# EDGAR Filing Document

**Accession Number:** 0000788816
**File Stem:** 0000788816-26-000030
**Filing Date:** 2026-5
**Character Count:** 21213
**Document Hash:** d5955508453c106ec6ef703af41c8da4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000788816-26-000030.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0000788816-26-000030

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260514

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53908
- **FILM NUMBER:** 26977765

**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-20260514

**UNITED STATES&nbsp;&nbsp;&nbsp;&nbsp;**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

<u>__________________________</u>

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

<u>Date of Report (Date of earliest event reported): May 14, 2026</u>

**Oglethorpe Power Corporation**

**(An Electric Membership Corporation)**

(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Georgia**<br>(State of incorporation) | **333-192954**<br>(Commission File Number) | **58-1211925**<br>(I.R.S. Employer<br>Identification No.) |
| **2100 East Exchange Place**<br>**Tucker, Georgia**<br>(Address of principal executive offices) | **2100 East Exchange Place**<br>**Tucker, Georgia**<br>(Address of principal executive offices) | <br>**30084-5336**<br>(Zip Code) |

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Registrant's telephone number, including area code **(770) 270-7600**<br>

**None**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

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. ◻

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

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

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**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure** 

On May 14, 2026, we posted our First Quarter 2026 Investor Briefing on our website containing information regarding our present and future business operations. A copy of the presentation is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

**Cautionary Note Regarding Forward-Looking Statements** 

The presentation referenced above contains forward-looking statements based on current expectations and plans that involve risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments that we expect or anticipate to occur in the future, including matters such as: the timing and amount of future capital expenditures, business strategy, regulatory actions, member demand, greenhouse gas emissions, financial projections, sources of capital and the development, construction or operation of facilities, including our future generation resources, are forward-looking statements. Although we believe that in making these forward-looking statements our expectations are based on reasonable assumptions, we caution the reader not to put undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements involve uncertainties and there are important factors, many of which are outside our control, which 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 the headings "Cautionary Statement Regarding Forward-Looking Information" in our quarterly report on Form 10-Q for the quarter ended March 31, 2026 and "Item 1A—Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2025. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in the presentation may not occur. Any forward-looking statement speaks only as of the date of the presentation and, except as required by law, we undertake no obligation to update any information contained in the presentation.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits

<u>Exhibit No.</u> <u>Description</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 <u>[First Quarter 2026 Investor Briefing, dated May 14, 2026](oglethorpepowerq12026inv.htm)</u>

104 Cover Page Interactive Data File, formatted in Inline XBRL.

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**SIGNATURE**

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

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| | | | |
|:---|:---|:---|:---|
| | | **OGLETHORPE POWER CORPORATION** | **OGLETHORPE POWER CORPORATION** |
| | | **(AN ELECTRIC MEMBERSHIP CORPORATION)** | **(AN ELECTRIC MEMBERSHIP CORPORATION)** |
| Date: | May 14, 2026 | By: | /s/ Annalisa M. Bloodworth |
|  |  |  | Annalisa M. Bloodworth |
|  |  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

![](oglethorpepowerq12026inv001.jpg)

First Quarter 2026 Investor Briefing May 14, 2026

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![](oglethorpepowerq12026inv002.jpg)

First Quarter 2026 Investor Briefing Notice to Recipients Certain of the information contained in this presentation, including certain of the statements made by representatives of Oglethorpe Power Corporation (An Electric Membership Corporation) ("We", "Oglethorpe" or "OPC"), that are not historical facts are forward-looking statements. Although Oglethorpe believes that in making these forward-looking statements its expectations are based on reasonable assumptions, Oglethorpe cautions the reader not to put undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements involve uncertainties and there are important factors, many of which are outside management's control, which 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 the headings "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission on May 13, 2026, and Item 1A - "RISK FACTORS" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 27, 2026. This electronic presentation is provided as of May 14, 2026. If you are viewing this presentation after that date, there may have been events that occurred after such date that could have a material adverse effect on the information that was presented. Oglethorpe undertakes no obligation to publicly update any forward-looking statements. 2

