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59 Infrastructure 1 (2019-2020)

handle is hein.journals/infrastr59 and id is 1 raw text is: SB NRSTUTR N REUAE IDSRE SC IO str turi Vol. 59, No. 1, Fall 2019 Financing the Future: Three Innovative Approaches to Infrastructure Finance By Emmett N. Ellis IV, Michael F. Fitzpatrick Jr., and Steven C. Friend power and utility industries have undergone tre- mendous change in the last several decades. In the past 10 years alone, the amount of coal-fired gen- eration in the United States has decreased dramatically, both in absolute terms as well as in terms of a percentage of total generation.' Electric utilities throughout the country have been forced to find ways to finance the costs of recovery from catastrophic storms. Investors, at the same time, have become more focused on the use of proceeds from a utility's sale of securities. This article will address how the utility capital markets have adapted to these circumstances. First, we discuss dedicated utility rate secu- Ellis ritization and the various types of utility costs that can be recov- ered. Second, we review the ongoing boom of green bond financing in the utility sec- tor. Finally, we Fitzpatrick Friend Bud Ellis (ellisb@huntonAK. com), Mike Fitzpatrick (mfitzpatrick@huntonAK.com), and Steve Friend (sfriend@ huntonAK.com) are partners in the New York office of Hunton Andrews Kurth ILLP discuss a novel tax-exempt bond structure currently used to finance facilities to control stormwater pollution, whereby the holders of the bonds are eligible to receive incentive payments depending on the success of the underlying project. Dedicated Utility Rate Securitization Dedicated utility rate securitization (utility securitiza- tion) is a specialized financing vehicle that has been used by investor-owned utilities for over twenty years to recover certain specified costs. As a result of the continued on page 7 INSIDE: i. Published in Infrastructure, Volume 59, Number 1, Fall 2019. @ 2019 American Bar Association. Reproduced with permission. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

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