DEMECDelaware Municipal Electric Corporation (established 1979 as a Joint Action Agency for Public Power)
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The bonds are secured by net revenues from the Power Sales Contracts (PSC) between DEMEC and its seven members.
Cost of Power: The addition of the planned second unit at Beasley and the Fremont Energy Center PPA (Fremont) should enable DEMEC to have more control over its power costs especially during peak periods.
Dover, Delmarva Power, DEMEC, the SEU and LS Power with support from the State legislative and executive branches have been developing this project for the last six months to be a model of cooperation in the pursuit of innovative solutions to our collective energy and climate challenges.
While weak compared with other Fitch rated systems, DEMEC benefits from an absolute call on members for unexpected liquidity needs.
DEMEC is a joint action agency providing wholesale energy to nine municipal electric systems in the state of Delaware (GO rated 'AAA' by Fitch) serving 10,000 number of customers.
Going forward, DEMEC expects its members' demand for both peak and base load power to increase fairly rapidly, and management is exploring several options to meet this growth.
Fundamental strength for the rating is provided by the financial stability of DEMEC and the individual project participants the project's favorable economics, and DEMEC's importance to the member systems as a voice on regional transmission and reliability issues.
The existing arrangement has been beneficial to DEMEC, both on a power supply and price basis, and at this time, it is somewhat unclear what the future power supply mix will look like.