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Relating to securitizing costs associated with electric markets; granting authority to issue bonds.
No significant fiscal implication to the State is anticipated.
HB 4492 would create the Texas Electric Securitization Corporation to assist those in the wholesale market to obtain securitization financing to recover extraordinary costs and expenses incurred because of the abnormal weather events of February 2021 and set up rules governing this ability. This financing would allow wholesale market participants who are owed money to be paid in a more timely manner while allowing the balance to be repaid over time at a low carrying cost. HB 4492 also clarifies that the government of Texas is not liable for the debt from securitization financing. The bill was amended in the Senate to add rules and language pertaining to uplift charges and obligations of debt owed by market participants to ERCOT to be fully repaid.
Texas Action remains neutral on HB 4492.
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