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
| Semi-Annual Servicer's Certificate Received July 25, 2025 |
|---|
| Semi-Annual Servicer's Certificate |
| Servicer Report Received August 29, 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** | $17,604,186 |
| Total interest expense paid to date** | $109,127,082 |
| Total annual revenue collected per the utility tariff** | $26,197,226 |
| Total revenue collected to date per the utility tariff*** | $151,015,289 |
| Remaining payment term | 27 years |
| Outstanding principal balance | $718,036,400 |
*Effective annual weighted average interest rate of ratepayer backed bonds
**Represents year to date amount
***Includes interest on collection account
True-ups
Rate Case Servicer Report as Required by 74 O.S. 9082
Expense Comparison
Servicing Criteria Review
Overview
| Semi-Annual Servicer's Certificate Received October 31, 2025 |
|---|
| Semi-Annual Servicer's Certificate |
| Servicer Report Received November 12, 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 | $27,748,726 |
| Total interest expense paid to date | $182,499,342 |
| Total annual revenue collected per the utility tariff | $77,337,140 |
| Total revenue collected to date per the utility tariff | $300,717,303 |
| Remaining payment term | 22 years |
| Outstanding principal balance | $1,223,040,029 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
Annual PBRC Servicer Report as Required by 74 O.S. 9082
Expense Comparison
Servicing Criteria Review
Overview
| Semi-Annual Servicer's Certificate Received May 30, 2025 |
|---|
| Semi-Annual Servicer's Certificate |
| Servicer Report Received June 26, 2025 | |
|---|---|
| Total amount of the original securitization bond | $696,920,000 |
| Annual interest rate on the securitization bond* | 4.55% |
| Total annual interest expense paid | $14,660,719.85 |
| Total interest expense paid to date | $82,922,057.08 |
| Total annual revenue collected per the utility tariff | $20,846,360 |
| Total revenue collected to date per the utility tariff | $138,889,004 |
| Remaining payment term | 17 years |
| Outstanding principal balance | $642,929,778 |
*Effective annual weighted average interest rate of ratepayer backed bonds
True-ups
Rate Case Servicer Reports as Required by 74 O.S. 9082
Expense Comparison
Servicing Criteria Review
Overview
| Semi-Annual Servicer's Certificate Received September 24, 2025 |
|---|
| Semi-Annual Servicer's Certificate |
| Servicer Report Received May 20, 2025 | |
|---|---|
| Total amount of the original securitization bond | $81,565,000 |
| Annual interest rate on the securitization bond* | 5.269% |
| Total annual interest expense paid** | $2,010,337 |
| Total interest expense paid to date | $10,275,439 |
| Total annual revenue collected per the utility tariff** | $2,135,948 |
| Total revenue collected to date per the utility tariff | $18,472,024 |
| Remaining payment term | 150 months |
| Outstanding principal balance | $74,193,981 |
*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
Expense Comparison
Servicing Criteria Review
Additional Documents
Last Modified on
Nov 13, 2025
