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05 Finance
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05 Finance
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Last modified
8/23/2012 9:27:47 AM
Creation date
12/12/2008 1:42:53 PM
Metadata
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Template:
AGENDA
Item Number
05
AGENDA - Type
MISCELLANEOUS
Description
Electric power contract with CAPP
AGENDA - Date
12/15/2008
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Member has determined to utilize the CAPP aggregation method of electric <br />energy procurement for meeting the electric energy needs of governmental facilities that <br />are located within its deregulated jurisdictional boundaries, as provided in this Contract. <br />CAPP has identified a source of Energy from selected units in the Big Brown <br />generating station in Freestone County, Texas ("Big Brown Facility"), Martin Lake <br />generating station located in Rusk County, Texas ("Martin Lake Faciliry"), and Oak <br />Grove generating station located in Robertson County, Texas ("Oak Grove Facility") that <br />are owned, respectively, by Big Brown Power Company, LLC, Luminant Generation <br />Company LLC and Oak Grove Management Company, LLC (collectively, the "Facility <br />Owners"), and that CAPP believes will assist Member in (i) mitigating potential price <br />volatility of Energy, and (ii) accessing a wholesale power supply to meet the base load <br />requirements of Member and Participating Members for twenty-four (24) years, <br />commencing on January 1, 2009 at 12:00:00 a.m. CPT ("Service Commencement Date") <br />and ending at one minute before 12:01 a.m. on January 1, 2033 unless the agreement for <br />the procurement of such Energy is terminated sooner as therein provided ("Term"). The <br />Big Brown Facility, Martin Lake Facility, and Oak Grove Facility are collectively called <br />the "Facilities". <br />CAPP has entered into a Power Purchase Agreement with the Facility Owners in <br />substantially the form attached hereto as Exhibit "B" and incorporated by this reference <br />herein for all purposes ("PPA"), pursuant to which PPA, CAPP will contract to obtain <br />150 megawatts of Contract Capacity ("Contract Capaciry") in the Facilities and access to <br />wholesale power supplies to meet base load Energy needs of Member and Participating <br />Members throughout the Term of the PPA. <br />Certain obligations of the Facility Owners under the PPA have been partially <br />guaranteed by Texas Competitive Electric Holdings Company, LLC ("TCEH") through <br />execution of a Guaranty substantially in the form attached to the PPA, and TCEH and its <br />subsidiaries have guaranteed the original leveraged buyout ("LBO") documents and the <br />PPA is a secured obligation under such LBO documents and as such is subject to the <br />guaranty provided therein. <br />Member desires to acquire its Member Contract Energy Allocation in the Project <br />from CAPP ("Member Capacity"). <br />All Participating Members, including Member, have collectively contracted for <br />and reserved the full Contract Capacity in the Facilities from CAPP. The PPA provides <br />the terms for CAPP's purchase of all Contract Capacity from the Facility Owners for the <br />benefit and on behalf of Member and Participating Members. <br />As a result of negotiations with the Facility Owners it has been determined that <br />substantial savings in energy costs based upon today's energy market and current <br />forecasts of future market prices can be realized by purchasing capacity rights in the <br />Facilities from the Facility Owners as provided in the PPA on or before the Service <br />Commencement Date. <br />2 <br />~ Ot)t:f02i <br />
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