Joseph Fichera - Expert on Securitization

Joseph Fichera, CEO of Saber Partners and long time The Common Good member who recently joined the TCG Advisory Board, was featured in the news after his work on creating securitization-enabling legislation to make more retirements more economically viable. Utility Dive recently covered his efforts in their report “Securitization fever: Renewables advocates seize Wall Street's innovative way to end coal” and utilized Mr. Fichera’s expertise on the matter:


The securitization lowdown

Securitization is an option in 24 states, D.C. and Puerto Rico, and there are more ongoing initiatives, according to Saber Partners CEO Joseph Fichera. It has been used in 65 IOU transactions involving $50.9 billion in bonds, said Fichera.

While it hasn't been used yet for a coal plant closure, securitization has been used to smooth deregulation, reduce renewable and distributed generation costs, defer utility debt and finance pollution control upgrades, nuclear plant losses and storm recovery, Fichera said. A bill passed March 21 in New Mexico designates it for use in shuttering PNM's San Juan Generating Station […]

Enabling legislation

State legislation authorizing the use of securitization is "essential," Fichera said. It should make regulators responsible for customers and require the lowest cost bonds. It should also make the charge added to each customer's bill to pay bondholders, along with the commission's authorizing order and the state's non-interference pledge "irrevocable" […]

"We need to be concerned that securitization won't be done right," Saber's Fichera said. But it is an important option "if done right" and "it is better to have the option and not need it than to need it and not have it."


Mr. Fichera continues to champion doing good, a core TCG value, and we greatly commend his work at pushing for securitization and bettering our nation with his hard work.

To read the full report click here.