LADWPLos Angeles Department of Water and Power
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RENEWABLE WIND ENERGY PROJECTS: The three projects are operating wind projects located in Utah and Washington that provide renewable energy to LADWP and are essential to meeting California's renewable portfolio standard.
UNCONDITIONAL TAKE-OR-PAY AGREEMENTS: Bondholders are secured by absolute and unconditional 'take-or-pay' power supply agreements that extend for the life of the bonds with the two members, LADWP and GWP (rated A+).
"The knowledge and experience that we gain through these projects can easily and directly transfer to applications throughout the nation," said LADWP assistant general manager for environmental affairs and economic development Lillian Kawasaki.
In addition, the cost of electricity to charge electric vehicles is only about 1/3 the cost of gasoline fuel," said Angelina Galiteva, LADWP director of strategic planning.
Galiteva added that LADWP has 15 years of experience operating electric vehicles.
TAKE-OR-PAY OBLIGATION: Bondholders are secured by an absolute and unconditional take-or-pay obligation from LADWP's power system with payments made as an operating expense, as outlined in the PSA that remains in effect until the bonds are fully repaid.
VERTICALLY INTEGRATED RETAIL ELECTRIC UTILITY: LADWP provides retail electric service to a large and diverse service area with over 1.5 million customers.
According to LADWP, the stationary FC is a "highly efficient, ultra-low emissions power plant" that is expected to "generate 250 kilowatts of clean electricity for Los Angeles, enough power to serve 250 households.
Contact: LADWP, phone 213-367-1361, website
CHANGES IN LADWP CREDIT QUALITY: The ratings are based on the credit quality of Los Angeles Department of Water and Power (LADWP) and the unconditional obligation of LADWP to pay debt service on the bonds.
LARGE DIVERSE SERVICE AREA: LADWP's greater Los Angeles service territory is broad, mature, and diverse, with stable customer growth.
Proceeds of the series 2016A and 2016B bonds will fund a portion of LADWP's capital program, repay a short-term credit facility used to fund capital projects, refund outstanding debt for savings and pay costs of issuance.