I've noticed that it took the better part of 10 years for the pricing of first mortgage bonds of troubled regulated electric utilities to become priced efficiently. (mjwhitman.pressbooks.com)
$ 500 million Rule 144A first mortgage bond offering of Oglethorpe Power Corporation, an electric cooperative (us.eversheds-sutherland.com)
As large owners of land, power plants, power lines and equipment, many utility companies issue first mortgage bonds for securing loans at a lower cost than unsecured bonds. (investopedia.com)