8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 13, 2020

Oglethorpe Power Corporation

(An Electric Membership Corporation)

(Exact name of Registrant as specified in its charter)

GEORGIA (State of incorporation)	333-192954 (Commission File Number)	58-1211925 (I.R.S. Employer Identification No.)
2100 East Exchange Place Tucker, Georgia (Address of principal executive offices)		30084-5336 (Zip Code)

Registrant’s telephone number, including area code (770) 270-7600

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to section 12(b) of the Act:

Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
None	N/A	N/A

Item 7.01 Regulation FD Disclosure

On August 13, 2020, we posted our Second Quarter 2020 Investor Update on our website containing information regarding our present and future business operations. A copy of the presentation is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Cautionary Note Regarding Forward-Looking Statements

The presentation referred to above contains forward-looking statements based on current expectations and plans that involve risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments that we expect or anticipate to occur in the future, including matters such as: future actions related to two additional nuclear units at Plant Vogtle, the potential impacts of the novel coronavirus pandemic on us or our members, the timing and amount of future capital expenditures, the availability of funds under committed loan agreements, the timing of various regulatory and other actions, financial projections, business strategy, and the operation of facilities are forward-looking statements. Although we believe that in making these forward-looking statements our expectations are based on reasonable assumptions, we caution the reader not to put undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements involve uncertainties and there are important factors, many of which are outside our control, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Some of the risks, uncertainties and assumptions that may cause actual results to differ from these forward-looking statements are described under the headings “CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS” and “Risk Factors” in our quarterly report on Form 10-Q for the quarter ended June 30, 2020 and “Item 1A – Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2019. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in the presentation may not occur. Any forward-looking statement speaks only as of the date of the presentation and, except as required by law, we undertake no obligation to update any information contained in the presentation.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.Description

99.1 Second Quarter 2020 Investor Briefing dated August 13, 2020

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		OGLETHORPE POWER CORPORATION
		(AN ELECTRIC MEMBERSHIP CORPORATION)
Date:	August 13, 2020	By:	/s/ Michael L. Smith
			Michael L. Smith
			President and Chief Executive Officer

EX-99.1

Second Quarter 2020 Investor Update August 13, 2020 Second Quarter 2020 Investor Update

Notice to Recipients Certain of the information contained in this presentation, including certain of the statements made by representatives of Oglethorpe Power Corporation (An Electric Membership Corporation) (“Oglethorpe”), that are not historical facts are forward-looking statements. Although Oglethorpe believes that in making these forward-looking statements its expectations are based on reasonable assumptions, Oglethorpe cautions the reader not to put undue reliance on these forward-looking statements, which are not guarantees of future performance. Forward- looking statements involve uncertainties and there are important factors, many of which are outside management’s control, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Some of the risks, uncertainties and assumptions that may cause actual results to differ from these forward-looking statements are described under the headings “CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ” and “RISK FACTORS” in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 and “RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the Securities and Exchange Commission on March 23, 2020. This electronic presentation is provided as of August 13, 2020. If you are viewing this presentation after that date, there may have been events that occurred subsequent to such date that could have a material adverse effect on the information that was presented. Oglethorpe undertakes no obligation to publicly update any forward-looking statements. Second Quarter 2020 Investor Update 2

Presenters and Agenda Mike Smith Betsy Higgins Mike Price President and Executive Vice President and Executive Vice President and Chief Executive Officer Chief Financial Officer Chief Operating Officer ‣ COVID-19 Update ‣ Vogtle 3 & 4 Update ‣ Operations and Power Supply Update ‣ Financial and Liquidity Update Second Quarter 2020 Investor Update 3

COVID-19 Impact and Response ‣ Plant Operations: Oglethorpe’s plants have continued to perform well with additional safety precautions. • Daily health screenings for employees and contractors before site entry. • Staggered and distanced work fronts with modified shift schedules (except those with outage work underway). • Plants are prepared for sequestration, if necessary. ‣ Headquarters: Oglethorpe’s headquarters has ~1/3 of its staff in the office since reopening in June. • Staff not in office are productively working from home. • No definitive plans for all employees to return to the office at this time. ‣ Financial: Oglethorpe’s ample liquidity mitigated the impact of financial market disruptions. • Temporarily used bank credit facilities in lieu of issuing commercial paper. ‣ Members: Impact on Oglethorpe’s Members remains somewhat muted. • Year-to-date, Member sales lower than budgeted by ~10%, but only 2-3% percent due to COVID-19, remainder due to milder weather. • Oglethorpe provided Members a grace period for bill payments through summer months and there was no interruption in payments to Oglethorpe. • So far, Members’ customers have continued to pay utility bills despite economic pressures; experiencing only slight increases in accounts receivable. Second Quarter 2020 Investor Update 4

