State Bond Refinancing to Benefit Ratepayers
California utility ratepayers will save nearly $145 million through the refinancing of bonds sold to pay debts from the 2000-01 energy crisis, Gov. Arnold Schwarzenegger said.
The California Department of Water Resources converted $2.6 billion in bonds with interest rates ranging from 5.13% to 6% to fixed-rate bonds with an average rate of 3.6%.
The savings -- expressed in current dollars but occurring over the bonds’ remaining 17-year life -- will benefit customers of Southern California Edison Co., Pacific Gas & Electric Co. and San Diego Gas & Electric Co.
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