Third-party consultant will assist Executive Committee in addressing key audit findings

ORLANDO, Fla., Feb. 19, 2015 – The Florida Municipal Power Agency (FMPA) All-Requirements Project Executive Committee voted today to begin a process to retain a management consulting firm to address key preliminary findings of the Florida Auditor General’s operational audit.

The Auditor General’s preliminary and tentative audit findings, released on Jan. 21, 2015, included five findings that relate to the All-Requirements Project. These findings relate to fuel hedging, natural gas supply agency participation, interest rate swaps, peak shaving and All-Requirements Project termination provisions. Due to the complex nature of these topics, Executive Committee members agreed to begin the process to retain an independent management consulting firm to advise the Executive Committee concerning these findings.

The Executive Committee will select a consultant through a request for qualifications process, and the selected consultant will report its recommendations directly to the Executive Committee.

“We look forward to the opportunity to improve how we operate, and we value the insight that a third-party expert will bring to the process,” said Howard McKinnon, Executive Committee Chairman and Town Manager of Havana, Fla.

#    #   #

Florida Municipal Power Agency (FMPA) is a wholesale power company owned by 31 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 two million Floridians.