FMPA Reports Positive Movement on Vero Electric’s Partial Sale

Following initial discussions the Florida Municipal Power Agency (FMPA) held with external stakeholders, the agency reports positive progress on Vero Beach’s proposed sale of its electric customers in Indian River Shores.

FMPA has held initial discussions with the bond trustee, bond insurers, credit rating agencies and others to gauge what concerns there might be if Vero Beach sells electric customers that account for approximately nine percent of electric revenues.

“We have not received any indication that the sale of Indian River Shores customers is at odds with Vero Beach’s obligations,” said FMPA General Manager and CEO Jacob Williams. “We will continue these discussions and work with Vero Beach as the city moves forward to negotiate a definitive sale contract.”

FMPA’s member cities will hear a report from the agency’s staff on these efforts at a public meeting on Feb. 16 in FMPA’s Orlando office.

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