Lowering the Cost
of Capital for Utilities and the Cost of Power
for Consumers

RECENT DEVELOPMENTS:

• Pollution Bonds Signal Funding for $50 Billion Utility Cleanup
  Bloomberg News, December 16, 2009
  
• Securitizing Green Investments
  Public Utilities Fortnightly, October 7, 2009
  

Saber's CEO Joseph Fichera Addresses National Association of Regulatory Utility Commissioners ("NARUC") on "Innovative Financing for Public Policy

• See Saber Full Presentation
  
• See Comments by David Boonin, National Regulatory Research Institute
  
• See Comments by Richard Cortright, Standard & Poor's
  

What is a Ratepayer Obligation Charge ("ROC") backed Bond Issue and How Does It Work?

• Lowering Environmental and Capital Costs with Ratepayer-Backed Bonds
  

Where Have Ratepayer Obligation Charge Bonds Been Used to Lower Ratepayer Costs on Environmental Projects?

• Map of States with Some Form of Enabling Legislation for a ROC Financing
  
• ROC-backed Bond Issues: A Brief History With New Uses to Lower Ratepayer Costs
  

How Can Potential Savings from a ROC Financing versus Traditional Ratemaking Be Calculated?

• Financial Model ROC-backed Bond Issues vs Traditional Ratemaking
  Saber Partners
  

Rating Agency Research Reports That Explain Benefits to Commissioners, Customers, Shareholders and Investors

• S&P: The Recession Hasn't Been Hard On "Ratepayer Obligation Charge" Bonds
  July 2009
  
• Fitch: Outlook for Utility Tariff Bonds in Recessionary Times
  May 2009
  
• Moody's: Beyond Stranded Cost Recovery
  November 2008
  
• Moody's: New Nuclear Generation
  October 2007
  

Best Practices for ROC-backed Bond Issue: Model Financing Order from Public Service Commission

• Unanimous Agreement for 2nd Issuance of Environmental ROC Bonds Including Best Practices & Financial Advisor
  September 10, 2009
  
• West Virginia Financing Order for ROC Financing
  April 2006
  

News Reports on Successful Transactions

• West Virginia Utilities Borrow for Pollution Costs
  Bloomberg News, April 3, 2007
  
• CenterPoint Prices First Part of $1.85 Billion RRB Program
  Asset Securitization Report, December 12, 2005
  
• No Longer Stranded in the USA
  International Securitization Report, August 2004
  
• 2003 Deal of the Year Award
  Asset Securitization Report, December 1, 2003
  
• A Grilling for A Texas Deal
  Investment Dealers Digest, June 9, 2003
  

Analyses and Reports

• Utility Issues Face Marketing Hurdle
  Asset-Backed Alert, August 7, 2009
  
• NARUC Meeting November 2008 Presentation: Crisis in the Capital Markets
  
• NARUC Winter Meeting 2006 Presentation: Securitization
  

Testimony on Ratepayer Obligation Charge Bonds Before the Florida Public Service Commission

• Opening Remarks by Joseph Fichera,
  CEO, Saber Partners
• Direct Testimony of Joseph Fichera,
  CEO, Saber Partners
• Direct Testimony of Rebecca Klein,
  Managing Partner,The Loeffler Group
• Direct Testimony of Michael L. Noel,
  Senior Managing Director, Saber Partners