GRANT COUNTY PUD Reader discusses change of ownership

The change of ownership of Grant County PUD #2 seemed like a non-event. It took place very quietly, nothing in the news that the average person knew about or probably even cared about. The deal took place over a period of years. This was not a merger or sale to another utility or like what you hear about in the corporate world, in fact no money ever changed hands. No stock was exchanged since PUD's don't have stock in the normal sense. The financial terms of this deal were amazing, almost un-heard of in fact. The original owners of the PUD agreed to retain the debt and continue to pay the principal and interest on the bonds which are in the neighborhood of $1.2 billion dollars. In return, the new owners agreed to take most of the power produced by the PUD as long as the original owners subsidize the power cost. It was a hard sell, but the new owners finally relented and agreed to the terms. The original owners are now beginning to reap the benefits of this remarkable deal and seem quite satisfied with it. Oh, there's some grumbling about it, but there's always the oddballs that rail against higher rates.

Communities have also benefited, take Quincy for example, the people love that robust smell of progress emanating from their new industry. Moses Lake the same. We have arrived. Move over Redmond. Wish the hay trucks wouldn't go through town , doesn't help our image. The roundabouts will stop'em.

Greg Hansen

Moses Lake