Subchapter N Uplift Balance Securitization
In October 2021, the Public Utility Commission of Texas authorized ERCOT to finance an “uplift balance,” which is an amount not greater than $2.1 billion for certain extraordinary costs incurred by Load Serving Entities (LSEs) related to Winter Storm Uri. The PUCT authorized ERCOT to assess a daily “uplift charge” on QSEs that represent LSEs that are not opted out of the uplift charge to repay the uplift balance and costs associated with implementing the debt obligation order.
The Subchapter N Uplift Balance Securitization financing closed on 06/15/2022.
Texas Electric Market Stabilization Funding N LLC (TEMSFN) is the issuing entity for the Subchapter N bonds (i.e., the “Texas Stabilization N Bonds”). TEMSFN is a limited liability company registered in Delaware and its sole member is ERCOT. TEMSFN has no commercial operations. Please see the “Key Documents” section for further information regarding TEMSFN.