsidiary of the Borrower and subject to the Borrower's control, as defined by Accounting Requirements. "System" shall mean all electric properties and interest in electric properties of the Borrower, it being the intent that "System" be broadly construed to encompass and include the

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![](exhibit41012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7 Borrower's interests in all electric production, transmission, distribution, conservation, load management, general plant and other related facilities, equipment or property and in any mine, well, pipeline, plant, structure or other facility for the development, production, manufacture, storage, fabrication or processing of fossil, nuclear or other fuel of any kind or in any facility or rights with respect to the supply of water, in each case for use, in whole or in major part, in any of the Borrower's generating plants, now existing or hereafter acquired by lease, contract, purchase or otherwise or constructed by the Borrower, including any interest or participation of the Borrower in any such facilities or any rights to the output or capacity thereof, together with all additions, betterments, extensions and improvements to said System or any part thereof hereafter made and together with all lands, easements and rights-of-way of the Borrower and all other works, property or structures of the Borrower and contract rights and other tangible and intangible assets of the Borrower used or useful in connection with or related to said System, including, without limitation, a contract right or other contractual arrangement for the long-term or short-term interconnection, interchange, exchange, pooling, wheeling, transmission, purchase or sale of electric power and energy and other similar arrangements with entities having generation or transmission capabilities; provided, however, that "System" shall not include any property constituting Excepted Property or Excludable Property. "Total Utility Plant" shall mean the amount constituting the total utility plant (gross) of the Borrower computed in accordance with Accounting Requirements. "Wholesale Power Contracts" shall mean the Amended and Restated Wholesale Power Contracts, each dated as of January 1, 2003, by and between the Borrower and its members, as amended by the First Amendments to Amended and Restated Wholesale Power Contracts, each dated as of June 1, 2005, and all amendments, supplements or replacements thereto or thereof. ARTICLE II - REPRESENTATIONS AND WARRANTIES Recognizing that the RUS is relying hereon, the Borrower represents and warrants, as of the date of this Agreement, as follows: (a) Organization; Power, Etc. The Borrower: (i) is duly organized, validly existing, and in good standing under the laws of the State; (ii) is duly qualified to do business and is in good standing in each jurisdiction in which the transaction of its business makes such qualification necessary; (iii) has all requisite corporate and legal power to own and operate its assets and to carry on its business and to enter into and perform its obligations under the Loan Documents; (iv) has duly and lawfully obtained and maintained all material licenses, certificates, permits, authorizations and approvals which are necessary to the conduct of its business or required by applicable Laws; and (v) is eligible to obtain the financial assistance from the RUS contemplated by this Agreement. (b) Authority. The execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents and the performance of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and do not violate any provision of law or of the Articles of Incorporation or By-Laws of the Borrower or result in a breach of, or constitute a default under, any agreement, indenture or other instrument to which the Borrower is a party or by which it or its properties may be bound.

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&nbsp;&nbsp;&nbsp;&nbsp;8 (c) Consents. No consent, permission, authorization, order or license of any governmental authority is necessary in connection with the execution, delivery or performance of the Loan Documents, except such as have been obtained and are in full force and effect. (d) Binding Agreement. Each of the Loan Documents is, or when executed and delivered will be, the legal, valid, and binding obligation of the Borrower, enforceable in accordance with its terms, subject only to limitations on enforceability imposed in equity or by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally. (e) Compliance With Laws. The Borrower is in compliance in all material respects with all federal, state and local laws, rules, regulations, ordinances, codes and orders (collectively, "Laws"), the failure to comply with which could reasonably be expected to have a Material Adverse Effect. (f) Litigation. Attached as Schedule 5 hereto is a list of all pending or, to the Borrower's knowledge, threatened legal, arbitration or governmental actions or proceedings to which, as of the date of this Agreement, the Borrower is a party or to which any of its property is subject which could reasonably be expected to have a Material Adverse Effect. (g) Financial Statements; No Material Adverse Change; Etc. The financial statements of the Borrower dated as of December 31, 2024, and for the period then ended, present fairly, in all material respects, the financial position of the Borrower and the results of its operations in conformity with Accounting Requirements. Since the date thereof, there has been no change in the financial condition or operations of the Borrower that would reasonably be expected to have a Material Adverse Effect. (h) Budgets; Projections; Etc. All budgets, projections, appraisals, feasibility studies and other documentation submitted by the Borrower to the RUS and any Rating Agency assigning a Credit Rating were based on assumptions that were reasonable at the time submitted; and, as of the date hereof, the Borrower has updated such budgets, projections, appraisals, feasibility studies and other documentation as required by RUS and any Rating Agency and in connection with customary updates provided to Rating Agencies assigning a Credit Rating. (i) Location of Properties. All real property and interests therein of the Borrower comprising the Trust Estate are located in the states and counties identified in the Indenture. As of the date of this Agreement, Exhibit A to the Indenture includes a description of all material real property owned or leased by the Borrower (other than Excepted Property or Excludable Property) to the extent a description is necessary for the lien of the Indenture to attach to such property. (j) Principal Place of Business; Records. The principal place of business and chief executive office of the Borrower are at the address of the Borrower specified in Section 9.2. (k) Subsidiaries. The Borrower's Subsidiaries are identified on Schedule 3 hereto, and the Borrower has no other Subsidiaries. Schedule 3 hereto may be updated by the Borrower from time to time by delivering a revised Schedule 3 to the RUS.

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&nbsp;&nbsp;&nbsp;&nbsp;9 (l) Defaults Under Other Agreements. No default by the Borrower has occurred under any agreement or instrument to which the Borrower is a party or to which any of its property is subject that could reasonably be expected to have a Material Adverse Effect. (m) Title to Property. As to the property which is included in the description of the Trust Estate, the Borrower holds good and marketable title to all of its fee and leasehold interests in real property and owns all of its personal property, subject to Permitted Exceptions, and such property is subject to no Prior Liens (other than Prior Liens permitted by Section 13.6 of the Indenture). (n) Survival. All representations and warranties made by the Borrower herein or made in any certificate delivered pursuant hereto shall survive the making of the Advances. ARTICLE III - THE LOANS Section 3.1 The Loans (a) Existing Loans Evidenced by the Outstanding Notes. To finance, pursuant to the provisions of the Act, the construction of the System for the purpose of furnishing electric energy to persons in rural areas not receiving central station electric service, (i) the Borrower has borrowed funds from the Government, acting by and through the Administrator of the RUS, evidenced by the Outstanding Notes payable to the Government, (ii) the Borrower has borrowed funds from FFB, evidenced by the Outstanding Notes payable to FFB, and the Government, acting by and through the Administrator of the RUS, has guaranteed the repayment of such funds, and (iii) the Borrower has agreed to reimburse the Government, acting by and through the Administrator of the RUS, for amounts paid by the Government on account of its guarantee of funds borrowed by the Borrower from FFB, which reimbursement obligations are evidenced by the Outstanding Notes payable to the Government in respect of such reimbursement obligations. (b) AK48 Loan. To finance, pursuant to the Act, certain improvements or additions to the System, FFB is making a loan available to the Borrower in the principal amount of up to $80,058,000 (the "AK48 Loan"), evidenced by the AK48 FFB Note, and the Government, acting by and through the Administrator of the RUS, is guaranteeing the AK48 Loan. The Borrower has agreed to reimburse the Government, acting by and through the Administrator of the RUS, for amounts paid by the Government on account of its guarantee of the AK48 Loan, which reimbursement obligations are evidenced by the AK48 Reimbursement Note. The AK48 FFB Note is a "Conditional Obligation" under the Indenture, and any loan or Advance under the AK48 FFB Note must satisfy the conditions for loans or Advances under Conditional Obligations pursuant to Section 4.8 of the Indenture. Section 3.2 No Further Advances Except with respect to any Partially Unadvanced Note, the Borrower acknowledges and agrees that all amounts to be advanced to the Borrower under the Outstanding Notes have been advanced and neither FFB nor the Government, acting by and through the Administrator of the RUS, is under any obligation to make any further advances to the Borrower under such

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&nbsp;&nbsp;&nbsp;&nbsp;10 Outstanding Notes (other than with respect to payments by the Government on account of its guarantees of certain Outstanding Notes payable to FFB). Section 3.3 Advances under any Partially Unadvanced Note or the AK48 FFB Note With respect to Advances to be made under any Partially Unadvanced Note or the AK48 FFB Note, the RUS agrees to make or approve and the Borrower agrees to request such Advances on the terms and conditions of this Agreement. The Borrower shall give the RUS written notice of the date on which each Advance is requested to be made in accordance with RUS policies and procedures. Section 3.4 Interest Rates and Payment (a) Interest Rates. The Notes shall be payable and bear interest as therein provided. (b) Electronic Funds Transfer. Except as otherwise prescribed by the RUS, the Borrower shall make all payments on the Notes utilizing electronic funds transfer procedures as specified by the RUS. Section 3.5 Prepayment The Borrower has no right to prepay any Note in whole or in part except such rights, if any, as are expressly provided for in each Note or as may be provided by Law. However, prepayment of any Outstanding Note (and any penalties) relating to a Contemporaneous Loan shall be mandatory under Section 5.4. Section 3.6 Last Day for an Advance under any Partially Unadvanced Note and the AK48 FFB Note Funds will only be advanced under any Partially Unadvanced Note and the AK48 FFB Note pursuant to this Agreement and such Partially Unadvanced Note or AK48 FFB Note, as applicable, on or before the Last Day for an Advance, as specified in such Partially Unadvanced Note or AK48 FFB Note, as applicable. No funds will be advanced under any Partially Unadvanced Note or AK48 FFB Note subsequent to the applicable Last Day for an Advance unless prior to such date the Administrator has extended this date by written agreement. However, under no circumstances shall the RUS ever make or approve an Advance under any Partially Unadvanced Note or AK48 FFB Note, regardless of the applicable Last Day for an Advance or any extension by the Administrator, later than September 30 of the fifth year after the Fiscal Year of Obligation for such Partially Unadvanced Note or AK48 FFB Note if such date would result in the RUS obligating or permitting advances of funds contrary to the Antideficiency Act, 31 U.S.C. §1341. The Fiscal Year of Obligation for the AK48 FFB Note is identified in Schedule 1 hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;11 ARTICLE IV - CONDITIONS OF LENDING Section 4.1 General Conditions In connection with the execution and delivery of this Agreement, each of the following conditions shall be satisfied (all documents, certificates and other evidence of such conditions are to be satisfactory to the RUS in its discretion; such satisfaction (or waiver thereof) to be evidenced by the RUS' delivery of notification or other form of confirmation, including the making of the initial Advance under the AK48 FFB Note, to the Borrower of its clearance of the AK48 Loan Documents): (a) Legal Matters. All legal matters incident to the consummation of the transactions hereby contemplated shall be satisfactory to counsel for the RUS; (b) FFB. FFB shall have agreed, with RUS approval, to make the AK48 Loan. (c) AK48 Loan Documents. The RUS shall receive duly executed originals of the AK48 Loan Documents. The AK48 Notes and this Agreement must be received within ninety (90) days of the date of the Designation Notice for the AK48 FFB Note committing FFB to purchase such AK48 FFB Note (the "Designation Notice") in the manner prescribed in such Designation Notice and all conditions set forth in such Designation Notice and the contract of guarantee must be satisfied; (d) Authorization. The RUS shall receive evidence satisfactory to it that all corporate documents and proceedings of the Borrower necessary for duly authorizing the execution, delivery and performance of the AK48 Loan Documents have been obtained and are in full force and effect; (e) Approvals. The RUS shall receive evidence satisfactory to it that all consents and approvals which are necessary for, or required as a condition of, the validity and enforceability of each of the AK48 Loan Documents have been obtained and are in full force and effect; (f) Indenture Filing. That a supplement to the Indenture shall be duly executed and delivered and, to the extent necessary to secure the AK48 Notes under the lien of the Indenture, duly recorded and filed in all jurisdictions where the Borrower owns real property and fixtures comprising part of the Trust Estate, all in accordance with applicable Laws, and the Borrower shall cause satisfactory evidence thereof to be furnished to the RUS; (g) AK48 Notes. That each of the AK48 Notes shall be authenticated and delivered by the Trustee and advances to be made pursuant to the AK48 Notes, if made in compliance with Section 4.8 of the Indenture, shall be entitled to the benefits of and secured by the lien of the Indenture equally and ratably with all other Outstanding Secured Obligations under the Indenture, and RUS shall have received copies of all certificates and opinions that were delivered to the Trustee in connection with the Trustee's authentication and delivery of the AK48 Notes; and

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&nbsp;&nbsp;&nbsp;&nbsp;12 (h) Opinion of Counsel. The RUS shall receive an opinion of counsel for the Borrower (who shall be acceptable to the RUS) with respect to the AK48 Loan Documents, in form and content acceptable to the RUS. Section 4.2 Conditions to Advances Under any Partially Unadvanced Note or the AK48 FFB Note The obligation of the RUS to approve any Advance under any Partially Unadvanced Note or the AK48 FFB Note is subject to the satisfaction of each of the following conditions precedent on or before the date of such Advance (all documents, certificates and other evidence of such conditions precedent are to be satisfactory to the RUS in its reasonable discretion; such satisfaction (or waiver thereof) to be evidenced by the approval or making of the requested Advance): (a) Continuing Representations and Warranties. That the representations and warranties of the Borrower contained in this Agreement be true and correct in all material respects on and as of the date of such Advance as though made on and as of such date (except for any representation or warranty limited by its terms to a specific date; provided that the representations contained in Paragraph (g) of Article II shall be deemed made as of and since the date of the last audited financials of the Borrower); (b) Wholesale Power Contract. That the Borrower shall not be in default under the terms of, or contesting the validity of, any Wholesale Power Contract; (c) Material Adverse Effect. That no event shall have occurred since the date hereof that has had or is likely to have a Material Adverse Effect; (d) Event of Default. That no Event of Default, and no event which with the passage of time or giving of notice specified under Article VII hereof or both would constitute an Event of Default, shall have occurred and be continuing, or shall have occurred after giving effect to such Advance on the books of the Borrower; (e) Requisitions. That the Borrower shall have requisitioned such Advance by submitting a requisition to the RUS in form and substance satisfactory to the RUS; (f) Flood Insurance. That for any such Advance used in whole or in part to finance the construction or acquisition of any building in any area identified by the Secretary of Housing and Urban Development pursuant to the Flood Disaster Protection Act of 1973 (the "Flood Insurance Act") or any rules, regulations or orders issued to implement the Flood Insurance Act as any area having special flood hazards, or to finance any facilities or materials to be located in any such building, or in any building owned or occupied by the Borrower and located in such a flood hazard area, the Borrower shall have submitted evidence, in form and substance satisfactory to the RUS or the RUS has otherwise determined, that (i) the community in which such area is located is then participating in the national flood insurance program, as required by the Flood Insurance Act and any related regulations, and (ii) the Borrower has obtained flood insurance coverage with respect to such building and contents as may then be required pursuant to the Flood Insurance Act and any related regulation;

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&nbsp;&nbsp;&nbsp;&nbsp;13 (g) Compliance With this Agreement and Indenture. That the Borrower is in material compliance with this Agreement and the Indenture; (h) Oversight Period. That an Increased Oversight Period or a Highest Oversight Period shall not exist; (i) Application of Advances. That the Borrower agrees to apply the proceeds of the Advances under any Partially Unadvanced Note or the AK48 FFB Note to pay the costs, or reimburse the costs paid, by or on behalf of the Borrower to make the improvements or additions to the System that have been approved by the RUS; (j) Additional Documents. That the Borrower agrees to provide or cause to be provided to RUS such additional documents as RUS may reasonably request from the Trustee; (k) Conditions Precedent to Advance. That all conditions precedent under the Indenture and this Agreement to such Advance have been satisfied or waived, that the RUS has received copies of all certificates and opinions delivered to the Trustee in connection therewith, and that the Trustee has consented to each Advance pursuant to Section 4.8 of the Indenture and the RUS has received a copy of such consent; and (l) Cybersecurity. That the Borrower agrees to provide to RUS such evidence as RUS may reasonably request demonstrating that the Borrower has considered and implemented a plan to address cybersecurity risks consistent with the cybersecurity performance goals for critical infrastructure and control systems directed by the National Security Presidential Memorandum on Improving Cybersecurity for Critical Infrastructure Control Systems, or the current draft of these goals, found at https://www.cisa.gov/cross-sector-cybersecurity- performance-goals. ARTICLE V - AFFIRMATIVE COVENANTS Section 5.1 Generally Unless otherwise agreed to in writing by the RUS, while this Agreement is in effect, the Borrower shall duly observe each of the affirmative covenants contained in this Article V. Section 5.2 Performance under Indenture The Borrower shall duly observe and perform all of its obligations under the Indenture in all material respects including, without limitation, the obligation to establish and collect Rates in accordance with Section 13.14 of the Indenture. Section 5.3 Annual Compliance Certificate Within one hundred twenty (120) days after the close of each fiscal year, the Borrower shall deliver to the RUS a written statement signed by its General Manager, stating that, to the knowledge of the General Manager, during such year the Borrower has fulfilled its obligations under the Loan Documents throughout such year in all material respects or, if there has been a material default in the fulfillment of such obligations, specifying each such default known to the

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&nbsp;&nbsp;&nbsp;&nbsp;14 General Manager and the nature and status thereof. In addition, if the Borrower has treated any Bondable Property, which Bondable Property would otherwise be considered as Retired pursuant to the definition thereof in the Indenture, as not being considered Retired pursuant to the proviso relating to the recovery of a regulatory or similar asset in the definition of Retired in the Indenture, within one hundred and twenty (120) days after the close of each fiscal year during the period such Bondable Property is not considered Retired and otherwise from time to time as RUS shall request during the entirety of the period in which such Bondable Property continues to not be considered as Retired, the Borrower shall deliver to RUS a written statement, including supporting documentation, signed by its General Manager confirming continued amortization and recovery of such regulatory or similar asset in accordance with such proviso, with such written statement and supporting documentation to be in such form as RUS may reasonably request. Section 5.4 Simultaneous Prepayment of Contemporaneous Loans If the Borrower shall at any time prepay in whole or in part any Contemporaneous Loan, the Borrower shall prepay the related Outstanding Note to the Government in the ratio that the unpaid principal balance of such Outstanding Note to the Government bears to the aggregate unpaid principal amount of both such Outstanding Note and the note evidencing the Contemporaneous Loan. If either such Outstanding Note or such other note calls for a prepayment penalty or premium, such amount shall be paid but shall not be used in computing the amount needed to be paid to the Government under this Section 5.4 to maintain such ratio. Prepayments associated with refinancing or refunding a Contemporaneous Loan are not considered to be prepayments for purposes of this Agreement if (i) the principal amount of such refinancing or refunding loan is not less than the amount of loan principal being refinanced and (ii) the weighted average life of the refinancing or refunding loan is not less than the weighted average remaining life of the loan being refinanced. Section 5.5 Coverage Ratios (a) Routine Reporting of Coverage Ratios. In connection with the furnishing of its annual report to the RUS pursuant to Section 5.9 hereof, the Borrower shall report to the RUS, in such written format as RUS may require, the Margins for Interest level which was achieved during such fiscal year. (b) Corrective Plans. Within thirty (30) days of (i) sending a notice to the RUS under Subsection (a) of this Section 5.5 that shows the Margins for Interest level specified by Section 13.14 of the Indenture was not achieved for any fiscal year, or (ii) being notified by the RUS that the Margins for Interest level specified by Section 13.14 of the Indenture was not achieved for any fiscal year, whichever is earlier, the Borrower in consultation with the RUS shall provide a written plan reasonably satisfactory to the RUS setting forth the actions that shall be taken to achieve the specified Margins for Interest level on a timely basis.

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&nbsp;&nbsp;&nbsp;&nbsp;15 Section 5.6 Financial Books The Borrower shall at all times keep, and safely preserve, proper books, records and accounts in which full and true entries shall be made of all of the dealings, business and affairs of the Borrower and its Subsidiaries, in accordance with any applicable Accounting Requirements. Section 5.7 Rights of Inspection The Borrower shall afford the RUS, through its representatives, reasonable opportunity, at all times during business hours and upon prior notice, to have access to and the right to inspect the System, any other property encumbered by the Indenture, and any or all books, records, accounts, invoices, contracts, leases, payrolls, canceled checks, statements and other documents and papers of every kind belonging to or in the possession of the Borrower or in any way pertaining to its property or business, including its Subsidiaries, if any, and to make copies or extracts therefrom. Section 5.8 Real Property Acquisition In acquiring real property, the Borrower shall comply in all material respects with the provisions of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended by the Uniform Relocation Act Amendments of 1987, and 49 C.F.R. part 24, referenced by 7 C.F.R. part 21, to the extent applicable to such acquisition. Section 5.9 Financial Reports The Borrower shall cause to be prepared and furnished to the RUS, within one hundred twenty (120) days after the end of each fiscal year of the Borrower, a full and complete annual report of its financial condition and of its operations in form and substance satisfactory to the RUS, audited and certified by an independent certified public accountant satisfactory to the RUS and accompanied by a report of such audit in form and substance reasonably satisfactory to the RUS. If requested by the RUS, the Borrower shall also furnish to the RUS from time to time such other reports concerning the financial condition or operations of the Borrower, including its Subsidiaries, as the RUS may reasonably request or RUS Regulations require. Section 5.10 Miscellaneous Reports and Notices The Borrower shall furnish to the RUS: (a) Notice of Default. Promptly after becoming aware thereof, notice of: (i) the occurrence of any Event of Default or event which with the giving of notice or the passage of time, or both, would become an Event of Default; and (ii) the receipt of any notice given pursuant to the Indenture with respect to the occurrence of any event which with the giving of notice or the passage of time, or both, could become an "Event of Default" under the Indenture; (b) Notice of Litigation. Promptly after the commencement thereof, notice of the commencement of all actions, suits or proceedings before any court, arbitrator, or governmental department, commission, board, bureau, agency or instrumentality affecting the Borrower which could reasonably be expected to have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;16 (c) Notice of Change of Place of Business. Promptly in writing, notice of any change in location of its principal place of business or the office where its records concerning accounts and contract rights are kept; (d) Regulatory and Other Notices. Promptly after receipt thereof, copies of any notices or other communications received from any governmental authority with respect to any matter or proceeding which could reasonably be expected to have a Material Adverse Effect; (e) Ratings. Promptly after receipt thereof, copies of Credit Ratings and copies of any reports with respect to the Borrower or its Credit Rating issued by any Rating Agency; (f) Material Adverse Effect. Promptly after becoming aware thereof, notice of any matter that would reasonably be expected to have a Material Adverse Effect; and (g) Other Information. Such other information regarding the condition, financial or otherwise, operations, properties or business of the Borrower as the RUS may, from time to time, reasonably request. Section 5.11 Variable Rate Indebtedness In connection with the furnishing of its annual report to the RUS pursuant to Section 5.9 hereof, if requested by the RUS, the Borrower shall report to the RUS, in such written format as may be acceptable to the RUS, the specific maturities of all of the Borrower's outstanding indebtedness and the interest rates applicable thereto, including, without limitation, with respect to any indebtedness not bearing a fixed rate through the maturity of such indebtedness the method and timing for adjustment and readjustment of the applicable interest rate. Section 5.12 Special Construction Account The Borrower shall continue to maintain the "Special Construction Account" maintained under the Existing Loan Contract and continue to hold therein all moneys currently held therein, as provided in this Section 5.12. The Special Construction Account shall be insured to the extent insurable by the Federal Deposit Insurance Corporation or other federal agency acceptable to the RUS and shall be designated by the corporate name of the Borrower followed by the words "Special Construction Account." The Borrower shall promptly deposit proceeds from all Advances, including previously advanced funds whose original expenditure has been disallowed by a RUS loan fund audit, into the Special Construction Account. Moneys in the Special Construction Account shall be used solely for the purposes for which the Advance was made or for such other purposes as may be approved by the RUS. Section 5.13 Compliance with Laws The Borrower shall operate and maintain the System and its properties in compliance in all material respects with all applicable Laws the failure to comply with which could reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;17 Section 5.14 Plant Agreements (a) Enforcement. If the RUS, in its absolute discretion, shall determine it appropriate or necessary to preserve the security for the Loans, subject to the provisions of the Indenture and provided not inconsistent with the provisions of the applicable Plant Agreement, the RUS may require in writing the Borrower to authorize and empower the Government to enforce any Plant Agreement to the extent the Borrower has a right to enforce such Plant Agreement, with the form of such written authorization to be prescribed by the RUS. (b) Appointment of Agent. If the appointment of Georgia Power Company as agent under any Plant Agreement is terminated in whole or in part, and if the Borrower is not qualified to serve as agent, then the RUS may require the Borrower to take all action that the Borrower is entitled to take to cause the appointment of the Government or such agency of the Government or other third party as the RUS shall designate in writing, as agent under any such Plant Agreement, to the extent and with such duties, rights, power and authority as the RUS shall prescribe in writing, not inconsistent with the provisions of such Plant Agreement. Section 5.15 Lockbox Agreement The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, amend, supplement, or otherwise modify the Lockbox Agreement. During a Highest Oversight Period, the Borrower shall, if so directed in writing by the Administrator of the RUS, (a) deposit, pursuant to such Lockbox Agreement, all cash proceeds of the Trust Estate, including, without limitation, checks, money and the like (other than cash proceeds deposited or required to be deposited with the Trustee pursuant to the Indenture), which cash proceeds shall include, without limitation, all payments by members of the Borrower on account of the Wholesale Power Contracts, in separate deposit or other accounts, segregated from all other monies, revenues and investments of the Borrower, and (b) take all such other actions as the RUS shall request to continue perfection of the lien of the Indenture in such proceeds for the benefit of all Holders of the Outstanding Secured Obligations. Section 5.16 Nuclear Fuel, Coal, Oil and Natural Gas Upon the written request of the RUS, to the extent the Borrower owns nuclear fuel, coal, oil or natural gas located outside the State of Georgia as to which a security interest can be created under the Uniform Commercial Code and perfected solely by the filing of a financing statement under the Uniform Commercial Code, the Borrower shall cause such nuclear fuel, coal, oil or natural gas to be subjected to the lien of the Indenture. Section 5.17 Power Requirements Studies The Borrower shall prepare and use power requirements studies of its electric loads and future energy and capacity requirements, taking into account the power requirements of its member systems and non-member obligations and opportunities (including sales into or purchases from an RTO), in conformance with Prudent Utility Practice.

