OGLETHORPE POWER CORP

What Do They Do?

Supplies wholesale electric power to member-owned electric distribution cooperatives.

How Do They Make Money?

Member cooperatives are billed for capacity in equal monthly installments based on the annual budget, whether or not power is generated, and for energy as it is delivered, at prices tied to variable costs. Nonmembers pay mutually agreed prices for capacity or energy supplied.

FY2025 revenue

Who Are Their Customers?

Oglethorpe sells wholesale power directly to local, consumer-owned electric distribution cooperatives; those cooperatives provide retail service to residential, commercial and industrial customers in their territories.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$388.3M.

Operating income, FY2025

21% of revenue

▲ +11% vs FY2024 ($483.5M, 22%)

Net income, FY2025

2% of revenue

▼ −21% vs FY2024 ($70.5M, 3%)

Free cash flow, FY2025

−15% of revenue

▲ +66% (Loss) vs FY2024 (−$233.3M, −11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −7%; vs $633.7M in Q2 FY2025
Net income: ▼ −20%; vs $20.3M in Q2 FY2025

Aug 4, 2026 Heather H. Teilhet selected as next President/CEO She is expected to take the role after resigning from her current position.

Growing. Revenue grew 58% in 4 years, from $1.6B in FY2021 to $2.5B in FY2025, about 12% a year.

Longer wholesale contracts The stated end date for member contracts moved later, extending the term of the take-or-pay wholesale power arrangement.

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