Response to COVID-19 at Vogtle 3&4 Project Site ‣ Over 7000+ workers at a single site, working on two new nuclear units. Work has not been suspended due to COVID-19. ‣ After initial outbreak in the spring, returned to very few cases in early summer. Recently experienced resurgence in cases. As of August 11, cumulative total positive cases over 650 but with net positive cases below 90. ‣ On-site testing via five fully-staffed medical trailers (“medical village”). Over 2,000 workers tested. ‣ In addition to increased medical facilities, the site has added social distancing measures, provided additional personal protective equipment for employees, implemented telecommuting where possible, and added additional cleaning measures. ‣ Coronavirus impacts have exacerbated existing productivity concerns. ‣ We believe the PSC-approved November 2021 and November 2022 in-service dates remain reasonably achievable within our $7.5 billion budget. ‣ Our share of COVID-19 related costs at Vogtle 3-4 is currently estimated to be between $45 - $75 million. Second Quarter 2020 Investor Update 5

Vogtle 3&4 Project Status ‣ Official Schedule • Unit 3 in-service November 2021. • Unit 4 in-service November 2022. ‣ Budget – Oglethorpe $7.5 billion. • Assumes November in-service dates in official schedule. • Includes $7.1 billion in construction + financing costs. • Remainder represents $75 million of project-level contingency plus an Oglethorpe-level contingency of $325 million. ‣ Total project construction is ~84% complete. • Unit 3 direct construction ~90% complete. Second Quarter 2020 Investor Update 6

Oglethorpe Vogtle 3&4 Budget and Contingency ($ in millions) Project Budget Actual Costs to Date Remaining Costs Construction Costs(a) $ 5,524 $ 4,303 $ 1,221 Financing Costs 1,576 1,151 425 Total Costs $ 7,100 $ 5,454 $ 1,646 Project-Level Contingency 75 - 75 Oglethorpe-Level Contingency 325 - 325 $ 400 - $ 400 Total $7,500 $5,454 $ 2,046 (a) Construction costs are net of $1.1 billion received from Toshiba Corporation under the Guarantee Settlement Agreement. ‣ Oglethorpe’s $7.5 billion budget assumes a November 2021 and November 2022 in-service date for Unit 3 and Unit 4, respectively, and includes construction costs, financing costs, and both a project-level and Oglethorpe-level contingency. ‣ Over the last year, all of the project-level contingency established in the 2018 re-budgeting process has been allocated from contingency to forecasted construction costs (Oglethorpe share $240 million). Construction costs have also increased by an additional $22.5 million (Oglethorpe share). ‣ The forecasted construction cost increase not covered by project-level contingency ($22.5 million Oglethorpe share) and the replenishment of project-level contingency ($75 million Oglethorpe share) did not increase Oglethorpe budget as these were funded by the Oglethorpe-level contingency, leaving $325 million remaining. ‣ Revised project-level contingency plus Oglethorpe-level contingency ($400 million total) represents ~20% of the total remaining budget (excluding any cost benefits associated with beating the official November in- service dates). Second Quarter 2020 Investor Update 7

Vogtle 3&4: Spending ‣ Oglethorpe’s investment as of June 30, 2020 was $5.5 billion. ‣ Spending to date represents ~73% of OPC’s total $7.5 billion budget. $7.5 Actual Forecast $7.0 $5.5 billion spent $6.5 Through 6/30/2020 $6.0 $5.5 $5.0 $4.5 $4.0 (Billions) $3.5 $3.0 $2.5 $2.0 Reduced by $1.1 $1.5 billion in 2017 $1.0 due to Toshiba $0.5 Guarantee payment $- 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 SEP 2018 MAY 2005 MAR 2008 MAY 2010 FEB 2012 FEB 2014 DEC 2015 2017 Budget NOV 2021 NOV 2022 Development Filed COL Signed DOE COLs Start of Settlement WEC Bankruptcy/ Adjustment, Unit 3 Unit 4 Agreement APR 2006 with NRC Conditional Issued DOE Funding Agreement SNC Assumes project MAR 2013 mgmt. Vote to In-Service In-Service Definitive Term Sheet with DEC 2017 AUG 2011 Unit 3 First Continue Agreements Contractors Georgia PSC NRC Completed Nuclear AUG 2009 Decision on Work on FSER for Concrete MAR 2019 MAY 2021 AUG 2006 NRC Issuance Continuation both AP1000 NOV 2013 New $1.6B Unit 3 Fuel Load Filed Early Site of ESP/LWA of Project DCD and COL Unit 4 First DOE Loan Permit (ESP) with NRC and Nuclear Concrete Commitment MAY 2022 DEC 2011 Receipt of Unit 4 Fuel Load DCD Final Rule Effective Toshiba Guaranty in Full Second Quarter 2020 Investor Update 8

