Ensuring cost-effective wholesale power through 2079
Mecklenburg Electric Cooperative announces the extension of its wholesale power contract with Old Dominion Electric Cooperative to secure access to cost-effective wholesale power through January 1, 2079. The 25-year extension was formally accepted by the Federal Energy Regulatory Commission (FERC) on September 26.
“Providing affordable and reliable power to our members has been our No. 1 mission since we were formed in 1938. Extending this contract is a significant move to ensure we can continue that legacy in the long-term,” said MEC President and CEO Casey Logan. “It also puts us in the position to navigate increasing power demand while protecting our members against future cost volatility.”
Mecklenburg Electric is one of 11 not-for-profit retail distribution electric cooperatives that are member-owners of ODEC, a not-for-profit wholesale power generation and transmission cooperative. ODEC supplies the power required to serve MEC’s members through a combination of power plants that it owns as well as power purchases from independent power producers and the regional power market.
ODEC, which is headquartered in Glen Allen, Virginia, exists solely to serve its 11 cooperative members, who also also govern ODEC through its Board of Directors, ensuring that every decision ODEC makes is in the best interest of the communities and people of each of the cooperatives it serves.