Your PUD PUD News Line
5/11/2006
Richard Riazzi is new PUD general manager
Richard Riazzi notified Chelan County PUD commissioners last week that he has accepted their offer of the general manager’s job. Riazzi, 51, of Boise, Idaho, will start work on May 31.
The new general manager accepted the job with terms and conditions as proposed by the board in their offer. The terms of the job offer include an annual salary of $250,000; 30 days of paid leave a year plus 10 days upon employment; $35,000 to cover moving expenses and approval for him to continue as a paid director for a Boise-based company.
Riazzi was named the top candidate for the job by commissioners on April 24. He was introduced to PUD employees and the community at meetings on April 27. Commissioners said they have received positive response to their choice from PUD employees and the community, leading them to make the job offer.
Click here to learn more about Rich.
Construction starts on Burch Mountain transmission line
Work is under way on the new high-voltage transmission line that will carry electricity from the Rocky Reach Dam Switchyard over Burch Mountain to the Andrew York/Monitor Switchyard on Easy Street, northwest of Wenatchee.
The new line is being built to increase reliability on Chelan County PUD’s electric system and to meet expected growth in power demand over the next 20 years.
Click here to learn more.
PUD finances in line with 2006 budget
Diane Cooper, accounting director, reported to commissioners Monday that spending and revenues were in line with the 2006 budget after the first three months of the year.
Power Management Director Randy Lowe reported that wholesale power sales were $14.7 million as of March 31, $3 million ahead of budget projections. Lowe warned, however, that power prices have been lower recently and remain volatile, as do other energy sources including crude oil and natural gas. The 2006 budget forecasts $58 million in wholesale revenues for the year.
Cooper reported that PUD cash reserves were $116 million as of March 31. In April, Puget Sound Energy provided an $89 million capacity reservation payment related to their post-2011 power sales contract with the PUD.
Fiber-optic network financed correctly
After hearing that another PUD’s financing for their fiber-optics buildout is being questioned, Chief Financial Officer Joe Jarvis reports that the entire $69.5 million in debt that has been issued for the PUD’s buildout so far has come through taxable financing methods to avoid questions about whether tax-free or taxable status is appropriate for the financing. Approximately $41 million in debt has come through taxable bond issues at fixed and at variable rates. Another $28.5 million has come via internal loans with repayment rates matching those of taxable borrowing. The maximum debt anticipated for the fiber-optics project is $90 million.
Stay in touch with your PUD
We’ve made it easier to get important information about the PUD on one page. Go to our Web site, www.chelanpud.org, and click on the PUD logo at the top of the page to visit On the Record. This page also includes more information on the search for our new general manager.
Residents of Chelan County can now find out in seconds if they are in a fiber-optic build zone. Click on the map to access the PUD’s fiber-optics mapping feature.