6.1.a. ERMUSR 08-11-2015 - Laserfiche WebLink

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Derick O. Dahlen ' ' t Executive Manager, } y_ `�, MMPA r t 1 President and CEO, 9 !"1"- =t ' Avant Energy,Inc. y e� (left) 4 4 Steve Schmidt �" ti �, `�� a \, Chairman,MMPA ' ? . Board of Directors (right) y¢ 2014 was a year of affirmations and successes for MMPA. During the year,MMPA member communities representing 94%of the Agency's load extended their contracts with MMPA from 2040 to 2050.These extensions are an affirmation of the Agency's successes,plans for the future,and history of consistently delivering on its mission of providing reliable,competitively-priced energy to its members and creating value for the Agency and its members. MMPA's newest generating resource,Hometown BioEnergy,was recognized by POWER magazine as a 2014 Top Renewable Plant Award recipient.The plant was featured on the cover of the magazine's December issue.The award was an affirmation of MMPA's commitment to innovation,value creation,and renewable and sustainable energy. The Hometown BioEnergy facility converts food processing and agricultural waste products into biogas and then electricity and is one of the largest projects of its kind in the United States. In August 2014,Hometown BioEnergy,LLC,a subsidiary of MMPA,received an$8.2 million federal grant for the Hometown BioEnergy project.This grant significantly reduced the Agency's cost of the project. MMPA took advantage of low interest rates to refund bonds twice during 2014.These transactions created more than $17 million in present value savings to the Agency and its members.As a result of these refundings,the Agency's interest expense will be lower than it would have otherwise been for the next twenty years. Moody's Investors Service upgraded its bond rating of MMPA to A2 from A3 in the summer of 2014,citing MMPA's competitive rates,strong financial management and performance,and sound member credit quality.This is an affirmation of the Agency's conservative financial policies and focus on maintaining competitive rates to members. We are pleased to present MMPA's 2014 annual report and look forward to the continued success of MMPA. Sincerely, Qf 42e,a 0. ØJ4. - Derick O.Dahlen Steve Schmidt Executive Manager,MMPA Chairman,MMPA Board of Directors President and CEO,Avant Energy,Inc.