UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 19, 2010

Oglethorpe Power Corporation
(An Electric Membership Corporation)
(Exact name of registrant as specified in its charter)

Registrant's telephone number, including area code: (770) 270-7600

None
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01    Other Events

        On October 19, 2010, Moody's Investors Service announced that it had downgraded our long-term ratings, including our senior-secured rating to Baa1 from A3 and our issuer rating to Baa2 from Baa1. Moody's affirmed our P-2 short-term rating. Moody's further announced that our ratings outlook is stable.

        See "MANAGEMENT'S DISCUSSION AND ANALYSIS—FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Credit Rating Risk" in our Annual Report on Form 10-K for the year ended December 31, 2009 for information regarding our ratings from Moody's and a discussion of financial and other contractual agreements that contain ratings triggers. The downgrade discussed above does not put our ratings below the ratings triggers contained in any of our financial and contractual agreements.

Item 9.01    Financial Statements and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Not applicable.

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Item 8.01 Other Events
Item 9.01 Financial Statements and Exhibits