Vogtle 3&4 Construction Update U3 Progress U3 Look Ahead – Completed Closed Vessel Testing (CVT) – Complete turbine on – Completed Integrated turning gear milestone Leak Rate and – Start Condenser Structural Integrity Vacuum testing in the Tests (ILRT & SIT) of Turbine Building the Containment Vessel – Begin Cold Hydrostatic – Completed installation Testing of the reactor of fuel racks in the coolant system spent fuel pool – Final concrete – Set the 750K gallon placement for the CB20 water tank on top Shield Building of the Shield Building U4 Progress U4 Look Ahead – Completed installation of courses 15 & 16 - Complete setting Air Shield Building panels Inlet panels on the and set the first Air Shield Building and fill Inlet panel them with concrete – Completed load testing - Set the Tension ring and commissioning of panels for the Shield the polar crane in Building Containment - Set the low pressure – Installed generator turbine rotors rotor - Start Integrated Flush – Installed the Auxiliary of primary systems in Building room 12501 Containment module (bottom picture) Second Quarter 2020 Investor Update 9

Major Milestones – November Schedule Open Cold Hydro Hot Functional Fuel Substantial Vessel Test Test Load Completion Testing (start) (start) Unit 3 April Oct Jan June Nov 2020 2020 2021 2021 2021 ‣ Open Vessel Testing – Verification of design requirements through flow measurements, pump performance, line resistance, and tank mapping of the reactor coolant system and associated systems ‣ Cold Hydro Testing – Reactor coolant system and associated systems will be filled and then pressure tested to ensure no leakage ‣ Hot Functional Testing – Exercising and validating plant procedures while running primary systems at operating pressure and temperature and rolling the main turbine at normal operating speed ‣ Fuel Load – Receive authorization from the NRC and begin loading of fuel Second Quarter 2020 Investor Update 10

Members’ Historical Load Member Demand Requirements Member Energy Requirements Percent Change in Percent Overall Peak Change (MW) (Millions MWh) 7.0% 0.0% 2.6% 10,000 15.3% 2.6% -4.2% 3.5% 6.0% 0.5% -5.2% 1.6% 6.0% -0.7% -4.5% 9,000 8,000 7,000 6,000 5,000 Highest Summer/Overall Peak (2019) = 9,477 MW Highest Winter Peak (2014) = 9,354 MW 4,000 Summer Peak (2020 YTD) = 9,473 MW 3,000 Winter Peak (2020) = 7,845 MW 2,000 1,000 - 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 YTD* Projected Winter Peak Summer Peak 2020 2014 2015 2016 2017 2018 2019 YTD Days ≥ 90o 31 49 88 38 65 90 21 Days ≥ 95o 1 3 22 0 2 33 3 Days ≥ 100o 0 0 1 0 0 1 0 Days ≤ 25o 19 10 5 3 10 3 3 * As of July 31, 2020. Second Quarter 2020 Investor Update 11

Capacity Factor Comparison Through June 30 Nuclear 100% Coal Gas - CC 2019 2020 75% 50% Pumped Storage Gas - CT Hydro 25% 0% Hatch Vogtle Scherer Wansley Chatt Smith Doyle Hawk Hartwell Talbot Rocky Road Mountain Second Quarter 2020 Investor Update 12

Total Secured Debt as of June 30, 2020 Tax-Exempt: $0.8 billion Taxable Bonds: $3.2 billion RUS: DOE: $2.5 billion $3.4 billion $9.9 Billion ‣ $9.9 billion total at weighted average interest rate at June 30 of 3.82%. ‣ Two secured bond financings are planned for the third quarter: • $213 million tax-exempt remarketing. • $450 million taxable first mortgage bond issuance. Second Quarter 2020 Investor Update 13

