BPA made a total payment to the U.S. Treasury of $950.6 million for fiscal year 2022 and has paid $33.6 billion since 1984.
I am pleased to announce our 39th consecutive annual Treasury payment. Completing the annual Treasury payment is a significant milestone that demonstrates BPA’s ability to meet all of its financial obligations on an ongoing basis.Marcus Harris, BPA’s chief financial officer
This payment, along with actions taken as part of BPA’s 2022 Financial Plan, reinforces the agency’s financial strength and demonstrates the agency has met all of its financial commitments. This year’s payment to the U.S. Treasury includes $694.2 million in principal and $193.9 million in interest. The remaining $62.5 million covers a variety of other costs, including irrigation assistance that BPA provides to help irrigators repay their share of certain Bureau of Reclamation projects.
“I am pleased to announce our 39th consecutive annual Treasury payment. Completing the annual Treasury payment is a significant milestone that demonstrates BPA’s ability to meet all of its financial obligations on an ongoing basis,” said Marcus Harris, BPA’s chief financial officer. “Our recently released 2022 Financial Plan places BPA on a stronger financial footing, which positions us to continue meeting all financial obligations into the future in the face of an evolving market landscape.”
BPA is a self-financed power marketing administration that receives no annual appropriation funding from Congress. Instead, BPA recovers its costs primarily through the sale of electric power and transmission services.
Each year, BPA pays back to the U.S. Treasury a portion of the taxpayers' original investment in the Federal Columbia River Power System, which includes the federal hydropower dams that produce renewable electricity and the federal transmission system. BPA sets its rates to maintain an annual 97.5% probability of making this payment.
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BPA met all of its annual performance targets and finished the year with higher-than-expected net revenues totaling $964 million against a target of $172 million