FMPA CEO Guarriello Announces Retirement
He steered FMPA through tough times, returned the Agency to rate competitiveness
ORLANDO, Fla., Oct. 22, 2015 – Nicholas P. Guarriello announced today that he will retire in 2016 as General Manager and CEO of the Florida Municipal Power Agency (FMPA) after seven years leading the Orlando-based wholesale power supplier.
“After considerable thought and discussion with my wife and family, it is time for me to retire,” said Guarriello today at FMPA’s Board of Directors meeting.
Guarriello has more than 46 years of experience in the utility industry. He joined FMPA in September 2008 as interim General Manager and one year later was officially named General Manager and CEO.
Guarriello steered FMPA through tough times from the Great Recession that produced precarious financial markets, volatile natural gas prices, and declining electricity demand. He will leave the Agency in a much improved competitive position.
His seven-year tenure was notable for FMPA’s declining power costs and rising member satisfaction, among other accomplishments.
- Power Costs Down: Wholesale power costs for FMPA’s All-Requirements Project declined approximately 30% from the peak in 2009, and FMPA is once again competitive. Returning FMPA to rate competitiveness has been the top priority since FMPA’s 2009 strategic planning session.
- Member Satisfaction Up: FMPA member satisfaction rose significantly, reaching all-time highs in 2012 and remaining above the average for the 14-year history of the survey.
- Credit Ratings Remain Strong: Credit rating agencies review FMPA’s projects on a regular basis and have affirmed the Agency’s above average, single-A ratings. FMPA maintained financial stability even as it weathered Florida’s slow economic recovery, exited hedging obligations, and navigated other challenges.
- Well-Positioned Generation Fleet: FMPA completed the modernization of its generation fleet with the addition in 2011 of a high-efficiency, natural gas-fueled unit. FMPA’s All-Requirements Project has adequate power supply resources forecasted through 2023 and the third lowest emission profile of any utility in Florida, positioning it well for greenhouse gas regulations.
Prior to joining FMPA, Guarriello served as Principal and Immediate Past President/CEO of R.W. Beck, a management and engineering consulting firm, and from 1998 through 2005, Guarriello was the President and CEO.
Guarriello requested an effective date of May 6 for his retirement, although he expressed flexibility to work with the Board of Directors in facilitating a smooth transition to the next general manager.
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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.