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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> ERMU Commission Troy Adams, P.E.— General Manager <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> August 14, 2018 6.1a <br /> SUBJECT: <br /> Staff Update <br /> ACTION REQUESTED: <br /> None <br /> DISCUSSION: <br /> • The Board of Directors of the Minnesota Municipal Power Agency (MMPA) met on July <br /> 24, 2018 at the offices of Elk River Municipal Utilities. Commissioner Al Nadeau and I <br /> were both in attendance. <br /> The unaudited MMPA financial report for 2Q2018 is attached. <br /> The MMPA Application For Integrated Resource Plan (IRP) Approval 2019—2033 has <br /> been submitted to the Minnesota Public Utilities Commission. The public version of the <br /> IRP is attached. <br /> Fitch Ratings upgraded MMPA's bond rating from "A" to "A+", citing the Agency's <br /> strong financial performance, effective management, and competitive rates. Moody's <br /> upgraded MMPA's bond rating from "Al"to "A2" with a stable outlook. The Fitch and <br /> Moody's rating reports are attached. <br /> The Board was informed that the Manitoba Hydro Board of Directors approved the <br /> capacity agreement in which MMPA will purchase between 65 MW and 105 MW over <br /> the period 2020 to 2030. <br /> Participation in MMPA's residential Clean Energy Choice program increased over June, <br /> with four different MMPA members having new customer signups during the month. <br /> Customer penetration of MMPA's Clean Energy Choice program for residential <br /> customers increased to 2.9%. <br /> Following the Board meeting, MMPA hosted its annual dinner meeting with city officials <br /> at the Rockwoods event center in Otsego, Minnesota, located in Elk River Municipal <br /> Utilities' service territory. <br /> The MMPA annual report for 2017 was released. The report is attached. <br /> Page 1 of 3 <br /> 65 <br />