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&nbsp;&nbsp;&nbsp;&nbsp;18 Section 5.18 Engineering Planning The Borrower shall conduct engineering planning with respect to its System in accordance with Prudent Utility Practice. Section 5.19 Procurement The Borrower shall conduct its procurement of equipment, materials and services with respect to its System in accordance with Prudent Utility Practice and, in connection with any construction to be financed in whole or in part by the RUS, shall comply with 7 C.F.R. § 1726.23 (Qualification of Bidders). Section 5.20 Construction Work Plans The Borrower shall develop, maintain and use construction work plans in connection with any construction to be financed in whole or in part by the RUS. Such construction work plans will be prepared in conformance with RUS Regulations. Section 5.21 Design Standards, Construction Standards and List of Materials (a) Design Standards, Construction Standards and List of Materials. The Borrower shall use design standards, construction standards and lists of acceptable materials in conformance with Prudent Utility Practice, including applicable laws and national standards. Any construction by the Borrower to be financed in whole or in part by the RUS shall be in general conformance with the description thereof in the applicable submitted construction work plan, or if there are any changes to such construction, such changes shall be made in conformance with 7 C.F.R. Part 1b (National Environment Policy Act). (b) Seismic Safety Requirements. With respect to construction financed in whole or in part by the RUS, the Borrower shall comply with the seismic design requirements of 7 C.F.R. Part 1792, to the extent applicable to such construction. (c) Lobbying Requirements. With respect to construction financed in whole or in part by the RUS, the Borrower shall comply with the requirements of 2 C.F.R. Part 418 and all contracts or subcontracts relating to such construction shall contain the requirements of 2 C.F.R. Part 418, in each case to the extent applicable to such construction. (d) Debarment Requirements. With respect to construction financed in whole or in part by the RUS, the Borrower shall comply with the requirements of 7 C.F.R. §1710.123, to the extent applicable to such construction. (e) Anti-Kickback Requirements. With respect to construction financed in whole or in part by the RUS, the Borrower shall comply with the so-called "Kickback Statute" (18 U.S.C. §874) and the regulations issued pursuant thereto. (f) Other Regulatory Requirements. The Borrower shall comply with other Federal statutory or regulatory requirements relating to construction that apply generally to any project or entity receiving Federal financial assistance (not just those relating specifically to rural

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&nbsp;&nbsp;&nbsp;&nbsp;19 electrification) and that apply to the Borrower independent of any requirement made applicable solely by the RUS Regulations. (g) Contract Compliance Certificate. In connection with any loan application for construction of Projects to be financed in whole or in part by the RUS, the Borrower shall submit an Officer's Certificate of the Borrower representing and warranting that each construction, procurement, engineering, architectural or joint ownership contract that has been executed and delivered, or is to be executed and delivered, by the Borrower in connection with such Projects, contains or will contain the contract provisions, if any, required to be contained therein pursuant to any applicable requirement of 7 C.F.R. §§ 1724.7 (Debarment and Suspension) and .8 (Restrictions on Lobbying), 7 C.F.R. §§ 1726.15 (Buy-American), .16 (Debarment and Suspension) and .17 (Restrictions on Lobbying), .23 (Qualification of Bidders) and .405 (RUS Form 219), and 7 C.F.R. §§ 1710.122 through 1710.125 (EEO and Non-discrimination; Debarment and Suspension; Uniform Relocation Act; Restrictions on Lobbying); provided, however, that this certification shall not apply to any such contract (i) with a total price of less than $5,000,000, (ii) constituting a joint ownership contract entered into prior to the date hereof or that has been approved by RUS (or not objected to by RUS after compliance by the Borrower with the requirements of Section 9.1 hereof), or (iii) entered into under or pursuant to any joint ownership contract described in clause (ii) of this proviso under which the Borrower is not the Agent. In the event that the Borrower is unable to make such certification for any such applicable contract, the Borrower will identify such contract and provide an explanation as to the extent to which such contract does not or will not contain any such required contract provision or provisions. Failure to deliver the Officer's Certificate described in this Section 5.21(g) shall not constitute an Event of Default hereunder; provided, however, that such failure may affect RUS's approval of the applicable RUS loan application for which such Officer's Certificate should have been delivered. Nothing in this Section 5.21(g) shall be construed to constitute a waiver of any of the requirements cited above or any other generally applicable federal requirements or of the Borrower's other obligations under this Agreement in order to be eligible for RUS financing. Section 5.22 "Buy American" Requirements The Borrower shall use or cause to be used in connection with the expenditures of funds if such funds were obtained in whole or in part by a loan being made or guaranteed by the RUS only such unmanufactured articles, materials, and supplies as have been mined or produced in the United States or any eligible country, and only such manufactured articles, materials, and supplies as have been manufactured in the United States or any eligible country substantially all from articles, materials, and supplies mined, produced or manufactured, as the case may be, in the United States or any eligible country, except to the extent the RUS shall determine that such use shall be impracticable or that the cost thereof shall be unreasonable. For purposes of this section, an "eligible country" is any country that has with respect to the United States an agreement ensuring reciprocal access for United States products and services and United States suppliers to the markets of that country, as determined by the United States Trade Representative.

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&nbsp;&nbsp;&nbsp;&nbsp;20 Section 5.23 Maintenance of Credit Ratings As long as any Note remains outstanding, the Borrower shall (a) maintain a Credit Rating from at least two (2) Rating Agencies and (b) continuously subscribe with a Rating Agency for the services described in Exhibit A attached hereto. Section 5.24 Application of Advances The Borrower shall apply the proceeds of Advances as provided in Section 4.2(i) hereof, with only such modifications as may be mutually agreed upon. Section 5.25 Excepted Property During a Highest Oversight Period, the Borrower shall take all actions necessary to include in the Trust Estate, subject to the first lien of the Indenture, the Excepted Property designated in writing by the Government; provided, however, the Borrower shall not be required to subject to the lien of the Indenture cash and/or securities held for working capital purposes in an amount up to the greater of (i) twenty five percent (25%) of the Borrower's aggregate cost of operation and maintenance for the preceding twelve (12) calendar month period or (ii) the Borrower's aggregate cost of operation and maintenance for three (3) consecutive calendar months designated by the Borrower during such preceding twelve (12) calendar month period as shown on Financial and Operating Report Electric – Power Supply, lines 14 and 19. Section 5.26 Additional Affirmative Covenants The Borrower also shall comply with the additional affirmative covenants identified in Schedule 4 hereto. ARTICLE VI - NEGATIVE COVENANTS Section 6.1 General Unless otherwise agreed to in writing by the RUS, while this Agreement is in effect, the Borrower shall duly observe each of the negative covenants set forth in this Article VI. Section 6.2 Limitations on Additions to Capacity and Dispositions of System Assets (a) Additions to Capacity. The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, purchase, construct, lease or otherwise acquire a Special Asset (as defined below) if the aggregate amount to be expended for the purchase, construction, lease or other acquisition of such Special Asset is, at the time of commencement of construction or the date of committing to the purchase, lease or other acquisition thereof, reasonably estimated by the Borrower to exceed 5% of the Borrower's Total Utility Plant. For the purposes of this Subsection (a), "Special Assets" means capital assets that constitute non-utility plant and that: (1) are not subject to the lien of the Indenture and are not nuclear fuel; or (2) are not used or useful as a part of the System. The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, purchase, construct, lease or otherwise acquire a capital asset (other than a capital asset acquired with at least 85% of the acquisition cost paid from the

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&nbsp;&nbsp;&nbsp;&nbsp;21 proceeds of non-recourse obligations) that, taking into account any substantially contemporaneous or otherwise related sale, transfer, lease or other disposition increases the generating capacity of the System or any generating plant of the Borrower by more than 5%, if the aggregate amount to be expended for the purchase, construction, lease or other acquisition of such capital asset is, at the time of commencement of construction or the date of committing to the purchase, lease or other acquisition thereof, reasonably estimated by the Borrower to exceed 10% of the Borrower's Total Utility Plant. (b) Dispositions of System Assets. The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, request the release of a capital asset that constitutes utility plant from the lien of the Indenture pursuant to Section 5.2 of the Indenture if (taking into account any substantially contemporaneous or otherwise related purchase, construction, lease or other acquisition of similar property that is subject to the lien of the Indenture) there will result a decrease in the generating capacity of the System or any generating plant by more than 5% and the net book value of such asset is greater than 5% of the Borrower's Total Utility Plant. (c) Legal Requirements. The requirements of this Section 6.2 shall not apply to any purchase, construction, lease or other acquisition, or any sale, transfer, lease or other disposition, of capital assets to the extent that any of the foregoing is required to comply with (i) "Legal Requirements" (as defined in the Wholesale Power Contract), or (ii) obligations of the Borrower under any joint ownership agreement that has been approved by the RUS or which has been entered into in compliance with the terms of this Agreement. No such purchase, construction, lease or other acquisition and no such sale, transfer, lease or other disposition shall be considered in calculating the aggregate limitations specified in Subsections (a) or (b) of this Section 6.2. (d) Highest Oversight Period. During a Highest Oversight Period, the Borrower shall not, without the prior written approval of the RUS, purchase, construct, lease or otherwise acquire, or sell, transfer, lease or otherwise dispose of, any capital asset, or enter into any agreement therefor. Section 6.3 Limitations on Employment and Retention of General Manager At any time an Event of Default, or an event which with the passage of time or the giving of notice, or both, would become an Event of Default, occurs and is continuing, the Borrower shall not, without the prior written approval of the RUS, enter into an employment relationship with any person to serve as General Manager unless such employment shall first have been approved by the RUS. If an Event of Default, or an event which with the passage of time or the giving of notice, or both, would become an Event of Default, occurs and is continuing and the RUS requests the Borrower to terminate the employment of its General Manager, the Borrower shall do so within thirty (30) days after the date of such request. All contracts in respect of the employment of the General Manager hereafter entered into shall contain provisions to permit compliance with this Section 6.3. Section 6.4 Limitations on Certain Types of Contracts (a) Notice of Certain Contracts. The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, enter into any of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;22 (i) any contract for the management or operation of all or substantially all of the System; (ii) any contract for the exchange or sale of electric power and energy that has a term exceeding five (5) years and under which committed exchanges or sales in any given hour exceed ten percent (10%) of the peak demand of the System for the most recently completed fiscal year; (iii) any pooling or similar power supply agreement that has a term exceeding five (5) years and demand in any given hour is expected to exceed ten percent (10%) of the peak demand of the System for the most recently completed fiscal year; and (iv) any amendment or modification to any of the Wholesale Power Contracts, including the Schedules thereto and the form of Withdrawal Agreement incorporated therein, except that the Borrower may amend or modify any of (A) Exhibit 1 to "Rate Schedule A" thereto; (B) the Exhibits to Appendix 1 to "Rate Schedule A" thereto in the manner expressly provided in the Wholesale Power Contracts; (C) Sections I and II of Appendix 2 (Control Area Services) to "Rate Schedule A" thereto; (D) Appendix 3 (General Terms and Conditions) to "Rate Schedule A" thereto; (E) Schedule B – Form of Subscription Agreement in the manner expressly provided in Section 13.3.1 of the Wholesale Power Contracts; and (F) the Wholesale Power Contracts in the manner expressly provided in any "Withdrawal Agreement" (as defined in the Wholesale Power Contracts) entered into in connection with such Wholesale Power Contracts. (b) Terminations. The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, exercise any option to terminate any contract, including, without limitation, any Wholesale Power Contract, if such contract, based upon its nature, remaining term (not taking into account any option of the Borrower to terminate) and size, would be required to be approved by the RUS pursuant to Subsection (a) of this Section 6.4 if the Borrower were to have entered into such contract on the proposed termination date. The Borrower further agrees at the written direction of the RUS to exercise any option to terminate a contract if the exercise by the Borrower of that option would require compliance with the requirements of Section 9.1 hereof pursuant to the immediately preceding sentence; provided, however, the Borrower shall not be required to exercise any such option to terminate if such exercise could reasonably be expected to have a Material Adverse Effect. For the purpose of illustration only, and not by way of limitation, the Borrower shall be required to comply with the requirements of Section 9.1 hereof before terminating, and the RUS can require the Borrower to terminate, in any year before year five (5) thereof, a ten (10) year contract for the sale of electric power and energy that exceeds ten percent (10%) of the Borrower's peak demand because the portion of the contract to be terminated meets the standards of Subsection (a)(ii) of this Section 6.4 (i.e., a term greater than five (5) years for the committed sale of electric power and energy that exceeds ten percent (10%) of the Borrower's peak demand). The Borrower can terminate

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&nbsp;&nbsp;&nbsp;&nbsp;23 without first complying with the requirements of Section 9.1 hereof, and the RUS cannot require the Borrower to terminate, that same contract after year five (5) thereof. (c) Highest Oversight Period. During a Highest Oversight Period, the Borrower shall not, without the prior written approval of the RUS, enter into or amend or modify any of the contracts of the type described in this Section 6.4, regardless of duration or size. (d) Determination of Term. For purposes of this Section 6.4, the term of any contract shall be determined in accordance with this Subsection. The term of any contract shall be the period during which performance (other than payment) is to occur and not the period commencing when such contract is executed. The term of any contract shall be based upon the period prior to the first date upon which the Borrower could, at its option, terminate the contract (taking into account any notice period required for termination), unless the exercise of such termination right could reasonably be expected to have a Material Adverse Effect. (e) Amendments; Extensions. Any amendment or modification to an existing contract (including an extension thereof) shall be governed by this Section 6.4 only to the extent such specific amendment or modification (and not the contract as a whole), judged as if it were a separate contract, would be required to be approved by the RUS pursuant to Subsection (a) of this Section 6.4. (f) Legal Requirements. The requirements of this Section 6.4 shall not apply to entering into, or the termination, amendment or extension of, any contract to the extent that any of the foregoing is required to comply with applicable Law or the requirements of any applicable RTO. Section 6.5 Limitations on Loans, Investments and Other Obligations The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, make any Investment, except (i) Investments made for the purpose of funds management or designated as a reserve against the decommissioning of utility plant that are made pursuant to an investment policy approved by the Borrower's Board of Directors, a copy of which has been provided to the RUS, (ii) those Investments identified on Schedule 6 hereto (unless otherwise specifically indicated on Schedule 6 hereto, all such Investments shall be those existing on the date hereof and shall not include any additional cash contributions, advances, loans or deposits made by the Borrower after the date hereof) and Investments specifically approved by the RUS in writing under this clause (ii), (iii) retained earnings or patronage of Subsidiaries, (iv) patronage allocated to the Borrower as a result of transactions in the ordinary course of business with cooperatives, such as, National Rural Utilities Cooperative Finance Corporation and CoBank, ACB, (v) investments set forth in RUS Regulations (7 C.F.R. § 1717.655, as such RUS Regulations exist on the date hereof) as excluded from computations of the amounts and type of Investments for which RUS approval is required, and (vi) other Investments (valued at the initial cost thereof) that do not in the aggregate with all other Investments other than Investments described in clauses (i) through (v) above exceed fifteen percent (15%) of the Borrower's Total Utility Plant; provided, however, that during an Increased Oversight Period, or Highest Oversight Period, the Borrower shall not, without the prior written approval of the RUS, make any additional Investments of the type described in clause (vi) above.

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&nbsp;&nbsp;&nbsp;&nbsp;24 Section 6.6 Accounting The Borrower shall not adopt any depreciation rate, defer any expenses or revenues, establish any regulatory asset or liability or make any other departure from Accounting Requirements for the purposes of financial reporting, the establishment of Rates or otherwise unless approved for the Borrower by the RUS; provided that, for purposes of compliance with this Agreement, the Indenture, the RUS Regulations or otherwise, any Board approved depreciation rate (including change in an existing depreciation rate), deferral of expenses or revenues, or establishment of a regulatory asset or liability is deemed approved by the RUS thirty (30) days after receipt by the RUS of written notice pursuant to this Section 6.6 of the Borrower's intent to take such action unless the RUS notifies the Borrower otherwise or notifies the Borrower that specific additional information is required for RUS to make a determination (all notices from the RUS to be given in writing before the expiration of the thirty-day period). Section 6.7 Rate Reductions The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, decrease its Rates if it has failed to comply with the provisions of Section 13.14 of the Indenture for the fiscal year prior to such reduction. Section 6.8 Indenture Restrictions Notwithstanding the provisions of the Indenture, the Borrower shall not, without first complying with the requirements of Section 9.1 hereof: (a) issue Additional Obligations under the Indenture on the basis of the $200,000,000 carry forward amount described in Section 4.2B(1) of the Indenture, unless the proceeds of such Additional Obligations are used (i) to pay premiums and other penalties and charges in respect of any Existing Obligation held by FFB or the RUS, (ii) to fund the acquisition or construction of additions or extensions to the System that are subject to the lien of the Indenture, or (iii) to pay premiums and other penalties, charges and other costs of issuance incurred in connection with a Current Refunding in an aggregate amount not to exceed five percent (5%) of the principal amount of the Obligations subject to the Current Refunding; (b) issue Additional Obligations under the Indenture while any amounts are outstanding under any RUS Reimbursement Obligation or during an Increased Oversight Period or a Highest Oversight Period; (c) consolidate or merge with any other corporation or convey or transfer the Trust Estate under the Indenture substantially as an entirety unless the aggregate amount of the Borrower's Equity is not reduced as a result of such transaction and the Borrower provides the RUS with evidence reasonably satisfactory to the RUS that the consummation of such transaction will not result in the commencement of an Increased Oversight Period or a Highest Oversight Period; provided, however, that during an Increased Oversight Period or a Highest Oversight Period, the Borrower shall not consolidate or merge with any corporation or convey or transfer the Trust Estate substantially as an entirety;

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&nbsp;&nbsp;&nbsp;&nbsp;25 (d) elect pursuant to Section 1.1D of the Indenture to apply Accounting Requirements in effect as of the date of execution and delivery of the Indenture; (e) (i) include as Property Additions, under any provision of the Indenture, any property that would not qualify as Property Additions but for paragraph C of the definition of Property Additions in the Indenture, except such Property Additions related to a PILOT Transaction or (ii) sell, lease or sublease any portion of the Trust Estate pursuant to paragraph H of Section 5.1 of the Indenture, except in connection with a PILOT Transaction; (f) submit an Available Margins Certificate under Article IV of the Indenture for the purpose of issuing Additional Obligations unless such Available Margins Certificate is accompanied by an Independent Accountant's certificate stating in substance that nothing came to the attention of such Accountant in connection with its unaudited review of the applicable period that would lead such Accountant to believe that there was any incorrect or inaccurate statement in such Available Margins Certificate; (g) enter into a Supplemental Indenture pursuant to Section 12.1H of the Indenture; (h) enter into a Supplemental Indenture pursuant to Section 12.1B or 12.1C of the Indenture if (i) the Holders of the Obligations issued under such Supplemental Indenture are granted greater security rights in and to the Trust Estate than those security rights enjoyed by the Government in its capacity as a Holder of Obligations under the Indenture, provided, however, that neither (A) the existence of Credit Enhancement nor (B) the creation and maintenance of debt service or similar funds for the payment of the principal and interest on Obligations issued under such Supplemental Indenture (to the extent such debt service or other similar funds are funded from the proceeds of the issuance of such Obligations or funded in connection with the refinancing of other debt by such Obligations), shall constitute greater security rights in and to the Trust Estate requiring the Borrower to comply with the requirements of Section 9.1 hereof; (ii) the Supplemental Indenture provides for covenants, restrictions, limitations, conditions, events of defaults or remedies not applicable to all Obligations then Outstanding or not equally available to all Holders of Obligations then Outstanding, provided, however, that provisions for covenants and events of default that relate solely to assuring that the interest on such Obligations (or other indebtedness secured by such Obligations) is excludable from the gross income of the holder thereof pursuant to the Internal Revenue Code, as amended, shall not constitute the providing of covenants or events of default requiring the Borrower to comply with the requirements of Section 9.1 hereof; or (iii) the Obligations issued under such Supplemental Indenture, or the indebtedness secured by such Obligations, can be accelerated, or effectively accelerated through a mandatory purchase or similar mechanism, in either case, as a consequence of a breach or default by the Borrower under the related loan agreement or similar agreement entered into in connection with such Obligation or indebtedness, provided, however, that acceleration and similar rights may be granted to development authorities, government or governmental entities, or trustees without first complying with the requirements of Section 9.1 hereof in connection with the issuance of Obligations (or other indebtedness secured by or issued in connection with such Obligations) the interest on which is excludable from the gross income of the holder thereof pursuant to the Internal Revenue Code, as amended, if such acceleration and similar rights are substantially similar to those customarily granted to development authorities, government or governmental entities, or trustees;

