OGLETHORPE POWER CORP
EMPLOYMENT AGREEMENT MICHAEL PRICE
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT MICHAEL PRICE
<TEXT>



                                                                  EXHIBIT 10.27


                              EMPLOYMENT AGREEMENT

         THIS  AGREEMENT is effective as of February 1, 2000, between Oglethorpe
Power  Corporation ("the Company") and Michael Price  ("Employee").  The Company
desires to employ Employee,  and Employee desires to accept  employment with the
Company, under the following terms and conditions.  Therefore,  in consideration
of Employee's employment with the Company and the mutual promises and conditions
contained  in  this  Agreement,   the  adequacy  of  which  the  parties  hereby
acknowledge, Employee and the Company agree as follows:

1.   Term.  Subject to the provisions for automatic  renewal and  termination as
provided herein below, the term of this Agreement shall commence effective as of
February 1, 2000, and shall terminate at 12:00 a.m. on December 31, 2001.

                  (a) Automatic Renewal.  On December 1, 2000, and on December
1 of each  subsequent  year,  the  expiration  date of this  Agreement  shall be
automatically extended for one additional year, unless on or before November 30,
2000 (for the initial  term),  or thirteen (13) months before the  expiration of
any extended  term,  either Party  provides to the other  written  notice of its
desire not to automatically renew this Agreement.

2.   Employee's  Duties.  Employee  shall serve the  Company in the  position of
Chief Operating Officer.  Employee shall perform all duties of this position, as
assigned by the CEO,  President,  or the Board of  Directors  of the Company (or
other designee).

3.   Compensation and Related Matters

                  (a) Base Salary.  For all services rendered by Employee during
the term of this Agreement, the Company shall pay Employee a minimum annual base
salary  of  $172,000.00,   payable  in  equal  semi-monthly  installments,  less
applicable  withholdings.  Employee's  base salary will be subject to review and
possible upward adjustment, subject to the sole discretion of the Company.

                  (b) Bonus  Eligibility.  Employee will receive a sign-on bonus
in the gross amount of $20,000.00, less applicable withholdings,  payable in two
$10,000.00  installments,  the first upon  successful  completion  of Employee's
first pay period and the second upon  Employee's  successful  completion  of one
year  of  service  with  the  Company.   Employee  will  also  be  eligible  for
consideration  for an  annual  bonus  and  other  incentive  compensation  plans
generally   available  to  other  similarly  situated  executive  or  managerial
employees,  such as the OPC Variable Pay Program. Such a bonus, if awarded, will
be an amount determined by the Company in its sole discretion.  Employee must be
employed  by the  Company  as of  December  31st of the  award  year in order to
receive it;  however,  in the event  Employee is terminated not for Cause during
the last  quarter  of an award  year,  Employee  will be  eligible  to receive a
prorated  bonus based on attainment of the  applicable  goals during  Employee's
employment.  Any prorated  bonus will be paid in  accordance  with the Company's
regular bonus payment schedule.

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4.       Termination and Severance.

                  (a)   Termination   for  Cause.   The  Company  may  terminate
Employee's  employment with the Company at any time if it believes in good faith
that it has Cause to do so. "Cause" shall be defined as: (a) Employee's  failure
to perform  his duties that  causes or is likely to cause  material  harm to the
Company  or  material   interference   with  its   operations;   (b)  Employee's
substantial, material failure to comply with the Company's written directions or
policies;   or  (c)   Employee's   engaging  in  conduct  that  is  unlawful  or
disreputable, to the possible material detriment of the Company, its affiliates,
its predecessors or successors, or Employee's own reputation; provided, however,
that with respect to (a) and (b) above, Employee has been given prompt notice of
the  failure  and a  reasonable  opportunity  to  cure  it.  In the  event  of a
termination  for Cause, or in the event of Employee's  death or disability,  all
salary and other benefits  provided to Employee under this Agreement shall cease
as of the date of termination  except for any life and/or  disability  insurance
proceeds that become payable by reason of employees death or disability.

                  (b) Termination not for Cause;  Resignation  with Good Reason.
The  Company  may  terminate  Employee's  employment  at any time upon two weeks
notice  to  the  Employee.  In  the  event  the  Company  terminates  Employee's
employment not for Cause or in the event  Employee  resigns with Good Reason (as
defined  below),  Employee  shall receive as severance pay the equivalent of one
year of  Employee's  then-current  base salary,  less  applicable  withholdings,
payable in lump-sum form  (referred to as  "Severance  Pay").  In addition,  the
Company will provide the  equivalent  of six months (6) medical  allowance,  and
outplacement  services to be determined by the company.  However,  Employee will
only receive Severance Pay if Employee signs a form releasing all claims against
the company which shall be furnished by the Company, no later than 45 days after
the effective termination date (or within 45 days after an arbitrator determines
that Employee is entitled to such  payments),  and Employee does not  thereafter
revoke the release.

