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Securitization Reports

Extreme Costs Paid Through Securitization Disclosure Filing February 2022

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 January 22, 2024
Total amount of the original securitization bond $761,654,000
Annual interest rate on the securitization bond* 4.947%
Total annual interest expense paid** $18,088,073
Total interest expense paid to date** $55,823,798
Total annual revenue collected per the utility tariff** $3,689,392
Total revenue collected to date per the utility tariff*** $87,809,161
Remaining payment term 27 years
Outstanding principal balance $741,105,458


*Effective annual weighted average interest rate of ratepayer backed bonds
**Represents year to date amount
***Includes interest on collection account

True-ups

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

Expense Comparison

Overview

As of December 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 $38,172,035
Total interest expense paid to date $38,172,035
Total annual revenue collected per the utility tariff $46,399,924
Total revenue collected to date per the utility tariff $59,846,050
Remaining payment term 19 years
Outstanding principal balance $680,327,123


*Effective annual weighted average interest rate of ratepayer backed bonds

True-ups

Issuance Costs

Overview

As of October 2, 2023
Total amount of the original securitization bond $81,565,000
*Annual interest rate on the securitization bond 5.269%
Total annual interest expense paid $4,082,777
Total interest expense paid to date $4,082,777
Total annual revenue collected per the utility tariff $6,301,881
Total revenue collected to date per the utility tariff $7,049,155
Remaining payment term 169 months
Outstanding principal balance $80,381,859


*Effective annual weighted average interest rate of ratepayer backed bonds

True-ups

Expense Comparison

Last Modified on Apr 16, 2024