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&nbsp;&nbsp;&nbsp;&nbsp;26 (i) create or incur or suffer or permit to be created or incurred or to exist any pledge of current assets secured under the Indenture to secure current liabilities; provided, however, that the Borrower may pledge current receivables due from the RTO or other counterparties to secure current payables due to the RTO or other counterparties if the contracts under which such receivables and payables arise are secured under the Indenture; (j) provide any Certificate of an Appraiser under the Indenture, unless such Appraiser is Independent, if the amount of the property or securities as to which the Appraiser's Certificate applies is greater than four percent (4%) of the Borrower's Total Utility Plant; provide any Certificate of an Engineer under the Indenture, unless such Engineer is a licensed professional, if the amount of the property as to which the Engineer's Certificate applies is greater than one hundred thousand dollars ($100,000); or provide any Certificate of an Engineer under the Indenture with respect to all or any portion of a Project, unless such Engineer is Independent, if the fair value or the repair cost of such Project is greater than four percent (4%) of the Borrower's Total Utility Plant (or, upon the prior written request of the RUS, such lower amount as the RUS may designate in such notice as to any Project or Projects referenced in such notice); (k) issue any Additional Obligations upon the basis of Designated Qualifying Securities unless the Borrower has a one hundred percent (100%) ownership or membership interest in the Subsidiary entering into a Qualifying Securities Indenture in connection with such Designated Qualifying Securities; (l) modify or alter Section 8.7 of the Indenture or the obligation of the Trustee under the Indenture to hold the Trust Estate for the equal and proportionate benefit and security of the Holders, without any priority of any Obligation over any other Obligation; (m) issue any Additional Obligations upon the basis of Certified Progress Payments; (n) release any part of the Trust Estate pursuant to Section 5.2 of the Indenture other than in connection with selling, exchanging or otherwise disposing of such part of the Trust Estate; (o) enter into a Supplemental Indenture pursuant to Section 12.2 of the Indenture permitting the creation of any lien ranking prior to or on a parity with the Indenture with respect to the Trust Estate; or (p) treat any Bondable Property, which Bondable Property would otherwise be considered as Retired pursuant to the definition thereof in the Indenture, as not being considered Retired pursuant to the proviso relating to rate recovery in the definition of Retired in the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;27 Section 6.9 Negative Pledge The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, directly or indirectly create, incur, assume or permit to exist any lien, mortgage, pledge, security interest, charge or encumbrance of any kind, whether voluntary or involuntary (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any other agreement to give any security interest) on or with respect to any of the Excepted Property (other than the Excepted Property described in paragraph P of the definition of Excepted Property, which property shall not be subject to this Section 6.9) except for: (a) Permitted Exceptions (other than the Permitted Exception described in paragraph Y of the definition of Permitted Exceptions in the Indenture unless the current assets pledged are due from an RTO or other counterparty and are pledged to secure current liabilities of the Borrower due to such RTO or other counterparty); (b) as to the Excepted Property described in paragraphs B through E, inclusive, and paragraph K of the definition of Excepted Property in the Indenture, liens, mortgages, pledges, security interests, charges and encumbrances in connection with purchase money, construction or acquisition indebtedness (or renewals or extensions thereof) that encumber only the asset or assets so purchased, constructed or acquired or property improved through such purchase, construction or acquisition, and the proceeds upon a sale, transfer or exchange thereof; (c) liens, mortgages, pledges, security interests, charges and encumbrances (i) for the benefit of all Holders of the Obligations issued under the Indenture, (ii) in connection with any bond or similar fund established by the Borrower with respect to any debt securities, the interest on which is excludable from gross income of the holder thereof pursuant to the Internal Revenue Code, as amended, to the extent of amounts deposited in such funds in the ordinary course to make regularly scheduled payments on such debt securities, or (iii) in connection with any debt service or similar fund established by the Borrower for the payment of principal or interest on debt securities, the interest on which is excludable from gross income of the holder thereof pursuant to the Internal Revenue Code, as amended, if such fund is funded solely from the proceeds of the issuance of such debt securities (or funded in connection with the refinancing of other debt by such debt securities); (d) liens, pledges, security interests, charges and encumbrances with respect to any interest, debt or equity, of the Borrower in the National Rural Utilities Cooperative Finance Corporation or CoBank, ACB purchased or otherwise acquired by the Borrower in connection with membership in any such entity or any borrowing from any such entity; (e) liens, pledges, security interests, charges and encumbrances arising in connection with any legal or economic defeasance of indebtedness, unless the funding of the defeasance is during an Increased Oversight Period or a Highest Oversight Period and more than twenty percent (20%) of the defeasance is funded other than with the proceeds of the issuance of new indebtedness (in which case the Borrower shall first comply with the requirements of Section 9.1 hereof before permitting or creating any such lien, pledge, security interest, charge or encumbrance);

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&nbsp;&nbsp;&nbsp;&nbsp;28 (f) liens, pledges, security interests, charges and encumbrances with respect to deposit, brokerage, commodity and other similar accounts to the extent such liens, pledges, security interests, charges and encumbrances do not secure indebtedness for borrowed money other than indebtedness incurred in connection with acquiring securities or other investments deposited in any such account; or (g) liens, pledges, security interests, charges and encumbrances on (i) cash, (ii) securities or deposits issued, guaranteed or fully insured as to payment by the Government or any agency thereof, or (iii) Investments of the type permitted under Section 6.5 hereof, to the extent required to be provided by the Borrower as collateral for any obligation of the Borrower under (A) any agreement or other instrument relating to any rate, index or price swap, basis swap, forward rate, index or price transaction, commodity swap, commodity option, cap, collar or floor transaction, or other similar transaction entered into by the Borrower for the purpose of directly mitigating risks associated with interest expense, fuel or other commodity expense, (B) any power purchase or sale obligation, (C) any agreement or arrangement entered into, with or through, the RTO, (D) any other similar obligation, commitment or liability of the Borrower, or (E) any letter of credit issued on behalf of the Borrower, in each case of subclauses (A) through (E), arising in connection with the Borrower's business and properties and not entered into for the purpose of speculation; provided, however, that at any time the amount of such cash, securities, deposits and Investments subject to any lien, pledge, security interest, charge or encumbrance under this clause (g) in the aggregate may not exceed ten percent (10%) of the Borrower's Total Utility Plant. Section 6.10 Environmental Allowances and Credits The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, sell, assign or otherwise dispose of (or enter into any agreement therefor) any Environmental Allowances and Credits; provided, however, that compliance with the requirements of Section 9.1 hereof shall not be required for the sale, assignment, or other disposition of Environmental Allowances and Credits that (i) exceed those necessary in any particular fiscal year for the Borrower to operate its generating facilities during such year, as evidenced by a written certification by the Borrower and provided to the RUS no more than ninety (90) days after such sale, assignment or other disposition, or (ii) are sold, assigned or otherwise disposed of (x) pursuant to any sale, assignment or disposition required by Law or (y) pursuant to any power purchase or sale, joint ownership or similar agreement that has been approved by the RUS or which has been entered into in compliance with the terms of this Agreement. Section 6.11 Changes to Plant Agreements The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, amend, supplement, waive, extend, terminate or assign the Plant Agreements or agree to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;29 Section 6.12 Fiscal Year The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, change its fiscal year. Section 6.13 Limits on Variable Rate Indebtedness During an Increased Oversight Period or a Highest Oversight Period, the Borrower shall not, if so directed in writing by the RUS, increase the outstanding principal amount of indebtedness of the Borrower, the interest rate with respect to which is adjusted or readjusted at intervals of less than two (2) years, including, without limitation, Additional Obligations issued as a Periodic Offering, the interest rate on which is subject to such adjustment or readjustment, to an amount exceeding the amount thereof outstanding on the date of such notice from the RUS. Section 6.14 Limitations on Changing Principal Place of Business Without prior written notification to the RUS, the Borrower shall not change its principal place of business. Section 6.15 Limitations on RUS Financed Extensions and Additions The Borrower shall not extend or add to its System either by construction or acquisition if the construction or acquisition is financed or will be financed in whole or in part by the RUS without either (i) the prior written approval of the RUS or (ii) prior submission of a construction work plan that describes such extension or addition to its System or a Notice of Intent by the Borrower to the RUS. Nothing in this Section 6.15 shall be construed as either committing or obligating the RUS to provide financing with respect to such extension or addition or waiving the Borrower's obligation to comply with 7 C.F.R. Part 1b (National Environment Policy Act) in order to be eligible for RUS financing. Section 6.16 Historic Preservation The Borrower shall not, without approval in writing by the RUS, use any Advance to construct any facility which shall involve any district, site, building, structure or object which is included in, or eligible for inclusion in, the National Register of Historic Places maintained by the Secretary of the Interior pursuant to the Historic Sites Act of 1935 and the National Historic Preservation Act of 1966. Section 6.17 Impairment of Wholesale Power Contracts The Borrower shall not materially breach any obligation to be paid or performed by the Borrower on any Wholesale Power Contract, or take any action with respect to any Wholesale Power Contract which would reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;30 Section 6.18 State Regulation The Borrower shall not elect to be regulated by any state governmental agency or authority. Section 6.19 Limitations on Short-Term Indebtedness The Borrower shall not, without first complying with the requirements of Section 9.1 hereof, on any date permit Short-Term Indebtedness to exceed thirty percent (30%) of the Borrower's Total Utility Plant. As used in this Section 6.19, "Short-Term Indebtedness" means the result of (a) all indebtedness of, or guaranteed or in effect guaranteed (whether directly or indirectly, contingent or otherwise) against loss in respect thereof to the holder thereof by, the Borrower (other than trade payables) which on the date of original issuance is classified as short- term debt under Accounting Requirements minus (b) the sum of (1) all indebtedness covered in clause (a) of this sentence owed to any one or more members of the Borrower plus (2) all unadvanced amounts under closed, long-term (with a stated maturity date of greater than one year from the date of closing) loan, credit or similar facilities of the Borrower. Section 6.20 Certain Indenture Amendments The Borrower shall not enter into any Supplemental Indenture pursuant to Section 12.1K of the Indenture unless the Borrower has furnished to RUS a copy of such Supplemental Indenture at least sixty (60) days prior to execution by the Trustee of such Supplemental Indenture. Section 6.21 Additional Negative Covenants The Borrower also shall comply with the additional negative covenants identified in Schedule 4 attached hereto. ARTICLE VII - EVENTS OF DEFAULT The following shall be "Events of Default" under this Agreement: (a) Representations and Warranties. Any representation or warranty made by the Borrower in Article II hereof, in any certificate furnished to the RUS hereunder or in the Indenture shall be incorrect in any material respect at the time made; (b) Payment. Default shall be made in the payment of or on account of interest on or principal of any Note when and as the same shall be due and payable, whether by acceleration or otherwise, which shall remain unsatisfied for five (5) Business Days; (c) Borrowing Under the Indenture in Violation of the Loan Contract. Default by the Borrower in the observance or performance of any covenant or agreement contained in Subsection (a) or (b) of Section 6.8 hereof; (d) Other Covenants. Default by the Borrower in the observance or performance of any other covenant or agreement contained in any of the Loan Documents, which shall remain

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&nbsp;&nbsp;&nbsp;&nbsp;31 unremedied for thirty (30) calendar days after written notice thereof shall have been given to the Borrower by the RUS, unless such default cannot be reasonably cured within such thirty (30) day period, then in such event and so long as a cure is being diligently pursued, the Borrower shall have a reasonable period of time beyond such thirty (30) days to complete such cure; (e) Corporate Existence. The Borrower shall forfeit or otherwise be deprived of its corporate charter or any franchises, permits, easements, consents or licenses required to carry on any material portion of its business; (f) Other Obligations. Default by the Borrower in the payment of any obligation, whether direct or contingent, for borrowed money in excess of twenty-five million dollars ($25,000,000) or in the performance or observance of the terms of any instrument pursuant to which such obligation was created or securing such obligation which default shall have resulted in such obligation becoming or being declared due and payable prior to the date on which it would otherwise be due and payable; (g) Bankruptcy. A court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official, or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of ninety (90) consecutive days or the Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian or trustee, of a substantial part of its property, or make any general assignment for the benefit of creditors; (h) Dissolution or Liquidation. Other than as provided in Subsection (g) of this Article VII, the dissolution or liquidation of the Borrower, or failure by the Borrower promptly to forestall or remove any execution, garnishment or attachment of such consequence as shall impair its ability to continue its business or fulfill its obligations and such execution, garnishment or attachment shall not be vacated within thirty (30) days. The term "dissolution or liquidation of the Borrower," as used in this Subsection (h), shall not be construed to include the cessation of the corporate existence of the Borrower resulting either from a merger or consolidation of the Borrower into or with another corporation following a transfer of all or substantially all its assets as an entirety, under the conditions permitting such actions; and (i) Indenture. Any Significant or Uncured Indenture Event of Default shall have occurred. ARTICLE VIII - REMEDIES Section 8.1 Remedies Upon the occurrence of an Event of Default, then the RUS may pursue all rights and remedies available to the RUS that are contemplated by this Agreement in the manner, upon the conditions and with the effect provided in this Agreement, including, but not limited to, a suit for

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&nbsp;&nbsp;&nbsp;&nbsp;32 specific performance, injunctive relief or compensatory damages. The RUS is hereby authorized, to the maximum extent permitted by applicable Law, to demand specific performance of this Agreement at any time when the Borrower shall have failed to comply with any provision of this Agreement applicable to it. The Borrower hereby irrevocably waives, to the maximum extent permitted by applicable Law, any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. Nothing herein shall limit the right of the RUS to pursue all rights and remedies available to a creditor at law or in equity following the occurrence of an Event of Default, or any right or remedy available to the RUS as a Holder of an Obligation under the Indenture. Each right, power and remedy of the RUS shall be cumulative and concurrent, and recourse to one or more rights or remedies shall not constitute a waiver of any other right, power or remedy. Section 8.2 Suspension of Advances In addition to the rights, powers and remedies referred to in Section 8.1 hereof, the RUS may, in its absolute discretion, suspend or terminate the obligation to make or approve Advances hereunder if (i) any Event of Default, or any occurrence which with the passage of time or giving of notice would be an Event of Default, occurs and is continuing; or (ii) an event shall have occurred that has had or is likely to have a Material Adverse Effect. ARTICLE IX - MISCELLANEOUS Section 9.1 Notice to RUS; Objection of RUS Before undertaking any transaction described in Article V or Article VI that requires compliance with the requirements of this Section 9.1, the Borrower shall give to the RUS (i) notice in writing describing in reasonable detail the proposed transaction and expressly stating that the transaction is covered by this Section 9.1 and (ii) drafts of all material documents to effect such transaction. If the RUS delivers to the Borrower written notice that it objects to the proposed transaction within (I) sixty (60) days (or such shorter period as the parties shall agree to in writing) in the case of any transaction of the nature described in paragraph (a) below, or (II) thirty (30) days (or such shorter period as the parties shall agree to in writing) in the case of any transaction of the nature described in paragraph (b) below, the Borrower shall not complete the transaction without RUS approval. (a) Transactions requiring compliance with the requirements of this Section 9.1 pursuant to Sections 5.15, 6.2, 6.4, 6.8(a), 6.8(b), 6.8(c), 6.8(e), 6.8(g), 6.8(h), 6.8(m), 6.8(n), 6.8(o), 6.8(p), 6.9, 6.11, 6.12 and 6.19 shall be subject to a 60-day review and objection period (or such shorter period as the parties shall agree to in writing); and (b) Transactions requiring compliance with the requirements of this Section 9.1 pursuant to Sections 6.5, 6.7, 6.8(d), 6.8(f), 6.8(i), 6.8(j), 6.8(k), 6.8(l) and 6.10 shall be subject to a 30-day review and objection period (or such shorter period as the parties shall agree to in writing).

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&nbsp;&nbsp;&nbsp;&nbsp;33 Section 9.2 Notices All communications, notices, requests, demands, authorizations, consents, waivers or other modifications provided, permitted or required by this Agreement shall be communicated in writing or by electronic mail or a telecommunications device capable of creating a written record, as specified herein, and any such notice shall become effective: (a) upon personal delivery thereof, including, without limitation, by overnight mail or courier service, (b) in the case of notice by United States mail, certified or registered, postage prepaid, return receipt requested, upon receipt thereof, or (c) in the case of notice by electronic mail or by such a telecommunications device, upon transmission thereof provided the sender receives receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return electronic mail or other written acknowledgment), provided that, if such notice, electronic mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, in each case addressed to each party hereto at its address set forth below or, in the case of any such party hereto, at such other address as such party may from time to time designate by written notice to the other parties hereto or to such other addresses the party hereto may from time to time designate: The Government: Rural Utilities Service U.S. Department of Agriculture Room No. 4121 South Building 1400 Independence Avenue SW Washington, D. C. 20250-1500 Attention: Administrator And electronic mail to: RUSElectric@usda.gov The Borrower: Oglethorpe Power Corporation 2100 East Exchange Place Tucker, Georgia 30084-5336 Fax: (770) 270-7872 Attention: President and Chief Executive Officer With a copy to: Vice President, Treasurer Section 9.3 Expenses To the extent permitted by Law, the Borrower shall pay all costs and expenses of the RUS, including reasonable fees of counsel, incurred in connection with the enforcement of the Loan Documents or with the preparation for such enforcement if the RUS has reasonable grounds to believe that such enforcement may be necessary.

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&nbsp;&nbsp;&nbsp;&nbsp;34 Section 9.4 Late Payments If payment of any amount due hereunder is not received at the United States Treasury in Washington, DC, or such other location as the RUS may designate to the Borrower, within five (5) Business Days after the due date thereof or such other longer time period as the RUS may prescribe from time to time in its policies of general application in connection with any late payment charge (such unpaid amount being herein called the "delinquent amount," and the period beginning after such due date until payment of the delinquent amount being herein called the "late-payment period"), the Borrower shall pay to the RUS, in addition to all other amounts due under the terms of the Notes and this Agreement, any late-payment charge as may be fixed by RUS Regulations from time to time on the delinquent amount for the late-payment period. Section 9.5 Filing Fees To the extent permitted by Law, the Borrower agrees to pay all expenses of the RUS (including the fees and expenses of its counsel) in connection with the filing or recordation of all financing statements and instruments as may be required by the RUS in connection with this Agreement, including, without limitation, all documentary stamps, recordation and transfer taxes and other costs and taxes incident to recordation of any document or instrument in connection herewith. The Borrower agrees to save harmless and indemnify the RUS from and against any liability resulting from the failure to pay any required documentary stamps, recordation and transfer taxes, recording costs, or any other expenses incurred by the RUS in connection with this Agreement. The provisions of this Section 9.5 shall survive the execution and delivery of this Agreement and the payment of all other amounts due hereunder or due on the Notes. Section 9.6 No Waiver No failure on the part of the RUS to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the RUS of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. Section 9.7 Governing Law EXCEPT TO THE EXTENT GOVERNED BY APPLICABLE FEDERAL LAW, THE LOAN DOCUMENTS SHALL BE DEEMED TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA. Section 9.8 Holiday Payments If any payment to be made by the Borrower hereunder shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing any interest in respect of such payment.

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&nbsp;&nbsp;&nbsp;&nbsp;35 Section 9.9 Successors and Assigns This Agreement shall be binding upon and inure to the benefit of the Borrower and the RUS and their respective successors and assigns, except that the Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of the RUS. Section 9.10 Complete Agreement; Amendments This Agreement and the other Loan Documents are intended by the parties to be a complete and final expression of their agreement. However, the RUS reserves the right to waive its rights to compliance with any provision of this Agreement, the RUS Regulations and the other Loan Documents. No amendment or modification hereof or to any other Loan Document (other than the Indenture) shall be effective unless signed by both parties hereto. No waiver of any provision hereof (including any provision of the RUS Regulations applicable hereunder) or of any other Loan Document by the RUS, or consent by the RUS to any departure by the Borrower herefrom or therefrom, shall be effective unless approved in writing by the RUS in the form of either RUS Regulations or other writing signed by or on behalf of the RUS (and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given). Any Schedule or Exhibit to this Agreement may be amended and replaced by attaching a revised Schedule or Exhibit hereto, which revised Schedule or Exhibit shall have been signed by both parties hereto. Section 9.11 Headings The headings and sub-headings contained in the titling of this Agreement are intended to be used for convenience only and do not constitute part of this Agreement. Section 9.12 Severability If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found or held invalid or unenforceable by any governmental agency or court of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of such term, provision or condition nor any other term, provision or condition, and this Agreement, the Notes, and the Indenture shall survive and be construed as if such invalid or unenforceable term, provision or condition had not been contained herein. Section 9.13 Right of Set Off Upon the occurrence and during the continuance of any Event of Default, the RUS is hereby authorized at any time and from time to time, without prior notice to the Borrower, to exercise rights of set off or recoupment and apply any and all amounts held or hereafter held, by the RUS or owed to the Borrower or for the credit or account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing hereunder or under the Notes. The RUS agrees to notify the Borrower promptly after any such set off or recoupment and the application thereof, provided that the failure to give such notice shall not affect the validity of such set off, recoupment or application. The rights of the RUS under this Section 9.13 are in addition to any other rights and remedies (including other rights of set off or recoupment) which

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&nbsp;&nbsp;&nbsp;&nbsp;36 the RUS may have. The Borrower waives all rights of set off, deduction, recoupment or counterclaim. Section 9.14 Schedules and Exhibits Each Schedule and Exhibit attached hereto and referred to herein is an integral part of this Agreement. Section 9.15 Sole Benefit The rights and benefits set forth in this Agreement are for the sole benefit of the parties hereto and may be relied upon only by them. Section 9.16 Existing Loan Contract This Agreement amends and restates the Existing Loan Contract so that, as of the date of this Agreement, it reads in its entirety as herein provided. As of the date hereof, this Agreement replaces and supersedes the Existing Loan Contract. Section 9.17 Authority of RUS Representatives In the case of any consent, approval or waiver from the RUS that is required under this Agreement or any other Loan Document, such consent, approval or waiver must be in writing and signed by an authorized RUS representative to be effective. As used in this Section 9.17, "authorized RUS representative" means the Administrator, and also means a person to whom the Administrator has officially delegated specific or general authority to take the action in question. If not publicly available, the RUS will provide evidence of the authority of such authorized RUS representative upon the request of the Borrower. Section 9.18 Relation to RUS Regulations (a) In case of any conflict between the terms of this Agreement or the Indenture and the provisions of the RUS Regulations, the terms of this Agreement and the Indenture shall control. (b) The RUS Regulations shall apply to the Borrower to the extent and under the conditions expressly set forth in this Agreement (other than in Section 5.13 hereof), including, without limitation, Subsections (c) and (d) of this Section 9.18; provided, however, that, as provided in Section 9.10 hereof, such applicability may from time to time be amended, modified or waived by the issuance by RUS of one or more letters, documents, declarations or other writings that provide supplemental guidance with respect to such applicability. (c) The Borrower recognizes that some RUS Regulations implement Federal statutes or regulatory policies that are not limited to rural electrification but apply to many types of Federal assistance. Nothing herein is intended to, or shall be deemed to, waive the requirements of any Federal statute or regulation that is applicable to the Borrower independently of any requirement made applicable solely by the RUS Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;37 (d) Subject to Subsections (b) and (c) of this Section 9.18, if any RUS Regulation conflicts with the terms of this Agreement or the Indenture or imposes additional or different requirements, pursuant to 7 C.F.R. § 1710.113(c)(2), the provisions of this Agreement or the Indenture shall control and the RUS hereby waives compliance by the Borrower with such RUS Regulations. Section 9.19 Term This Agreement shall remain in effect until one of the following two events has occurred: (a) The Borrower and the RUS replace this Agreement with another written agreement; or (b) All of the Borrower's obligations under this Agreement and the Notes have been discharged and paid. Section 9.20 References to Statutes and Regulations Unless otherwise provided herein, any specific reference herein to any regulation shall include any regulation hereafter adopted that replaces such regulation specifically referenced herein, and any reference herein to any statute or regulation shall refer to such statute or regulation as amended, modified or supplemented from time to time. Section 9.21 Relation to Indenture The RUS is a party to this Agreement and a Holder of Outstanding Secured Obligations under the Indenture. Both this Agreement and the Indenture govern the relationship between the Borrower and the RUS, and the parties intend that the Indenture and this Agreement independently govern such relationship. Each provision of this Agreement is intended to and shall be fully operative and enforceable as written whether or not the subject matter of any such provision is or is not addressed by the Indenture, or, if so addressed, is addressed in a different way from that set forth in this Agreement. (Signatures begin on next page.)

