Agenda packet — Ava Community Energy Executive Committee, June 3, 2026

Executive Committee Meeting
Wednesday, June 3, 2026
3:00 pm
In Person:

Altamont Conference Room
Ava Community Energy
1999 Harrison St, Suite 2300
Oakland, CA 94612
Or from the following locations:
• Hayward City Hall - 777 B Street, Hayward, CA 94541
• Balch Enterprises, Inc. - 30960 Huntwood Avenue, Hayward, CA 94544 • Larch Clover Community Center – 11157 West Larch Road, Tracy, CA 95376 Via Zoom:
https://avaenergy-org.zoom.us/j/88267670367
Or join by phone:

Dial(for higher quality, dial a number based on your current location):

US: +1 669 900 6833 or +1 253 215 8782 or +1 346 248 7799 or +1 301 715 8592 or +1 312 626 6799 or 877 853 5257 (Toll Free) or 888 475 4499 (Toll Free) Webinar ID: 882 676 70367
Meetings are accessible to people with disabilities. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials, should contact the Clerk of the Board at least 2 working days before the meeting at (510) 906- 0491 or [email protected].

If you have anything that you wish to be distributed to the Executive Committee, please email it to the clerk by 5:00 pm the day prior to the meeting.

1. Welcome & Roll Call

2. Public Comment
This item is reserved for persons wishing to address the Executive Committee on any Ava Community Energy-related matters that are not otherwise on this meeting agenda. Public comments on matters listed on the agenda shall be heard at the time the matter is called.

As with all public comment, members of the public who wish to address the Committee are customarily limited to three minutes per speaker and must complete an electronic speaker slip. The Executive Committee Chair may increase or decrease the time allotted to each Ava Community Energy
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speaker.

3. Approval of Minutes from April 1, 2026 and May 6, 2026

4. Prepay Financings (Informational Item)
Overview of 2026 Prepay Financing Plans

5. Fiscal Year 2026-2027 Draft Budget (Informational Item) Review the draft budget for the next fiscal year for comment

6. Closed Session Public Comment

7. Closed Session
a) PUBLIC EMPLOYEE PERFORMANCE EVALUATION Pursuant to Government Code Section 54957. Title: Chief Executive Officer
b) CONFERENCE WITH LABOR NEGOTIATORS Pursuant to Government Code Section 54957.6. Agency Representatives: Inder Khalsa, Jonathan Tedesco, Betsy Andersen, and Juan Gonzalez. Unrepresented employee: Chief Executive Officer.

8. Report Out of Closed Session

9. Introduction to Asset Ownership (Informational Item) Introduction to wholesale/utility scale asset ownership

10.Committee Member and Staff Announcements including requests to place items on future Executive Committee Agendas

11.Adjourn
The next Executive Committee meeting will be held on Wednesday, July 1, 2026 at 3pm.

Board Meeting Access Instructions
If you need help finding or accessing the building, please call our Ava representative who is stationed in the building lobby: 510-393-0492.

Directions
Directions via BART
If you are taking BART: the 19th Street station is the closest stop to our office and is about a 5 minute walk away. Use the 20th St / Thomas L. Berkeley Way station exit.

Directions via Bike
Bike riders wanting to park their bike inside the parking garage can enter through the main building lobby. Bike parking is available on the parking garage first level right in front of the garage elevators.

Directions to Parking Garage via Car
The entrance to the building’s attached garage is located on Harrison Street. If you’re driving northbound on Harrison Street, as soon as you cross 19th St. the garage entrance is 3/4 down on your left-hand side. If you’re heading east on Thomas L Berkeley Way/20th St.

Continue East then make a right turn on Harrison
Street, and the garage entrance is a quarter block up
on your right-hand side.

When you arrive, enter via the gate labeled “Public
Parkers”. There are four floors of the parking garage,
and you will need to take the elevator in the parking
garage to the first floor. The parking attendant or
an Ava representative will provide access into the
building lobby.

The parking garage entry gate will be open until 8pm
for CAC and BOD meetings. Attendees can exit the
parking garage until 11pm.

Note that the garage’s parking fee is $30 per use.

Street parking is widely available near the building
and free after 6pm.

Check-in at Security Desk
When you arrive at our building, please check in with the security desk in the lobby to get access to the elevators.

