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Chelan County PUD reduces net debt by another $52M

The Chelan County Public Utility District No. 1 reduced its net debt by another $52 million this year after making the principal payments on July 1.

The payments put the district's ratio of debt to equity at 38% and will help the PUD in achieving its target of less than 35% by 2019, or a year earlier if plans continue as expected, according to a July 10 release.

The customers and commissioners identified debt reduction as a strategic priority and is forecast to be about $537 million by the end of 2017, a significant reduction from several years ago when it topped $1 billion.