Power for Progress…
A weekly column from the Grand River Dam Authority
In September of 2008, the Grand River Dam Authority issued tax-exempt bonds to help secure the funding to purchase a 36 percent interest in the Redbud Plant, a natural gas fired electric generation facility near Luther, Oklahoma.
It was an historic bond issue which included sales of nearly $550 million in 20-year tax exempt revenue bonds. A large amount of those sales were to Oklahomans. In fact, at that time, GRDA’s 2008 bond issue was the largest in terms of retail sales to in-state investors. It was also historic because the proceeds allowed GRDA to further diversify its electric generation portfolio. Today, the electricity GRDA delivers to customers across Oklahoma is generated by coal, natural gas, water (hydroelectricity) and even wind power.
The bond issues have helped make that portfolio possible, which means that Oklahoma investors have played an important role in building the GRDA system that today provides low-cost, reliable electricity to thousands of citizens all across the state. Today, the only thing broader than the reach of GRDA electricity (through direct or indirect sales it touches 75 of 77 counties) is the broad investment in GRDA made by Oklahomans. Residents of 76 Oklahoma counties own GRDA bonds. Total all those Oklahoma counties, all those investors and all those bonds together and it equals a $272 million vote of confidence in the Authority’s future; a vote made by Oklahomans from border to border
Of course, this confidence and investment in GRDA did not just happen. It has been built throughout the Authority’s history and its daily efforts to meet the mission as Oklahoma’s low-cost, reliable electric supplier, an economic development engine and a good steward of the natural resources under its control. The large investment in GRDA’s future spans the state because of the utility’s track record. And today’s GRDA understands that accomplishments from yesterday have led to a statewide investment for tomorrow.
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