If you have questions or need assistance, an Ava representative will be stationed and identifiable in the lobby. They can be reached at: 510-393-0492.

Public Parkers entrance
1999 Harrison Street, Suite 2300, Oakland, CA 94612

Draft Minutes
Executive Committee Meeting
Wednesday, April 1, 2026
3:00 pm
In Person:

Altamont Conference Room
Ava Community Energy
1999 Harrison St, Suite 2300
Oakland, CA 94612
Or from the following locations:
24301 Southland Drive, Suite 101 Hayward, CA 94545
Hayward City Hall, Conference Room 4A, 777 B St, Hayward, CA 94541 Stockton City Hall, 425 N El Dorado St., Stockton CA 95202 Balch Enterprises, Inc. - 30960 Huntwood Avenue, Hayward, CA 94544 Larch Clover Community Center – 11157 West Larch Road, Tracy, CA 95376 Via Zoom:
https://avaenergy-org.zoom.us/j/88267670367
Or join by phone:

Dial(for higher quality, dial a number based on your current location):

US: +1 669 900 6833 or +1 253 215 8782 or +1 346 248 7799 or +1 301 715 8592 or +1 312 626 6799 or 877 853 5257 (Toll Free) or 888 475 4499 (Toll Free) Webinar ID: 882 676 70367

Meetings are accessible to people with disabilities. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials, should contact the Clerk of the Board at least 2 working days before the meeting at (510) 906- 0491 or [email protected].

If you have anything that you wish to be distributed to the Executive Committee, please email it to the clerk by 5:00 pm the day prior to the meeting.

1. (3:25) Welcome & Roll Call

Present: Members: Marquez (Alameda County), Fugazi (Stockton), Balch (Pleasanton), Rickman (San Joaquin County) and Chair Gonzalez (San Leandro) Not Present: Members: Andersen (Piedmont) and Vice-Chair Roche (Hayward) Ava Community Energy
Executive Committee Page | 2

2. (4:18) Public Comment
This item is reserved for persons wishing to address the Executive Committee on any Ava Community Energy-related matters that are not otherwise on this meeting agenda. Public comments on matters listed on the agenda shall be heard at the time the matter is called.

There were no speakers for public comment.

3. (4:49) Approval of Minutes from March 4, 2026
Member Balch motioned to approve the minutes. Member Marquez seconded the motion, which was approved 5/0/0/0/2 (yes, no, abstain, recuse, not present) Yes: Members: Marquez, Fugazi, Balch, Rickman and Chair Gonzalez No: none
Abstain: none
Recuse: none
Not Present: Members: Andersen and Vice-Chair Roche

4. (5:54) Procurement Policy Updates (Informational Item) Proposed updates to Ava’s Administrative Procurement Policy John Perkins, Legal Director, introduced the item and addressed questions from the Executive Committee.
(17:16) Public Comment: Jim Lutz asked why the contracting prohibition is set to expire in 2028 instead of being designated as permanent. He also requested that the procurement policy incorporate the Workforce and Environmental Justice program’s criteria.
(19:36) Public Comment: Dohee Kim expressed appreciation to staff and the ad hoc committee for addressing an issue important to immigrant and impacted communities.

Kim encouraged making the policy permanent and aligning the customer program strategic roadmap with its goals.

5. (32:58) Ava Charge Program Update (Informational Item) Update on Ava Charge, Ava’s EV fast-charging program
JP Ross, Vice President of Local Development, Electrification, and Innovation, introduced the item and addressed questions from the Executive Committee. (45:44) Public Comment: Jim Lutz asked how the financial outcomes would differ between Ava owning and operating EV chargers versus using third parties. He questioned whether ownership could generate greater revenue and how that would Ava Community Energy
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impact overall financial considerations.

6. (56:20) Committee Member and Staff Announcements including requests to place items on future Executive Committee Agendas
• Member Fugazi asked whether Ava conducts formal customer satisfaction surveys, noting that Stockton was approaching its one-year mark as a member. • Member Marquez asked whether bill inserts had been explored as an educational tool.
• Chair Gonzalez asked for an update on recommended positions on legislative matters.

7. (1:04:43) Adjourn
The meeting was adjourned at 4:03 p.m.

The next Executive Committee meeting will be held on Wednesday, May 6, 2026 at 3pm.

