Insights From The 2024 Annual Meeting

The 2024 MEAG Power Annual Meeting once again brought together Participants and a cross-section of legislators, public power experts and business partners to share valuable insights and build relationships. The gathering came at a unique time as a rise in AI-driven data centers, new manufacturing facilities and the electrification of transportation are driving predictions of a surge in energy demand in Georgia and elsewhere.

MEAG Power President and CEO Jim Fuller kicked off the General Session noting that we’ve reached a tipping point where we soon need to make some critical decisions. The rise in large loads has providers around the country looking to add new capacity, including Georgia Power and Oglethorpe Power, which have announced plans for new generation.

Given current industry trends, we have two choices in front of us. Continue with the status quo, which would only require incremental investment but could see city utilities lose ground competitively to other providers. Or, join together to explore additional sources of energy that could help win more competitive loads, which in turn would reduce average cost, increase margin, spread risk and enhance affordability.

Lakin Garth of the Smart Electric Power Alliance (SEPA) gave some eye-opening insights into the potential growth of data centers. He noted that data centers were predicted to grow from 4% of total U.S. electricity consumption in 2023, to 9.1% by 2030.

As of July 2024, Georgia had 127 data center facilities across 47 providers that encompass 10.8 million square feet and use approximately 1,500 MW of power. That ranks Georgia 6^th in the U.S. in terms of data center load by state. And there are many more projects in the pipeline.

David Wasserman of the Cook Political Report gave an entertaining and informative perspective on the rapidly changing Presidential election. He also shared current polling in key House and Senate races, and how the potential outcomes could impact power sharing in Washington D.C.

Navigating the environment in Washington D.C. also was a topic of Susan Eisenhower’s speech. Recalling how her grandfather, former President Dwight Eisenhower, had organized and galvanized support around the country’s development of nuclear power, she said her visit to the MEAG Power conference had reenergized her outlook as she saw how Participants came together to bring the Plant Vogtle expansion to a successful conclusion.

Jason Shaw, Chairman of the Georgia Public Service Commission, provided his perspective regarding current and future energy needs in Georgia, and what the Commission is doing to ensure that consumers receive safe, reliable and reasonably priced electric services.

Mike Steffes, the CEO of ACES, MEAG Power’s new energy trading partner, gave an overview of his company. His colleagues, Andy Whitesitt and Alex Huff, also led a Concurrent Session on current power market trends, including an update on the natural gas, coal and renewables market, and what we can reasonably expect in the future given uncertain load forecasts.

Another Concurrent Session focused on financial trends in the public power sector with a panel discussion moderated by MEAG Power’s CFO, Reiko Kerr. Panelists included Mike Mace, Senior Director at PFM, and Dan Aschenbach, Principal Consulting Partner at AGVP Advisory. The third Concurrent Session featured an analysis of EV trends and rates led by ECG’s President and CEO, Walter West, and Chau Nguyen, Director of Analytical Services.

During the Annual Meeting, Participant voting delegates re-elected Bill Yearta, State Representative from Sylvester, Steve Tumlin, Mayor of Marietta, and Terrell Jacobs, GMA Municipal Operations Consultant to three-year terms on the MEAG Power Board.

The Annual Meeting closed with a nod to next year’s gathering, which will mark MEAG Power’s 5o^th anniversary as an organization. It promises to be a special occasion, so mark the dates: July 14-16, 2025.