Erika Cox

The special board meeting focused on actions related to electric utility board financing. Key discussion points included updates on interactions with two rating agencies, which resulted in a published credit opinion from Moody's, and meetings with potential bond insurers. Staff presented a revised debt structure recognizing current interest rates. The Board subsequently acted on several items following the Iowa Utilities Commission's conditional approval order regarding a new natural gas pipeline serving EcoGen 10. Actions included the adoption of the Master Bond Resolution for issuing future obligations, the adoption of the Authorizing Resolution for issuing Electric Revenue Bonds up to $168,000,000, approval for Piper Sandler to use the Preliminary Official Statement for bond marketing, and authorization for the General Manager to purchase bond insurance not to exceed $770,000.

The Board meeting addressed several key items, including the ratification of expenditures and transactions for November 2025 across the Electric, Water, and Communications Utilities, totaling $8,924,311.77. A primary discussion involved the proposed sale of a 5-acre surplus land parcel near the MPW Landfill to Muscatine County for $58,043.70 plus costs. The Board passed a resolution granting the General Manager authority to execute this sale. Additionally, an agenda item regarding Electric Utility Financing Resolutions was noted, but no action was taken pending IUC approval of a pipeline permit.

This strategic plan outlines MPW's long-term infrastructure development for its water supply, focusing on a 25-year horizon. Key initiatives include expanding the well field with up to 11 new wells, installing transmission mains, and upgrading the Grandview Avenue treatment plant. The plan emphasizes ensuring a reliable and redundant water supply, efficient resource utilization, and maintaining low rates for customers.

The Muscatine Power and Water (MPW) strategic initiative, 'Powering the Future,' outlines a plan for transitioning to more efficient and cleaner energy sources. Key priorities include expanding the renewable energy portfolio with projects like Muscatine Solar One, reducing environmental impact by retiring older units by 2023, and converting the last coal-fired unit to a natural gas unit by the end of the decade. The plan aims to diversify the energy portfolio and adapt to evolving industry landscapes, ensuring a reliable and clean energy future for Muscatine.

The 'Powering the Future' project is a strategic plan for Muscatine Power and Water (MPW) aimed at evolving its power provision to local customers. The plan focuses on delivering reliability, containing costs, decreasing the carbon footprint, and enhancing sustainability in its generation portfolio. Key objectives include expanding the renewable energy portfolio, investigating a replacement local generation resource like a natural gas-fired combined heat and power unit, and reducing environmental impact, with CO2 emissions projected to drop significantly by 2024 and the end of the decade. The plan emphasizes maintaining high-quality power reliability and local control to serve the community for decades to come.