DISCUSSION AND STATUTORY OVERVIEW Sample Clauses

DISCUSSION AND STATUTORY OVERVIEW. ‌‌ In late-August 2012, Hurricane Xxxxx made landfall and was the fourth most destructive hurricane in the Entergy system’s history in terms of peak customer outages, exceeded only by Hurricanes Katrina, Xxxx, and Xxxxxx. XXX met the liquidity needs created by the storm recovery costs by issuing external debt and making withdrawals from XXX’x previously- established storm damage reserve escrow account. In May 2006, the Louisiana Legislature established a financing vehicle by which electric utilities can use securitization financing for storm recovery costs through the issuance of “storm recovery bonds.” Storm recovery bonds must be approved in a financing order. This provision of Louisiana law, Act 64, is codified at La. R.S. 45:1226-1236.3 If storm recovery bonds are approved and issued, the electric customers of ENO must pay the principal of the storm recovery bonds, together with interest and related financing costs, through storm recovery charges. Storm recovery charges, to the extent provided in Act 64 and this Financing Order, are nonbypassable charges paid by XXX’x electric customers as a component of the monthly charge for electric service. Storm recovery charges will be collected by XXX or its successor, as initial servicer, as provided for in this Financing Order. Act 64 permits the Council to consider whether the proposed structuring, expected pricing, and financing costs of the storm recovery bonds are reasonably expected to result in lower overall costs or would avoid or mitigate rate impacts to customers as compared with traditional methods of financing or recovering storm recovery costs.4 The primary benefits of the proposed structure arise from replacing traditional debt and equity of the utility with highly rated debt, the benefits of which are significant.
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