Draft Minutes
Executive Committee Meeting
Wednesday, May 6, 2026
3:00 pm
In Person:

Altamont Conference Room
Ava Community Energy
1999 Harrison St, Suite 2300
Oakland, CA 94612
Or from the following locations:
• 24301 Southland Drive, Suite 101 Hayward, CA 94545
• Bay Area Metro Center - Claremont Conference Room #112 - 375 Beale Street, San Francisco, CA 94105
Via Zoom:
https://avaenergy-org.zoom.us/j/88267670367
Or join by phone:

Dial(for higher quality, dial a number based on your current location):

If you have anything that you wish to be distributed to the Executive Committee, please email it to the clerk by 5:00 pm the day prior to the meeting.

1. (00:08) Welcome & Roll Call

Present: Members: Marquez (Alameda County), Andersen (Piedmont), Vice-Chair Roche (Hayward) and Chair Gonzalez (San Leandro)
Not Present: Members: Fugazi (Stockton), Balch (Pleasanton) and Rickman (San Joaquin County)
Ava Community Energy
Executive Committee Page | 2

2. (00:36) Public Comment
This item is reserved for persons wishing to address the Executive Committee on any Ava Community Energy-related matters that are not otherwise on this meeting agenda. Public comments on matters listed on the agenda shall be heard at the time the matter is called.

There were no speakers for public comment.

3. (00:47) Closed Session Public Comment
There were no speakers for Closed Session public comment.

4. (00:58) Closed Session
a) PUBLIC EMPLOYEE PERFORMANCE EVALUATION Pursuant to Government Code Section 54957. Title: Chief Executive Officer
b) CONFERENCE WITH LABOR NEGOTIATORS Pursuant to Government Code Section 54957.6. Agency Representatives: Inder Khalsa, Jonathan Tedesco, Betsy Andersen, and Juan Gonzales. Unrepresented employee: Chief Executive Officer.

5. (19:53) Report Out of Closed Session
There were no items to report from Closed Session.

Quorum was lost during Closed Session and the meeting was adjourned.

6. Approval of Minutes from April 1, 2026
Not heard

7. Draft Fiscal Year 2026-2027 Budget (Informational Item) First review of the budget draft for the next fiscal year Not heard

8. Slice of Day 101 (Informational Item)
Overview of Slice of Day (RA)
Not heard

9. Committee Member and Staff Announcements including requests to place items on future Executive Committee Agendas
Not heard

10.Adjourn
Ava Community Energy
Executive Committee Page | 3
The meeting was adjourned at 3:20pm.

The next Executive Committee meeting will be held on Wednesday, June 3, 2026 at 3pm.

2026 Energy Prepayment
Transactions
Rusty Mills, CFO | June 3, 2026
Energy Prepayment Financing Overview
2 • IRS Regulations codified in 2005 allow for tax-exempt debt to be issued for the prepayment of electricity to serve load.
• Tax-exempt debt (issued by CCCFA) provides a lower cost of funding than energy prepay financing participants would be able to receive by issuing taxable debt or internal funding. • Bond investor risk is tied to the energy prepay funding recipient (not Ava), and their ability to pay debt service and redeem bonds in event of default on the bonds. • Ava enters 30-year energy supply agreements, commits to purchasing a fixed volume of energy during that period, and receive a fixed $/MWh discount to the market energy price. • Objective: Prepay transactions enable Ava to lower its cost of energy on existing and future energy contracts through the discount and enable a customer value proposition into the future.

Goal: Reduce the cost of public power purchases by monetizing tax-exempt debt.

Energy Prepayment Transaction Diagram
3 1. Bond Issuance: CCCFA issues the Bonds to
fund the prepayment.

2. Prepayment: CCCFA applies bond proceeds
to prepay Energy Supplier for 30 years of
energy deliveries.

3. Commodity swap: Energy Supplier enters
swap transaction at fixed price.

4. CCCFA commodity swap: CCCFA enters
commodity swap at same fixed price to de-risk variability of debt service.

5. Ava: Ava enters energy supply contract to
buy energy delivered by Energy Supplier at a
fixed discount to Ava’s energy contracts.

6. Funding Agreement: Energy Supplier
finances bond proceeds with third-party
funding recipient to enhance savings
potential.

