News Releases

FMPA Completes Sale of All-Requirements Project Bonds
Transaction will increase percentage of fixed-rate debt and refund auction-rate securities

ORLANDO, Fla., Sept. 5, 2008 – Florida Municipal Power Agency (FMPA) announced today it has completed the sale of $584 million of All-Requirements Project bonds. The issuance is part of the Agency’s plan to restructure $1.3 billion of the Agency’s debt portfolio to increase the percentage of fixed-rate debt and eliminate the use of auction-rate securities.

FMPA’s largest power supply project, All-Requirements, provides all the wholesale power needs of 15 municipal electric utilities. All-Requirements issued $396 million of new debt to fund power supply projects, including the development of a new natural gas-fueled power plant. FMPA also refinanced $188 million of existing debt with this transaction. The All-Requirements Project is scheduled to refinance approximately $270 million of auction-rate securities at a later date.

The All-Requirements Project bonds sold on Sept. 4 are scheduled to close on Sept. 17. Auction-rate securities refinanced by these bonds will be redeemed by Oct. 10, 2008.

This transaction is the first step in FMPA’s plan to restructure $1.3 billion of FMPA’s outstanding debt. Other transactions are scheduled to close between late-September and late-October.

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Florida Municipal Power Agency (FMPA) is a wholesale power company owned by 30 municipal electric utilities. FMPA provides economies of scale in power generation and related services to support community-owned electric utilities. The members of FMPA serve approximately 2 million Floridians. FMPA’s members are Alachua, Bartow, Blountstown, Bushnell, Chattahoochee, Clewiston, Fort Meade, Fort Pierce, Gainesville, Green Cove Springs, Havana, Homestead, Jacksonville Beach, Key West, Kissimmee, Lake Worth, Lakeland, Leesburg, Moore Haven, Mount Dora, New Smyrna Beach, Newberry, Ocala, Orlando, Quincy, St. Cloud, Starke, Vero Beach, Wauchula and Williston. Additional information is available on the Internet at www.fmpa.com.