Electricity Accounts Receivable Pass-through Securities Model

In recent years, as the urban economical constructions grow rapidly, account receivable in arrears of urban public utility is on the rise, especially arrears of energy charge. The enormous arrears not only directly affect regular production of energy providers, endanger society, but also add much to our transaction costs in economical life, discredit commercial climate, and put bad effect on other corporations, even affect national economical development. This paper makes an attempt to aim to resolve enormous account receivable problem of energy corporations. It is supported by principle of assets securitization skills and pass-through security, which are of the most importance and rapid growth in last 30 years. Combined with this principle is the domestic study of assets securitization and practical disposal of enormous energy stock creditor's assets of energy corporations.After analyzing the root and internal mechanism of pass-through security from the angle of differences between the short term claim assets and the long term claim assets, this paper, combined with characteristics of energy industry and energy charge account receivable, put forward the entire design framework of energy charge pass-through security. In the pattern of single-asset sale and sequential assets sale,it dissertates on the key securitization problems relating to debenture transfer , novation of debts, credit enhancement,cash flow distribution, account supervisal ,stability of transaction structure. In the end, it also discuss the localization of spv, which is the core institution of security transaction, thus, provides practical feasibility of domestic securitization of account receivable of energy charge.