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![](oglethorpepowerq12026inv003.jpg)

First Quarter 2026 Investor Briefing ‣ New Generation Update ‣ Operations Update ‣ Member Update ‣ Financial and Liquidity Update Presenters and Agenda Betsy Higgins Executive Vice President and Chief Financial Officer Annalisa Bloodworth President and Chief Executive Officer 3 Rich Wallen Executive Vice President and Chief Operating Officer

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![](oglethorpepowerq12026inv004.jpg)

First Quarter 2026 Investor Briefing Smarr CC Groundbreaking Event: May 7, 2026 4 ‣ Ceremonial groundbreaking for the Smarr Combined-Cycle held May 7, 2026, in Monroe County. ‣ Attended by 150+ stakeholders, including Oglethorpe leadership, Member representatives, community partners and local, state and federal leaders. ‣ Featured participation from key project partners, including GE Vernova and Kiewit subsidiary TIC-The Industrial Company. ‣ Highlighted community support and longstanding local partnerships in Monroe County.

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![](oglethorpepowerq12026inv005.jpg)

First Quarter 2026 Investor Briefing New Generation Construction – Update ‣ While natural gas prices are a key variable, the addition of our new natural gas-fired generation, with these highly efficient Smarr CC units, may reduce our overall power cost relative to our existing fleet once the new units are in service. 5 Smarr CC - 2029 ‣ 1,425 MW, two-unit combined cycle generation facility, projected in-service date of 2029. ‣ Current project budget is $3.3 billion; incurred $467 million as of March 31, 2026. ‣ We have also signed agreements to provide firm capacity on a new natural gas pipeline infrastructure to meet the anticipated fuel needs. Smarr CC site – March 2026 Talbot Unit 7 3D Model View Talbot Unit 7 CT - 2029 ‣ 240 MW, combustion turbine generation facility w/ dual- fuel capabilities, projected in-service date of 2029. ‣ Expect to update the budget in Q3 2026, current budget is approximately $400 million to $450 million; incurred $65 million as of March 31, 2026. ‣ Potential general contractors are under review.

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![](oglethorpepowerq12026inv006.jpg)

First Quarter 2026 Investor Briefing ‣ Oglethorpe and its Members continue to explore battery storage projects and various options to help fund and/or finance these type projects. ‣ Currently Oglethorpe and its Members have approved a 75MW of utility- scale battery storage resource. ‣ The project budget for these batteries is approximately $200 million to $250 million. ‣ Oglethorpe was awarded $81 million in grant funds under the Department of Energy GRIP Program to be applied to offset the battery project cost; receipt of any grant proceeds is subject to meeting program requirements. ‣ Commercial operation dates are projected for 2029 and 2030. 6 Battery Storage Project

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![](oglethorpepowerq12026inv007.jpg)

First Quarter 2026 Investor Briefing ‣ We and our Members are considering two additional natural gas-fired resources. ‣ Combustion Turbine (CT) 2031: • Potential project 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. • Preliminary cost estimate for this modification is approximately $525 million to $625 million. • Projected commercial operation date of 2031. ‣ Combined Cycle (CC) 2033: • Approximately 713-megawatt, one-unit combined cycle generation facility. • Preliminary cost estimate for this project is approximately $2.3 billion to $2.7 billion. • Projected commercial operation date of 2033. • We are evaluating additional natural gas transportation options in connection with this potential resource. ‣ 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. 7 Potential Additional Resources – 2030s

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![](oglethorpepowerq12026inv008.jpg)

First Quarter 2026 Investor Briefing Oglethorpe's Diversified Power Supply Portfolio 8

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![](oglethorpepowerq12026inv009.jpg)

First Quarter 2026 Investor Briefing Capacity Factor Comparison Through March 31 9

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![](oglethorpepowerq12026inv010.jpg)

First Quarter 2026 Investor Briefing Member Systems at a Glance 10

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![](oglethorpepowerq12026inv011.jpg)

First Quarter 2026 Investor Briefing Financial Strength of Oglethorpe's Members 11

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![](oglethorpepowerq12026inv012.jpg)

