Note: This posting is a copy/paste of an email report to the NEST Energy Committee, where the formatting characteristics of the original email change when copy/pasting from Microsoft Outlook using the WordPress editor.

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Hello Energy,

Sharing my “highlights” from Thursday’s Apr 25 IMEA Board Meeting:

1. Acceptance and approval of the first 10 Member contract renewals
2. Exploring an ownership share in a transmission project with Ameren’s ATXI
3. Utility scale solar project status
4. Some additional noteworthy items

The link to the meeting’s presentation slides pdf is:
https://drive.google.com/file/d/10sxkaClNxAVF6pI2PDXjY4rMwrb6qHdD/view

There are no recordings offered by IMEA of IMEA board meetings, unlike our Naperville city council and many other public bodies.  The meeting minutes will become available after approved at the next IMEA board meeting scheduled for June 27.  

Slides, agendas, minutes, etc.  from this meeting and previous board meeting are posted in the CLEAN google drive.
https://drive.google.com/drive/folders/1jWacdmtQ4yPRzkbUAjKWz4RVuwDzUEDM

Thursday’s meeting slides and agenda files begin with the file prefix 2024-04-25_

The above link to the CLEAN IMEA Board Meetings google drive is also posted in the CLEAN Sources and Resource page:
https://cleanenergynaperville.org/sources-and-resources

1. Acceptance and approval of the first 10 Member contract renewals (slides 41 – 51)

• The IMEA board adopted resolutions #24-04-0900 through #24-04-909 to formally accept the first 10 Members who approved their new Power Sales Contracts via local ordinances
• These new contracts cover the contract period Oct 1, 2035 through May 31, 2055
• The 10 Members are: Princeton, Casey, Marshall, Altamont, Bushnell, Flora, Greenup, Roodhouse, Rantoul, and Oglesby
• 2 others Breeze and Rock Falls were received after the meeting agenda was published, so they will be formally accepted and approved at the June board meeting. 
• IMEA reports that several more Members have plans to approve contract in their May-June city council meetings.

2. Exploring an ownership share in a transmission project with Ameren’s ATXI (slides 30 – 33)

• IMEA described a potential transmission ownership opportunity with Ameren’s ATXI division for which the board voiced their agreement for IMEA to further review and research to explore the opportunity
• The project is a Princeton/Peru 138KV connection
• Ameren will be the primary developer, contract and operator, and IMEA would be a minority owner
• Preliminary projections of $20-$30 million might be funded from IMEA liquidity or an IMEA bond issue
• IMEA’s capital investment in the project would be recovered through the MISO transmission funding process
• IMEA staff will evaluate and report back to the board

3. Utility scale solar project status (slide 36)

• The Sustainability Plan seeks 100MW solar by end of 2026
• The IMEA CEO reports that utility scale solar prices are 75% higher than 5 years ago (in 2019 when IMEA finalized solar contract with Ranger Power’s Big River project)
• Staff discussions and due diligence currently continues with one vendor
• If discussions with the vendor continue to be fruitful, IMEA anticipates a term sheet by June followed by formal contract approval in August

4. Some additional noteworthy items

• President and CEO report (slides 10-18)

IMEA expects to be able to refinance $400M of the outstanding 2015A bonds with a potentials savings of $30 million. The refi but will not extend the length beyond current 2035, Authorization will be sought in late 2024 or early 2035 (slide 13)

• Operations: PJM (slide 20)

Base Residual Auction (BRA) results for 2024/2025 stand after appeal to US Court of Appeals, so no change to IMEA’s PJM capacity costs for planning year 2024/2025

• Trimble County report (slide 27)

Detail scope and timeline expected late summer 2024 for the project to build new powerplant stacks for both units 1 and 2

• Prairie State report (slide 28)

No change in Prairie State CCS status: “No updates since last reported” and “No commitment from PSGC or the owners”

• Behind the Meter solar projects (slides 34-35)
• Legal report (slides 37-40)

Latest numbers on Winter Storm Elliott’s impact: Penalty [for Trimble County] $2.264 Million, Performance Payment $4.578 Million, Net $2.214 Million

• Meeting schedule for FY24-25 (slide 57)
• Committee assignments for FY24-25 (slide 58)

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And as usual at the end my board meeting emails, here’s my encouragement again to you to also attend IMEA board meetings. Webinar means not having to devote a whole day commuting to and from Springfield.

The webinar registration info is posted within the IMEA meeting agenda documents, typically posted at the end of the preceding week.

https://www.imea.org/IMEA%20Board%20Meeting%20Schedule.asp

Next scheduled full IMEA Board Meeting is June 27, 2024 at 10:00AM, preceded by an Exec Board Meeting at 2:00PM June 26, 2024.

Thanks.

Greg

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