Oglethorpe Power to Detail 2025 Financials Amid Georgia's Energy Boom

TUCKER, GA – April 08, 2026 – Oglethorpe Power Corporation, one of the nation’s largest power supply cooperatives, is set to provide a comprehensive look into its 2025 financial and operational performance during an investor briefing call scheduled for April 14. The announcement comes as the energy giant navigates a period of significant capital investment, historic operational milestones, and unprecedented electricity demand growth across Georgia.

The call will offer investors, member cooperatives, and the public critical insights into the company's health following a year marked by the full integration of the new Vogtle nuclear units and strategic expansions of its natural gas portfolio. With over $17 billion in assets and a mandate to supply power to 38 Electric Membership Cooperatives (EMCs) serving 4.7 million Georgians, the cooperative's performance is a key indicator of the state's economic and energy stability.

A Year of Strategic Investment and Shifting Margins

Financial results for the year ending December 31, 2025, reveal a company in a phase of strategic growth and adjustment. Oglethorpe Power reported operating revenues of approximately $2.5 billion, a significant increase from nearly $2.2 billion in 2024. This top-line growth was largely driven by the commercial operation of Vogtle Unit 4 in April 2024, which allowed the cooperative to begin recovering the substantial interest and depreciation expenses associated with the landmark nuclear expansion project.

However, the cooperative's net margin for 2025 saw a planned decrease to $55.4 million, down from $70.5 million in the prior year. According to company filings, this reduction was not a sign of distress but a deliberate strategic decision. The board of directors approved a budget targeting a margins for interest ratio of 1.10 for 2025, a decrease from the 1.14 ratio maintained from 2022 through 2024. This ratio, a key covenant in its debt agreements, ensures the cooperative generates enough margin to cover its interest payments. By meeting this adjusted target, Oglethorpe demonstrated its ability to manage financial levers to balance its obligations with its commitment to providing cost-effective power to its members.

The cooperative's balance sheet reflects its massive investment in Georgia's energy infrastructure. Total assets grew to $17.1 billion by the end of 2025, up from $16.5 billion in 2024. This expansion is primarily tied to the completion of its approximately $8.3 billion investment in Vogtle Units 3 and 4, as well as acquisitions like the 465-megawatt Walton County natural gas facility in June 2024. Consequently, long-term debt stood at $12.6 billion, financing the build-out necessary to secure the state's power supply for decades to come.

Meeting Unprecedented Demand with a Diverse Portfolio

The upcoming briefing is set against the backdrop of Georgia’s surging economic development, which has created projections for energy demand growth that are among the highest in the nation. The state’s economic pipeline, heavily populated by data centers and advanced manufacturing, represents a potential incremental load of over 50,000 megawatts by the mid-2030s, placing immense pressure on power suppliers to expand capacity.

Oglethorpe Power's strategy hinges on a diverse and expanding generation portfolio. The completion of Vogtle Units 3 and 4 was a monumental step, making Plant Vogtle the single largest generator of clean energy in the United States. These units provide carbon-free, baseload power that is critical for system reliability. In 2025, the cooperative sold over 33 million megawatt-hours of energy to its members, a notable increase from the 31 million MWh sold in 2024, reflecting both organic growth and the state's economic acceleration.

Looking ahead, Oglethorpe is already planning its next wave of generation assets to meet future demand. The cooperative has announced plans to construct two new natural gas-fired resources, projected to come online in 2029. These include an approximately 1,425 MW combined-cycle facility in Monroe County and a 240 MW combustion turbine unit at its Talbot Energy Facility. These projects represent a combined investment estimated to be between $2.1 billion and $2.6 billion, reinforcing the cooperative's commitment to ensuring grid reliability as demand soars.

The Cooperative Advantage in a Dynamic Market

At the heart of Oglethorpe Power's operations is its not-for-profit cooperative structure, which directly ties its financial performance to the well-being of its 38 member EMCs. Unlike investor-owned utilities focused on maximizing shareholder profit, Oglethorpe’s mission is to provide reliable and affordable wholesale power. Its cost-plus formulary rate structure is designed to recover all prudently incurred costs and meet its financial covenants, providing revenue stability that benefits members.

This stability is reflected in its strong credit ratings—BBB+ from S&P and Fitch, and A3 from Moody's, all with a "Stable" outlook. These ratings are crucial, as they allow the cooperative to borrow capital for major projects at more favorable interest rates, a benefit that is ultimately passed on to member EMCs and their consumer-owners in the form of lower wholesale power costs.

The cooperative model also fosters a commitment to a balanced energy mix. While investing heavily in nuclear and natural gas for reliability, Oglethorpe and its members are also expanding their renewable footprint. Through Green Power EMC, the member cooperatives are on track to procure over 1,267 megawatts of renewable energy by the end of 2027. Combined with member-owned solar projects, Georgia’s EMCs are expected to have access to over 2,285 megawatts of solar capacity, diversifying the state’s energy supply and contributing to environmental goals. As stakeholders prepare for the April 14 briefing, the discussion will provide a crucial window into how Oglethorpe Power is balancing these massive infrastructure investments, unprecedented demand growth, and its core mission of powering communities across Georgia.