RUS Loan Summary as of June 30, 2020 RUS Guaranteed Loans(a) Remaining Purpose/Use of Proceeds Approved Advanced Amount Approved Loans General & Environmental Improvements (b) $448,307,000 $442,470,849 $5,836,151 General & Environmental Improvements (c) $630,342,000 $0 $630,342,000 $1,078,649,000 $442,470,849 $636,178,151 Total amount outstanding under all RUS Guaranteed Loans is $2.5 billion, with an average interest rate of 3.67% (a) RUS guaranteed loans are funded through Federal Financing Bank and made at comparable Treasury plus 0.125%. (b) In July 2020 we advanced the remaining $5,836,151 under this loan. (c) RUS loan committed as of September 26, 2019. We expect to begin funding under this loan in 2021. Second Quarter 2020 Investor Update 14

DOE Loan Summary as of June 30, 2020 ‣ In March 2019, we increased Oglethorpe’s DOE loan financing from $3.06 billion to $4.68 billion with a new $1.62 billion loan. We completed the remaining advances available under the original loan in December 2019 with an advance of $567 million. ‣ We typically advance under this loan twice a year, and in June 2020 we received $444 million in loan funds at a rate of 1.44%. This advance was the first under the new loan. DOE Guaranteed Loans(a) Purpose/Use of Proceeds Approved Advanced Outstanding(c) Remaining Availability Vogtle Units 3 & 4 Principal - 2014 Loan $2,721,597,857 $2,721,597,857 $2,715,145,167 $0 Capitalized Interest(b) - 2014 Loan 335,471,604 291,750,525 264,126,711 0 Principal - 2019 Loan 1,619,679,706 444,000,000 444,000,000 1,175,679,706 $4,676,749,167 $3,457,348,382 $3,423,271,879 $1,175,679,706 Average interest rate on the outstanding balance under this loan is 2.932%. (a) DOE-guaranteed loans are funded through Federal Financing Bank and made at comparable Treasury plus 0.375%. (b) Represents accrued capitalized interest being financed with the 2014 DOE-guaranteed loan, which was available to be advanced through November 20, 2019. Approximately $44 million of this loan was not advanced due to timing and lower than expected interest rates. (c) We began principal repayments of our DOE-guaranteed loans in February, 2020, in accordance with the promissory notes. If we fully advance these loans, we expect to repay a total of approximately $300 million in principal on these loans by November, 2022 and plan to refinance this with taxable bonds. To date, we have repaid $34 million under these loans. Second Quarter 2020 Investor Update 15

Vogtle 3&4 Financing Plan $8,000 $7,500 $7,000 Future Capital Markets, $860 Million(a) Expensed IDC, $120 $6,500 Million (b) $6,000 Future DOE, $1.176 Billion $5,500 $5,000 $4,500 Weighted average $4,000 DOE Issuance to Date, interest rate on Millions $3,500 $3.457 Billion Vogtle 3-4 financing $3,000 is 3.75%. $2,500 $2,000 $1,500 $1,000 Capital Markets to Date, $1.887 Billion $500 $0 (a) These amounts would be reduced by unspent contingency, if any, and would be increased for amounts not advanced under “Future DOE” or for expenditures in excess of the $7.5 billion budget, if any. In addition, $300 million of bonds not shown here may be issued to refinance early maturities of DOE debt. Therefore, base case taxable financings for Vogtle over the next five years are estimated to be ~$1.2 billion including the Series 2020 First Mortgage Bond issuance. (b) Oglethorpe has a rate management program that is voluntary for Members that allows us to expense and recover interest costs on a current basis that would otherwise be deferred or capitalized and financed through the issuance of long-term debt. Second Quarter 2020 Investor Update 16

Oglethorpe’s Bank Credit Facilities Increased the J.P. Morgan bilateral credit facility from $150 million in March 2020 to repurchase $213 million of 2013 pollution control bonds subject to mandatory tender. $2,000 Time Now Increased commitment under the J.P. Morgan bilateral available through October, 2021; may consider downsizing the facility to the original $150 million after year-end 2020. $1,500 $363M JP Morgan Unsecured (a) $140M CFC Incremental Secured Plus Optional Term Out Until 2043 $110M CFC Unsecured $1.21B Syndicated Revolver/CP Backup $1,000 (Millions) NRUCFC $ 235 CoBank $ 150 MUFG $ 125 Bank of America $ 100 Mizuho Bank $ 100 Regions Bank $ 100 Royal Bank of Canada $ 100 $500 Truist Bank $ 100 Fifth Third Bank $ 50 Goldman Sachs Bank $ 50 J.P. Morgan $ 50 U.S. Bank $ 50 $0 2043 Q1 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 (a) The secured term loan amount is actually $250 million, however, any outstanding advances under the CFC $110 million unsecured line of credit reduce the amount that can be borrowed under the term loan; therefore we show only $140 million of the secured term loan as being available. Second Quarter 2020 Investor Update 17