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&nbsp;&nbsp;&nbsp;&nbsp;38 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, and the Borrower's execution to be attested under seal, as of the day and year first above written. OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION) By:/s/ Elizabeth B. Higgins Executive Vice President and Chief Financial Officer Attest:/s/ Kimberly D. Adams Secretary [CORPORATE SEAL] (Signatures continued on next page.)

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&nbsp;&nbsp;&nbsp;&nbsp;39 (Signatures continued from previous page.) UNITED STATES OF AMERICA, acting by and through the Administrator of the Rural Utilities Service By:/s/ Karl Elmshaeuser Administrator

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 1 to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and the United States of America CONTEMPORANEOUS LOANS, OUTSTANDING NOTES AND FISCAL YEAR OF OBLIGATION FOR THE AK48 FFB NOTE 1. "Contemporaneous Loans" shall mean the loans evidenced by the following: None. 2. "Outstanding Notes" shall mean the following notes: (a) Retained Indebtedness Note, dated as of March 1, 1997, from the Borrower to FFB, in the original face principal amount of $2,637,781,327.45, as amended by each of the six Agreements Amending Note designated as MO24, made as of May 22, 2007, among the Borrower, FFB and the Government, acting through the Administrator of the RUS; (b) Reimbursement Note, dated as of March 1, 1997, from the Borrower to the Government, acting through the Administrator of the RUS; (c) Note (P-8), dated as of May 31, 2006, from the Borrower to FFB, in the original face principal amount of $92,000,000; (d) Reimbursement Note (P-8), dated as of May 31, 2006, from the Borrower to the Government, acting through the Administrator of the RUS; (e) Note (R-8), dated as of July 25, 2007, from the Borrower to FFB, in the original face principal amount of $78,418,600; and (f) Reimbursement Note (R-8), dated as of July 25, 2007, from the Borrower to the Government, acting through the Administrator of the RUS. (g) Note (S-8), dated as of September 5, 2008, from the Borrower to FFB, in the original face principal amount of $441,522,000. (h) Reimbursement Note (S-8), dated as of September 5, 2008, from the Borrower to the Government, acting through the Administrator of the RUS. (i) Note (V-8), dated as of August 13, 2010, from the Borrower to FFB, in the original face principal amount of $310,228,000. (j) Reimbursement Note (V-8), dated as of August 13, 2010, from the Borrower to the Government, acting through the Administrator of the RUS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Note (W-8), dated as of April 15, 2011, from the Borrower to FFB, in the original face principal amount of $203,100,000. (l) Reimbursement Note (W-8), dated as of April 15, 2011, from the Borrower to the Government, acting through the Administrator of the RUS. (m) Note (X-8), dated as of April 15, 2011, from the Borrower to FFB, in the original face principal amount of $170,000,000. (n) Reimbursement Note (X-8), dated as of April 15, 2011, from the Borrower to the Government, acting through the Administrator of the RUS. (o) Note (Y-8), dated as of April 23, 2013, from the Borrower to FFB, in the original face principal amount of $127,703,000. (p) Reimbursement Note (Y-8), dated as of April 23, 2013, from the Borrower to the Government, acting through the Administrator of the RUS. (q) Note (AA-8), dated as of April 23, 2013, from the Borrower to FFB, in the original face principal amount of $492,610,000. (r) Reimbursement Note (AA-8), dated as of April 23, 2013, from the Borrower to the Government, acting through the Administrator of the RUS. (s) Note (AB-8), dated as of September 2, 2014, from the Borrower to FFB, in the original face principal amount of $230,050,000. (t) Reimbursement Note (AB-8), dated as of September 2, 2014, from the Borrower to the Government, acting through the Administrator of the RUS. (u) Note (AC-8), dated as of January 30, 2018, from the Borrower to FFB, in the original face principal amount of $448,307,000. (v) Reimbursement Note (AC-8), dated as of January 30, 2018, from the Borrower to the Government, acting through the Administrator of the RUS. (w) Note (AD48), dated as of December 3, 2020, from the Borrower to FFB, in the original face principal amount of $630,342,000. (x) Reimbursement Note (AD48), dated as of December 3, 2020, from the Borrower to the Government, acting through the Administrator of the RUS. (y) Note (AE48), dated as of October 18, 2022, from the Borrower to FFB, in the original face principal amount of $234,681,000. (z) Reimbursement Note (AE48), dated as of October 18, 2022, from the Borrower to the Government, acting through the Administrator of the RUS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Note (AF48), dated as of May 30, 2024, from the Borrower to FFB, in the original face principal amount of $87,943,000. (bb) Reimbursement Note (AF48), dated as of May 30, 2024, from the Borrower to the Government, acting through the Administrator of the RUS. (cc) Note (AG48), dated as of May 30, 2024, from the Borrower to FFB, in the original face principal amount of $17,515,000. (dd) Reimbursement Note (AG48), dated as of May 30, 2024, from the Borrower to the Government, acting through the Administrator of the RUS. (ee) Note (AH48), dated as of May 30, 2024, from the Borrower to FFB, in the original face principal amount of $755,208,000. (ff) Reimbursement Note (AH48), dated as of May 30, 2024, from the Borrower to the Government, acting through the Administrator of the RUS. 3. The Fiscal Year of Obligation is 2025 for the AK48 FFB Note.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 2 to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and the United States of America PLANT AGREEMENTS "Plant Agreements" shall mean, collectively, the following agreements relating to the ownership and operation of generating facilities: 1. Plant Robert W. Scherer Units Numbers One and Two Purchase and Ownership Participation Agreement among Georgia Power Company, the Borrower, Municipal Electric Authority of Georgia and City of Dalton, Georgia (the "Co-Owners"), dated as of May 15, 1980, as amended by that certain Amendment, among the Co-Owners, dated as of December 30, 1985; and as amended by that certain Amendment Number Two, among the Co-Owners, dated as of July 1, 1986; and as amended by that certain Amendment Number Three, among the Co-Owners, dated as of August 1, 1988; and as amended by that certain Amendment Number Four, among the Co-Owners, dated as of December 31, 1990; 2. Plant Robert W. Scherer Units Numbers One and Two Operating Agreement among the Co-Owners, dated as of May 15, 1980, as amended by that certain Amendment, among the Co-Owners, dated as of December 30, 1985; and as amended by that certain Amendment Number Two, among the Co-Owners, dated as of December 31, 1990; and as amended by that certain Amendment Number Three, among the Co-Owners, dated as of February 22, 2022; 3. Plant Scherer Managing Board Agreement, among the Co-Owners, Gulf Power Company, Florida Power & Light Company and Jacksonville Electric Authority, dated as of December 31, 1990; 4. Alvin W. Vogtle Nuclear Units Numbers One and Two Purchase and Ownership Participation Agreement, among the Co-Owners, dated as of August 27, 1976, as amended by that certain Amendment Number One, among the Co-Owners dated as of January 18, 1977; and as amended by that certain Amendment Number Two, among the Co-Owners, dated as of February 24, 1977; 5. Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, among the Co-Owners, dated as of April 21, 2006, as amended by that certain Amendment No. 1 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, among the Co-Owners, dated as of April 8, 2008; and as amended by that certain Omnibus Amendment Regarding Plant Vogtle Additional Units Description, among the Co- Owners, dated as of December 1, 2013; and as amended by that certain Agreement and Amendment No. 2 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, among the Co-Owners, dated as of February 20, 2014; and as amended by that certain Owners Consent to Assignment and Direct Agreement and Amendment to

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, among the Co-Owners, the United States Department of Energy and PNC Bank, National Association, dated as of February 20, 2014; and as amended by that certain Agreement and Amendment No. 3 to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, among the Co-Owners, dated as of November 2, 2017; and as amended by that certain Global Amendments to Vogtle Additional Units Agreements, among the Co-Owners, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC and MEAG Power SPVP, LLC, dated as of February 18, 2019; and as amended by that certain Amended & Restated Owners Consent to Assignment and Direct Agreement and Amendment to Plant Alvin W. Vogtle Additional Units Ownership Participation Agreement, among the Co-Owners, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC, MEAG Power SPVP, LLC, the United States Department of Energy and PNC Bank, National Association, dated as of March 22, 2019; 6. Plant Alvin W. Vogtle Nuclear Units Amended and Restated Operating Agreement, among the Co-Owners, dated as of April 21, 2006, as amended by that certain Amendment No. 1 to Plant Alvin W. Vogtle Nuclear Units Amended and Restated Operating Agreement, among the Co-Owners, dated as of April 8, 2008; and as amended by that certain Omnibus Amendment Regarding Plant Vogtle Additional Units Description, among the Co-Owners, dated as of December 1, 2013; and as amended by that certain Agreement and Amendment No. 2 to Plant Alvin W. Vogtle Nuclear Units Amended and Restated Operating Agreement, among the Co-Owners, dated as of February 20, 2014; and as amended by that certain Global Amendments to Vogtle Additional Units Agreements, among the Co-Owners, MEAG Power SPVJ, LLC, MEAG Power SPVM, LLC and MEAG Power SPVP, LLC, dated as of February 18, 2019; 7. Edwin I. Hatch Nuclear Plant Purchase and Ownership Participation Agreement, between Georgia Power Company and the Borrower, dated as of January 6, 1975; 8. Edwin I. Hatch Nuclear Plant Operating Agreement, between Georgia Power Company and the Borrower, dated as of January 6, 1975; 9. The Rocky Mountain Pumped Storage Hydroelectric Project Operating Agreement, dated as of November 18, 1988, between the Borrower and Georgia Power Company; and 10. The Rocky Mountain Pumped Storage Hydroelectric Project Ownership Participation Agreement, dated as of November 18, 1988, between the Borrower and Georgia Power Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 3 to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and the United States of America SUBSIDIARIES Rocky Mountain Leasing Corporation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 4 to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and the United States of America ADDITIONAL AFFIRMATIVE AND NEGATIVE COVENANTS Section 1 Definitions Capitalized terms that are not defined in this Schedule 4 shall have the meanings set forth in the Agreement. The terms defined herein include both the plural and the singular. "Contract" shall mean any one of the NMBA and the Umbrella Agreement, including any schedules or exhibits thereto other than Appendix A to the NMBA, and including any executed Nuclear Operating Agreement or other contract described at Section 2.3.2 of the NMBA. "Intercreditor Agreement" shall have the meaning given such term in the Rocky Mountain Participation Agreement. "NMBA" shall mean the Second Amended and Restated Nuclear Managing Board Agreement, among the Co-Owners, dated as of April 21, 2006. "Rocky Mountain Lease Transaction" shall mean the lease and leaseback arrangement of the Borrower's undivided interest in the Rocky Mountain Pumped Storage Hydroelectric Project, as contemplated by the Rocky Mountain Participation Agreement. "Rocky Mountain Operative Documents" shall have the meaning given the term "Operative Documents" in the Rocky Mountain Participation Agreement. "Rocky Mountain Participation Agreement" shall mean that certain Participation Agreement (N5), dated as of December 30, 1996, between the Borrower, Rocky Mountain Leasing Corporation and certain other parties identified therein, including NationsBanc Leasing, as Owner Participant, as such agreement may hereafter be amended or supplemented from time to time. "Scherer Participation Agreements" shall mean the Participation Agreements, dated as of December 30, 1985, between the Borrower and each of IBM Credit Finance Corporation, HEI Investment Corp., Ford Motor Credit Corporation and Chrysler Capital Corporation, as such agreements have been or may hereafter be amended or supplemented from time to time. "Scherer Transaction" shall mean the sale and leaseback arrangements of the Borrower's 60% undivided interest in Unit No. 2 of Plant Robert W. Scherer, as contemplated by the Scherer Participation Agreements. "Scherer Transaction Documents" shall be as defined in the Scherer Participation Agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Senior Creditors" shall have the meaning given such term in the Intercreditor Agreement. "Senior Financing Agreements" shall have the meaning given such term in the Intercreditor Agreement. "Senior Secured Parties" shall have the meaning given such term in the Intercreditor Agreement. "Umbrella Agreement" shall mean the ITSA, Power Sale and Coordination Umbrella Agreement, dated as of November 12, 1990. Section 2 Notices The Borrower shall promptly furnish to the RUS, or notify the RUS of, any of the following as soon as practical after receipt thereof or after it has obtained actual knowledge thereof: (i) Copies of: (a) All notices, certificates and opinions which the Borrower receives in connection with the transaction under the terms of the Scherer Transaction Documents; (b) Any executed "Nuclear Operating Agreement" (as defined by the NMBA); (c) Any and all "Strategic Plans" (as defined in the NMBA) approved under the NMBA; (d) Any amendment to Appendix A of the NMBA; or (e) All notices or other communications given to or received by the Borrower with respect to any "Event of Default," "Loan Event of Default" or "Subordinated Deed to Secure Debt and Security Agreement Event of Default" under any "Operative Document" (all as defined in the Rocky Mountain Participation Agreement). (ii) Any attempt to remove the Borrower as agent under Article IV of the Rocky Mountain Pumped Storage Hydroelectric Project Operating Agreement, dated as of November 18, 1988, between the Borrower and Georgia Power Company (the "Ownership Agreement"), or Article VIII of the Ownership Agreement; or the occurrence of any default under the Ownership Agreement or the Rocky Mountain Pumped Storage Hydroelectric Project Ownership Agreement, dated as of November 18, 1988, between the Borrower and Georgia Power Company, which is material and is continuing; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any of the following and, if the RUS so requests in writing, the Borrower shall provide information concerning any of the following in form and substance satisfactory to the RUS: (a) That any of the Contracts have expired or have been terminated, extended or assigned either by any of the parties thereto or by a "Governmental Authority" (as defined in the applicable Contract) or that the parties to such Contract have executed an amendment to such Contract or any Governmental Authority has amended such Contract; (b) That a party to the NMBA, including the Borrower, has referred a dispute to arbitration pursuant to Section 9.14 of the NMBA, and thereafter, the results of such arbitration; (c) That a party to any Contract, including the Borrower, has commenced a legal proceeding either before a court or governmental agency with respect to such Contract (including, but not limited to, applications to FERC); (d) The President and Chief Executive Officer of the Borrower has concluded, or any other party to a Contract has given the Borrower written notice alleging, that a party to such Contract has failed to act in accordance with Prudent Utility Practices (as defined in the applicable Contract) or has engaged in willful misconduct; provided, however, that Borrower shall not be obligated to notify the RUS of any action which would not reasonably be expected to have a Material Adverse Effect; (e) That a person or entity has made a claim against any party to a Contract (including the Borrower); provided, however, that the Borrower need not provide notice of any claim the payment of which would not reasonably be expected to have a Material Adverse Effect; (f) That any member of the Borrower has sought service from Georgia Power Company pursuant to the "Antitrust Conditions" (as defined in the Umbrella Agreement); (g) That any representation or warranty of Georgia Power Company under Section 7.2 of the Umbrella Agreement or any matter in the legal opinion furnished to Borrower under Section 7.4 of the Umbrella Agreement is incorrect or in dispute; (h) That as the result of any audit conducted pursuant to a party's rights under any Contract, such party has made a claim or reserved the right to make a claim for an adjustment in an amount in excess of $10,000,000 for any charge made by Georgia Power Company under such contract; provided however, that the dollar amount stated in this condition is in January 1, 1991 dollars and shall be escalated annually for inflation using the Handy- Whitman Index of Public Utility Construction Costs (South Atlantic Region);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) That a Governmental Authority (as defined in the NMBA) has assessed against the Operating Agent (as defined in the NMBA) a criminal penalty of any kind or a civil penalty of more than $110,000 or, when added to any other civil penalty assessed within the previous 12 months, is in the aggregate in excess of $440,000; (j) That a management audit is being conducted pursuant to Section 5.4 of the NMBA and, when applicable, that such audit has been concluded; or (k) That the Borrower has received notice pursuant to Section 5.1.2 of the Nuclear Operating Agreement (as defined by the NMBA) that a proceeding has been initiated in which the "Operating Agent" (as defined in the NMBA) is a party. Section 3 Amendments 3.1 Scherer Transaction Documents; the Contracts. The Borrower shall not, without first complying with the requirements of Section 9.1 of the Agreement, amend, supplement, waive, terminate, extend or assign any of the agreements set forth below or agree to do so (except to the extent specifically governed by Section 5 of this Schedule 4): (a) The Scherer Transaction Documents; or (b) The Contracts. 3.2 Rocky Mountain Operative Documents. The Borrower shall not, without first complying with the requirements of Section 9.1 of the Agreement, terminate, extend or assign any of the Rocky Mountain Operative Documents. 3.3 Notice and Objection Process. Each of the foregoing actions shall be considered described in paragraph (a) of Section 9.1 of the Agreement and shall be subject to the review and objection period set forth in such paragraph. Section 4 1985 – Plant Scherer Leveraged Lease 4.1 Direction of the RUS. Whenever requested in writing to do so by the RUS, such requests to be made for good cause as determined solely in the absolute discretion of the RUS, the Borrower shall exercise such rights and powers as may be vested in the Borrower and make such elections and requests as may be available to the Borrower, under the terms of the Scherer Transaction Documents in such manner and at such times as the RUS may so specify. 4.2 Options to Purchase; Assignment; Etc. The Borrower shall not, without the prior written approval of the RUS, exercise any of its options to purchase or renew its lease of an "Undivided Interest" as defined in the Scherer Participation Agreements; or assign, sublease, transfer or encumber its leasehold interest in the Undivided Interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5 GPC Agreements 5.1 Actions Requiring Consent of the RUS. The Borrower shall not, without the prior written consent of the RUS, execute any conforming amendment to the "Joint Committee Agreement" (as defined in the NMBA). 5.2 Notice of Approval or Rejection of Certain Contracts. The Borrower shall not, without the prior written approval of the RUS, vote as a member of the "Nuclear Managing Board" (as defined in the NMBA) to approve or reject any Contract as described in Section 2.3.2 of the NMBA that would have been subject to the prior approval of the Securities and Exchange Commission pursuant to the Public Utility Holding Company Act of 1935 and the regulations thereunder, in each case as in effect on August 1, 2005, including, without limitation, 17 C.F.R. §§ 250.80 – 250.95, unless and until the Borrower shall have first given the RUS written notice of the proposed vote not less than 60 days prior to such vote. If, upon receipt of such notice, the RUS shall notify the Borrower within the 60-day period preceding the vote of an objection to the proposed vote, then the Borrower shall not vote until it has obtained RUS approval of such vote. 5.3 Audits. Upon the request of the RUS, the Borrower shall conduct, to the satisfaction of the RUS, either a management audit or a cost audit, as provided in Sections 5.4 and 5.5, respectively, of the NMBA. If the RUS requests in writing, the Borrower shall appoint the United States Department of Agriculture and the employees and representatives thereof as its duly authorized representative for the purpose of conducting any such management audit or cost audit, whether or not such audit is initiated at the direction of the RUS. Section 6 Rocky Mountain Lease Transaction The Borrower will not enter into or consent to any amendments or modifications of, or accept any waivers with respect to, any of the Rocky Mountain Operative Documents which would adversely affect the rights or remedies of the Senior Secured Parties and Senior Creditors with respect to the "Undivided Interest," the "Ground Interest" or the "Rocky Mountain Agreements" (as such terms are defined in the Rocky Mountain Participation Agreement) under the Intercreditor Agreement or under the Senior Financing Agreements without the consent of the Government (which consent may be given or withheld in the sole and absolute discretion of the Government). Section 7 Waiver Any of the requirements contained in this Schedule 4 may be waived by the RUS upon written notice provided to the Borrower; provided, however, that such waiver may be rescinded by the RUS, in the sole discretion of the RUS, upon written notice of such rescission provided to the Borrower. In the event written notice is provided to the Borrower that a waiver has been rescinded, then the requirements to which the notice relates shall be fully binding upon and enforceable against the Borrower 30 days after such notice is received by the Borrower, and such rescission shall not affect any action taken pursuant to any such waiver during the period of its effectiveness.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 5 to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and the United States of America LITIGATION None.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 6 to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and the United States of America CERTAIN INVESTMENTS 1. The Borrower's existing Investment in the National Renewables Cooperative Organization, and any future Investments in respect of the National Renewables Cooperative Organization in the form of appreciation or patronage allocations. 2. The Borrower's existing Investment in ACES Power Marketing, and any future Investments in respect of ACES Power Marketing in the form of appreciation or patronage allocations. 3. The Borrower's existing Investment in the form of loans or advances to, or guaranties with respect to the obligations of, Georgia System Operations Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A to the Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026, between Oglethorpe Power Corporation (An Electric Membership Corporation) and United States of America DESCRIPTION OF RATING AGENCY SERVICES (a) Credit evaluation and assignment of Credit Rating; (b) Ongoing evaluation of Borrower's Credit Rating; (c) Presentation by senior Rating Agency analysts on Borrower's Credit Rating to the RUS, if requested by the RUS; and (d) Furnish to the RUS copies of any written reports to Borrower (to be provided by the Borrower pursuant to Section 5.10 of the Agreement or upon the request of the RUS).

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## Exhibit 4.21

![](exhibit421nnnn001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 4.2.1(nnnn) PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES, COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), GRANTOR, to U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, TRUSTEE NINETY-FIRST SUPPLEMENTAL INDENTURE Relating to Subjecting, Conveying and Confirming the Lien of the Indenture with Respect to Certain Agreements, Instruments, Other Documents and Property Dated as of November 18, 2025 FIRST MORTGAGE OBLIGATIONS NOTE TO CLERK OF THE GEORGIA SUPERIOR COURT AND GEORGIA TAX COMMISSIONER: THIS INSTRUMENT ONLY ADDS ADDITIONAL SECURITY FOR ORIGINAL INDEBTEDNESS SECURED BY THE EXISTING INDENTURE. THIS INSTRUMENT DOES NOT INCREASE THE PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE, NOR DOES IT EXTEND THE MATURITY DATE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE. PURSUANT TO O.C.G.A. § 48-6- 65(A), NO ADDITIONAL INTANGIBLE RECORDING TAX IS DUE UPON THE RECORDING OF THIS INSTRUMENT. ALL INTANGIBLE RECORDING TAX DUE ON THE EXISTING INDENTURE HAS BEEN PAID.

