FMPA Awarded ‘Municipal Risk Manager of the Year’ by Risk Magazine
ORLANDO, Fla., Jan. 24, 2007 – The Florida Municipal Power Agency (FMPA) was named “Municipal Risk Manager of the Year” in Risk magazine’s 2007 awards.
Risk magazine cited FMPA’s risk management program as “conservative but sophisticated” and recognized FMPA’s ability to “tactically hedge when markets are favorable.” FMPA’s 2006 risk management highlights include the successful implementation of a program to hedge interest rates on $700 million to finance a proposed coal-fired power plant and a strategic portfolio for natural gas hedges.
“We began our risk management program in 2001 to reduce volatility in natural gas prices,” said Roger Fontes, general manager and CEO. “Today, we are fostering the development of a risk management culture throughout the FMPA organization.”
“This award is a testament to the strength of FMPA’s overall approach to risk management,” said Mark Larson, assistant general manager, CFO and risk manager. “Risk management is everyone’s job at FMPA. A successful program requires wide participation and a strong, continuing dedication to balancing asset management and risk management goals.”
Risk magazine is the leading publication for the global derivatives and risk management communities. The Risk awards recognize best practices and innovation in derivatives and risk management globally. Risk is read by more than 80,000 financial professionals each month, and its annual awards are widely acknowledged for the standards of excellence they have established.
# # #
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 1.9 million Floridians. FMPA’s members include 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.