Adoption of Financing Order
On August 22, 2022, United’s Board of Directors adopted a Financing Order pursuant to Senate Bill 1580, Subchapter D of Chapter 41 of the Texas Utilities Code, §§ 41.151 – 41.163. The Financing Order authorizes United to utilize securitization financing to recover power costs and other extraordinary costs and expenses incurred due to Winter Storm Uri. The financing is expected to close by the end of this year, 2022. The financing will allow for the spreading of these extraordinary costs and expenses over an extended period of time at what is anticipated to be an advantageous interest rate instead of such extraordinary costs and expenses of Winter Storm Uri becoming due all at once. The securitized charges, including related costs and expenses, will be irrevocable, will be adjusted from month-to-month to pay the related bonds, and will be included in member monthly bills starting in or about January 2023. A copy of the Financing Order is available here.