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1 THIS NINETY-FIRST SUPPLEMENTAL INDENTURE, dated as of November 18, 2025, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (the "Company"), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as successor to U.S. Bank National Association (as successor to SunTrust Bank, formerly SunTrust Bank, Atlanta), as Trustee (in such capacity, the "Trustee"). WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (the "Original Indenture"), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture as provided in Section 1 hereof); WHEREAS, the Original Indenture has heretofore been supplemented and amended by ninety Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter supplemented and amended, the "Indenture"), and the Original Indenture and the ninety Supplemental Indentures have been recorded as set forth on Schedule 1 attached hereto; WHEREAS, the Company has entered into that certain Memorandum of Understanding, dated January 29, 2025, by and between the Company and the Development Authority of Monroe County (the "Development Authority"), acknowledged by the Board of Tax Assessors of Monroe County and the Tax Commissioner of Monroe County, with respect to a bond-for-title tax abatement transaction (the "Bond-for-Title Transaction") to be entered into by the Company and the Development Authority with respect to the Company's two-unit combined cycle natural gas-fired electric generating facility proposed to be constructed in Monroe County, Georgia on the property described on Exhibit B attached hereto (the "Smarr CC Project"); WHEREAS, the Bond-for-Title Transaction will involve the transfer, subject to the existing lien of the Indenture, of title to the real and personal property comprising the Smarr CC Project by the Company to the Development Authority, and the leasing of the real and personal property comprising the Smarr CC Project by the Development Authority back to the Company; WHEREAS, the Company desires to cause the Smarr CC Project to qualify as a Property Addition under the Indenture, and specifically to meet the requirements set forth in Paragraph C of the definition of "Property Additions" in the Indenture, and is executing and delivering this Ninety-First Supplemental Indenture, in accordance with the provisions of the Indenture, for the purpose of subjecting, conveying and confirming unto the Trustee, as applicable, the lien of the Indenture with respect to the real and personal property comprising the Smarr CC Project, including the property more particularly described on Exhibit B attached hereto, and those agreements, instruments and other documents relating to the Bond-for-Title Transaction and the Smarr CC Project that are more particularly described on Exhibit A attached hereto; and

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2 WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, may enter into a Supplemental Indenture for the purposes and subject to the conditions set forth in said Section 12.1, including to better assure, convey and confirm unto the Trustee any property subject or required to be subjected to the lien of the Indenture, or to subject additional property to the lien of the Indenture; NOW, THEREFORE, THIS NINETY-FIRST SUPPLEMENTAL INDENTURE WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises of the Company (except any Excepted Property or any Excludable Property), of every kind and description, real, personal or mixed, tangible or intangible, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, the agreements, instruments, other documents and property more particularly described on Exhibit A and Exhibit B attached hereto, subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Indenture subject in all cases to Sections 5.2 and 11.2B of the Original Indenture, and to the rights of the Company under the Indenture, including the rights set forth in Article V of the Original Indenture; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as "Excepted Property" or "Excludable Property" in the Indenture to the extent contemplated thereby. PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially all of the Trust Estate, all the Excepted Property described or referred to in Paragraphs A through H, inclusive, of "Excepted Property" in the Original Indenture then owned or thereafter acquired by the Company, shall immediately, and, in the case of any Excepted Property described or referred to in Paragraphs I, J, L, N and P of "Excepted Property" in the Original Indenture (excluding the property described in Section 2 of Exhibit B in the Original Indenture), upon demand of the Trustee or such other trustee or receiver, become subject to the lien of the Indenture to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time likewise take possession thereof, and whenever all Events of Default shall have been cured and the possession of all or substantially all of the Trust Estate shall have been restored to the Company, such Excepted Property shall again be excepted and excluded from the lien of the Indenture to the extent and otherwise as hereinabove set forth and as set forth in the Indenture.

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4 Section 1. Supplemental Indenture. This Ninety-First Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore and hereby supplemented and amended, is hereby confirmed. All capitalized terms used in this Ninety-First Supplemental Indenture but not defined herein shall have the same meanings ascribed to them in the Original Indenture, as such terms may have been or may be amended or modified from time to time pursuant to the Indenture, except in cases where the context clearly indicates otherwise. All references herein to Sections, Articles, definitions or other provisions of the Original Indenture shall be to such Sections, Articles, definitions or other provisions as they may be amended or modified from time to time pursuant to the Indenture. Section 2. Recitals. All recitals in this Ninety-First Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full. Section 3. Successors and Assigns. Whenever in this Ninety-First Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Ninety-First Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not. Section 4. No Rights, Remedies, Etc. Nothing in this Ninety-First Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Ninety-First Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Ninety-First Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured Obligations. Section 5. Counterparts. This Ninety-First Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together

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5 constitute but one and the same instrument. Section 6. Security Agreement and Financing Statement. To the extent permitted by applicable law, this Ninety-First Supplemental Indenture shall be deemed to be a Security Agreement and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated. The mailing address of the Company, as debtor is: Oglethorpe Power Corporation (An Electric Membership Corporation) 2100 East Exchange Place Tucker, Georgia 30084-5336, and the mailing address of the Trustee, as secured party, is: U.S. Bank Trust Company, National Association Attention: Global Corporate Trust 2 Concourse Parkway, Suite 800 Atlanta, Georgia 30328 [Signatures Begin on Next Page.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Ninety-Second Supplemental Indenture to be duly executed under seal (if applicable) as of the day and year first written above. Company: OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation organized under the laws of the State of Georgia By: /s/ Elizabeth B. Higgins Elizabeth B. Higgins Executive Vice President and Chief Financial Officer Signed, sealed and delivered Attest: /s/ Kimberly D. Adams by the Company in the presence of: Kimberly D. Adams Secretary /s/ Cyndie Mowrey [CORPORATE SEAL] Witness /s/ Tonya Gantt Notary Public (Notarial Seal) My commission expires: April 16, 2027 [Signatures Continued on Next Page.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Signatures Continued from Previous Page] Trustee: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association By: /s/ Jack Ellerin Authorized Agent Signed and delivered by the Trustee in the presence of: /s/ Mark C. Hallam Witness /s/ Celeste Santos Notary Public (Notarial Seal) My commission expires: Jan. 17, 2028

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![](exhibit421nnnn009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A All of the Company's right, title and interest in, to and under each of the following agreements, instruments and other documents (in each case, as the same may have been and may be amended, supplemented or otherwise modified from time to time): Lease Agreement, dated as of August 1, 2025 (the "Lease"), between the Development Authority of Monroe County, a development authority and public body corporate and politic created under Georgia law (the "Development Authority"), as landlord, and Oglethorpe Power Corporation (An Electric Membership Corporation), a Georgia electric membership corporation (the "Company"), as tenant. Option Agreement, dated as of August 1, 2025, between the Development Authority and the Company. Bond Purchase Loan Agreement, dated as of August 1, 2025, between the Development Authority and the Company, acting both as tenant under the Lease and as purchaser of the Bond (as defined herein). Assignment and Security Agreement, dated as of August 1, 2025, between the Development Authority, as debtor, and the Company, as secured party. Development Authority of Monroe County Taxable Industrial Development Revenue Bond (Oglethorpe Power Corporation Project), Series 2025, in a maximum principal amount of $3,100,000,000 (the "Bond"). Economic Development Agreement, dated as of August 1, 2025 (the "EDA"), between the Development Authority and the Company, acknowledged by the Board of Tax Assessors of Monroe County and the Tax Commissioner of Monroe County, which EDA (i) includes that certain Memorandum of Understanding, dated as of January 29, 2025 (the "MOU"), between the Development Authority and the Company, acknowledged by the Board of Assessors and the Tax Commissioner and (ii) amends the MOU, as set forth in the EDA.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B Smarr Tax Abatement Real Property ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN LAND LOTS 84, 85 AND 87 OF THE 13TH LAND DISTRICT, MONROE COUNTY, GEORGIA, SAID TRACT OR PARCEL OF LAND CONTAINING 6,807,462 SQUARE FEET OR 156.278 ACRES, MORE OR LESS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A CONCRETE MONUMENT FOUND AT THE INTERSECTION OF THE SOUTHEASTERLY RIGHT-OF-WAY OF RUMBLE ROAD (R/W VARIES) AND THE SOUTHWESTERLY RIGHT-OF-WAY OF INTERSTATE 75 (R/W VARIES) AND HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:1,087,940.82 AND E:2,394,973.13 AND BEING THE POINT OF REFERENCE. THENCE, ALONG A TIE LINE, S54°54'34"W A DISTANCE OF 1606.39 FEET TO A MAG NAIL & WASHER FOUND AT THE INTERSECTION OF THE SOUTHEASTERLY RIGHT- OF-WAY OF RUMBLE ROAD (R/W VARIES) AND THE EASTERLY SIDE OF RAY HARTLEY ROAD (60' ROADWAY EASEMENT); THENCE, CONTINUING ALONG RUMBLE ROAD, S53°15'29"W A DISTANCE OF 60.12 FEET TO A NAIL & WASHER FOUND AT THE INTERSECTION OF THE SOUTHEASTERLY RIGHT-OF-WAY OF RUMBLE ROAD (R/W VARIES) AND THE WESTERLY SIDE OF RAY HARTLEY ROAD (60' ROADWAY EASEMENT); THENCE, LEAVING SAID RIGHT-OF-WAY AND PROCEEDING DOWN THE WESTERLY SIDE OF RAY HARTLEY ROAD (60' ROADWAY EASEMENT) S33°03'25"E A DISTANCE OF 181.01 FEET TO A 1/2" REBAR FOUND; THENCE, ALONG A CURVE TO THE RIGHT, SAID CURVE HAVING A CHORD BEARING OF S27°18'10"E, A CHORD DISTANCE OF 107.30 FEET, AN ARC LENGTH OF 107.48 FEET AND A RADIUS OF 530.00 FEET TO A 1/2" REBAR & CAP FOUND; THENCE, S21°27'51"E A DISTANCE OF 407.21 FEET TO A 1/2" REBAR FOUND; THENCE, ALONG A CURVE TO THE RIGHT, SAID CURVE HAVING A CHORD BEARING OF S10°20'33"E, A CHORD DISTANCE OF 200.45 FEET, AN ARC LENGTH OF 201.71 FEET AND A RADIUS OF 520.00 FEET TO A 1/2" REBAR & CAP FOUND; THENCE, S00°46'34"W A DISTANCE OF 95.03 FEET TO A 1/2" REBAR & CAP SET; THENCE, S89°59'58"E FOR A DISTANCE OF 678.17 FEET TO A 1" REBAR FOUND; THENCE, S74°44'54"E FOR A DISTANCE OF 404.80 FEET TO A 1/2" REBAR FOUND; THENCE, S00°00'02"W FOR A DISTANCE OF 1854.57 FEET TO A 1/2" REBAR FOUND; THENCE, S89°59'45"E FOR A DISTANCE OF 1401.04 FEET TO A 1/2" REBAR & CAP SET; THENCE, S00°36'55"W FOR A DISTANCE OF 938.71 FEET TO A 1/2" REBAR & CAP SET. SAID POINT HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:1,083,163.35 AND E:2,396,401.87 AND BEING THE POINT OF BEGINNING. THENCE, S59°57'44"E FOR A DISTANCE OF 39.18 FEET TO A 1/2" REBAR & CAP SET; THENCE, S48°53'26"E FOR A DISTANCE OF 222.34 FEET TO A 1/2" REBAR & CAP SET; THENCE, S00°00'00"W FOR A DISTANCE OF 31.71 FEET TO A 1/2" REBAR & CAP SET; THENCE, S83°26'01"E FOR A DISTANCE OF 219.87 FEET TO A 1/2" REBAR & CAP SET ; THENCE, S66°56'55"E FOR A DISTANCE OF 334.74 FEET TO A 1/2" REBAR & CAP SET;

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&nbsp;&nbsp;&nbsp;&nbsp;THENCE, S00°50'28"E FOR A DISTANCE OF 587.78 FEET TO A 1/2" REBAR & CAP SET; THENCE, N90°00'00"W FOR A DISTANCE OF 432.13 FEET TO A 1/2" REBAR & CAP SET; THENCE, S05°40'40"E FOR A DISTANCE OF 391.94 FEET TO A 1/2" REBAR & CAP SET; THENCE, S70°20'43"W FOR A DISTANCE OF 145.78 FEET TO A 1/2" REBAR & CAP SET; THENCE, N78°10'31"W FOR A DISTANCE OF 218.95 FEET TO A 1/2" REBAR & CAP SET; THENCE, N78°10'31"W FOR A DISTANCE OF 254.81 FEET TO A 1/2" REBAR & CAP SET; THENCE, S25°28'15"W FOR A DISTANCE OF 311.68 FEET TO A 1/2" REBAR & CAP SET; THENCE, S41°00'35"W FOR A DISTANCE OF 159.20 FEET TO A 1/2" REBAR & CAP SET; THENCE, S69°50'24"W FOR A DISTANCE OF 131.52 FEET TO A 1/2" REBAR & CAP SET; THENCE, N89°55'57"W FOR A DISTANCE OF 287.74 FEET TO A 1/2" REBAR & CAP SET; THENCE, S47°19'58"W FOR A DISTANCE OF 164.38 FEET TO A 1/2" REBAR & CAP SET; THENCE, N87°21'19"W FOR A DISTANCE OF 1008.57 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°54'54"E FOR A DISTANCE OF 36.79 FEET TO A 1/2" REBAR & CAP SET; THENCE, S89°10'27"W FOR A DISTANCE OF 358.98 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°36'28"E FOR A DISTANCE OF 319.51 FEET TO A 1/2" REBAR & CAP SET; THENCE, N57°01'22"E FOR A DISTANCE OF 66.19 FEET TO A 1/2" REBAR & CAP SET; THENCE, S87°55'40"E FOR A DISTANCE OF 271.87 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°00'00"E FOR A DISTANCE OF 209.31 FEET TO A 1/2" REBAR & CAP SET; THENCE, S87°40'56"W FOR A DISTANCE OF 485.13 FEET TO A 1/2" REBAR & CAP SET; THENCE, N10°12'14"W FOR A DISTANCE OF 506.76 FEET TO A 1/2" REBAR & CAP SET; THENCE, N89°12'36"W FOR A DISTANCE OF 276.82 FEET TO A 1/2" REBAR & CAP SET ON THE EASTERLY SIDE OF THE 150' OGLETHORPE POWER CORPORATION RIGHT-OF- WAY; THENCE, ALONG SAID RIGHT-OF-WAY, N00°07'50"E FOR A DISTANCE OF 161.29 FEET TO A 2" OPEN TOP PIPE FOUND; THENCE, N00°07'11"E FOR A DISTANCE OF 2280.71 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, LEAVING SAID RIGHT-OF-WAY AND PROCEEDING DOWN SAID CREEK, S10°22'21"E FOR A DISTANCE OF 24.86 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S37°59'57"E FOR A DISTANCE OF 50.92 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S59°47'41"W FOR A DISTANCE OF 32.78 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S23°04'04"E FOR A DISTANCE OF 42.42 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S17°48'59"W FOR A DISTANCE OF 42.10 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S03°03'31"E FOR A DISTANCE OF 42.70 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S31°07'29"E FOR A DISTANCE OF 41.03 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S30°44'21"E FOR A DISTANCE OF 43.02 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S64°51'55"E FOR A DISTANCE OF 21.87 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, N75°42'01"E FOR A DISTANCE OF 9.79 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S76°56'01"E FOR A DISTANCE OF 7.92 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S67°14'47"E FOR A DISTANCE OF 16.99 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S10°22'46"W FOR A DISTANCE OF 17.50 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S30°27'59"E FOR A DISTANCE OF 36.40 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S75°20'10"E FOR A DISTANCE OF 9.31 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, N87°02'45"E FOR A DISTANCE OF 17.31 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S55°45'03"E FOR A

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![](exhibit421nnnn012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;DISTANCE OF 7.55 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S06°05'37"E FOR A DISTANCE OF 20.80 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S50°14'08"E FOR A DISTANCE OF 69.06 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S12°39'49"E FOR A DISTANCE OF 28.76 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S33°41'54"E FOR A DISTANCE OF 8.24 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S54°44'14"E FOR A DISTANCE OF 14.12 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S01°18'08"W FOR A DISTANCE OF 20.08 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S36°59'33"E FOR A DISTANCE OF 27.73 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S25°35'10"E FOR A DISTANCE OF 49.27 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S02°10'25"E FOR A DISTANCE OF 38.34 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, N83°37'44"E FOR A DISTANCE OF 29.53 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S43°40'02"E FOR A DISTANCE OF 25.13 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S47°19'06"E FOR A DISTANCE OF 61.69 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S58°13'57"E FOR A DISTANCE OF 116.07 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S46°50'34"E FOR A DISTANCE OF 68.16 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S06°39'44"E FOR A DISTANCE OF 24.96 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S18°43'02"E FOR A DISTANCE OF 22.63 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S49°27'13"E FOR A DISTANCE OF 57.92 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S35°26'53"E FOR A DISTANCE OF 105.62 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S17°42'37"E FOR A DISTANCE OF 17.55 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S73°17'55"E FOR A DISTANCE OF 32.40 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, N67°52'27"E FOR A DISTANCE OF 55.91 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, S50°51'08"E FOR A DISTANCE OF 14.77 FEET TO A POINT IN THE CENTERLINE OF A CREEK; THENCE, LEAVING SAID CREEK, N00°00'26"E FOR A DISTANCE OF 27.41 FEET TO A 1/2" REBAR & CAP FOUND; THENCE, N00°00'26"E FOR A DISTANCE OF 521.73 FEET TO A 1/2" REBAR & CAP FOUND ON THE WESTERLY SIDE OF RAY HARTLEY ROAD (60' ROADWAY EASEMENT); THENCE, ALONG SAID ROADWAY EASEMENT, ALONG A CURVE TO THE LEFT, SAID CURVE HAVING A CHORD BEARING OF S69°34'15"E, A CHORD DISTANCE OF 127.63 FEET, AN ARC LENGTH OF 165.65 FEET AND A RADIUS OF 68.00 FEET TO A 1/2" REBAR & CAP SET; THENCE, LEAVING SAID ROADWAY EASEMENT, S24°16'09"E FOR A DISTANCE OF 26.45 FEET TO A 1/2" REBAR & CAP SET; THENCE, S24°30'58"E FOR A DISTANCE OF 105.03 FEET TO A 1/2" REBAR & CAP SET; THENCE, S23°30'35"E FOR A DISTANCE OF 57.07 FEET TO A 1/2" REBAR & CAP SET; THENCE, S03°10'23"E FOR A DISTANCE OF 63.90 FEET TO A 1/2" REBAR & CAP SET; THENCE, S04°36'40"E FOR A DISTANCE OF 136.29 FEET TO A 1/2" REBAR & CAP SET; THENCE, S04°46'57"E FOR A DISTANCE OF 125.39 FEET TO A 1/2" REBAR & CAP SET; THENCE, S04°32'36"E FOR A DISTANCE OF 123.40 FEET TO A 1/2" REBAR & CAP SET; THENCE, S02°48'12"W FOR A DISTANCE OF 182.98 FEET TO A 1/2" REBAR & CAP SET; THENCE, S32°09'45"E FOR A DISTANCE OF 34.34 FEET TO A 1/2" REBAR & CAP SET; THENCE, S70°48'13"E FOR A DISTANCE OF 408.72 FEET TO A 1/2" REBAR & CAP SET; THENCE, N83°22'35"E FOR A DISTANCE OF 244.58 FEET TO A 1/2" REBAR & CAP SET; THENCE, S86°43'02"E FOR

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![](exhibit421nnnn013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;A DISTANCE OF 549.64 FEET TO A 1/2" REBAR & CAP SET; THENCE, S66°22'34"E FOR A DISTANCE OF 32.71 FEET TO A 1/2" REBAR & CAP SET; THENCE, S59°15'58"E FOR A DISTANCE OF 377.12 FEET TO A 1/2" REBAR & CAP SET; THENCE, N88°15'17"E FOR A DISTANCE OF 147.24 FEET TO A 1/2" REBAR & CAP SET; THENCE, S65°38'47"E FOR A DISTANCE OF 225.36 FEET TO A 1/2" REBAR & CAP SET; THENCE, S59°57'44"E A DISTANCE OF 63.77 FEET TO THE AFOREMENTIONED POINT OF BEGINNING.

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![](exhibit421nnnn014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 RECORDING INFORMATION FOR _____________ COUNTY, GEORGIA DOCUMENT RECORDING INFORMATION DATE OF RECORDING Original Indenture First Supplemental Indenture Second Supplemental Indenture Third Supplemental Indenture Fourth Supplemental Indenture Fifth Supplemental Indenture Sixth Supplemental Indenture Seventh Supplemental Indenture Eighth Supplemental Indenture Ninth Supplemental Indenture Tenth Supplemental Indenture Eleventh Supplemental Indenture Twelfth Supplemental Indenture Thirteenth Supplemental Indenture Fourteenth Supplemental Indenture Fifteenth Supplemental Indenture Sixteenth Supplemental Indenture Seventeenth Supplemental Indenture Eighteenth Supplemental Indenture Nineteenth Supplemental Indenture Twentieth Supplemental Indenture Twenty-First Supplemental Indenture Twenty-Second Supplemental Indenture Twenty-Third Supplemental Indenture Twenty-Fourth Supplemental Indenture Twenty-Fifth Supplemental Indenture

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![](exhibit421nnnn015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Twenty-Sixth Supplemental Indenture Twenty-Seventh Supplemental Indenture Twenty-Eighth Supplemental Indenture Twenty-Ninth Supplemental Indenture Thirtieth Supplemental Indenture Thirty-First Supplemental Indenture Thirty-Second Supplemental Indenture Thirty-Third Supplemental Indenture Thirty-Fourth Supplemental Indenture Thirty-Fifth Supplemental Indenture Thirty-Sixth Supplemental Indenture Thirty-Seventh Supplemental Indenture Thirty-Eighth Supplemental Indenture Thirty-Ninth Supplemental Indenture Fortieth Supplemental Indenture Forty-First Supplemental Indenture Forty-Second Supplemental Indenture Forty-Third Supplemental Indenture Forty-Fourth Supplemental Indenture Forty-Fifth Supplemental Indenture Forty-Sixth Supplemental Indenture Forty-Seventh Supplemental Indenture Forty-Eighth Supplemental Indenture Forty-Ninth Supplemental Indenture Fiftieth Supplemental Indenture Fifty-First Supplemental Indenture Fifty-Second Supplemental Indenture Fifty-Third Supplemental Indenture Fifty-Fourth Supplemental Indenture Fifty-Fifth Supplemental Indenture

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![](exhibit421nnnn016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Fifty-Sixth Supplemental Indenture Fifty-Seventh Supplemental Indenture Fifty-Eighth Supplemental Indenture Fifty-Ninth Supplemental Indenture Sixtieth Supplemental Indenture Sixty-First Supplemental Indenture Sixty-Second Supplemental Indenture Sixty-Third Supplemental Indenture Sixty-Fourth Supplemental Indenture Sixty-Fifth Supplemental Indenture Sixty-Sixth Supplemental Indenture Sixty-Seventh Supplemental Indenture Sixty-Eighth Supplemental Indenture Sixty-Ninth Supplemental Indenture Seventieth Supplemental Indenture Seventy-First Supplemental Indenture Seventy-Second Supplemental Indenture Seventy-Third Supplemental Indenture Seventy-Fourth Supplemental Indenture Seventy-Fifth Supplemental Indenture Seventy-Sixth Supplemental Indenture Seventy-Seventh Supplemental Indenture Seventy-Eighth Supplemental Indenture Seventy-Ninth Supplemental Indenture Eightieth Supplemental Indenture Eighty-First Supplemental Indenture Eighty-Second Supplemental Indenture Eighty-Third Supplemental Indenture Eighty-Fourth Supplemental Indenture Eighty-Fifth Supplemental Indenture Eighty-Sixth Supplemental Indenture

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![](exhibit421nnnn017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Eighty-Seventh Supplemental Indenture Eighty-Eighth Supplemental Indenture Eighty-Ninth Supplemental Indenture Ninetieth Supplemental Indenture

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## Exhibit 4.21

![](exhibit421oooo001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 4.2.1(oooo) PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES, COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), GRANTOR, to U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, TRUSTEE NINETY-SECOND SUPPLEMENTAL INDENTURE Relating to Subjecting, Conveying and Confirming the Lien of the Indenture with Respect to Certain Agreements, Instruments, Other Documents and Property Dated as of December 11, 2025 FIRST MORTGAGE OBLIGATIONS NOTE TO CLERK OF THE GEORGIA SUPERIOR COURT AND GEORGIA TAX COMMISSIONER: THIS INSTRUMENT ONLY ADDS ADDITIONAL SECURITY FOR ORIGINAL INDEBTEDNESS SECURED BY THE EXISTING INDENTURE. THIS INSTRUMENT DOES NOT INCREASE THE PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE, NOR DOES IT EXTEND THE MATURITY DATE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE. PURSUANT TO O.C.G.A. § 48-6- 65(A), NO ADDITIONAL INTANGIBLE RECORDING TAX IS DUE UPON THE RECORDING OF THIS INSTRUMENT. ALL INTANGIBLE RECORDING TAX DUE ON THE EXISTING INDENTURE HAS BEEN PAID.

