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Minnesota Municipal Power Agency I Quarterly Report <br /> IMM.Flik 3rd Quarter 2014 <br /> MMPA Posts Strong Third Quarter Financial Hometown BioEnergy Receives $8.2 Million Grant <br /> Results Despite Unusual Weather <br /> In August, Hometown BioEnergy, LLC, a subsidiary of <br /> MMPA had strong financial performance in the third MMPA, received an $8.2 million federal grant for the <br /> quarter of 2014, resulting in an increase in net position Hometown BioEnergy (HTBE) project located in Le <br /> of$3.8 million. These results occurred despite only Sueur, Minnesota. HTBE is an innovative 8 MW electric <br /> three hours of temperature (at the MSP airport) at or generation facility that uses anaerobic digestion of <br /> above 90 degrees in the quarter. As a result, peak agricultural processing and animal wastes to produce <br /> demands were lower than anticipated for most of the biogas that is used in reciprocating engines to create <br /> quarter. dispatchable on-peak renewable energy. The project <br /> is part of MMPA's approach to meeting the State of <br /> The Agency's unrestricted cash position increased Minnesota's renewable energy standard. The $8.2 <br /> by $8.4 million during the quarter and MMPA's rate million grant reduces the total project cost. The <br /> stabilization fund grew by$0.3 million to just over $30 Agency used a similar approach to receive a $25 million <br /> million. grant for its Oak Glen Wind Farm project in 2012. <br /> Total operating revenues for the quarter were $29.8 MMPA Refunds Bonds; Gets Upgraded by Moody's <br /> million. Energy sales to members were 403,000 MWh, a <br /> decrease of 3% compared to the third quarter of 2013. The Agency refunded all of its outstanding 2004 bonds <br /> This decrease is primarily attributable to significantly in a bond sale that closed on September 24. Total <br /> cooler weather in 2014 compared to 2013. Total present value savings of the transaction were almost $8 <br /> operating expenses (including depreciation) were $23.8 million with first year interest savings of approximately <br /> million for the quarter compared to $23.3 million for the $750,000. Moody's Investors Service upgraded its <br /> same quarter in 2013. rating of MMPA from A3 to A2 with a stable outlook in <br /> its review of the Agency. Fitch maintained its A rating <br /> MMPA's increase in net position for the first nine months for the Agency with a stable outlook. MMPA also <br /> of 2014 is $6.5 million, compared to $5.9 million for the funded approximately $6.5 million in new investment in <br /> first nine months of 2013. transmission with the bond sale. <br /> -,. , <br /> 'fie <br /> Y <br /> f <br /> i --- ' It — <br /> __,...r1,_,_,-,,,,,..,._„ <br /> � ilUledlE4 <,,, �' <br /> S, <br /> p���,,,/' \� �j� <br /> r A� <br /> The Hometown BioEnergy Facility in Le Sueur, Minnesota <br />