First Quarter 2026 Investor Briefing Member Residential Rate Comparison 12

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![](oglethorpepowerq12026inv013.jpg)

First Quarter 2026 Investor Briefing Income Statement Excerpts (a) Margins for Interest ratio is calculated on an annual basis and is determined by dividing Oglethorpe's Margins for Interest by Interest Charges, both as defined in Oglethorpe's First Mortgage Indenture. For interim periods, this line represents the targeted Margins for Interest ratio for the year. The Indenture obligates Oglethorpe 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 Indenture requires Oglethorpe to show that it has met this requirement for certain historical periods as a condition for issuing additional obligations under the 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 Indenture. For 2025 and 2026, our board of directors approved a budget to achieve a 1.10 Margins for Interest Ratio. (b) Excludes test energy megawatt-hours supplied to members. Any revenues and costs associated with test energy were capitalized. Three Months Ended Mar 31, 3/31/2025- 3/31/2026 Year Ended December 31, ($ in thousands) 2026 2025 % Change 2025 2024 2023 Statement of Revenues and Expenses: Operating Revenues: Sales to Members - Capacity $422,241 $413,337 2.2% $1,603,888 $1,501,903 $1,082,368 Sales to Members - Energy 284,760 254,964 11.7% 838,802 643,619 599,198 Total Sales to Members $707,001 $668,301 5.8% $2,442,690 $2,145,522 $1,681,566 Sales to non-Members 30,055 9,275 224.0% 98,502 36,325 58,619 Operating Expenses: 573,193 515,495 11.2% 2,004,647 1,698,351 1,463,119 Other Income 12,652 12,056 4.9% 44,482 67,390 81,049 Net Interest Charges 128,366 131,131 (2.1%) 525,672 480,385 292,325 Net Margin $48,149 $43,006 12.0% $55,355 $70,501 $65,790 Margins for Interest Ratio(a) 1.10 1.10 1.10 1.14 1.14 Sales to Members Energy Cost (cents/kWh) 4.07 3.44 18.5% 2.54 2.08 2.12 Average Power Cost (cents/kWh) 10.11 9.01 12.2% 7.38 6.92 5.94 Sales to Members (MWh)(b) 6,991,920 7,417,890 (5.7%) 33,086,185 31,001,082 28,289,147 13

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![](oglethorpepowerq12026inv014.jpg)

First Quarter 2026 Investor Briefing Balance Sheet Excerpts (a) The equity ratio is calculated, pursuant to Oglethorpe's 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 due within one year (Total Long-Term Debt and Equities in the table above). Oglethorpe has no financial covenant requirement to maintain a minimum equity ratio; however, a covenant in the Indenture restricts distributions of equity (patronage capital) to its Members if its equity ratio is below 20%. Oglethorpe also has covenants in three credit agreements that require a minimum total patronage capital, with the highest such requirement being $900 million. The equity ratio is less than that of many investor-owned utilities because Oglethorpe operates on a not-for-profit basis and has a significant amount of authority to set and change rates to ensure sufficient cost recovery to produce margins to meet financial coverage requirements. March 31, December 31, ($ in thousands) 2026 2025 2024 Balance Sheet Data: Assets: Electric Plant: Net Plant in Service $12,004,772 $12,032,472 $11,989,581 CWIP 938,951 787,886 320,167 Nuclear Fuel 432,805 408,556 402,328 Total Electric Plant $13,376,528 $13,228,914 $12,712,076 Total Investments and Funds 1,595,368 1,641,977 1,492,372 Total Current Assets 932,848 1,147,079 1,109,969 Total Deferred Charges 1,126,569 1,131,829 1,163,121 Total Assets $17,031,313 $17,149,799 $16,477,538 Capitalization: Patronage Capital and Membership Fees $1,431,922 $1,383,773 $1,328,418 Long-term Debt and Finance Leases 12,071,081 12,087,441 12,167,367 Other 39,464 39,383 37,625 Total Capitalization $13,542,467 $13,510,597 $13,533,410 Total Current Liabilities 1,316,193 1,434,530 936,414 Total Deferred Credits and Other Liabilities 2,172,653 2,204,672 2,007,714 Total Equity and Liabilities $17,031,313 $17,149,799 $16,477,538 Total Capitalization $13,542,467 $13,510,597 $13,533,410 Plus: Unamortized Debt Issuance Costs and Bond Discounts on LT debt 118,382 120,065 120,328 Plus: Long-term Debt and Finance Leases due within one year 397,477 391,726 398,979 Total Long-Term Debt and Equities $14,058,326 $14,022,388 $14,052,717 Equity Ratio(a) 10.2% 9.9% 9.5% 14