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![](exhibit421oooo002.jpg)

1 THIS NINETY-SECOND SUPPLEMENTAL INDENTURE, dated as of December 11, 2025, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (the "Company"), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as successor to U.S. Bank National Association (as successor to SunTrust Bank, formerly SunTrust Bank, Atlanta), as Trustee (in such capacity, the "Trustee"). WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (the "Original Indenture"), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture as provided in Section 1 hereof); WHEREAS, the Original Indenture has heretofore been supplemented and amended by ninety-one Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter supplemented and amended, the "Indenture"), and the Original Indenture and the ninety-one Supplemental Indentures have been recorded as set forth on Schedule 1 attached hereto; WHEREAS, the Company has entered into (i) that certain Memorandum of Understanding, dated February 14, 2025, by and between the Company and the Development Authority of Talbot County (the "Development Authority"), acknowledged by the Board of Tax Assessors of Talbot County and the Tax Commissioner of Talbot County, with respect to a bond- for-title tax abatement transaction (the "Unit 7 Bond-for-Title Transaction") to be entered into by the Company and the Development Authority with respect to the Company's 240-megawatt simple-cycle combustion turbine generating facility proposed to be constructed in Talbot County, Georgia on the property described on Exhibit B attached hereto (the "Unit 7 Project") and (ii) that certain Memorandum of Understanding, dated February 14, 2025, by and between the Company and the Development Authority of Talbot County (the "Development Authority"), acknowledged by the Board of Tax Assessors of Talbot County and the Tax Commissioner of Talbot County, with respect to a bond-for-title tax abatement transaction (the "Dual Fuel Bond- for-Title Transaction"; together, with the Unit 7 Bond-for-Title Transaction, the "Bond-for-Title Transactions") to be entered into by the Company and the Development Authority with respect to the Company's dual-fuel storage facility proposed to be constructed in Talbot County, Georgia on the property described on Exhibit C attached hereto (the "Dual Fuel Project"; together, with the Unit 7 Project, the "Projects"); WHEREAS, the Bond-for-Title Transactions will involve the transfer, subject to the existing lien of the Indenture, of title to the real and personal property comprising each of the Projects by the Company to the Development Authority, and, in each case, the leasing of the real and personal property comprising each such Project by the Development Authority back to the Company;

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![](exhibit421oooo003.jpg)

2 WHEREAS, the Company desires to cause each of the Projects to qualify as Property Addition under the Indenture, and specifically to meet the requirements set forth in Paragraph C of the definition of "Property Additions" in the Indenture, and is executing and delivering this Ninety-Second Supplemental Indenture, in accordance with the provisions of the Indenture, for the purpose of subjecting, conveying and confirming unto the Trustee, as applicable, the lien of the Indenture with respect to the real and personal property comprising each of the Projects, including the property more particularly described on Exhibit B and Exhibit C attached hereto, and those agreements, instruments and other documents relating to the Bond-for-Title Transactions and each of the Projects that are more particularly described on Exhibit A attached hereto; and WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, may enter into a Supplemental Indenture for the purposes and subject to the conditions set forth in said Section 12.1, including to better assure, convey and confirm unto the Trustee any property subject or required to be subjected to the lien of the Indenture, or to subject additional property to the lien of the Indenture; NOW, THEREFORE, THIS NINETY-SECOND SUPPLEMENTAL INDENTURE WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises of the Company (except any Excepted Property or any Excludable Property), of every kind and description, real, personal or mixed, tangible or intangible, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, the agreements, instruments, other documents and property more particularly described on Exhibit A, Exhibit B and Exhibit C attached hereto, subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Indenture subject in all cases to Sections 5.2 and 11.2B of the Original Indenture, and to the rights of the Company under the Indenture, including the rights set forth in Article V of the Original Indenture; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as "Excepted Property" or "Excludable Property" in the Indenture to the extent contemplated thereby. PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially all of the Trust Estate, all the Excepted Property described or referred to in Paragraphs A through H, inclusive, of "Excepted Property" in the

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![](exhibit421oooo004.jpg)

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![](exhibit421oooo005.jpg)

4 THE INDENTURE, INCLUDING THIS NINETY-SECOND SUPPLEMENTAL INDENTURE, is intended to operate and is to be construed as a deed passing title to the Trust Estate and is made under the provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed of trust, and is given to secure the Outstanding Secured Obligations. Should the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when the same shall become due and payable and should the Company perform all covenants contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered. ARTICLE I GENERAL PROVISIONS Section 1. Supplemental Indenture. This Ninety-Second Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore and hereby supplemented and amended, is hereby confirmed. All capitalized terms used in this Ninety-Second Supplemental Indenture but not defined herein shall have the same meanings ascribed to them in the Original Indenture, as such terms may have been or may be amended or modified from time to time pursuant to the Indenture, except in cases where the context clearly indicates otherwise. All references herein to Sections, Articles, definitions or other provisions of the Original Indenture shall be to such Sections, Articles, definitions or other provisions as they may be amended or modified from time to time pursuant to the Indenture. Section 2. Recitals. All recitals in this Ninety-Second Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full. Section 3. Successors and Assigns. Whenever in this Ninety-Second Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Ninety-Second Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not. Section 4. No Rights, Remedies, Etc.

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5 Nothing in this Ninety-Second Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Ninety-Second Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Ninety-Second Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured Obligations. Section 5. Counterparts. This Ninety-Second Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. Section 6. Security Agreement and Financing Statement. To the extent permitted by applicable law, this Ninety-Second Supplemental Indenture shall be deemed to be a Security Agreement and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated. The mailing address of the Company, as debtor is: Oglethorpe Power Corporation (An Electric Membership Corporation) 2100 East Exchange Place Tucker, Georgia 30084-5336, and the mailing address of the Trustee, as secured party, is: U.S. Bank Trust Company, National Association Attention: Global Corporate Trust 2 Concourse Parkway, Suite 800 Atlanta, Georgia 30328 [Signatures Begin on Next Page.]

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![](exhibit421oooo007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Ninety-Second Supplemental Indenture to be duly executed under seal (if applicable) as of the day and year first written above. Company: OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation organized under the laws of the State of Georgia By: /s/ Elizabeth B. Higgins Elizabeth B. Higgins Executive Vice President and Chief Financial Officer Signed, sealed and delivered Attest: /s/ Kimberly D. Adams by the Company in the presence of: Kimberly D. Adams Secretary /s/ Cyndie Mowrey [CORPORATE SEAL] Witness /s/ Tonya Gantt Notary Public (Notarial Seal) My commission expires: April 16, 2027 [Signatures Continued on Next Page.]

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![](exhibit421oooo008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Signatures Continued from Previous Page] Trustee: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association By: /s/ Jack Ellerin Authorized Agent Signed and delivered by the Trustee in the presence of: /s/ Mark C. Hallam Witness /s/ Celeste Santos Notary Public (Notarial Seal) My commission expires: Jan. 17, 2028

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![](exhibit421oooo009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A All of the Company's right, title and interest in, to and under each of the following agreements, instruments and other documents (in each case, as the same may have been and may be amended, supplemented or otherwise modified from time to time): Lease Agreement, dated as of September 1, 2025, between the Development Authority of Talbot County, a development authority and public body corporate and politic created under Georgia law (the "Development Authority"), as landlord, and Oglethorpe Power Corporation (An Electric Membership Corporation), a Georgia electric membership corporation (the "Company"), as tenant, entered into in connection with the Unit 7 Bond-for-Title Transaction (the "Unit 7 Lease"). Lease Agreement, dated as of September 1, 2025, between the Development Authority, as landlord, and the Company, as tenant, entered into in connection with the Dual Fuel Bond-for-Title Transaction (the "Dual Fuel Lease"). Option Agreement, dated as of September 1, 2025, between the Development Authority and the Company, entered into in connection with the Unit 7 Bond-for-Title Transaction. Option Agreement, dated as of September 1, 2025, between the Development Authority and the Company, entered into in connection with the Dual Fuel Bond-for-Title Transaction. Bond Purchase Loan Agreement, dated as of September 1, 2025, between the Development Authority and the Company, acting both as tenant under the Unit 7 Lease and as purchaser of the Unit 7 Bond (as defined herein). Bond Purchase Loan Agreement, dated as of September 1, 2025, between the Development Authority and the Company, acting both as tenant under the Dual Fuel Lease and as purchaser of the Dual Fuel Bond (as defined herein). Assignment and Security Agreement, dated as of September 1, 2025, between the Development Authority, as debtor, and the Company, as secured party, entered into in connection with the Unit 7 Bond-for-Title Transaction. Assignment and Security Agreement, dated as of September 1, 2025, between the Development Authority, as debtor, and the Company, as secured party, entered into in connection with the Dual Fuel Bond-for-Title Transaction. Development Authority of Talbot County Taxable Industrial Development Revenue Bond (Oglethorpe Power Corporation Unit 7 Project), Series 2025, in a maximum principal amount of $360,000,000 (the "Unit 7 Bond"). Development Authority of Talbot County Taxable Industrial Development Revenue Bond (Oglethorpe Power Corporation Dual Fuel Project), Series 2025, in a maximum principal amount of $100,000,000 (the "Dual Fuel Bond").

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![](exhibit421oooo010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Memorandum of Understanding, dated as of February 14, 2025, between the Development Authority and the Company, acknowledged by the Board of Assessors and the Tax Commissioner, entered into in connection with the Unit 7 Bond-for-Title Transaction. Memorandum of Understanding, dated as of February 14, 2025, between the Development Authority and the Company, acknowledged by the Board of Assessors and the Tax Commissioner, entered into in connection with the Dual Fuel Bond-for-Title Transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B Unit 7 Tax Abatement Real Property ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN LAND LOT 189 OF THE 17TH LAND DISTRICT, TALBOT COUNTY, GEORGIA, SAID TRACT OR PARCEL OF LAND CONTAINING 52,682 SQUARE FEET OR 1.209 ACRES, MORE OR LESS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A 5/8" REBAR & CAP FOUND AT THE NORTHEASTERLY CORNER OF THE SUBJECT PROPERTY AND ON THE LINE SEPARATING LAND LOT 188 AND LAND LOT 189 AND HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:943,198.65 AND E:2,135,974.06, SAID POINT BEING THE POINT OF REFERENCE. THENCE, ALONG A TIE LINE, S56°21'47"W A DISTANCE OF 1095.67 FEET TO A 1/2" REBAR & CAP SET; THENCE, S90°00'00"W FOR A DISTANCE OF 163.42 FEET TO A 1/2" REBAR & CAP SET; THENCE, S00°00'00"W FOR A DISTANCE OF 76.94 FEET TO A 1/2" REBAR & CAP SET; SAID POINT HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:942,514.78 AND E:2,134,898.43 AND BEING THE POINT OF BEGINNING. THENCE, S00°00'00"W FOR A DISTANCE OF 156.93 FEET TO A 1/2" REBAR & CAP SET; THENCE, S00°00'00"E FOR A DISTANCE OF 15.74 FEET TO A 1/2" REBAR & CAP SET; THENCE, N90°00'00"W FOR A DISTANCE OF 305.10 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°00'00"E FOR A DISTANCE OF 172.67 FEET TO A 1/2" REBAR & CAP SET; THENCE, N90°00'00"E A DISTANCE OF 305.10 FEET TO THE AFOREMENTIONED POINT OF BEGINNING. TOGETHER WITH THE RIGHT TO PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS OVER AND ACROSS ANY ROADWAY AS MAY BE LOCATED FROM TIME TO TIME WITHIN GRANTOR'S PROPERTY IN ORDER THAT GRANTEE MAY ACCESS THE UNIT.

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit C Dual Fuel Tax Abatement Real Property ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN LAND LOT 189 OF THE 17TH LAND DISTRICT, TALBOT COUNTY, GEORGIA, SAID TRACT OR PARCEL OF LAND CONTAINING 38,220 SQUARE FEET OR 0.877 ACRES, MORE OR LESS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A 5/8" REBAR & CAP FOUND AT THE NORTHEASTERLY CORNER OF THE SUBJECT PROPERTY AND ON THE LINE SEPARATING LAND LOT 188 AND LAND LOT 189 AND HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:943,198.65 AND E:2,135,974.06, SAID POINT BEING THE POINT OF REFERENCE. THENCE, ALONG A TIE LINE, S56°21'47"W A DISTANCE OF 1095.67 FEET TO A 1/2" REBAR & CAP SET. SAID POINT HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:942,591.73 AND E:2,135,061.85 AND BEING THE POINT OF BEGINNING. THENCE, S00°00'00"E FOR A DISTANCE OF 233.87 FEET TO A 1/2" REBAR & CAP SET; THENCE, N90°00'00"W FOR A DISTANCE OF 163.42 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°00'00"E FOR A DISTANCE OF 156.93 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°00'00"E FOR A DISTANCE OF 76.94 FEET TO A 1/2" REBAR & CAP SET; THENCE N90°00'00"E A DISTANCE OF 163.42 FEET TO THE AFOREMENTIONED POINT OF BEGINNING. ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN LAND LOT 189 OF THE 17TH LAND DISTRICT, TALBOT COUNTY, GEORGIA, SAID TRACT OR PARCEL OF LAND CONTAINING 75,608 SQUARE FEET OR 1.736 ACRES, MORE OR LESS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A 5/8" REBAR & CAP FOUND AT THE NORTHEASTERLY CORNER OF THE SUBJECT PROPERTY AND ON THE LINE SEPARATING LAND LOT 188 AND LAND LOT 189 AND HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:943,198.65 AND E:2,135,974.06, SAID POINT BEING THE POINT OF REFERENCE. THENCE, ALONG A TIE LINE, S17°33'06"W FOR A DISTANCE OF 2089.54 FEET TO A 1/2" REBAR & CAP SET. SAID POINT HAVING GEORGIA STATE PLANE NAD83 WEST ZONE COORDINATES OF N:941,206.38 AND E:2135343.93 AND BEING THE POINT OF BEGINNING. THENCE, S00°00'00"E FOR A DISTANCE OF 222.69 FEET TO A 1/2" REBAR & CAP SET; THENCE, N90°00'00"W FOR A DISTANCE OF 339.53 FEET TO A 1/2" REBAR & CAP SET; THENCE, N00°00'00"E FOR A DISTANCE OF 222.69 FEET TO A 1/2" REBAR & CAP SET; THENCE, N90°00'00"E A DISTANCE OF 339.53 FEET TO THE AFOREMENTIONED POINT OF BEGINNING.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOGETHER WITH THE RIGHT TO PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS OVER AND ACROSS ANY ROADWAY AS MAY BE LOCATED FROM TIME TO TIME WITHIN GRANTOR'S PROPERTY IN ORDER THAT GRANTEE MAY ACCESS THE UNITS.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 RECORDING INFORMATION FOR _____________ COUNTY, GEORGIA DOCUMENT RECORDING INFORMATION DATE OF RECORDING Original Indenture First Supplemental Indenture Second Supplemental Indenture Third Supplemental Indenture Fourth Supplemental Indenture Fifth Supplemental Indenture Sixth Supplemental Indenture Seventh Supplemental Indenture Eighth Supplemental Indenture Ninth Supplemental Indenture Tenth Supplemental Indenture Eleventh Supplemental Indenture Twelfth Supplemental Indenture Thirteenth Supplemental Indenture Fourteenth Supplemental Indenture Fifteenth Supplemental Indenture Sixteenth Supplemental Indenture Seventeenth Supplemental Indenture Eighteenth Supplemental Indenture Nineteenth Supplemental Indenture Twentieth Supplemental Indenture Twenty-First Supplemental Indenture Twenty-Second Supplemental Indenture Twenty-Third Supplemental Indenture Twenty-Fourth Supplemental Indenture Twenty-Fifth Supplemental Indenture

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Twenty-Sixth Supplemental Indenture Twenty-Seventh Supplemental Indenture Twenty-Eighth Supplemental Indenture Twenty-Ninth Supplemental Indenture Thirtieth Supplemental Indenture Thirty-First Supplemental Indenture Thirty-Second Supplemental Indenture Thirty-Third Supplemental Indenture Thirty-Fourth Supplemental Indenture Thirty-Fifth Supplemental Indenture Thirty-Sixth Supplemental Indenture Thirty-Seventh Supplemental Indenture Thirty-Eighth Supplemental Indenture Thirty-Ninth Supplemental Indenture Fortieth Supplemental Indenture Forty-First Supplemental Indenture Forty-Second Supplemental Indenture Forty-Third Supplemental Indenture Forty-Fourth Supplemental Indenture Forty-Fifth Supplemental Indenture Forty-Sixth Supplemental Indenture Forty-Seventh Supplemental Indenture Forty-Eighth Supplemental Indenture Forty-Ninth Supplemental Indenture Fiftieth Supplemental Indenture Fifty-First Supplemental Indenture Fifty-Second Supplemental Indenture Fifty-Third Supplemental Indenture Fifty-Fourth Supplemental Indenture Fifty-Fifth Supplemental Indenture

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Fifty-Sixth Supplemental Indenture Fifty-Seventh Supplemental Indenture Fifty-Eighth Supplemental Indenture Fifty-Ninth Supplemental Indenture Sixtieth Supplemental Indenture Sixty-First Supplemental Indenture Sixty-Second Supplemental Indenture Sixty-Third Supplemental Indenture Sixty-Fourth Supplemental Indenture Sixty-Fifth Supplemental Indenture Sixty-Sixth Supplemental Indenture Sixty-Seventh Supplemental Indenture Sixty-Eighth Supplemental Indenture Sixty-Ninth Supplemental Indenture Seventieth Supplemental Indenture Seventy-First Supplemental Indenture Seventy-Second Supplemental Indenture Seventy-Third Supplemental Indenture Seventy-Fourth Supplemental Indenture Seventy-Fifth Supplemental Indenture Seventy-Sixth Supplemental Indenture Seventy-Seventh Supplemental Indenture Seventy-Eighth Supplemental Indenture Seventy-Ninth Supplemental Indenture Eightieth Supplemental Indenture Eighty-First Supplemental Indenture Eighty-Second Supplemental Indenture Eighty-Third Supplemental Indenture Eighty-Fourth Supplemental Indenture Eighty-Fifth Supplemental Indenture Eighty-Sixth Supplemental Indenture

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Eighty-Seventh Supplemental Indenture Eighty-Eighth Supplemental Indenture Eighty-Ninth Supplemental Indenture Ninetieth Supplemental Indenture Ninety-First Supplemental Indenture

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## Exhibit 4.21

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 4.2.1(pppp) PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES, COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), GRANTOR, to U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, TRUSTEE NINETY-THIRD SUPPLEMENTAL INDENTURE Relating to the Series 2026 (FFB AK48) Note and Series 2026 (RUS AK48) Reimbursement Note Dated as of February 24, 2026 FIRST MORTGAGE OBLIGATIONS NOTE TO CLERK OF THE GEORGIA SUPERIOR COURT AND GEORGIA TAX COMMISSIONER: THIS INSTRUMENT IS EXEMPT FROM THE INTANGIBLES RECORDING TAX PURSUANT TO THE RULES AND REGULATIONS OF THE STATE OF GEORGIA § 560-11-8-.14(A) BECAUSE THIS INSTRUMENT SECURES NOTES, THE HOLDERS OF WHICH ARE THE FEDERAL FINANCING BANK, AN INSTRUMENTALITY OF THE UNITED STATES OF AMERICA, AND THE RURAL UTILITIES SERVICE, AN AGENCY OF THE UNITED STATES OF AMERICA.

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1 THIS NINETY-THIRD SUPPLEMENTAL INDENTURE, dated as of February 24, 2026, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (the "Company"), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as successor to U.S. Bank National Association (as successor to SunTrust Bank, formerly SunTrust Bank, Atlanta), as Trustee (in such capacity, the "Trustee"). WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (the "Original Indenture"), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture as provided in Section 2.1 hereof); WHEREAS, the Original Indenture has heretofore been supplemented and amended by ninety-two Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter supplemented and amended, the "Indenture"), and the Original Indenture and the ninety-two Supplemental Indentures have been recorded as set forth on Schedule 1 attached hereto; WHEREAS, the Company is entering into a Fourteenth Amended and Restated Loan Contract, dated as of February 24, 2026 (as it may be amended, supplemented and/or restated from time to time, the "Amended and Restated Loan Contract"), with the United States of America, acting by and through the Administrator of the Rural Utilities Service ("RUS") which, among other things, provides the terms and conditions of a loan from the Federal Financing Bank ("FFB") in a principal amount of $80,058,000 (the "FFB AK48 Loan"); WHEREAS, the Company's obligation to repay the FFB AK48 Loan will be evidenced by that certain Series 2026 (FFB AK48) Note, dated February 24, 2026 (the "Series 2026 (FFB AK48) Note"), from the Company to FFB; WHEREAS, RUS will guarantee the Company's obligation to repay the FFB AK48 Loan; WHEREAS, the Company will be obligated to reimburse RUS for any payments made to FFB on behalf of the Company in connection with the FFB AK48 Loan, and such reimbursement obligations by the Company will be evidenced by that certain Series 2026 (RUS AK48) Reimbursement Note, dated February 24, 2026 (the "Series 2026 (RUS AK48) Reimbursement Note," and together with the Series 2026 (FFB AK48) Note, collectively, the "AK48 Notes"), from the Company to RUS; WHEREAS, the Company desires to execute and deliver this Ninety-Third Supplemental Indenture, in accordance with the provisions of the Indenture, for the purpose of (i) providing for the creation and designation of the AK48 Notes as Additional Obligations and

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2 specifying the forms and provisions thereof, and (ii) conveying and confirming unto the Trustee the property more particularly described on Exhibit A hereto; WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, may enter into a Supplemental Indenture for the purposes and subject to the conditions set forth in said Section 12.1, including to better assure, convey and confirm unto the Trustee any property subjected to the lien of the Indenture and to create additional series of Obligations under the Indenture and to make provisions for such additional series of Obligations; and WHEREAS, all acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to secure under the Indenture the payment of the principal of (and premium, if any) and interest on the AK48 Notes, to make the AK48 Notes to be issued hereunder, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, and to constitute the Indenture a valid and binding lien for the security of the AK48 Notes, in accordance with its terms, have been done and taken; and the execution and delivery of this Ninety-Third Supplemental Indenture have been in all respects duly authorized by the Company; NOW, THEREFORE, THIS NINETY-THIRD SUPPLEMENTAL INDENTURE WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, including, when authenticated and delivered, the AK48 Notes, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, to declare the terms and conditions on which the AK48 Notes are secured, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises (other than Excepted Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, all property described in Exhibit A hereto; subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Indenture subject in all cases to Sections 5.2 and 11.2B of the Original Indenture, and to the rights of the Company under the Indenture including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as "Excepted Property" or "Excludable Property" in the Indenture to the extent contemplated thereby. PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have

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4 oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues, profits, revenues and other income, products and proceeds of the Trust Estate. THE INDENTURE, INCLUDING THIS NINETY-THIRD SUPPLEMENTAL INDENTURE, is given to secure the Outstanding Secured Obligations, and is intended to operate and is to be construed as a deed passing title to the Trust Estate and is made under the provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed of trust, and is given to secure the Outstanding Secured Obligations. Should the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when the same shall become due and payable and should the Company perform all covenants contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered. AND IT IS HEREBY COVENANTED AND DECLARED that the AK48 Notes are to be authenticated and delivered and the Trust Estate is to be held and applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Indenture, and the Company does hereby covenant and agree to and with the Trustee, for the equal and proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows: ARTICLE I THE AK48 NOTES AND CERTAIN PROVISIONS RELATING THERETO Section 1.1 Authorization and Terms of the Series 2026 (FFB AK48) Note. There shall be created and established an Additional Obligation in the form of a future advance promissory note known as and entitled the "Series 2026 (FFB AK48) Note," the form, terms and conditions of which shall be substantially as set forth in or determined by the method prescribed pursuant to this Section and Section 1.2 hereof. The face principal amount of the Series 2026 (FFB AK48) Note is limited to $80,058,000. The Series 2026 (FFB AK48) Note shall be authenticated and delivered as a Conditional Obligation pursuant to Section 4.8 of the Original Indenture. If the Series 2026 (FFB AK48) Note is duly executed and issued by the Company, authenticated and delivered by the Trustee and received and held by FFB, then any advance under the Series 2026 (FFB AK48) Note made in compliance with Section 4.8 of the Original Indenture will be equally and proportionately secured under the Indenture with all other Outstanding Secured Obligations. The Series 2026 (FFB AK48) Note shall be dated February 24, 2026. The Series 2026 (FFB AK48) Note shall have a final maturity date of December 31, 2050, and each advance under the Series 2026 (FFB AK48) Note shall bear interest from the date of advance until the maturity date for such advance (unless repaid sooner) at rates calculated as provided for in the form of note prescribed pursuant to Section 1.2 hereof. The Series 2026 (FFB AK48) Note shall be authenticated and delivered to, and made payable to, FFB.