7. Assigned PPAs: Ava assigns its existing and
future PPAs to Energy Supplier through a
custodial account. Energy Supplier
contributes pays and take title to underlying
PPA energy.

Ava
Energy Supplier
Affiliate
2026 Prepay Financing Plans
Staff will be seeking approval for two-three transactions by the Board in June o Similar to last year, each would be authorized for up to $1.25 billion, but will likely be approx. $1 billion, similar to prior deals
o We plan to propose using Morgan Stanley and Goldman Sachs as underwriter and supplier for one transaction each; staff evaluating using a third bank as we plan for reaching our capacity on number of prepays (RBC/JP Morgan/Citadel, among others)
▪ Further optimizes each related PPA pool of resources with the existing banks ▪ Using a third bank further diversifies Ava counterparty risk and continue to drive competition o Staff will seek Green Bond designation for all transactions o Transactions would occur after approvals by Ava and CCCFA boards in June, subject to market conditions o Selection of funding recipient will occur after approvals; Ava will seek Bond Ratings shortly after in preparation for each bond sale
4 May FAP
June
ExComm
June Ava
Board
June CCCFA
Board
Receive
Ratings/Mail POS
Price and Close
Prepay transactions
June 1 July 1 Aug - January
Summary Table by Transaction
5 CCCFA 2021B CCCFA 2022A CCCFA 2023E CCCFA 2025C CCCFA 2025E Total Project Participant(s) Ava & SVCE Ava Ava Ava Ava N/A
Initial Bond Principal
Amount $1,234,720,000 $931,120,000 $997,895,000 $1,004,395,000 $960,730,000 $5,128,860,000 Delivery Period Start
Date 1/1/2022 4/1/2023 1/1/2024 11/1/2025 4/1/2026 N/A
Bond Refinancing Date 8/1/2031 8/1/2028 3/1/2031 10/1/2033 5/1/2035 N/A Total Discount to Ava
($/MWh) $4.28 $7.46 $12.66 $10.85 $13.30 $9.55/MWh
Initial Period Savings
($M) $21.4M $26.8M $49.6M $47.1M $56.5M $201.5M
Initial Period Energy
Delivery (MWh) 5.0MM 3.59MM 3.92MM 4.34MM 4.25M 21.1M
# of Ava PPAs Currently
Assigned2 2.5 2.5 2 1 2 10
Ava’s transactions to date have resulted in over $5.1B in CCCFA bond issuances, with $/MWh discounts improving in more recent transactions driven largely by market conditions.
2 Where a decimal is present, certain Ava PPAs have energy volume allocated on a pro rata basis across multiple prepayment transactions.

Ava Energy Prepay Savings by Transaction
6 • Ava’s initial five prepay
transactions are expected to
provide $201.5M in energy savings
over the initial bond periods.
• Average savings discount:
$9.55/MWh across ~21.1 TWh of
Ava energy procured through 2035.
• Annual savings of >$20M per year
from 2026-2030 from the five
existing prepays $-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Ava Annual Energy Savings1from Existing Prepay Transactions ($M) CCCFA 2021B CCCFA 2022A CCCFA 2023E CCCFA 2025C CCCFA 2025E 1 Annual savings above reflect total expected energy discount received by Ava through the respective bond refinancing date.

Note: the savings decline in later years (2031-2035) above is a function of Ava’s existing transactions reaching their refinancing date on a rolling basis. At refinancing, Ava would issue a new bond and receive a new $/MWh discount for the duration of the bond.

Prepay Structure Risks
7 Risk Description Mitigation
Market risks Macro factors (Iran, inflation, Fed rate decisions, etc.) may impact bond pricing and Ava savings potential of energy prepayment transactions.

Ava and PFM to coordinate closely with underwriters
on market timing to optimize execution.

Refinancing risk • Initital prepay bond savings periods are typically 5-10 years. • Each transaction must be re-financed at that time
• Future savings are subject to decrease/increased based on market conditions at refinancing.
• Energy prepayment transaction volume has meaningfully increased in past few years, so the refinancing market will have a higher supply in the coming years.

Ava to assess opportunities to stagger Ava transaction
refinancing dates to de-risk market and interest rate
conditions at re-financing.

Issuing transactions in 2026 may result in higher
savings than future years when new issuances
may compete with refinancings for the same bond
purchaser pool.

