News

WMMPA prices $322 million of bonds

Oct 21

The Western Minnesota Municipal Power Agency (WMMPA) will close Oct. 29 on more than $322 million in taxable power supply refunding bonds. This sale will be used to refinance existing tax-exempt bonds that WMMPA issued primarily to finance the construction of the Red Rock Hydroelectric Project that is being built in Iowa along with other projects.

“We used lightning speed to get this issue to market,” said WMMPA Financial Advisor Mike Berwanger of Public Financial Management Company. “We were able to capture a phenomenal market that will result in annual debt service savings of $1.9 million per year in each of the next 26 years.”

This issue of $322,020,000 will have an all-in true interest cost of 3.13 percent, which is the lowest in WMMPA history. The total savings to MRES members will exceed $50 million over the term of the bonds. Net present-value savings will be $33 million, or 11.5 percent of the refunded bonds.

RRHP work resumes upstream as waters recede; Lake Red Rock 50th anniversary celebrated

Aug 06

Work on the Red Rock Hydroelectric Project has resumed on the upstream side of Red Rock Dam as water levels have receded. Those levels were more than 774 feet above sea level as of June 1, but have since dropped below the level of the upstream work platform.

Work continues on the downstream side of the dam. Final equipment installation, verification, and equipment checks are in full swing and the switchyard, located between the dam and the powerhouse, is nearly complete.

RRHP work progressing downstream; still on hold upstream due to high water levels

Jul 02

Progress on the intake structure at Red Rock Hydroelectric Project (RRHP) remains on hold on the upstream side of the dam due to elevated water levels on Lake Red Rock.

Water levels were more than 756.6 feet above sea level as of June 28. These levels need to drop to about 748 feet before upstream work can resume. The U.S. Army Corps of Engineers (USACE) estimates that the 748-foot level could be reached July 8.

Crane Tips Over at the Red Rock Hydroelectric Project

Nov 28

A mishap at the Red Rock Hydroelectric Project this afternoon resulted in a crane tipping over on its back. The crane operator was able to jump free and no one was injured in this event.

Water reintroduced into tailrace as Red Rock Hydroelectric Project construction continues

Oct 05

Recent high water levels at the Red Rock Dam have slowed construction work on the upstream side of the dam, but work continues to progress well on the downstream side. Read More