Senate Passes Balderson Sponsored Securitization Measure
Legislation Will Provide Lower Monthly Costs To Ohio Consumers
December 14, 2011
 
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Columbus - 
The Ohio Senate today offered approval to Senate Bill 248, sponsored by Senator Troy Balderson (R - Zanesville). The legislation establishes standards for the securitization of costs for utility companies distributing electricity. Such companies would also have the ability to issue phase-in recovery bonds to replace their current use of higher-interest debt. If enacted, electric distribution utilities will be able to apply to the Public Utilities Commission of Ohio for a financing order that would allow them to securitize a debt. The companies would then have the ability to exchange high-interest debt for low-interest debt, which would not only reduce the cost of deferral substantially, but also lower the monthly electric bills for consumers. In order for the process to have the desired effect, bonds that are issued must retain a Triple-A rating and the bill has outlined a set of provisions that will ensure their value. Under the plan, the State of Ohio will not be assuming responsibility for the securitized bonds. "This measure is centered on utility customers," Balderson said. "Our intent is to ultimately provide lower rates to Ohioans. I am confident that this is a pro-consumer bill that will benefit everyone who purchases electricity in Ohio." Since its introduction, Senate Bill 248 has received the endorsements of major electric distributors like First Energy Corporation, Duke Energy, Dayton Power & Light, and American Electric Power, as well as PUCO Chairman Todd Snitchler and the Ohio Consumers' Council. Thus far, 19 other states have already passed similar legislation in order to reign in their residents' electric costs. The Senate-approved legislation will now make its way to the Ohio House for further consideration.
Senator Balderson represents the 20th Senate District of Ohio, which is made up of Athens, Coshocton, Guernsey, Meigs, Monroe, Morgan, Muskingum, Noble, and Washington Counties
 
 
 
  
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