Load loss risk Material inability by Ava to deliver contracted MWh in future years may lead to loss of energy discount.

Ava limits its prepay-committed power relative to its
long-term load forecast. After Prepays #6 & 7,
approximately 49 % of Ava’s future load will be
committed to prepays.

Out of pocket costs Requires staff time to execute & manage; ratings agency and green bond fees are paid regardless of transaction’s success.

Fees are greatly outweighed by the savings potential.

Tax / regulatory risk Changes in tax law or RPS standards may impact energy prepayment transactions in the future and potentially cause existing deals to unwind.

Limited ability to mitigate.

Ava Planning Risk - Loss of discounted power would place some future budgetary pressure on Ava Prepaid Energy Refinancing Risk
8 Over $95.6B of prepaid energy financings are coming due for refinancing by 2036, which may result in pressure on future bond pricing, energy discounts, and market access.

Potential for Future Prepay Transactions
9 • Under tax guidance, Ava’s aggregate load committed to all energy prepayment transactions should not exceed 80% of total expected load in any given year.
• Through 5 transactions: 34% of Ava’s forecasted load is committed to energy prepayments in peak years.
• After Prepays #6 & 7, 49% of Ava’s forecasted load will be committed across all transactions.
• Following Prepay #7, Ava expects to have load capacity headroom for 2-4 additional prepayment transactions. This is subject to change based on actual volume commitments in forthcoming transaction and will be reviewed over time
against Ava's long-term load forecast.

Energy prepayment load commitments as
% of Ava's expected load3

34.3%

14.5%

31.1%

20.0%
Prepay #1-5 volume
Expected Prepay #6 & 7
volume
Headroom for future
transactions
Reserved per tax guidance
3Percentages in chart reflect expected volumes for
calendar year 2051, which is the peak aggregate
volume commitment for Ava's existing energy
prepayment transactions.