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5 All payments, including prepayments, made on the Series 2026 (FFB AK48) Note shall be made as provided in the Series 2026 (FFB AK48) Note and the Amended and Restated Loan Contract (and shall not be governed by the provisions of Section 1.14 or Article XIV of the Original Indenture), and shall be made in lawful money of the United States of America which will be immediately available on the date payment is due. Section 1.2 Form of the Series 2026 (FFB AK48) Note. The Series 2026 (FFB AK48) Note and the Trustee's certificate of authentication for the Series 2026 (FFB AK48) Note shall be substantially in the form set forth in an Officers' Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the Series 2026 (FFB AK48) Note pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture. Pursuant to Section 1.20 of the Original Indenture, the United States of America, acting by and through the Administrator of RUS, shall be, and shall have the rights of, the Holder of the Series 2026 (FFB AK48) Note for all purposes under the Indenture at all times during which the Series 2026 (FFB AK48) Note continues to be guaranteed by the United States of America, acting by and through the Administrator of RUS. Section 1.3 Authorization and Terms of the Series 2026 (RUS AK48) Reimbursement Note. There shall be created and established an Additional Obligation in the form of a reimbursement note known as and entitled the "Series 2026 (RUS AK48) Reimbursement Note," the form, terms and conditions of which shall be substantially as set forth in or determined by the method prescribed pursuant to this Section and Section 1.4 hereof. If the Series 2026 (RUS AK48) Reimbursement Note is duly executed and issued by the Company, authenticated and delivered by the Trustee and received and held by the Holder thereof, then reimbursement obligations evidenced thereunder that relate to advances under the Series 2026 (FFB AK48) Note made in compliance with Section 4.8 of the Original Indenture will be equally and proportionately secured under the Indenture with all other Outstanding Secured Obligations. The Series 2026 (RUS AK48) Reimbursement Note shall be dated February 24, 2026. The Series 2026 (RUS AK48) Reimbursement Note shall mature and shall bear interest for the periods and at the rates calculated as provided for in the form of note prescribed pursuant to Section 1.4 hereof. The Series 2026 (RUS AK48) Reimbursement Note shall be authenticated and delivered to, and made payable to, the United States of America, acting by and through the Administrator of RUS. All payments, including prepayments, made on the Series 2026 (RUS AK48) Reimbursement Note shall be made as provided in the Series 2026 (RUS AK48) Reimbursement Note and the Amended and Restated Loan Contract (and shall not be governed by the provisions

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6 of Section 1.14 or Article XIV of the Original Indenture) to the United States of America, acting by and through the Administrator of RUS, at the United States Treasury, Washington, D.C., and shall be made in lawful money of the United States of America which will be immediately available on the date payment is due. The Series 2026 (RUS AK48) Reimbursement Note is an Additional Obligation issued by the Company for the purpose of evidencing the Company's obligation to reimburse the United States of America, acting by and through the Administrator of RUS, for all amounts paid, or for any advances or loans made to or on behalf of the Company, on account of the guarantee by the United States of America, pursuant to the Rural Electrification Act of 1936, as amended, of the Series 2026 (FFB AK48) Note, and related interest, fees, costs, penalties, charges and other amounts, and constitutes an "RUS Reimbursement Obligation" as described in Section 4.9 of the Original Indenture. Section 1.4 Form of the Series 2026 (RUS AK48) Reimbursement Note. The Series 2026 (RUS AK48) Reimbursement Note and the Trustee's certificate of authentication for such Series 2026 (RUS AK48) Reimbursement Note shall be substantially in the form set forth in an Officers' Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the Series 2026 (RUS AK48) Reimbursement Note pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture. ARTICLE II Section 2.1 Supplemental Indenture. This Ninety-Third Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore and hereby supplemented and amended, is hereby confirmed. Except to the extent inconsistent with the express terms of this Ninety-Third Supplemental Indenture, the Amended and Restated Loan Contract and the AK48 Notes, all of the provisions, terms, covenants and conditions of the Indenture generally applicable to the payment or redemption of all Obligations shall be applicable to the AK48 Notes to the same extent as if specifically set forth herein. All capitalized terms used in this Ninety-Third Supplemental Indenture but not defined herein shall have the same meanings ascribed to them in the Original Indenture, as such terms may have been or may be amended or modified from time to time pursuant to the Indenture, except in cases where the context clearly indicates otherwise. All references herein to Sections, Articles, definitions or other provisions of the Original Indenture shall be to such Sections, Articles, definitions or other provisions as they may be amended or modified from time to time pursuant to the Indenture.

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7 Section 2.2 Recitals. All recitals in this Ninety-Third Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full. Section 2.3 Successors and Assigns. Whenever in this Ninety-Third Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Ninety-Third Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not. Section 2.4 No Rights, Remedies, Etc. Nothing in this Ninety-Third Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Ninety-Third Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Ninety-Third Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured Obligations. Section 2.5 Counterparts. This Ninety-Third Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. Section 2.6 Security Agreement and Financing Statement. To the extent permitted by applicable law, this Ninety-Third Supplemental Indenture shall be deemed to be a Security Agreement and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated. The mailing address of the Company, as debtor is:

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8 Oglethorpe Power Corporation (An Electric Membership Corporation) 2100 East Exchange Place Tucker, Georgia 30084-5336, and the mailing address of the Trustee, as secured party, is: U.S. Bank Trust Company, National Association Attention: Global Corporate Trust 2 Concourse Parkway, Suite 800 Atlanta, Georgia 30328 [Signatures Begin on Next Page.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Ninety-Third Supplemental Indenture to be duly executed under seal as of the day and year first written above. Company: OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation organized under the laws of the State of Georgia By: /s/ Elizabeth B. Higgins Elizabeth B. Higgins Executive Vice President and Chief Financial Officer Signed, sealed and delivered Attest: /s/ Kimberly D. Adams by the Company in the presence of: Kimberly D. Adams Secretary /s/ Shalewa Smith [CORPORATE SEAL] Witness /s/ Melanie Thomas Notary Public (Notarial Seal) My commission expires: August 5, 2029 [Signatures Continued on Next Page.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Signatures Continued from Previous Page] Trustee: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association By: /s/ Jack Ellerin Authorized Agent Signed and delivered by the Trustee in the presence of: /s/ Zack Buckner Witness /s/ Chelsey Jordan Notary Public (Notarial Seal) My commission expires: October 16, 2029

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A All property (other than Excepted Property and Excludable Property) of the Company in the Counties of Appling, Burke, Carroll, Coweta, DeKalb, Effingham, Floyd, Hart, Heard, Mitchell, Monroe, Murray, Talbot, Toombs, Walton, Warren, Washington and Whitfield, State of Georgia, whether now owned or hereafter acquired, and including the following described property: Heard County All that certain tract and parcel of land located in Heard County, Georgia, and being more particularly described as follows: Commencing at a 6"x 6" concrete monument found at land lot corner common to land lots 155, 156, 168, and 169 on the county line between Heard and Carroll county and being the northwest property corner of Georgia Power Company's property at Plant Wansley proceed S60⁰41'23"E, 11574.69' to the point of beginning for the parcel herein to be described. From this point of beginning, proceed S45⁰00'24"E, 762.78' to a point; Thence, S45⁰00'00"W, 1138.02' to a point; Thence N45⁰00'00"W, 814.46' to a point; Thence, S46⁰38'09"W, 251.21' to a point; thence S69⁰07'02"W, 116.17' to a point; thence, N45⁰00'00"W, 1104.27' to a point; thence N45⁰00'00"E, 1782.05' to a point; Thence, S45⁰00'00"E, 489.98' to a point; Thence S45⁰07'25"W, 188.24' to a point; Thence, S44⁰14'31"E, 213.55' to a point; Thence N45⁰00'00"E, 191.06' to a point; Thence, S45⁰00'00"E, 507.49' to a point; Thence, S45⁰00'02"W, 286.98' to a point to close on the point of beginning; being designated as "Tract C", containing 68.00 acres, all as shown on an ALTA /NSPS Land Title Survey for Georgia Power Company, Municipal Electric Authority of Georgia and the City of Dalton, dated September 11, 2025 and certified by F.L. Bullard, Registered Land Surveyor No. 2269, a copy of which survey is recorded in the Clerk's Office of the Superior Court of Heard County, Georgia in Plat Book 18, Pages 80-82.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 RECORDING INFORMATION FOR _____________ COUNTY, GEORGIA DOCUMENT RECORDING INFORMATION DATE OF RECORDING Original Indenture First Supplemental Indenture Second Supplemental Indenture Third Supplemental Indenture Fourth Supplemental Indenture Fifth Supplemental Indenture Sixth Supplemental Indenture Seventh Supplemental Indenture Eighth Supplemental Indenture Ninth Supplemental Indenture Tenth Supplemental Indenture Eleventh Supplemental Indenture Twelfth Supplemental Indenture Thirteenth Supplemental Indenture Fourteenth Supplemental Indenture Fifteenth Supplemental Indenture Sixteenth Supplemental Indenture Seventeenth Supplemental Indenture Eighteenth Supplemental Indenture Nineteenth Supplemental Indenture Twentieth Supplemental Indenture Twenty-First Supplemental Indenture Twenty-Second Supplemental Indenture Twenty-Third Supplemental Indenture Twenty-Fourth Supplemental Indenture Twenty-Fifth Supplemental Indenture

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![](exhibit42pppp014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Twenty-Sixth Supplemental Indenture Twenty-Seventh Supplemental Indenture Twenty-Eighth Supplemental Indenture Twenty-Ninth Supplemental Indenture Thirtieth Supplemental Indenture Thirty-First Supplemental Indenture Thirty-Second Supplemental Indenture Thirty-Third Supplemental Indenture Thirty-Fourth Supplemental Indenture Thirty-Fifth Supplemental Indenture Thirty-Sixth Supplemental Indenture Thirty-Seventh Supplemental Indenture Thirty-Eighth Supplemental Indenture Thirty-Ninth Supplemental Indenture Fortieth Supplemental Indenture Forty-First Supplemental Indenture Forty-Second Supplemental Indenture Forty-Third Supplemental Indenture Forty-Fourth Supplemental Indenture Forty-Fifth Supplemental Indenture Forty-Sixth Supplemental Indenture Forty-Seventh Supplemental Indenture Forty-Eighth Supplemental Indenture Forty-Ninth Supplemental Indenture Fiftieth Supplemental Indenture Fifty-First Supplemental Indenture Fifty-Second Supplemental Indenture Fifty-Third Supplemental Indenture Fifty-Fourth Supplemental Indenture Fifty-Fifth Supplemental Indenture

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![](exhibit42pppp015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Fifty-Sixth Supplemental Indenture Fifty-Seventh Supplemental Indenture Fifty-Eighth Supplemental Indenture Fifty-Ninth Supplemental Indenture Sixtieth Supplemental Indenture Sixty-First Supplemental Indenture Sixty-Second Supplemental Indenture Sixty-Third Supplemental Indenture Sixty-Fourth Supplemental Indenture Sixty-Fifth Supplemental Indenture Sixty-Sixth Supplemental Indenture Sixty-Seventh Supplemental Indenture Sixty-Eighth Supplemental Indenture Sixty-Ninth Supplemental Indenture Seventieth Supplemental Indenture Seventy-First Supplemental Indenture Seventy-Second Supplemental Indenture Seventy-Third Supplemental Indenture Seventy-Fourth Supplemental Indenture Seventy-Fifth Supplemental Indenture Seventy-Sixth Supplemental Indenture Seventy-Seventh Supplemental Indenture Seventy-Eighth Supplemental Indenture Seventy-Ninth Supplemental Indenture Eightieth Supplemental Indenture Eighty-First Supplemental Indenture Eighty-Second Supplemental Indenture Eighty-Third Supplemental Indenture Eighty-Fourth Supplemental Indenture Eighty-Fifth Supplemental Indenture Eighty-Sixth Supplemental Indenture

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![](exhibit42pppp016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOCUMENT RECORDING INFORMATION DATE OF RECORDING Eighty-Seventh Supplemental Indenture Eighty-Eighth Supplement Indenture Eighty-Ninth Supplement Indenture Ninetieth Supplemental Indenture Ninety-First Supplemental Indenture Ninety-Second Supplemental Indenture

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## Exhibit 10.162

![](exhibit10162001.jpg)

1 54346698.1 Exhibit 10.16(2) AMENDED AND RESTATED EMPLOYMENT AGREEMENT THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") is effective as of January 1, 2025 ("Effective Date") between Oglethorpe Power Corporation (An Electric Membership Corporation) ("the Company") and Heather H. Teilhet ("Employee"). This Agreement amends and restates the amened and restated Employment Agreement, effective January 1, 2023, between the Company and the Employee in its entirety. The Company desires to employ Employee, and Employee desires to accept employment with the Company, under the following terms and conditions. Therefore, in consideration of Employee's employment with the Company and the mutual promises and conditions contained in this Agreement, the adequacy of which the parties hereby acknowledge, Employee and the Company agree as follows: 1. Term. Subject to the provisions for automatic renewal and termination as provided below, the term of this Agreement shall commence on the Effective Date and shall terminate at 12:01 a.m. on December 31, 2027. (a) Automatic Renewal. This Agreement shall be automatically extended for an unlimited number of one-year periods, unless on or before December 31, 2025 (for the initial term), or thereafter on or before the December 31st that is twenty-four (24) months before the expiration of any extended term, either Party provides to the other written notice of its desire not to automatically renew this Agreement. 2. Position and Duties. (a) Employee's Title; Duties. Employee shall serve the Company in the position of Senior Vice President, External Affairs. Employee shall perform all duties of this position, as assigned by the President and Chief Executive Officer or the Board of Directors of the Company (or other designee). (b) Conflict of Interest. During Employee's employment, Employee shall not engage in any business activity which, in the reasonable judgment of the President and Chief Executive Officer, conflicts with the duties of the Employee under this Agreement, whether or not such activity is pursued for gain, profit or other pecuniary advantage. (c) Participation in Other Boards or Similar Activities. Notwithstanding subsection 2(b), Employee may receive compensation for participation on boards of directors or similar part-time associations, provided that such participation does not interfere with the performance of Employee's employment obligations to the Company and that such participation has been approved in advance by the Company's President and Chief Executive Officer. The foregoing restrictions also shall not limit or prohibit Employee from engaging in passive investment and community, charitable and social activities not interfering with Employee's performance and obligations under this Agreement. 3. Compensation and Related Matters.

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![](exhibit10162002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 54346698.1 (a) Base Salary. For all services rendered by Employee during the term of this Agreement, the Company shall pay Employee a minimum annual base salary of $406,300, payable in equal semi-monthly installments, less applicable withholdings and applicable deductions authorized by Employee. Employee's base salary will be subject to review and possible upward adjustment, subject to the sole discretion of the President and Chief Executive Officer. (b) Benefits. During the term of employment, Employee shall be entitled to receive and shall be allowed to participate in the Company's standard comprehensive benefits package on the terms and conditions as provided in the plan documents, policies, and practices of the Company, which may be modified from time-to-time in the sole discretion of the Company's Board of Directors. Employee agrees that no claim will arise against the Company by virtue of its Board of Directors' exercise of its rights to modify the Company's benefits package. Employee shall be entitled to a minimum of thirty-three (33) days of paid time off, which shall not be reduced during the term of this Agreement (including any extensions). (c) Bonus Eligibility; Performance Pay Program. Employee will be eligible for consideration for an annual bonus and other incentive compensation generally available to other similarly situated employees, including but not limited to the OPC Performance Pay Program. Such a bonus, if awarded, will be an amount determined by the President and Chief Executive Officer in their sole discretion. Employee must be employed by the Company as of December 31st of the award year in order to receive it; however, in the event Employee is terminated not for Cause during the last quarter of an award year, Employee will be eligible to receive a prorated bonus based on attainment of the applicable goals for that award year during Employee's employment. Any prorated bonus will be paid in accordance with the Company's regular bonus payment schedule, but not later than the March 15th following the calendar year in which the termination occurs. (d) Business Expenses. Employee is authorized to incur reasonable and documented business expenses incurred or paid by Employee on behalf of the Company in performing Employee's duties. Such reasonable expenses shall be promptly paid (or reimbursed as applicable) by the Company upon presentation of expense statements and receipts in accordance with the Company's expense reimbursement policy. 4. Termination and Severance. (a) Termination for Cause. The Company may terminate Employee's employment with the Company at any time if it believes in good faith that it has Cause to do so. "Cause" shall be defined as: (i) Employee's failure to perform Employee's duties which causes or is likely to cause material harm to the Company or material interference with its operations; (ii) Employee's substantial, material failure to comply with the Company's written directions or policies; or (iii) Employee's engaging in conduct that is unlawful or disreputable, to the possible material detriment of the Company, its affiliates, its predecessors or successors, or Employee's own reputation; provided, however, that with respect to (i) and (ii) above, Employee has been given prompt notice of the failure and a reasonable opportunity to cure it. In the event of a termination for Cause, or in the event of a termination as a result of Employee's death or disability (which shall be defined as the Employee's inability, due to physical or mental ill health, to perform the essential functions of the Employee's job for 180 days out of any 270 day consecutive period and consistent with the Company's obligations under the Americans

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![](exhibit10162003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 54346698.1 with Disabilities Act), all salary and other benefits provided to Employee under this Agreement shall cease as of the date of termination except for any portion of salary that is accrued and owing and any life and/or disability insurance proceeds that become payable by reason of Employee's death or disability. Employee shall cooperate fully with any physician or health care professional chosen by the Company, in its sole discretion, to review Employee's medical condition for purposes of determining whether the Employee has experienced a disability in accordance with this Agreement. (b) Termination Not for Cause; Resignation with Good Reason. The Company may terminate Employee's employment at any time upon two weeks' notice to the Employee. In the event the Company terminates Employee's employment not for Cause or in the event Employee resigns with Good Reason (as defined below), Employee shall receive as severance pay (in addition to accrued salary and benefits, including amounts earned during the previous year but unpaid) the following amounts in lump-sum form payable within thirty (30) days of such termination without Cause or resignation for Good Reason: all Base Salary (at the then applicable yearly rate) Employee would be entitled to receive through the then applicable term of this Agreement, provided, however, in no event shall this amount be greater than two (2) years' Base Salary nor less than one (1) year's Base Salary (at the then applicable yearly rate, less applicable withholdings) (referred to as "Severance Pay"). The expiration of the term of the Agreement shall not constitute a termination of Employee's employment not for Cause. i) Definition of "Good Reason". For purposes of this Section, "Good Reason" shall be defined as any of the following without Employee's consent: (a) a demotion or material reduction or alteration of Employee's job title or job duties and responsibilities inconsistent with Employee's current position; (b) a material reduction of Employee's base salary; or (c) a relocation of Employee's principal office by more than fifty (50) miles; and further provided that Good Reason may be found under this subsection 4(b)(i) without regard to whether there has been a sale or transfer of any or all of the Company's assets. The Company's written notice not to renew this Agreement in accordance with Section 1(a) of the Agreement shall not constitute Good Reason. A resignation by the Employee for Good Reason shall be effectuated by giving the Company written notice setting forth the action of the Company that constitutes Good Reason, within thirty (30) days of such action. The Employee shall further provide the Company thirty (30) days following the date on which such notice is provided to cure such conduct, if such conduct is capable of being cured. Failing such cure, a termination by the Employee for Good Reason shall be effective on the day following the expiration of such cure period. ii) Medical Allowance and Outplacement Services. In addition to the payment provided in subsection 4(b), the Company will provide (i) one year's outplacement services to be determined by the Company and (ii) an amount equal to the Employee's cost for medical and dental continuation coverage pursuant to COBRA for one year at the coverage type and level as is in effect as of the date of the Employee's termination of employment. Such amount pursuant to this subsection 4(b)(ii) will be payable in lump-sum form, less applicable withholdings, within thirty (30) days of such termination without Cause or resignation for Good Reason. iii) Release. Employee will only receive Severance Pay and the additional

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![](exhibit10162004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 54346698.1 benefits provided in subsection 4(b)(ii) if Employee signs a form releasing all claims against the Company which shall be furnished by the Company no later than 10 days after the effective termination date (or within 10 days after an arbitrator determines that Employee is entitled to such payments). Employee must sign the release within the period specified by the Company (which shall not be more than 45 days after the release is provided to the Employee) and must not thereafter revoke the release within the 7-day period following signature. If the period during which the Employee may sign and not revoke such release prior to receiving payment spans two calendar years, any applicable payment will be made in the second calendar year regardless of when such release is signed or the revocation period expires. iv) No Duty to Mitigate. In the event Employee's employment is terminated in a manner that gives Employee a right to receive payment described in subsections 4(b) and 4(b)(ii) (collectively, "damages"), Employee shall have no obligation to mitigate such damages through subsequent employment or other earnings. (c) Resignation Without Good Reason. Employee may resign employment at any time upon sixty (60) days' notice to the Company. In such event, if requested by the Company, Employee shall continue to render services and shall be paid Employee's regular salary and receive normal benefits up to the effective date of termination. In the event of a resignation without Good Reason, all salary and other benefits provided to Employee under this Agreement shall cease as of the date of termination. 5. This Agreement to be Kept Confidential. As a material condition to this Agreement, Employee agrees not to disclose the terms of this Agreement, without the Company's prior written permission, to anyone other than an immediate family member or an attorney, accountant or other professional advisor who agrees in advance to honor this confidentiality requirement. Employee further understands that, so long as the Company has reporting obligations under SEC regulations the Company is not prohibited from disclosing the terms of this Agreement to the extent legally required by applicable reporting requirements. This Agreement also does not prohibit Employee from disclosing the terms of this Agreement to the extent necessary to enforce this Agreement or disclosures to the extent legally required by a subpoena or court order, provided that the Company is notified in writing of such a disclosure obligation within five (5) days after it arises. Nothing in this Agreement prohibits the Employee from reporting to any governmental authority information concerning possible violations of law or regulation. In the event that Employee violates the confidentiality obligations of this Section, the Company reserves the right to cancel this Agreement. 6. Inventions and Confidential Information Agreement. As a pre-condition to the effectiveness of this Agreement, Employee has executed or shall execute a standard Company Inventions and Confidential Information Agreement. Employee acknowledges and agrees that any breach by Employee of such agreement shall constitute a violation of subsection 4(a)(ii) of this Agreement for Cause, and the Company shall have all rights and obligations provided for. 7. Non-Disparagement. Employee agrees not to make or cause to be made any statements that disparage or damage the reputation of the Company (including any of the Company's officers, directors or employees), including but not limited to making such statements to the media, public