Oglethorpe’s Available Liquidity Borrowings Detail as of $251.5 million - Letter of Credit Support for VRDBs & T.A. Smith Facility July 31, 2020 $395.9 million - CP for Vogtle Interim Financing $18.7 million - CP for Vogtle Hedging $81.6 million - CP for Vogtle DOE Loan Payments $213.0 million - CP for Re-purchase of 2013 Bonds $2,000 $1,823 $1,500 $961 $1,267 $404 $1,000 $ millions $862 $500 $0 Total Credit Less Available Cash (a) Total Facilities Borrowings Credit Facilities Liquidity Capacity Represents 594 days of liquidity on hand (excluding Cushion of Credit) (a) In addition, as of July 31 2020, Oglethorpe had $547 million on deposit in the RUS Cushion of Credit Account. The RUS Cushion of Credit Account is designated as restricted investments and can only be used to pay debt service on RUS guaranteed loans. Second Quarter 2020 Investor Update 18

Income Statement Excerpts Six Months Ended 06/30/2020- Year Ended June 30, 06/30/2019 December 31, ($ in thousands) 2020 2019 % Change 2019 2018 2017 Statement of Revenues and Expenses: Operating Revenues: Sales to Members - Capacity $499,649 $481,035 3.9% $942,057 $927,419 $862,511 Sales to Members - Energy 172,632 234,171 -26.3% 487,795 551,960 571,319 Total Sales to Members $672,281 $715,206 -6.0% $1,429,852 $1,479,379 $1,433,830 Sales to non-Members 337 254 32.7% 440 734 366 Operating Expenses: 544,571 597,716 -8.9% 1,213,083 1,255,137 1,195,326 Other Income 28,439 31,927 -10.9% 64,189 68,262 64,985 Net Interest Charges 107,120 116,692 -8.2% 226,937 242,039 252,578 Net Margin $49,366 $32,979 49.7% $54,461 $51,199 $51,277 Margins for Interest Ratio(a) 1.14 1.14 1.14 1.14 1.14 Sales to Members Energy Cost (cents/kWh) 1.75 2.22 -21.4% 2.10 2.40 2.40 Average Power Cost (cents/kWh) 6.80 6.79 0.1% 6.16 6.43 6.02 Sales to Members (MWh) 9,881,300 10,535,848 -6.2% 23,225,861 23,011,079 23,813,679 (a) Margins for Interest ratio is calculated on an annual basis and is determined by dividing Oglethorpe’s Margins for Interest by Interest Charges, both as defined in Oglethorpe’s First Mortgage Indenture. The Indenture obligates Oglethorpe to establish and collect rates that, subject to any necessary regulatory approvals, are reasonably expected to yield a Margins for Interest ratio equal to at least 1.10 for each fiscal year. In addition, the Indenture requires Oglethorpe to show that it has met this requirement for certain historical periods as a condition for issuing additional obligations under the Indenture. Oglethorpe increased its Margins for Interest ratio to 1.14 each year, starting in 2010, above the minimum 1.10 ratio required by the Indenture, and the 2020 budget also includes a 1.14 Margins for Interest ratio. Oglethorpe’s Board of Directors will continue to evaluate margin coverage throughout the Vogtle construction period and may chose to further increase, or decrease, the Margins for Interest ratio in the future, although not below 1.10. Second Quarter 2020 Investor Update 19

