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Austin Energy reports favorable first‑quarter operating income, $241 million bond sale; S&P affirms AA‑ rating
Summary
Austin Energy reported a favorable first‑quarter operating income (about $4 million, ~7% above budget), a $241 million bond issuance that was 6x oversubscribed, and an S&P reaffirmation at AA‑ with a stable outlook. The utility flagged an $111 million over‑recovery in the power supply adjustment that will reduce days cash on hand when returned.
Austin Energy’s chief financial officer presented first‑quarter financial highlights to the Utility Oversight Committee on March 25, saying the utility performed favorably through the period ending Dec. 31, 2024 and that markets remain receptive to Austin Energy bonds.
CFO Rusty Manias told the committee operating income through Q1 ran about 7% (roughly $4 million) better than budget, driven in part by warmer weather and incremental base revenues. Manias also said the utility’s power‑supply adjustment was over‑recovered by about…
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