Amendment No. 1 to Eklutna Power Purchase Agreement between the Registrant and the Municipality of Anchorage, Alaska dated effective September 27, 2019

AMENDMENT NO. 1 TO EKLUTNA POWER PURCHASE AGREEMENT

This AMENDMENT NO. 1 TO EKLUTNA POWER PURCHASE AGREEMENT, dated as of the 27th day of September, 2019 (this “Eklutna PPA Amendment”), is made and entered into by and between (i) CHUGACH ELECTRIC ASSOCIATION, INC., an Alaska not-for-profit electric cooperative corporation (“Purchaser”), and (ii) the MUNICIPALITY OF ANCHORAGE, a political subdivision organized under the laws of the State of Alaska (“Seller”). Purchaser and Seller are hereinafter referred to individually as a “Party” and collectively as the “Parties”.

RECITALS

WHEREAS, Purchaser and Seller entered into that certain Eklutna Power Purchase Agreement dated as of December 28, 2018 (the “Eklutna PPA”);

WHEREAS, Section 15.7 of the Eklutna PPA provides that Purchaser and Seller may amend the Eklutna PPA upon the execution and delivery of a written agreement executed by each Party; and

NOW, THEREFORE, pursuant to Section 15.7 of the Eklutna PPA and in consideration for the premises and agreements hereinafter set forth, the Parties, intending to be legally bound, agree as follows:

It is the understanding of the Parties that this PPA, as a wholesale power agreement between public utilities governed by AS 42.05.431(b), will not take effect without the prior approval of the RCA, and will at all times after any such approval be subject to the RCA’s continuing authority over wholesale power agreements.

[Remainder of the page intentionally left blank]

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first written above by their respective officers and officials thereunto duly authorized.