Virginia Electric and Power Co.

11/01/2024 | Press release | Distributed by Public on 11/01/2024 09:06

Asset Backed Issuer Distribution Report Form 10 D

SEMI-ANNUAL SERVICER'S CERTIFICATE

Virginia Power Fuel Securitization, LLC

2024 Senior Secured Deferred Fuel Cost Bonds

Pursuant to Section 4.01(c)(ii) of the Deferred Fuel Cost Property Servicing Agreement, dated as of February 14, 2024 (the "Servicing Agreement"), by and between Virginia Electric and Power Company, as servicer (the "Servicer"), and Virginia Power Fuel Securitization, LLC and acknowledged and accepted by U.S. Bank Trust Company, National Association, not in its individual capacity, but solely in its capacity as indenture trustee (the "Indenture Trustee"), the Servicer does hereby certify, for the November 1, 2024 Payment Date (the "Current Payment Date"), as follows:

Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

Collection Periods: March 2024 to October 2024

Payment Date: November 1, 2024

1. Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

i.
Remittances for the March 2024 Collection Period

$324

ii.
Remittances for the April 2024 Collection Period

$7,162,370

iii.
Remittances for the May 2024 Collection Period

$14,718,662

iv.
Remittances for the June 2024 Collection Period

$11,687,652

v.
Remittances for the July 2024 Collection Period

$17,934,506

vi.
Remittances for the August 2024 Collection Period

$20,891,720

vii.
Remittances for the September 2024 Collection Period

$20,164,960

viii.
Remittances for the October 2024 Collection Period

$19,534,362

ix.
Investment Earnings on Capital Subaccount1

$176,342

x.
Investment Earnings on Excess Funds Subaccount

$-

xi.
Investment Earnings on General Subaccount1

$639,581

xii.
General Subaccount Balance (sum of i through ix above)

$112,910,478

xiii.
Excess Funds Subaccount Balance as of prior Payment Date

$-

xiv.
Capital Subaccount Balance as of prior Payment Date

$6,409,500

1Includes interest recorded February 14, 2024 through September 30, 2024.

2. Outstanding Amounts as of prior Payment Date:

i.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$439,300,000

ii.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$842,600,000

iii.
Aggregate Outstanding Amount of Deferred Fuel Cost Bonds

$1,281,900,000

3. Required Funding/Payments as of Current Payment Date:

Principal

Principal Due

i.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$65,168,214

ii.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$-

iii.
All Deferred Fuel Cost Bonds

$65,168,214

Interest

Tranche/Class

Interest Rate

Days in Interest Period1

Principal Balance

Interest Due

i.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

5.088%

257

$439,300,000

$15,956,547

ii.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

4.877%

257

$842,600,000

$29,336,266

iii.
All Deferred Fuel Cost Bonds

$45,292,813

Required Level

Funding Required

xiii.
Capital Subaccount

$6,409,500

$-

4. Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:

i.
Trustee Fees and ExpensesÍž Indemnity Amounts

$20,000

ii.
Servicing Fee

$457,071

iii.
Administration Fee

$71,311

iv.
Operating Expenses

$129,679

Deferred Fuel Cost Bonds

Aggregate

Per $1,000 of

Original Principal Amount

v.
Semi-Annual Interest (including any past due for prior periods)

$45,292,813

1.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$15,956,547

$36.32

2.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$29,336,266

$34.82

vi.
Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date

$-

1.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$-

$-

2.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$-

$-

vii.
Semi-Annual Principal

$65,168,214

1.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$65,168,214

$148.35

2.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$-

$-

viii.
Other unpaid Operating Expenses

$71,898

ix.
Funding of Capital Subaccount (to required level)

$-

x.
Capital Subaccount Return to VEPCO

$222,913

xi.
Deposit to Excess Funds Subaccount

$1,476,578

xii.
Release to Issuer Upon Retirement of all Deferred Fuel Cost Bonds and Expenses

$-

xiii.
Aggregate Remittances as of Current Payment Date

$112,910,478

1On 30/360 day basis for initial payment date; otherwise use one-half of annual rate.

5. Outstanding Amount and Collection Account Balance as of Current Payment Date (After giving effect to payments to be made on such Payment Date):

i.
Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$374,131,786

ii.
Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$842,600,000

iii.
Aggregate Outstanding Amount of all Deferred Fuel Cost Bonds

$1,216,731,786

iv.
Excess Funds Subaccount Balance

$-

v.
Capital Subaccount Balance

$6,409,500

vi.
Aggregate Collection Account Balance

$6,409,500

6. Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(f) of Indenture):

i.
Excess Funds Subaccount

$-

ii.
Capital Subaccount

$-

iii.
Total Withdrawals

$-

7. Shortfalls in Interest and Principal Payments as of Current Payment Date:

i.
Semi-annual Interest

Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$-

Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$-

Total

$-

ii.
Semi-annual Principal

Deferred Fuel Cost Series A Tranche A-1 Outstanding Amount

$-

Deferred Fuel Cost Series A Tranche A-2 Outstanding Amount

$-

Total

$-

8. Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:

i.
Return on Invested Capital

$-

9. Shortfalls in Required Subaccount Levels as of Current Payment Date:

i.
Capital Subaccount

$-

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate this 25th day of October 2024.

Virginia Electric and Power Company, as Servicer

By:

/s/ John Ingram

Name:

John Ingram

Title:

Controller

CC: Virginia Power Fuel Securitization, LLC