The Entergy New Orleans storm reserve fund has reached its full $75 million funding mark for the first time in its eight-year history, providing a "ready source of cash" to pay for storm damage, the utility said Thursday evening (Aug. 13). The utility reached the full balance by selling securitized bonds, which customers will begin paying down this month.Please enjoy this gift from an eternally grateful customer base.
New Orleans City Council in May approved the sale of $98.7 million in storm recovery bonds to recharge the storm fund and pay down remaining costs from Hurricane Isaac. The storm fund, created in 2007, has been repeatedly drained to pay for recovery costs in recent years.
Customers will pay the cost of the bond sale over the next 10 years. The typical customer can expect to see their bill increase by about $1.10 per month starting in August, according to estimates provided by Entergy New Orleans.