State-owned utility restoration nonprofit added $1.5B in debt after hurricanes

The Louisiana Utilities Restoration Corporation added $1.5 billion in new debt to help utilities restore electricity service after the last four hurricanes and the winter storm, The Center Square reports. 

The state-owned nonprofit corporation had to increase both its debt and the storm recovery charges it levies to utilities to pay for those obligations, according to the report by Legislative Auditor Mike Waguespack’s office. 

This included $1.5 billion to cover repairs to the electricity grid from hurricanes Laura, Delta, Zeta and Ida and a winter storm in February 2021, as well as another $209 million in debt to help replenish its storm recovery reserves.

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