                  (c) Resignation  without Good Reason.  Employee may resign his
employment at any time upon two weeks notice to the Company.  In such event,  if
requested by the Company,  Employee shall continue to render  services and shall
be paid his regular salary and receive normal  benefits up to the effective date
of termination.  In the event of a resignation  without Good Reason,  all salary
and other benefits  provided to Employee under this Agreement  shall cease as of
the date of  termination.  "Good  Reason" shall be defined as: (a) a demotion or
material  reduction  or  alteration  of  Employee's  job title or job duties and
responsibilities  inconsistent with Employee's current position; (b) a reduction
of Employee's base salary; or (c) a relocation of Employee's principal office by
more than 50 miles.



                                  Page 2 of 4
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5.   This Agreement to be Kept Confidential. As a material condition to this
Agreement,  Employee agrees not to disclose the terms of this Agreement, without
the Company's prior written permission, to anyone other than an immediate family
member, or an attorney,  accountant, or other professional advisor who agrees in
advance to honor  this  confidentiality  requirement.  This  provision  does not
prohibit  Employee  from  disclosing  the terms of this  Agreement to the extent
necessary to enforce this  Agreement,  nor does it prohibit  disclosures  to the
extent legally required by a subpoena or court order,  provided that the Company
is  notified  in writing of such a  disclosure  obligation  within five (5) days
after it  arises.  In the  event  that  Employee  violates  the  confidentiality
obligations  of this  Paragraph,  the Company  reserves the right to cancel this
Agreement.

6.   Governing Law. This Agreement  shall be construed  under,  governed by, and
enforced in accordance with the laws of the State of Georgia.

7.   Arbitration  of  Disputes.  Final  and  binding  arbitration  shall  be the
exclusive remedy for all disputes between the Company and Employee regarding the
validity,  interpretation,  or effect of this  Agreement.  Any such  arbitration
shall  be  in  accordance  with  the  procedures  of  the  American  Arbitration
Association  ("AAA"). The arbitration hearing will be held before an experienced
employment  arbitrator or panel of  arbitrators  licensed to practice law in the
state of Georgia and selected in accordance with the rules of the AAA. The forum
for such arbitration shall be Atlanta, Georgia. The party seeking arbitration of
a dispute under this Paragraph must give specific written notice of any claim to
the other party within six (6) months of the date the party seeking  arbitration
first has  knowledge  of the event giving rise to the  dispute;  otherwise,  the
claim  shall be void and  deemed  waived,  even if there is a  federal  or state
statute of limitations which would have given more time to pursue the claim.

8.   Notice. Any notice required or desired to be given under this Agreement by
Employee  to the  Company  shall  be  provided  in  writing  via  hand-delivery,
facsimile  (with  confirmation  of delivery),  recognized  express  courier,  or
Certified Mail to Director of Human  Resources,  Oglethorpe  Power  Corporation,
2100 East Exchange Place, Tucker, Georgia 30085-1359, fax number: 770-270- 7676.
Any notice  required or desired to be given under this  Agreement  by Company to
the Employee shall be provided in writing via hand-delivery,  recognized express
courier,  or Certified Mail to Employee at the address  listed below  Employee's
signature or at Employee's Company office. Notice shall be deemed given upon the
date of delivery.  Addresses  or  facsimile  numbers may be changed by providing
notice in accordance with this Paragraph.

9.   Assignment  and  Successorship.  The rights and  obligations of the Company
under this  Agreement  shall inure to the benefit of, and shall be binding upon,
the successors and assigns of the Company.  This Agreement shall also be binding
upon and shall inure to the  benefit of  Employee  and  Employee's  estate,  but
Employee  may not assign  any of rights or  delegate  any duties or  obligations
under this Agreement, except to the extent permitted under the Company's benefit
plans.


                                  Page 3 of 4
<PAGE>




10.  Complete  Agreement.  This Agreement shall  constitute the entire agreement
between the parties hereto with respect to the subjects  addressed  herein.  Any
subsequent  alteration or modification to this Agreement must be made in writing
and signed by both parties.


                  So agreed, effective as of the date written on page 1 above.

EMPLOYEE:                                         COMPANY:

         /s/  Michael W. Price                             /s/  Thomas A. Smith
-----------------------------------------------   -----------------------------

Date:             7/25/00                         Date:             7/25/00
     ------------------------------------------        --------------------

Printed Name:         Michael W. Price            Printed Name:  Thomas A. Smith
             ----------------------------------                -----------------

                                                  Title:       President and CEO
                                                           ---------------------



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