Muscatine Power and Water

The strategic plan outlines Musketine Power and Water's progress and future strategic direction, grounded in its mission to provide reliable, affordable services through local control and community engagement. Key focus areas include employee development and talent pipeline; enhancing customer experience and connectivity through internet upgrades and community involvement; achieving operational excellence in electric, water, and internet services with continuous reliability and safety improvements; and investing in sustainable power generation for the future, including Ecoen 10, Solar 1, and Solar 2 projects. These efforts aim to ensure service reliability, maintain competitive rates, support community growth, and achieve long-term environmental goals such as a 65% CO2 emission reduction by 2030.

The meeting covered several operational and financial matters for the Electric, Water, and Communications Utilities. Key discussions included the ratification of cumulative accounts payable expenditures for December 2025. The Board authorized staff to enter into Phase 2 agreements with Eide Bailly for tax credit compliance support related to the Muscatine Solar 1 and Solar 2 projects, specifically concerning direct pay tax credit benefits should MPW pursue ownership. Additionally, the Board adopted annual resolutions declaring official intent to reimburse expenditures from future indebtedness proceeds for the Electric, Water, and Communications Utilities projects. The date for the December 2026 Board Meeting was rescheduled from December 29, 2026, to December 17, 2026. Updates were provided on the NOFA 9 Fiber Expansion, cryptocurrency mining interruptible rate discussions, and reviews of the Monthly Project Status Report and Key Performance Indicators. The Board concluded with a Closed Session to discuss details pertaining to the Muscatine Solar 1 and Solar 2 Projects.

This strategic plan, titled 'Powering the Future', outlines Muscatine Power and Water's (MPW) long-term direction for power generation. The plan focuses on enhancing environmental stewardship by significantly reducing carbon emissions, expanding the renewable energy portfolio, and investing in a replacement local generation resource. Key objectives include a 25% reduction in CO2 emissions by 2024 and 65% by the end of the decade, achieved through phasing out coal-fired units and investigating a natural gas-fired combined heat and power unit. The strategy aims to ensure continued reliability, affordability, flexibility, and sustainability for customers for decades to come, while also providing positive local economic impact.

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.