Securitization Reports

Final Securitization Bond Issuance Expenses and Long-Term Interest Costs

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

Servicer's Certificate Notification Received January 24, 2025
Filing Confirmation

Servicer Report Received February 28, 2025
Total amount of the original securitization bond	$761,654,000
Annual interest rate on the securitization bond*	4.947%
Total annual interest expense paid**	$17,768,913
Total interest expense paid to date**	$91,522,896
Total annual revenue collected per the utility tariff**	$3,939,605
Total revenue collected to date per the utility tariff***	$131,192,907
Remaining payment term	27 years
Outstanding principal balance	$725,889,661

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

True-ups

Expense Comparison

Final Issuance Expense Comparison

Servicing Criteria Review

Third-Party Review

Overview

Servicer's Certificate Notification Received October 25, 2024
Filing Confirmation

Servicer Report Received January 8, 2025
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	$57,156,513
Total interest expense paid to date	$126,664,959
Total annual revenue collected per the utility tariff	$76,661,821
Total revenue collected to date per the utility tariff	$210,063,271
Remaining payment term	23 years
Outstanding principal balance	$1,258,822,514

*Effective annual weighted average interest rate of ratepayer backed bonds

Overview

Servicer's Certificate Notification Received November 29, 2024
Filing Confirmation

Servicer Report Received December 27, 2024
Total amount of the original securitization bond	$696,920,000
Annual interest rate on the securitization bond*	4.55%
Total annual interest expense paid	$30,089,301.99
Total interest expense paid to date	$68,261,337.23
Total annual revenue collected per the utility tariff	$53,139,653
Total revenue collected to date per the utility tariff	$103,483,486
Remaining payment term	18 years
Outstanding principal balance	$655,651,514

*Effective annual weighted average interest rate of ratepayer backed bonds

True-ups

Rate Case Servicer Report as Required by 74 O.S. 9082

Audit Report for Case No. PUD 2022-000093 dated March 27, 2024

Expense Comparison

Final Issuance Expense Comparison

Servicing Criteria Review

Third-Party Review

Overview

Servicer's Certificate Notification Received March 25, 2025
Filing Confirmation

Servicer Report Received October 30, 2024
Total amount of the original securitization bond	$81,565,000
Annual interest rate on the securitization bond*	5.269%
Total annual interest expense paid**	$4,182,325
Total interest expense paid to date	$8,265,102
Total annual revenue collected per the utility tariff**	$5,507,190
Total revenue collected to date per the utility tariff	$14,574,533
Remaining payment term	157 months
Outstanding principal balance	$76,308,088

*Effective annual weighted average interest rate of ratepayer backed bonds
**Represents year-to-date amounts

True-ups

Annual PBRC Servicer Report as Required by 74 O.S. 9082

Audit Report for Case No. PUD 2024-000022 dated March 6, 2025

Expense Comparison

Final Issuance Expense Comparison

Servicing Criteria Review

Third-Party Review

Additional Documents

ODFA Review

Last Modified on Apr 01, 2025

Securitization Reports

Final Securitization Bond Issuance Expenses and Long-Term Interest Costs

Reports by Utility

Oklahoma Gas and Electric Company

Oklahoma Natural Gas Company

Public Service Company of Oklahoma

Summit Utilities Oklahoma, Inc.

Oklahoma Gas and Electric Company

Oklahoma Natural Gas Company

Public Service Company of Oklahoma

Summit Utilities Oklahoma, Inc.