The power grid that controls electricity production in Oklahoma and numerous other states is seeking authority for $20 million in promissory notes to move forward with some projects as well as maintain its ongoing operations.
The Southwest Power Pool filed an application with the Federal Energy Regulatory Commission asking permission to issue the non-secured promissory notes.
“The Notes will be used for general corporate purposes of the Company, including, particularly without limitation: (i) to satisfy future capital and project funding needs and (ii) to complete various other tasks associated with the normal business of the Company and for any other lawful and proper purposes of the Company,” stated the SPP in its application made under Section 204 of the Federal Power Act.
SPP stated it wants authority approved by August 1, of this year so that it “may conclude the issuance of securities.”
In order to comply with the federal act, the grid has to obtain competitive bids from at least two prospective dealers, purchasers or underwriters.
Oklahoma utilities are among 148 members that make up the Regional Transmission Organization. They are among 18 independent transmission companies, 27 independent power producers, 11 power marketers, 18 independent transmission companies, 3 federal agencies, 14 large retail customers, 4 alternative
power entities, and 7 public interest entities.
As an RTO, SPP: (1) administers, across the facilities of SPP’s Transmission Owners, open access transmission service over approximately 85,000 miles of transmission lines in the Eastern and Western Interconnections covering portions of Arizona, Arkansas, Colorado, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Utah, and Wyoming.
On January 3, 1994, SPP was incorporated as a not-for-profit corporation under the laws of the State of Arkansas. SPP’s business is conducted in all or parts of Arizona, Arkansas, Colorado, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Utah, and Wyoming. It has since grown in the number of states in which it controls power production.
