BPA Makes U.S. Treasury Payment
Of the $1.9 billion, $104.4 million was paid by applying Treasury credits for
non-power-related fish mitigation efforts and other credits, including interest earnings.
BPA completed its 33rd consecutive annual payment to the U.S. Treasury on time and in full. The total payment was for $1.9 billion for fiscal year 2016, which ended Sept. 30. BPA’s cumulative payments to the U.S. Treasury during those 33 years amount to more than $27.6 billion.
“This is the largest payment BPA has ever made to the U.S. Treasury,” said BPA Administrator Elliot Mainzer. “This year’s payment includes substantial early debt retirement that is part of our plan for disciplined and proactive debt management, a crucial aspect of maintaining our financial strength and remaining cost competitive.”
This year’s payment includes $1.4 billion in principal;
$343 million in interest; $60.2 million in irrigation
assistance payments and $35.4 million in other payments.
Of the $1.4 billion in principal, $958.7 million was early
retirement of higher-interest rate debt to the U.S. Treasury.
This was made possible by a series of regional cooperation
debt and cash management transactions through which
Energy Northwest issued BPA-supported bonds to refinance
debt, financial actions that will save money for Pacific
Northwest ratepayers over the long term. Of the $1.9 billion,
$104.4 million was paid by applying Treasury credits for
non-power-related fish mitigation efforts and other credits,
including interest earnings.
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