PRAG has experience advising electric utility issuers, such as Los Angeles Department of Water and Power (“LADWP”), Piedmont Municipal Power Agency and Silicon Valley Power, among others. In serving as advisor to LADWP since 1993, we have advised on current and advance refundings, taxable bonds, step-coupon bonds, variable rate bonds, commercial paper, notes, revolvers, and direct loans as well as developed a number of comprehensive financial plans to optimize the funding of two multi-billion debt portfolios for its Power and Water Systems.