Municipal Electric Authority of Georgia Nuclear Decommissioning Trust

MEAG Power's internal finance group, headed by CFO James E. Fuller, administers the trust. The group provides financial reporting and compliance with NRC decommissioning funding assurance rules. While the specific investment committee structure is not publicly disclosed, regulatory filings concerning financial assurance are typically signed by the CFO, indicating direct executive oversight from MEAG Power's corporate treasury.

The trust is funded through charges collected from MEAG Power's 49 participant municipalities as part of their wholesale power rates and is ring-fenced from the operating budget. It exists to comply with the Nuclear Regulatory Commission's requirement for licensees to demonstrate reasonable assurance of funds for radiological decommissioning. The trust's adequacy is benchmarked against periodic site-specific cost studies.

Unlike the commingled nuclear decommissioning trusts managed by institutions like State Street or BlackRock for investor-owned utilities, this is a sponsor-directed, single-obligor trust. It is not an open vehicle competing for third-party capital. Its entire purpose is to underwrite MEAG Power's specific proportional liability at Plants Vogtle and Hatch, making it a narrowly tailored captive financial vehicle rather than a diversified asset manager.

The trust covers only MEAG Power's fractional ownership share. Georgia Power, Oglethorpe Power, and Dalton Utilities maintain separate decommissioning funding vehicles for their respective shares. Southern Nuclear Operating Company operates the facilities on behalf of all co-owners. The financial assurance for each owner is filed individually with federal and state regulators, ensuring that a shortfall by one co-owner does not become a liability for the others.

The trust's portfolio includes trust-owned life insurance (TOLI), a specialized asset class frequently employed by public power entities for long-dated, lump-sum obligations. Other asset classes within the portfolio are not specified in public sponsor materials. Given the liability-driven mandate, investments would typically concentrate on high-quality fixed-income and other conservative instruments designed to match the long duration of the decommissioning liability.