Securitization Reports
This page contains reports of audits and true-ups of securitization bonds approved under the February 2021 Regulated Utility Consumer Protection Act. These reports are being provided pursuant to 74 O.S. § 9082.
When PUD performs an audit or true-up, it utilizes the following review steps:
- Verify all calculations are correct and performed according to the final financing order and the applicable tariff
- Verify factors are correct on tariff and workpapers
- Verify any estimated costs are trued up with actuals as actuals become available
- Verify collected amounts will be enough to make bond payment and any over/under collection is trued up accordingly
- Discuss any discrepancies with Company and make corrections if necessary
Reports by Utility
| As of Semi-Annual Servicer's Certificate date January 25, 2023 | |
|---|---|
| Total amount of the original securitization bond | $761,654,000 |
| Annual interest rate on the securitization bond* | 4.947% |
| Total annual interest expense paid** | N/A |
| Total interest expense paid to date | $0 |
| Total annual revenue collected per the utility tariff** | N/A |
| Total revenue collected to date per the utility tariff*** | $28,471,249 |
| Remaining payment term | 28 years |
| Outstanding principal balance | $755,689,628 |
*Effective annual weighted average interest rate of ratepayer backed bonds
**Annual information not available
***Includes interest on collection account
| As of Bond closing date July 25, 2022 | |
|---|---|
| Total amount of the original securitization bond | $1,354,200,000 |
| *Annual interest rate on the securitization bond | 4.523% |
| Total annual interest expense paid | $0 |
| Total interest expense paid to date | $0 |
| Total annual revenue collected per the utility tariff | $0 |
| Total revenue collected to date per the utility tariff | $0 |
| Remaining payment term | 25 years |
| Outstanding principal balance | $1,354,200,000 |
*Effective annual weighted average interest rate of ratepayer backed bonds
| As of Bond closing date September 7, 2022 | |
|---|---|
| Total amount of the original securitization bond | $696,920,000 |
| Annual interest rate on the securitization bond* | 4.545% |
| Total annual interest expense paid | $0 |
| Total interest expense paid to date | $0 |
| Total annual revenue collected per the utility tariff (updated 11/30/2022) | $9,551,852 |
| Total revenue collected to date per the utility tariff (updated 11/30/2022) | $9,551,852 |
| Remaining payment term | 19 years |
| Outstanding principal balance | $696,920,000 |
*Effective annual weighted average interest rate of ratepayer backed bonds
| As of Bond closing date October 19, 2022 | |
|---|---|
| Total amount of the original securitization bond | $81,565,000 |
| *Annual interest rate on the securitization bond | 5.269% |
| Total annual interest expense paid | $0 |
| Total interest expense paid to date | $0 |
| Total annual revenue collected per the utility tariff | $0 |
| Total revenue collected to date per the utility tariff | $0 |
| Remaining payment term | 180 months |
| Outstanding principal balance | $81,565,000 |
*Effective annual weighted average interest rate of ratepayer backed bonds
Overview
| As of Semi-Annual Servicer's Certificate date July 25, 2023 | |
|---|---|
| Total amount of the original securitization bond | $761,654,000 |
| Annual interest rate on the securitization bond* | 4.947% |
| Total annual interest expense paid** | $37,735,725 |
| Total interest expense paid to date | $37,735,725 |
| Total annual revenue collected per the utility tariff** | $33,109,930 |
| Total revenue collected to date per the utility tariff*** | $56,122,649 |
| Remaining payment term | 28 years |
| Outstanding principal balance | $748,474,831 |
*Effective annual weighted average interest rate of ratepayer backed bonds
**Represents year to date amount
***Includes interest on collection account
True-ups
- Eff. April 1, 2023
Expense Comparison
Overview
| As of Semi-Annual Servicer's Certificate Date May 1, 2023 | |
|---|---|
| Total amount of the original securitization bond | $1,354,200,000 |
| *Annual interest rate on the securitization bond | 4.523% |
| Total annual interest expense paid | $40,450,079 |
| Total interest expense paid to date | $40,450,079 |
| Total annual revenue collected per the utility tariff | $38,375,217 |
| Total revenue collected to date per the utility tariff | $68,079,075 |
| Remaining payment term | 24 years |
| Outstanding principal balance | $1,326,382,018 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
- Eff. June 29, 2023
Expense Comparison
Overview
| As of June 1, 2023 | |
|---|---|
| Total amount of the original securitization bond | $696,920,000 |
| Annual interest rate on the securitization bond* | 4.55% |
| Total annual interest expense paid | $22,753,787 |
| Total interest expense paid to date | $22,753,787 |
| Total annual revenue collected per the utility tariff | $20,907,439 |
| Total revenue collected to date per the utility tariff | $34,353,566 |
| Remaining payment term | 19 years |
| Outstanding principal balance | $692,291,331 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
- Eff. July 31, 2023
Expense Comparison
Overview
| As of Bond closing date October 19, 2022 | |
|---|---|
| Total amount of the original securitization bond | $81,565,000 |
| *Annual interest rate on the securitization bond | 5.269% |
| Total annual interest expense paid | $0 |
| Total interest expense paid to date | $0 |
| Total annual revenue collected per the utility tariff | $0 |
| Total revenue collected to date per the utility tariff | $0 |
| Remaining payment term | 180 months |
| Outstanding principal balance | $81,565,000 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
- Eff. May 1, 2023
Expense Comparison
Last Modified on
Sep 05, 2023
