Troy S. Barker

The board meeting focused on several key items including an update on the Department of Energy's award for next-generation nuclear power in Nebraska and the results of the small modular reactor siting study. Board approvals were obtained for the procurement of three simple cycle combustion turbines and related equipment for the Beatrice Power Station, as well as a long-term maintenance agreement for the Princeton Road Station. Additionally, an amendment to the R-Project contract was approved, covering updated costs and service requirements. The board also received a presentation on the 2027 to 2032 rate outlook study, discussing projected rate impacts and commitments to competitive and affordable energy pricing.

This document presents Nebraska Public Power District's 2027-2032 Rate Outlook, detailing projected retail and wholesale rate impacts, key financial assumptions, and performance metrics. It identifies significant rate increases required over the period, primarily due to rising capital expenditures for production and transmission assets to accommodate increasing load growth. The outlook proposes specific base rate adjustments for retail, production, and transmission services, alongside internal strategies such as O&M reductions, capital project reprioritization, and leveraging financial instruments to ensure rate stability, affordability, and alignment with cost competitiveness objectives.

The board meeting focused on Project NextGenNE, a project that was recently awarded $27.9 million in Department of Energy funding to support site characterization, licensing, and NRC Early Site Permit activities. The presentation outlined the project objectives, including achieving NRC docketing by 2029 and securing a permit by 2031, as well as workforce development and community engagement initiatives. The project team and application timeline were reviewed. Furthermore, the meeting addressed the strategy for evaluating various advanced nuclear technology providers and the criteria for selecting a final project site from a list of high-potential locations in Nebraska. Next steps for the project include finalizing award negotiations, confirming the site, and initiating technical studies.

The board received updates regarding the issuance of series A, B, and C bonds intended for generation, transmission expenses, and the refunding of previous debt. Discussion topics included research and development initiatives guided by strategic directive 11, specifically highlighting the partnership with the University of Nebraska-Lincoln's Nebraska Center for Energy Sciences Research. Furthermore, the board reviewed progress on carbon emission reduction goals, including the target to achieve net zero emissions by 2050, alongside updates on energy efficiency, electrification programs, and the role of the Cooper Nuclear Station in maintaining a carbon-free base load.

The board meeting included a facilities briefing, safety status report, and a review of the financial statements for March 2026. The Finance Committee discussed generation unit outages, transmission system status, and cyber/physical security updates. Additionally, an overview of the 2026 bond sale was presented, highlighting the transaction objectives, investor engagement, and favorable market timing results.