Vantage launches $2 billion credit facility backing data centers
Meanwhile, Moody's cites the need for investment in power transmission infrastructure to keep pace with rising energy demands to new run data centers.
Utilities
Europe looks to ABS to fund green consumer energy installations
Enpal issues the first European public securitization for heat pumps and solar panels.
RG&E Storm Funding gets set to raise $75.3 million from utility cost recoveries
RG&E, series 2025-A, is the second utility cost recovery securitization this week, and is another first-time issuer.
NYSEG raises $710.6 million in utility cost recovery charges
Residential customers made up 70.1% of NYSEG's sales revenue, while commercial and industrial customers account for the other 30% of sales. The latter is a relatively high exposure for such deals.
Virginia Power prepares to sponsor first utility ABS, raising $1.2 billion in ABS
The VPFS trust offers two AAA-rated, class A tranches to investors, which have legal final maturity dates of May 1, 2029 and May 1, 2033.
Puerto Rico utility’s future revenue at risk in bondholder fight
The debate centers around whether the island's main energy supplier, Electric Power Authority or Prepa, must repay its creditors more than just the roughly $19 million sitting in reserve accounts.
Utility Debt Securitization Authority to raise $823.3 million in utility bonds
The deal will issue tax-exempt restructuring bonds through the 2023TE1 and 2 classes of notes, which will issue $652.1 million and $135.4 million, respectively. One class will issue $35.6 million federally taxable note, the 2023T class.
Michigan’s DTE Electric Securitization Funding to sell $601.6 million
DTE Electric Securitization, 2023A will issue notes to investors through two class A tranches, which are identical in certain characteristics, such as their 'Aaa' ratings, and their $300.8 million principal amounts.
Texas Natural Gas Securitization Finance readies $3.5 billion in ratepayer-backed bonds
The security driving the revenue to the bonds is a tariff on customers' monthly bills, in line with the "U.S. Utility Tariff/Stranded Cost Bonds Rating Criteria."
PG&E issues $860 million in recovery bonds to address wildfire fallout
The securitization is backed by an irrevocable financing order that empowers the issuer to impose, collect and receive fixed recovery charges (FRC), from retail customers.
SoCal Edison preps new recovery bond offering
The deal is the second securitized transaction floated under recent California state legislation authorizing a flurry of utility securitizations.
By
Ted Jackson
Power up: Utility-fee securitization is making a return
Ratepayer bond securitizations have helped utilities defray litigation expenses or finance 'stranded costs' related to deregulation since the '90s . A new wave appears imminent, driven by green-energy conversion needs and relieving the burden of pandemic-related consumer assistance.
By
Ted Jackson
