Jennifer Hiller
speaker
49 appearances
1 recordings
1 series
first heard Dec 2022
last heard Dec 2022
Jennifer Hiller’s voice in public audio — every appearance, attributed to the second.
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Appearances
So it's almost like mortgages for your house that get attached to your utility bill.
And what's happening is that your utility is sort of passing through that cost to you.
Thanks for having me.
Just in the last year, we've seen about $12.4 billion of weather-related utilities debt that customers are on the hook for get securitized.
And there's more to come.
We only had about $7 million of this kind of debt issued between 2007 and 2021.
So this is a pretty enormous increase.
We've just had a lot of events back to back.
And the winter storm in particular, a couple of years ago that hit Texas and a lot of other states was particularly damaging in terms of fuel costs.
And so that's a really large expense that's coming through the system.
And we've also had states like Louisiana that got hit with
a really unfortunate number of hurricanes in a row a few years ago, and we've had things like wildfires.
So we've just sort of been on a roll of severe weather, and that all has to get paid for now.
Basically what happens is a long-term bond gets sold.
So an investor will come in and purchase that bond, and then over a really long period of time,
utility customers sort of pay that back.
So maybe it's a few dollars a month, maybe it's $10 a month, but it's paid over potentially a really long period of time, 10 years, 20 years, 30 years in some cases.
So it's almost like mortgages for your house that get attached to your utility bill.
And what's happening is that your utility is sort of passing through that cost to you.
It's not a debt that is attached to the utility.
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