The Florida Public Service Commission announced last week it selected New York-based advisor Saber Partners to be advisor for a program of hurricane recovery stranded cost ABS issuance to help Florida utility companies fund repairs to power lines and facilities after last year's brutal hurricane season.

While financing orders have not been finalized, Saber CEO Joseph Fichera, said the first transaction is likely to be from Raleigh, N.C.-based Progress Energy, which has 15 distribution plants in Northern and Central Florida. That deal is currently expected to hit the market sometime in 1Q06. Other issuers, such as Juno Beach, Fla.-based Florida Power & Light Co., and Tampa-based Tampa Electric are likely to bring deals to market as well, as those issuers have significant costs associated with rebuilding power systems.

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