5.3 ERMUSR 04-12-2022 - Laserfiche WebLink

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UTILITIES COMMISSION MEETING TO:FROM: ERMU Commission Theresa Slominski –General Manager MEETING DATE: AGENDA ITEM NUMBER: April12, 2022 6.1a SUBJECT: Staff Update ACTION REQUESTED: None DISCUSSION: TheBoard of Directors of the Minnesota Municipal Power Agency (MMPA) met on March 22, 2022, at Chaska City Hall in Chaska, Minnesota and via videoconference. Both Commissioner Mary Stewart and I were in attendancevia videoconference. A publicsummary of the meeting follows: o The Board reviewed the Agency’s financial and operating performance for February2022. o The Board discussed COVID-19 and its effects on supply chains and labor markets. o The Board approved a three-year extension of the Agency’s $20,000,000 credit facility with U.S. Bank. This facility provides financial flexibility for the Agency and supports MMPA’s strong bond rating with Fitch (A+) and Moody’s (A1). o The Board approved a resolution requesting that MMPA member cities extend their Power Sales Agreements with the Agency through December 31, 2060. MMPA’s debt is secured by its Power Sales Agreements with members. MMPA expects to make capital investments financed with 30-year debt during the next eight years. This extension would allow MMPA to issue 30-year debt through 2030. o There was an increase of 7 customers participating in MMPA’s residential Clean Energy Choice program from January to February. Customer penetration of the program for residential customers remains at 3.8%. I have had some conversations with Verizon regarding a lease for antennae attachments to the Gary Street Water Tower. We have not been able to come to an agreement and I am not sure that we will be able to. ERMU has a standard lease amendment with specific costs, and Verizon would like to negotiate the lease to a zero or near-zero cost. Both parties feel the other is being unreasonable. ______________________________________________________________________________ Page 1 of 1 192