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![](exhibit10162005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 54346698.1 interest groups, publishing companies, and/or through internet posting. Nothing in this Section prohibits Employee's cooperation in any investigation by any government agency or as required to testify by law. 8. Arbitration of Disputes. Final and binding arbitration shall be the exclusive remedy for all disputes between the Company and Employee regarding the validity, interpretation or effect of this Agreement. By Initialing, Employee Agrees to the terms of this Section 8: _____ (a) Procedure. Any such arbitration shall be in accordance with the procedures of the American Arbitration Association ("AAA"). The arbitration hearing will be held before an experienced employment arbitrator or panel of arbitrators licensed to practice law in the state of Georgia and selected in accordance with the rules of the AAA. The forum for such arbitration shall be Atlanta, Georgia. (b) Required Notice. The party seeking arbitration of a dispute under this Section must give specific written notice of any claim to the other party within six (6) months of the date the party seeking arbitration first has knowledge of the event giving rise to the dispute; otherwise, the claim shall be void and deemed waived, even if there is a federal or state statute of limitations which would have given more time to pursue the claim. (c) Expenses. The Company shall initially be responsible for payment of arbitration costs, excluding Employee's attorneys' fees; provided, however, that the arbitrator shall have the authority to fashion an equitable division of costs if the arbitrator finds that such costs are unduly burdensome with respect to either party. All other costs and expenses associated with the arbitration, including but not limited to attorneys' fees, shall be borne by the party incurring the expense, unless applicable law provides for a different allocation, in which event the arbitrator can order that costs and expenses be allocated in accordance with applicable law. In any arbitration related to the breach of the terms of this Agreement, the arbitrator shall have the authority to award attorneys' fees and costs to the prevailing party. 9. Miscellaneous (a) Governing Law. This Agreement shall be construed under, governed by, and enforced in accordance with the laws of the State of Georgia, without regard to its choice of law provisions. The Agreement shall further be construed to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended ("409A"), and shall be interpreted accordingly. To the extent (a) any payments or benefits to which Employee becomes entitled under this Agreement, or under any agreement or plan referenced herein, in connection with Employee's termination of employment constitute deferred compensation subject to 409A and (b) Employee is deemed at the time of such termination of employment to be a "specified employee" under 409A, such payments shall not be made or commence or benefits provided until the earliest of (i) the expiration of the six (6)-month period measured from the date of Employee's "separation from service"; or (ii) the date of Employee's death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Employee, including (without limitation) the additional twenty percent (20%) tax for which Employee would otherwise be liable under Section 409A in the absence of such deferral. Upon the expiration of the applicable deferral

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![](exhibit10162006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 54346698.1 period, any payments which would have otherwise been made or benefits provided during that period in the absence of this subsection shall be paid to Employee or Employee's beneficiary in one lump sum (without interest). Any termination of Employee's employment is intended to constitute a "separation from service" as such term is defined in Treasury Regulation Section l.409A-l. The Company may, but is not required to, amend the Agreement to avoid imposition of any additional tax or income recognition prior to the actual payment to the Employee under 409A and any Treasury Regulations and Internal Revenue Service guidance thereunder. Neither the Company nor any of its affiliates shall have any liability to any person with respect to the failure of the Agreement to comply with 409A. (b) Notice. Any notice required or desired to be given under this Agreement by Employee to the Company shall be provided in writing via hand-delivery, facsimile (with confirmation of delivery), recognized express courier, or Certified Mail to President and Chief Executive Officer, Oglethorpe Power Corporation, 2100 East Exchange Place, Tucker, Georgia 30084-5336, fax number: 770-270-7022. Any notice required or desired to be given under this Agreement by Company to the Employee shall be provided in writing via hand-delivery, recognized express courier, or Certified Mail to Employee at the address listed below Employee's signature or at Employee's Company office. Notice shall be deemed given upon the date of delivery. Addresses or facsimile numbers may be changed by providing notice in accordance with this Section. (c) Assignment and Successorship. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement shall also be binding upon and shall inure to the benefit of Employee and Employee's estate, but Employee may not assign any rights or delegate any duties or obligations under this Agreement, except to the extent permitted under the Company's benefit plans. (d) Company Property. All information, materials, documents, supplies, equipment, and other property furnished to the Employee by the Company in connection with performance of services under this Agreement will be and remain the sole property of the Company. On the date of the termination of the Employee's employment under this Agreement for any reason, or at any other time at the Company's request, Employee must return to the Company all tangible and intellectual property in whatever form belonging to the Company (including, but not limited to, Company vehicles, laptops, computers, cell phones, wireless electronic mail devices, code, and other equipment, information, documents, and property. (e) Complete Agreement. This Agreement shall constitute the entire agreement between the parties with respect to the subjects addressed in this Agreement. Any subsequent alteration or modification to this Agreement must be made in writing and signed by both parties. (f) Severability. Should any provision of this Agreement or portion be ruled void, invalid, unenforceable or contrary to public policy by any court of competent jurisdiction, then any remaining portion of such provision and all other provisions of this Agreement shall survive and be applied and any invalid or unenforceable portion shall be construed or performed to preserve as much of the original words, terms, purpose and intent as shall be permitted by law. (g) Counterparts. This Agreement shall be executed in duplicate counterparts. Each counterpart deemed an original of equal dignity with the other. The official executing this

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![](exhibit10162007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 54346698.1 Agreement on behalf of the Company represents and warrants that he or she has full requisite authority to do so. (h) Waiver of Breach. The waiver by the Company or Employee of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by Employee or the Company, respectively. (i) Prior Employment Contract. This Agreement shall supersede and replace any and all prior contracts for employment between the Company and Employee. So agreed, effective as of the date written on page 1 above EMPLOYEE: COMPANY: /s/ Heather H. Teilhet______ /s/ Michael L. Smith _________ Heather H. Teilhet Michael L. Smith Date: 2/4/2025 ___________ Date: 12/2/2024________________ Address: ___________________ Title: President and Chief Executive Officer ___________________________

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## Exhibit 10.172

![](exhibit10172001.jpg)

1 54344735.1 Exhibit 10.17(2) EMPLOYMENT AGREEMENT THIS AGREEMENT (this "Agreement") is effective as of January 1, 2026 ("Effective Date") between Oglethorpe Power Corporation (An Electric Membership Corporation) ("the Company") and Rich Wallen ("Employee"). The Company desires to employ Employee, and Employee desires to accept employment with the Company, under the following terms and conditions. Therefore, in consideration of Employee's employment with the Company and the mutual promises and conditions contained in this Agreement, the adequacy of which the parties hereby acknowledge, Employee and the Company agree as follows: 1. Term. Subject to the provisions for automatic renewal and termination as provided below, the term of this Agreement shall commence on the Effective Date and shall terminate at 12:01 a.m. on December 31, 2027. (a) Automatic Renewal. This Agreement shall be automatically extended for an unlimited number of one-year periods, unless on or before December 31, 2026 (for the initial term), or thereafter on or before the December 31st that is twelve (12) months before the expiration of any extended term, either Party provides to the other written notice of its desire not to automatically renew this Agreement. 2. Position and Duties. (a) Employee's Title; Duties. Employee shall serve the Company in the position of Executive Vice President and Chief Operating Officer. Employee shall perform all duties of this position, as assigned by the President and Chief Executive Officer or the Board of Directors of the Company (or other designee). (b) Conflict of Interest. During Employee's employment, Employee shall not engage in any business activity which, in the reasonable judgment of the President and Chief Executive Officer, conflicts with the duties of the Employee under this Agreement, whether or not such activity is pursued for gain, profit or other pecuniary advantage. (c) Participation in Other Boards or Similar Activities. Notwithstanding subsection 2(b), Employee may receive compensation for participation on boards of directors or similar part-time associations, provided that such participation does not create a conflict of interest or interfere with the performance of Employee's employment obligations to the Company and that such participation has been approved in advance by the Company's President and Chief Executive Officer. The foregoing restrictions also shall not limit or prohibit Employee from engaging in passive investment and community, charitable and social activities not interfering with Employee's performance and obligations under this Agreement. 3. Compensation and Related Matters. (a) Base Salary. For all services rendered by Employee during the term of this

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![](exhibit10172002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 54344735.1 Agreement, the Company shall pay Employee a minimum annual base salary of $533,000, earned and payable in equal semi-monthly installments, less applicable withholdings and applicable deductions authorized by Employee. Employee's base salary will be subject to review and possible upward adjustment, subject to the sole discretion of the President and Chief Executive Officer. (b) Benefits. During the term of employment, Employee shall be entitled to receive and shall be allowed to participate in the Company's standard comprehensive benefits package on the terms and conditions as provided in the plan documents, policies, and practices of the Company, which may be modified from time-to-time in the sole discretion of the Company's Board of Directors. Employee agrees that no claim will arise against the Company by virtue of its Board of Directors' exercise of its rights to modify the Company's benefits package. Employee shall be entitled to a minimum of thirty-three (33) days of paid time off annually, to be taken in accordance with the Company's policies, which shall not be reduced during the term of this Agreement (including any extensions). (c) Bonus Eligibility; Performance Pay Program. Employee will be eligible for consideration for an annual bonus and other incentive compensation generally available to other similarly situated employees, including but not limited to the OPC Performance Pay Program. Such a bonus, if awarded, will be an amount determined by the President and Chief Executive Officer in their sole discretion. Employee must be employed in good standing by the Company as of December 31st of the award year to be eligible to receive it; however, in the event Employee is terminated not for Cause during the last quarter of an award year, Employee may be eligible to receive a prorated bonus based on attainment of the applicable goals for that award year during Employee's employment. Any prorated bonus will be paid in accordance with the Company's regular bonus payment schedule, but not later than the March 15th following the calendar year in which the termination occurs. (d) Business Expenses. Employee is authorized to incur reasonable and documented business expenses incurred or paid by Employee on behalf of the Company in performing Employee's duties. Such reasonable expenses shall be promptly paid (or reimbursed as applicable) by the Company upon presentation of expense statements and receipts in accordance with the Company's expense reimbursement policy. 4. Termination and Severance. (a) Termination for Cause, Death, or Disability. The Company may terminate Employee's employment with the Company at any time if it believes in good faith that it has Cause to do so, the effect of which will immediately terminate the term of employment with no further obligation of the Company to make any payments of compensation or benefits to Employee other than as set forth in this Section 4(a). "Cause" shall be defined as: (i) Employee's failure to perform Employee's duties which causes or is likely to cause material harm to the Company or material interference with its operations; (ii) Employee's substantial, material failure to comply with the Company's written directions or policies; or (iii) Employee's engaging in conduct that is unlawful or disreputable, to the possible material detriment of the Company, its affiliates, its predecessors or successors, or Employee's own reputation; provided, however, that with respect to (i) and (ii) above, Employee has been given prompt notice of the failure and a reasonable opportunity to cure it. In the event of a termination for Cause, or in the event of a termination as a result of Employee's death or disability (which shall be defined as the Employee's inability, due to physical or mental ill health, to perform the essential

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![](exhibit10172003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 54344735.1 functions of the Employee's job for 180 days out of any 270 day consecutive period and consistent with the Company's obligations under the Americans with Disabilities Act), all salary and other benefits provided to Employee under this Agreement shall cease as of the date of termination except for any portion of salary that has accrued and is owing and any life and/or disability insurance proceeds that become payable by reason of Employee's death or disability. Employee agrees to cooperate fully with any physician or health care professional chosen by the Company, in its sole discretion, to review Employee's medical condition for purposes of determining whether the Employee has experienced a disability in accordance with this Agreement. (b) Termination Not for Cause; Resignation with Good Reason. The Company may terminate Employee's employment without Cause at any time upon two weeks' notice to Employee. In the event the Company terminates Employee's employment not for Cause or in the event Employee resigns with Good Reason (as defined below), Employee shall receive as severance pay (in addition to accrued salary and benefits, including amounts earned during the previous year but unpaid) the following amounts in lump-sum form payable within thirty (30) days of such termination without Cause or resignation for Good Reason: all Base Salary (at the then applicable yearly rate) Employee would be entitled to receive through the then applicable term of this Agreement, provided, however, in no event shall this amount be less than or greater than one (1) year's Base Salary (at the then applicable yearly rate, less applicable withholdings) (referred to as "Severance Pay"). The expiration of the term of the Agreement shall not constitute a termination of Employee's employment not for Cause. i) Definition of "Good Reason". For purposes of this Section, "Good Reason" shall be defined as any of the following without Employee's consent: (a) a demotion or material reduction or alteration of Employee's job title or job duties and responsibilities inconsistent with Employee's current position; (b) a material reduction of Employee's base salary; or (c) a relocation of Employee's principal office by more than fifty (50) miles; and further provided that Good Reason may be found under this subsection 4(b)(i) without regard to whether there has been a sale or transfer of any or all of the Company's assets. The Company's written notice not to renew this Agreement in accordance with Section 1(a) of the Agreement shall not constitute Good Reason. A resignation by the Employee for Good Reason shall be effectuated by giving the Company written notice setting forth the action of the Company that constitutes Good Reason, within thirty (30) days of such action. The Employee shall further provide the Company thirty (30) days following the date on which such notice is provided to cure such conduct, if such conduct is capable of being cured. Failing such cure, a resignation by the Employee for Good Reason shall be effective on the day following the expiration of such cure period. ii) Medical Allowance and Outplacement Services. In addition to the payment provided in subsection 4(b), the Company will provide (i) one year's outplacement services to be determined by the Company and (ii) an amount equal to the Employee's cost for medical and dental continuation coverage pursuant to COBRA for six (6) months at the coverage type and level as is in effect as of the date of the Employee's termination of employment. Such amount pursuant to this subsection 4(b)(ii) will be payable in lump-sum form, less applicable withholdings, within thirty (30) days of such termination without Cause or resignation for Good Reason.

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![](exhibit10172004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 54344735.1 iii) Release. Employee will only receive Severance Pay and the additional benefits provided in subsection 4(b)(ii) if Employee signs an agreement releasing all claims against the Company, which agreement shall be furnished by the Company no later than 10 days after the effective termination date (or within 10 days after an arbitrator determines that Employee is entitled to such payments). Employee must sign the release within the period specified by the Company (which shall not be more than 45 days after the release is provided to Employee) and must not thereafter revoke the release within the 7-day period following signature, if applicable. If the period during which Employee may sign and not revoke such release prior to receiving payment spans two calendar years, any applicable payment will be made in the second calendar year regardless of when such release is signed or the revocation period expires. iv) No Duty to Mitigate. In the event Employee's employment is terminated in a manner that gives Employee a right to receive payment described in subsections 4(b) and 4(b)(ii) (collectively, "damages"), Employee shall have no obligation to mitigate such damages through subsequent employment or other earnings. (c) Resignation Without Good Reason. Employee may resign employment at any time upon sixty (60) days' notice to the Company or such shorter period as agreed to by the Company. In such event, if requested by the Company, Employee shall continue to render services and shall be paid Employee's regular salary and receive normal benefits up to the effective date of termination. In the event of a resignation without Good Reason, all salary and other benefits provided to Employee under this Agreement shall cease as of the date of termination. 5. This Agreement to be Kept Confidential. As a material condition to this Agreement, Employee agrees not to disclose the terms of this Agreement, without the Company's prior written permission, to anyone other than an immediate family member or an attorney, accountant or other professional advisor who agrees in advance to honor this confidentiality requirement. Employee further understands that, so long as the Company has reporting obligations under SEC regulations the Company is not prohibited from disclosing the terms of this Agreement to the extent legally required by applicable reporting requirements. This Agreement also does not prohibit Employee from disclosing the terms of this Agreement to the extent necessary to enforce this Agreement or disclosures to the extent legally required by a subpoena or court order, provided that the Company is notified in writing of such a disclosure obligation within five (5) days after it arises. Nothing in this Agreement prohibits the Employee from reporting to any governmental authority information concerning possible violations of law or regulation. In the event that Employee violates the confidentiality obligations of this Section, the Company reserves the right to cancel this Agreement. 6. Inventions and Confidential Information Agreement. As a pre-condition to the effectiveness of this Agreement, Employee has executed or shall execute a standard Company Inventions and Confidential Information Agreement. Employee acknowledges and agrees that any breach by Employee of such agreement shall constitute Cause as defined in subsection 4(a) of this Agreement, and the Company shall have all rights and obligations provided therefor. 7. Non-Disparagement. Employee agrees not to make or cause to be made any statements

------

![](exhibit10172005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 54344735.1 that disparage or damage the reputation of the Company (including any of the Company's officers, directors or employees), including but not limited to making such statements to the media, public interest groups, publishing companies, and/or through internet posting. Nothing in this Section prohibits Employee's cooperation in any investigation by any government agency or as required to testify by law. Employee acknowledges and agrees that any breach by Employee of this Section 7 shall constitute Cause as defined in subsection 4(a) of this Agreement, and the Company shall have all rights and obligations provided therefor. 8. Arbitration of Disputes. Final and binding arbitration shall be the exclusive remedy for all disputes between the Company and Employee regarding the validity, interpretation or effect of this Agreement. By Initialing, Employee Agrees to the terms of this Section 8: /s/ RDW____ (a) Procedure. Any such arbitration shall be in accordance with the procedures of the American Arbitration Association ("AAA"). The arbitration hearing will be held before an experienced employment arbitrator or panel of arbitrators licensed to practice law in the state of Georgia and selected in accordance with the rules of the AAA. The forum for such arbitration shall be Atlanta, Georgia. (b) Required Notice. The party seeking arbitration of a dispute under this Section must give specific written notice of any claim to the other party within six (6) months of the date the party seeking arbitration first has knowledge of the event giving rise to the dispute; otherwise, the claim shall be void and deemed waived, even if there is a federal or state statute of limitations which would have given more time to pursue the claim. (c) Expenses. The Company shall initially be responsible for payment of arbitration costs, excluding Employee's attorneys' fees; provided, however, that the arbitrator shall have the authority to fashion an equitable division of costs if the arbitrator finds that such costs are unduly burdensome with respect to either party. All other costs and expenses associated with the arbitration, including but not limited to attorneys' fees, shall be borne by the party incurring the expense, unless applicable law provides for a different allocation, in which event the arbitrator can order that costs and expenses be allocated in accordance with applicable law. In any arbitration related to the breach of the terms of this Agreement, the arbitrator shall have the authority to award attorneys' fees and costs to the prevailing party. 9. Miscellaneous (a) Governing Law. This Agreement shall be construed under, governed by, and enforced in accordance with the laws of the State of Georgia, without regard to its choice of law provisions. The Agreement shall further be construed to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended ("409A"), and shall be interpreted accordingly. To the extent (a) any payments or benefits to which Employee becomes entitled under this Agreement, or under any agreement or plan referenced herein, in connection with Employee's termination of employment constitute deferred compensation subject to 409A and (b) Employee is deemed at the time of such termination of employment to be a "specified employee" under 409A, such payments shall not be made or commence or benefits provided until the earliest of (i) the expiration of the six (6)-month period measured from the date of Employee's "separation from service"; or (ii) the date of Employee's

------

![](exhibit10172006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 54344735.1 death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Employee, including (without limitation) the additional twenty percent (20%) tax for which Employee would otherwise be liable under Section 409A in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made or benefits provided during that period in the absence of this subsection shall be paid to Employee or Employee's beneficiary in one lump sum (without interest). Any reference to termination of Employee's employment is intended to constitute a "separation from service" as such term is defined in Treasury Regulation Section l.409A-l. The Company may, but is not required to, amend the Agreement to avoid imposition of any additional tax or income recognition prior to the actual payment to the Employee under 409A and any Treasury Regulations and Internal Revenue Service guidance thereunder. Neither the Company nor any of its affiliates shall have any liability to any person with respect to the failure of the Agreement to comply with 409A. (b) Notice. Any notice required or desired to be given under this Agreement by Employee to the Company shall be provided in writing via hand-delivery, facsimile (with confirmation of delivery), recognized express courier, or Certified Mail to President and Chief Executive Officer, Oglethorpe Power Corporation, 2100 East Exchange Place, Tucker, Georgia 30084-5336, fax number: 770-270-7022. Any notice required or desired to be given under this Agreement by Company to the Employee shall be provided in writing via hand-delivery, recognized express courier, or Certified Mail to Employee at the address listed below Employee's signature or at Employee's Company office. Notice shall be deemed given upon the date of delivery. Addresses or facsimile numbers may be changed by providing notice in accordance with this Section. (c) Assignment and Successorship. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement shall also be binding upon and shall inure to the benefit of Employee and Employee's estate, but Employee may not assign any rights or delegate any duties or obligations under this Agreement, except to the extent permitted under the Company's benefit plans. (d) Company Property. All information, materials, documents, supplies, equipment, and other property furnished to Employee by the Company in connection with performance of services under this Agreement will be and remain the sole property of the Company. On the date of the termination of Employee's employment under this Agreement for any reason, or at any other time at the Company's request, Employee must return to the Company all tangible and intellectual property in whatever form belonging to the Company (including, but not limited to, Company vehicles, laptops, computers, cell phones, wireless electronic mail devices, code, and other equipment, information, documents, and property). (e) Complete Agreement. This Agreement shall constitute the entire agreement between the parties with respect to the subjects addressed in this Agreement. Any subsequent alteration or modification to this Agreement must be made in writing and signed by both parties. Employee acknowledges that, in entering into this Agreement, Employee did not rely and has not relied on any statements or representations not contained in this Agreement. (f) Severability. Should any provision of this Agreement or portion be ruled void,

------

![](exhibit10172007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 54344735.1 invalid, unenforceable or contrary to public policy by any court of competent jurisdiction, then any remaining portion of such provision and all other provisions of this Agreement shall survive and be applied and any invalid or unenforceable portion shall be construed or performed to preserve as much of the original words, terms, purpose and intent as shall be permitted by law. (g) Counterparts. This Agreement shall be executed in duplicate counterparts. Each counterpart deemed an original of equal dignity with the other. The official executing this Agreement on behalf of the Company represents and warrants that he or she has full requisite authority to do so. (h) Waiver of Breach. The waiver by the Company or Employee of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by Employee or the Company, respectively. (i) Prior Employment Contract. This Agreement shall supersede and replace any and all prior contracts for employment between the Company and Employee. So agreed, effective as of the date written on page 1 above EMPLOYEE: COMPANY: /s/ Rich Wallen ___________ /s/ Annalisa Bloodworth _________ Rich Wallen Annalisa Bloodworth Date: 12/1/2025 ___________ Date: 12/1/2025________________ Address: ___________________ Title: President and Chief Executive 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;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Oglethorpe Power Corporation (An Electric Membership Corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officers 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&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 (the registrant's fourth fiscal quarter in the case of an annual report) 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;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officers 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: March 27, 2026 |
| /s/ Annalisa M. Bloodworth |
| Annalisa M. Bloodworth |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officers 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&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 (the registrant's fourth fiscal quarter in the case of an annual report) 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;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officers 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: March 27, 2026 |
| /s/ Elizabeth B. Higgins |
| Elizabeth B. Higgins |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |

---

## 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 Annual Report on Form 10-K for the fiscal year ended December 31, 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 hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(2)&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;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 |
| President and Chief Executive Officer |
| March 27, 2026 |
| Date |

---

## 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 Annual Report on Form 10-K for the fiscal year ended December 31, 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 hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(2)&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;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 |
| March 27, 2026 |
| Date |

---

### Attached PDF Documents

**Attachment 1:** `pdf10k.pdf`

_No text found in this document._