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![](oglethorpepowerq12026inv015.jpg)

First Quarter 2026 Investor Briefing RUS-Guaranteed Loans(a) (a) RUS-guaranteed loans are funded through the Federal Financing Bank and made at comparable Treasury plus 0.125% (b) Loan closed February 24, 2026 and fully funded in April 2026 (c) $112.6M loan for general capital improvements at Vogtle Units 3 & 4; conditionally committed February 20, 2026, initial funding expected 2027 (d) $486.7M loan for general capital improvements at all sites excluding Vogtle Units 3 & 4; application submitted July 2025, pending RUS approval (e) Submitted application in December 2025 for Smarr CC (f) Submitted application in February 2026 for Talbot 7 CT RUS and DOE Loan Summaries as of April 30, 2026 DOE-Guaranteed Loans for Vogtle 3&4 Construction Total Debt Outstanding $3.9B Average Interest Rate 2.936% $2.96B Total RUS Debt Outstanding, Average Interest Rate of 3.622% Purpose/Use of Proceeds Approved/ Pending Approval Advanced Remaining Amount Current Loans General & Environmental Improvements - (2 loans) $1,386M $919M $467M Walton Acquisition (b) $80M $80M $0M $1,466M $999M $467M Pending Loans General & Environmental Improvements - (2 loans) (c) (d) $599M $0M $599M Smarr CCs Construction (e) $3,324M $0M $3,324M Talbot 7 CT Construction (f) $415M $0M $415M $4,338M $0M $4,338M Total Current & Pending RUS Loans $5,804M $999M $4,805M 15

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![](oglethorpepowerq12026inv016.jpg)

First Quarter 2026 Investor Briefing Oglethorpe's Available Liquidity 16

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![](oglethorpepowerq12026inv017.jpg)

First Quarter 2026 Investor Briefing Recent and Upcoming Financial Activity 17 2026 – Completed Q1 • Submitted loan application for Talbot Unit 7 (approximately $415 million). Q2 • Closed on 0% loan under RUS New ERA program to refinance ~$300 million of debt related to the retired Wansley coal plant (advance expected in Q3 2026). 2026 – Upcoming Q3-Q4 • ~$800-900 million of combined capital markets financings for intermediate-term and long-term needs related to Smarr CC as well as intermediate-term needs for existing fleet. • Extension and amendment of syndicated bank credit facility.

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![](oglethorpepowerq12026inv018.jpg)

First Quarter 2026 Investor Briefing 18

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First Quarter 2026 Investor Briefing • A link to this presentation will be posted on Oglethorpe's website www.opc.com. • Oglethorpe's SEC filings, including its annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K are made available on its website. • Oglethorpe's ESG Reports along with its qualitative and quantitative EEI ESG/Sustainability Reports are available on its website. • Member information is generally filed as an exhibit to Form 10-Q for the first or second quarter of each year. (Exhibits are available on EDGAR but not on Oglethorpe's website.) 2025 Member information was filed in an exhibit to Form 10-Q for the first quarter of 2026. • For additional information please contact: Additional Information 19 Investor Contacts Name Title Email Address Phone Number Betsy Higgins Executive Vice President and Chief Financial Officer betsy.higgins@opc.com 770-270-7168 Cheri Garing Senior Vice President, Planning cheri.garing@opc.com 770-270-7204 Joe Rick Sr. Director, Capital Markets and Investor Relations joe.rick@opc.com 770-270-7240 Media Contact Name Title Email Address Phone Number Blair Romero Director, Corporate Communications blair.romero@opc.com 770-270-7290

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