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Securitization Reports

Final Securitization Bond Issuance Expenses and Long-Term Interest Costs

Original Summary 5/29/24
Revised Summary 6/28/24
Company Detail
Securitization Bond Interest Cost and Issuance Cost Compared to OCC Approved Financing Caps

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

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

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

Expense Comparison

Servicing Criteria Review

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

Servicing Criteria Review

Additional Documents

Last Modified on Aug 15, 2024
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