NIMPA

AcronymDefinition
NIMPANorthern Illinois Municipal Power Agency
References in periodicals archive ?
STABLE MEMBER SYSTEMS: Each of NIMPA's member systems, the cities of Batavia, Geneva and Rochelle, continue to exhibit solid credit characteristics and utility fundamentals, including solid liquidity metrics, stable operating performance and competitive retail rates, which support the rating.
HIGH DEBT AND LEVERAGE: The debt burden for each of the member cities related to NIMPA's ownership in PSEC is relatively high.
ROBUST STEP-UP PROVISION: The NIMPA PSA's include robust step-up provisions that require each member system to purchase up to 200% of its entitlement share in the event that another system defaults, thereby eliminating direct exposure to any one member.
NIMPA is a joint-action agency composed of three members located in Illinois, which was formed in 2004 to participate in the joint development of power generation resources.
NIMPA's sole generating asset is its 7.6% ownership share of the PSEC project, a 1,600 MW coal-fired generating station located in southern Illinois.
NIMPA's share of the project was entirely debt funded and has resulted in relatively high fixed costs for the member systems.
While the initial all-in cost of power has exceeded original expectations, NIMPA's rates to members have continued to decline.
NIMPA's financial performance has been very stable since 2013, and reflective of the both commercial operation of the PSEC units and the consistent improvement in unit operating performance.
NIMPA's liquidity is further enhanced by a $15 million committed line of credit with PNC bank.