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
| As of Semi-Annual Servicer's Certificate date July 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** | $17,930,184 |
| Total interest expense paid to date** | $73,753,983 |
| Total annual revenue collected per the utility tariff** | $28,005,574 |
| Total revenue collected to date per the utility tariff*** | $106,573,322 |
| 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
- Eff. October 1, 2024
Expense Comparison
Servicing Criteria Review
Overview
| As of Semi-Annual Servicer's Certificate Date May 1, 2024 | |
|---|---|
| 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 | $28,740,355 |
| Total interest expense paid to date | $98,248,802 |
| Total annual revenue collected per the utility tariff | $32,465,459 |
| Total revenue collected to date per the utility tariff | $165,866,909 |
| Remaining payment term | 23 years |
| Outstanding principal balance | $1,276,203,446 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
- Eff. October 28, 2024
Expense Comparison
Servicing Criteria Review
Overview
| As of June 1, 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 | $15,170,888 |
| Total interest expense paid to date | $53,342,923 |
| Total annual revenue collected per the utility tariff | $22,039,749 |
| Total revenue collected to date per the utility tariff | $84,957,106 |
| Remaining payment term | 18 years |
| Outstanding principal balance | $668,115,556 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
- Eff. July 30, 2024
Expense Comparison
Servicing Criteria Review
Overview
| As of October 2, 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
- Eff. May 1, 2024
