<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) DECEMBER 20, 1999
OGLETHORPE POWER CORPORATION
(AN ELECTRIC MEMBERSHIP CORPORATION)
(Exact name of Registrant as specified in its charter)
GEORGIA 33-7591 58-1211925
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
POST OFFICE BOX 1349 30085-1349
2100 EAST EXCHANGE PLACE (Zip Code)
TUCKER, GEORGIA
(Address of principal executive offices)
Registrant's telephone number, including area code (770) 270-7600
NONE
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
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In a press release disseminated on December 21, 1999, Oglethorpe
Power Corporation announced that an arbitration panel has ruled that
Oglethorpe Power's power marketing contract with LG&E Energy Corp. and LG&E
Energy Marketing, Inc. is valid and must continue to be honored. For a
description of the power marketing contract and the dispute regarding it, see
"Item 1. BUSINESS-MEMBER REQUIREMENTS AND POWER SUPPLY RESOURCES-Power
Marketer Arrangements-LEM AGREEMENTS" and "Item 3. LEGAL PROCEEDINGS" in
Oglethorpe Power's 1998 Annual Report on Form 10-K.
The attached press release contains forward-looking statements
regarding the power marketing contract with LG&E and should be read in
conjunction with cautionary statements contained in Oglethorpe Power's 1998
Annual Report on Form 10-K.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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(c) Exhibits
Number Exhibit
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99 Press Release
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SIGNATURES
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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: December 21, 1999 By: /s/ Thomas A. Smith
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Thomas A. Smith
President and Chief Executive Officer
(Principal Executive Officer)
<PAGE>
EXHIBIT 99
Greg Jones
770-270-7890
770-270-7080
ARBITRATORS SUPPORT OGLETHORPE POWER POSITION
IN DISPUTE OVER LG&E POWER MARKETING CONTRACT
ATLANTA, GA (December 21, 1999) - A three-member arbitration panel has
ruled that Oglethorpe Power Corporation's power marketing contract with LG&E
Energy Corp. and LG&E Energy Marketing, Inc. is valid and must continue to be
honored, Oglethorpe Power announced today.
The ruling resolves an arbitration claim filed by LG&E and its marketing
subsidiary in October 1998 seeking to void their contract with Oglethorpe
Power. The contract, which was executed in November 1996 and went into effect
in early 1997, provides for LG&E to supply about one-half of Oglethorpe
Power's total system load for a term of up to 15 years, subject to early
termination rights by Oglethorpe at 5 years and by LG&E at 8 years. LG&E has
continued to supply power under the contract while the matter has been in
arbitration.
Thomas A. Smith, President and CEO of Oglethorpe Power, said the company
is gratified, both for itself and for its members, by the arbitration panel's
ruling. "We have been confident from the beginning that our position was very
sound," he said. "This ruling underscores the fact that Oglethorpe Power's
contract with LG&E is a solid one which will continue to provide benefits in
the years ahead."
Smith said the contract-the largest of its kind when it went into
effect in 1997-has yielded significant savings for Oglethorpe Power and its
member systems since its inception.
Oglethorpe Power Corporation is a power supply cooperative providing
wholesale electricity to 39 of Georgia's 42 customer-owned EMCs. These EMCs
serve more than 2.9 million Georgians in about two-thirds of the state's land
area.
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