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Learn about American Municipal Power, Inc. Investor Relations, including Featured News, Projects, and The Team.
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Member Strength and Diversity
133 Members in 9 States
Members are Economically Diverse
Membership Continues to Grow
Essential Provider of Technical Expertise to its Members
Strength of Contracts
Strong “take or pay” Contracts, With a 25% Step-up provision
AMP Project Debt Service is an Operating Expense of the Members
Court Validated Contracts
Projects
5 Large and Diverse Generation Projects
Members Subscribe to Projects of their Choice
No Cross Subsidies or Cross Defaults
Strong and Improving Operating performance at All Projects
Financial Metrics
Rates are Set to Cover Annual Debt Service at 1.1x on All Projects
AMP Actively Monitors the Credit of Their Members
Liquidity, $600 Million Line of Credit, the Ability to Expand to $850 Million
Experienced Management Team
Experienced and Financial Conservative Management Team with a Deep Bench
3-year Strategic Planning Cycle and 5-year Financial Planning Cycle
Equity Ownership Interest in TEA (The Energy Authority) for Resource and Risk Management
Strong Support from their Membership
Committed to Responsible Sustainability and Corporate Governance Policies
About American Municipal Power, Inc.
American Municipal power, Inc. is the nonprofit wholesale power supplier and services provider for 133 members in the states of Indiana, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Virginia, West Virginia; as well as the Delaware Municipal Electric Corporation, a joint action agency in Smyrna, Delaware. Combined, these member utilities serve approximately 650,000 customers
Formed in 1971, AMP is headquartered in Columbus, Ohio with approximately 200 full-time employees at headquarters and generating facilities.
The organization is governed by a Board of Trustees that consists of 21 AMP members - 20 elected by the members or subgroups of members and AMP member Delaware Municipal Electric Corporation (DEMEC), on behalf of its nine member systems. Each such elected member then appoints a person to represent it on the Board.
American Municipal Power, Inc. (AMP) is pleased to announce that Drew D. Dunagin, CPA, has joined AMP as senior vice president of finance and chief financial officer (CFO).
Dunagin brings more than 20 years of experience in financial roles within the electric industry as well as the financial services industry. Most recently, he has served as chief financial officer and vice president of financial services at New Hampshire Electric Cooperative, the largest member-owned electric cooperative in New England, which provides electric utility services to consumers and businesses in 115 communities in New Hampshire. There, he financed $70 million of debt for start-up broadband entity operations and led the development of business plans and financial viability models to facilitate underwriting, and he oversaw all finance, accounting, planning, rate setting, billing and enterprise risk management departments. His executive experience also includes serving as chief financial officer of Wolverine Power Cooperative in Cadillac, Michigan; vice president of corporate planning at Guggenheim Insurance Services in Indianapolis, Indiana; and he served in the positions of vice president of finance and accounting, and director of finance and accounting at a nationwide energy risk-management company in Carmel, Indiana.
“I’m pleased to welcome Drew to the AMP team. We conducted a national search to fill this integral role as part of the transition to the planned retirement of Marcy Steckman in early 2023,” said Jolene Thompson, AMP President and CEO. “Drew brings strong financial experience in the electric sector, as well as proven leadership in executive roles. We’re looking forward to working with him and are confident that his knowledge and expertise will benefit AMP and our members. I also want to thank Marcy for all that she contributed to AMP during her 9 years working in and leading our finance team.”
In his role at AMP, Dunagin will serve as a strategic partner to the president and CEO and will be part of AMP’s executive leadership team. AMP’s senior vice president of finance and CFO is accountable for the financial operations of the organization and directs all aspects of the finance, accounting, treasury, budgeting and energy settlement functions of the organization.
“I have spent most of my career serving membership-based organizations in the utility industry, and I am happy to be part of the AMP team and use my experience to lead AMP’s finance team,” Dunagin said. “AMP has an exceptional reputation in public power, and the organization serves a critical role for our member communities. I look forward to strategic collaboration with AMP’s members as the industry continues to face evolving challenges.”
Dunagin began his career working as a senior auditor at the international Big Four public accounting firms of KPMG LLP and Deloitte & Touche LLP. He holds a Bachelor of Science in accounting and finance from the Indiana University Kelley School of Business and is a Certified Public Accountant.
Dunagin will replace Marcy Steckman, who joined AMP in 2013 and has served as senior vice president of finance and CFO since July 2016. She will be retiring in early 2023.
Steckman will continue in an advisory role for AMP for a period of time post retirement to support the transition.
A recent financial audit of the Ohio Municipal Electric Generation Agency Joint Ventures (OMEGA JV) 1, 2, 4, 5 and 6, as well as of the Municipal Energy Services Agency (MESA) by the Auditor of State’s office has returned a clean audit report. American Municipal Power’s (AMP) excellent record keeping has earned the Auditor of State Award for the joint ventures and MESA.
May 31, 2018
A recent financial audit of the Ohio Municipal Electric Generation Agency Joint Ventures (OMEGA JV) 1, 2, 4, 5 and 6, as well as of the Municipal Energy Services Agency (MESA) by the Auditor of State’s office has returned a clean audit report. American Municipal Power’s (AMP) excellent record keeping has earned the Auditor of State Award for the joint ventures and MESA.
Chief Financial Officer
President/CEO