Investor Relations

BPA is a federal power marketing administration based in the Pacific Northwest. Although BPA is part of the U.S. Department of Energy, it is self-funded and by statute must establish rates that seek to recover its costs. BPA markets wholesale electrical power from 31 federal hydroelectric dams in the Northwest, one nonfederal nuclear plant and several small nonfederal power plants. The dams are operated by the U.S. Army Corps of Engineers and the Bureau of Reclamation. The nonfederal nuclear plant, Columbia Generating Station, is owned and operated by Energy Northwest, a joint operating agency of the state of Washington. BPA provides about 28% of the electric power generated in the Northwest from virtually carbon-free resources.

BPA also operates and maintains more than 15,000 circuit miles of high-voltage transmission lines in its service territory. BPA’s territory includes Idaho, Oregon, Washington, western Montana and small parts of eastern Montana, California, Nevada, Utah and Wyoming covering an area of 300,000 square miles.
BPA promotes energy efficiency, renewable resources and new technologies that improve its ability to deliver on its mission. To mitigate the impacts of hydropower operations on fish and wildlife populations, BPA implements a program that includes working with its partners to protect, mitigate, and enhance fish and wildlife resources, which includes making the federal dams safer for fish passage.

For additional summary information about BPA, please see BPA Facts.

Current Credit Ratings 

Organization

Rating

Fitch

AA, stable 

Moody's

Aa1, negative

S&P 

AA-, stable

Investor Presentations

Nonfederal Debt Supported by BPA


Under its Nonfederal debt program, BPA enters into various arrangements with third party bond issuers to support its capital financing program. Under these agreements, debt service payments are secured by BPA’s financial commitments.

Energy Northwest


Energy Northwest (EN) is a municipal corporation and a joint operating agency of the State of Washington. Since 2001, EN and BPA have collaborated to manage the debt remaining from the three Washington nuclear projects to save the region hundreds of millions of dollars by extending tax-exempt bonds and paying off higher interest rate debt. This debt management program, currently known as Regional Cooperation Debt, is authorized by an EN executive board motion supporting the extensions through EN's fiscal year 2030. BPA estimates that the aggregate potential principal amount of Regional Cooperation Debt refinancing that could be issued under the current authorization could approach $3.5 billion. Approximately $555 million of this amount has been issued since 2021. The EN board must approve each series of Net Billed Bonds. Additionally, the bond issuances support new capital projects at EN’s operating Columbia Generating Station nuclear plant. Debt service on the bonds is supported by BPA’s financial commitments.

Investor Relations
Series Original Par Amount Dated
 2024 Series A  573,405,000  4/20/2024
 2024 Series B  266,800,000  5/8/2024
 2023 Series A    506,815,000   5/2/2023
 2022 Series A/B  516,170,000  5/10/2022
 2021 Series A/B  711,725,000  5/11/2021
 2020 Series A/B  356,545,000  5/14/2020

Prior Official Statements for EN bonds supported by BPA are available on the Electronic Municipal Market Access, operated by the Municipal Securities Rulemaking Board (MSRB) at Energy Northwest (primary CUSIP 29270C).

Port of Morrow, Oregon


The Port of Morrow, Ore. (POM) is a port district located in Morrow County, Ore. BPA and POM enter into lease-purchase arrangements to support BPA’s Transmission capital program. POM issues bonds secured by BPA lease-purchase commitments.
Series Original Par Amount Dated
2024-1    76,020,000 06/6/2024 
2020-2  202,315,000 12/9/2020

Prior Official Statements for POM bonds supported by BPA are available on the Electronic Municipal Market Access, operated by the Municipal Securities Rulemaking Board (MSRB) at Port of Morrow (primary CUSIP 73474T).

Idaho Energy Resources Authority

The Idaho Energy Resources Authority is an independent public instrumentality of the State of Idaho.  It was created to promote the development and financing of electric facilities.  BPA and IERA enter into lease-purchase arrangements to support BPA’s Transmission capital program. IERA issues publicly issued bonds secured by BPA lease-purchase commitments.
Series Original Par Amount Dated
2021  309,275,000  6/15/2021

Prior Official Statements for IERA bonds supported by BPA are available on the Electronic Municipal Market Access, operated by the Municipal Securities Rulemaking Board (MSRB) at IERA/BPA (primary CUSIP 451174).

Independent Registered Municipal Advisor information (IRMA)

BPA has retained PFM Financial Advisors as its independent registered municipal advisor.

Current IRMA Notice

Related pages

For additional information or to request prior Official Statements, please contact Alayne Switzer, Manager, Revenue Requirement, Repayment & Financial Strategy.