Balance Sheet Excerpts June 30, December 31, ($ in thousands) 2020 2019 2018 Balance Sheet Data: Assets: Electric Plant: Net Plant in Service $4,770,639 $4,679,690 $4,739,565 CWIP 5,259,324 4,816,896 3,866,042 Nuclear Fuel 363,140 359,270 358,358 Total Electric Plant $10,393,103 $9,855,856 $8,963,965 Total Investments and Funds 1,296,854 1,327,700 1,189,397 Total Current Assets 1,139,013 974,465 1,323,450 Total Deferred Charges 814,291 832,092 706,456 Total Assets $13,643,261 $12,990,113 $12,183,268 Capitalization: Patronage Capital and Membership Fees $1,066,113 $1,016,747 $962,286 Long-term Debt and Finance Leases 9,837,598 9,479,496 8,808,878 Other 26,563 25,196 21,428 Total Capitalization $10,930,274 $10,521,439 $9,792,592 Total Current Liabilities 1,061,924 857,263 1,064,259 Total Deferred Credits and Other Liabilities 1,651,063 1,611,411 1,326,417 Total Equity and Liabilities $13,643,261 $12,990,113 $12,183,268 Total Capitalization $10,930,274 $10,521,439 $9,792,592 Plus: Unamortized Debt Issuance Costs and Bond Discounts on LT debt 109,045 111,222 103,332 Plus: Long-term Debt and Finance Leases due within one year 238,061 217,440 522,289 Total Long-Term Debt and Equities $11,277,380 $10,850,101 $10,418,213 Equity Ratio(a) 9.5% 9.4% 9.2% (a) The equity ratio is calculated, pursuant to Oglethorpe’s First Mortgage Indenture, by dividing patronage capital and membership fees by total capitalization plus unamortized debt issuance costs and bond discounts and long-term debt due within one year (Total Long-Term Debt and Equities in the table above). Oglethorpe has no financial covenant requirement to maintain a minimum equity ratio; however, a covenant in the Indenture restricts distributions of equity (patronage capital) to its Members if its equity ratio is below 20%. Oglethorpe also has a covenant in three credit agreements that currently requires a minimum total patronage capital of $750 million. The equity ratio is less than that of many investor-owned utilities because Oglethorpe operates on a not-for-profit basis and has a significant amount of authority to set and change rates to ensure sufficient cost recovery to produce margins to meet financial coverage requirements. Second Quarter 2020 Investor Update 20

Secured Long Term Debt Balance Sheet Electric Plant Net Margin $11 2020 2020 $10 Taxable $450 $80 $9 $8 RUS $143 $46 $4.82 $5.26 $7 $60 1.14 MFI ratio Tax-Ex $213 $213 $6 $5 $0.36 $0.36 $40 $80 $444 $176 (Billions) DOE $4 Millions $3 $(200) $- $200 $400 $600 $4.68 $4.77 $20 ($ Millions) $2 Actual Issuance Forecasted Issuance $1 Actual Repayment Forecasted Repayment $0 $- Actual Remarketed Forecasted Remarketing Total Assets YE 2019 6/30/2020 Jul Jan Oct Apr Jun Feb Sep Mar Dec Nov Aug $12,990 $13,643 May Secured LT Debt (6.30.20): $9.9 billion ($ Millions) Construction Work in Progress Weighted Average Cost: 3.82% Nuclear Fuel Actual Budget Electric Plant in Service Liquidity Interim CP Financing Wholesale Power Cost 2020 June 30, 2020 2020 Vogtle 3&4 8.0 $2,500 Interest Rate 7.5 $2,250 Hedging, 6.80 7.0 6.74 $2,000 $19 6.5 $1,750 $1,823 Vogtle 3 & 6.0 CashBalances (Mil) $1,500 $1,610 4 Interim ¢/kWh $1,250 Vogtle 3&4 DOE P&I, 5.5 Financing, 6.67 6.72 $376 $82 $1,000 $1,210 $ 1,210 5.0 $750 4.5 $500 4.0 $250 Budget Actual $0 Borrowings(Mil) YTD YTD Cost of Power Sales to Members (excluding Rate Jul Jan Oct Jun Apr Feb Mar Dec Sep Aug Nov May Average Cost of Funds: 0.582% Management Program). Cash Borrowings CP Availability Total Available Lines of Credit (dollars in millions) Additional Member Collections for Expensing of IDC Rate Management Program. Second Quarter 2020 Investor Update 21

Additional Information • A link to this presentation will be posted on Oglethorpe’s website www.opc.com. • Oglethorpe’s SEC filings, including its annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K are made available on its website. • Member information is filed as an exhibit to Form 10-Q for the first quarter of each year. (Exhibits are available on EDGAR but not on Oglethorpe’s website.) • For additional information please contact: Investor Contacts Name Title Email Address Phone Number Betsy Higgins Executive Vice President and Chief Financial Officer betsy.higgins@opc.com 770-270-7168 Joe Rick Director, Capital Markets and Investor Relations joe.rick@opc.com 770-270-7240 Cheri Garing Vice President, Planning cheri.garing@opc.com 770-270-7204 Media Contact Name Title Email Address Phone Number Terri Statham Manager, Media Relations terri.statham@opc.com 770-270-6990 Second Quarter 2020 Investor Update 22