Summary & Next Steps
• Prepays provide significant savings for Ava that could approach $40-50 million annually with more prepays
• Budget Planning Risk- Perpetual savings uncertain due to broad structural risks ▪ Staff recommends using prepays within legal guidance to maximize savings while monitoring budget risk over the mid-long-term
• Staff planning up to three transactions this summer and will seek board approval in June
• Planning includes mitigating certain factors within the prepay market that could affect future savings and cause budgetary pressure for Ava • Staff also weighing benefits to further diversification of energy suppliers within the prepay program and optimal program structure at full capacity. 10 Fiscal Year 2026-2027
Draft Budget
Howard Chang, CEO | June 3, 2026
Introduction
2 • Every year in June, Ava Board of Directors (the “Board”) approves the following fiscal year’s budget • This draft budget was reviewed by an ad hoc group of the Ex Comm on 5/6, full board on 5/20, and FAP on 5/27 with approval scheduled for the meeting on June 17th. • The Budget covers the overall categories of the General Operating Fund:
▪ Revenues from Operations
▪ Energy Operating Expenses (typically 90%+ of total expenses) ▪ Services to Facilitate Energy Operations
▪ Operational Overhead to Energy Operations
▪ Non-Operating Revenues
▪ Non-Operating Expenses, including a Capital Transfer to the Local Development Fund • PG&E issued an updated ERRA filing on May 15 that materially altered the forecast in this presentation and was updated on 5/20, after the first review by ExComm ▪ Staff may consider delaying the first review of the budget draft to post May ERRA filing in future years Current Fiscal Year 2025-2026 Performance
• Details on “Actuals” are settlements through March and updated projections through June.
• Revenue is expected to settle above budget due to Board action on value proposition in December.
▪ Other Operating Revenue is primarily fees and damages to Ava on energy contracts
• Cost of energy is coming in below expectations as
market prices softened and higher than expected large
hydro generation
• Total overhead is currently estimated at $6.5MM below budget due to opex reductions
• Non-operating activity is higher than expected as interest rates remain higher-for-longer and with the reduction of Local Development contributions
▪ Borrowing interest expenses have been moved to General & Administrative overhead due to accounting treatment
changes
• Overall Net Revenues are expected to come in at $83MM above estimates without using $35MM budgeted GASB
62 funds.
3 Fiscal Year 2026-2027 Draft Budget
4 Draft Budget Fiscal Year 2026-2027
• Revenues: Energy prices continue to soften, and with the resolution of Track 1 Ava’s effective PCIA is lowering while PG&E’s rates are increasing due to persistent costs in their portfolio
• Cost of Energy: Lower energy prices reduce open position costs
• Overhead: Increase in G&A is predominantly due to
increased rent, a change in accounting treatment of credit facility fees, and increasing software costs
• Non-Operating Activity: Higher interest income and lower borrowing interest due to a change in accounting
treatment of credit facility. No incremental contributions to Local Development Funding in fiscal year 2026-2 with
current fund balance at $83.6MM
5 Expanded budget view shown in appendix
Draft Budget: Forecast Uncertainty
• May 15, 2026 ERRA filing provided a year-to-date update on a subset of the underlying assumptions that generate the PCIA and rates, but did not provide updated MPBs. Assumptions require additional diligence and validation. This is separate from potential changes that may come from the General Rate Case (GRC) • PCIA Tracks 2 and 3 may have material impacts on PCIA and rate setting methodologies. Track 3 scope and timing presents the greatest uncertainty. 3 pre-scoping workshops have been scheduled for June. • Load forecast uncertainty:
▪ Weather conditions present the greatest impact on actualized load volume and shape ▪ With the addition of SJC, estimates will become more accurate as Ava receives more data beyond initial enrollment ▪ Longer-term: data center and electrification presents significant uncertainty as well • New power generation project online dates may be delayed or moved forward impacting power portfolio expenses
• Energy prices are highly volatile and currently softening in response to a mild winter, accelerated melting snowpack, and new energy capacity coming online.
▪ While forecasted summer prices are softening, actuals may vary greatly based on temperatures and demand • Opaque portfolios with the IOU could lead to materially different MPBs in the October ERRA filing • Interest rates and macroeconomic environment may change 6 May ERRA Addendum Filings
• The May 15 ERRA filing consists of the filing documents and the series of datasets called the “Working Papers”
▪ The filing and working papers can be accessed through the PG&E Azure website here:
https://pgera.azurewebsites.net/Regulation/search
• Select the “ERRA 2027 PGE – Forecase [A.25-05-007]” case from the dropdown menu and click search to see all documents available for download
• Staff is still processing the working papers with consultants to get better color on the details
7 • What is known:
• 2025 RA PCIA reform is in place at a steady state for 2027 • Load appears to be materially lower for PG&E due to milder than expected weather to date and community load departure
• PG&E's revenue requirements remain stable despite the reduction in load, increasing generation rates • What is not known from the ERRA:
• Direction on MPB settlement for all attributes
• A significant portion of the filing is redacted due to market sensitive confidential information and our 3rd party consultant has access to this information, which may be shared on a very limited basis • There were some known errors/inconsistencies that are in the process of being validated and reconciled PCIA & Operating Headroom
8 • Ava’s generation rates to customers are indexed to PG&E’s generation rate • A portion of the generation cost is a charge from PG&E for the Power Charge Indifference Adjustment (PCIA) • The PCIA is how PG&E recovers "stranded costs or credits" for legacy generation resources • PCIA rates are based on an annual mark-to-market
• For Energy, Resource Adequacy (RA), and Renewable Portfolio Standard (RPS) resources, the mark-to-market is against "Market Price Benchmarks" (MPBs)
• Forecasts for MPBs are presented by the Investor-Owned Utilities (IOUs) in May and then updated in October to establish the following year’s rates
• PCIA and rates are "trued up" from forecast to actual, and any over-collection or under-collection is recovered in rates the following year.
• Higher MPBs --> higher rates and lower PCIA = more operating headroom for Ava • Lower MPBs --> lower rates and higher PCIA = less operating headroom for Ava Portfolio
Costs
Portfolio
Value*
Stranded
Costs/credit
*Value calculated using “Market
Price Benchmarks” (MPBs)
PCIA Proceeding & Risk Elements
The CPUC has an ongoing proceeding regarding the PCIA, divided into "Tracks". o Track 1
o CalCCA has appealed CPUC Track 1 decision; appeal is pending o Revised the MPB for RA retroactive through 2025
o Major driver for the much higher PCIA most Ava customers see in 2026 versus 2025 o Track 2
o Proceeding is ongoing; decision expected in time for inclusion in 2027 rates o The CPUC is reviewing the methodology for valuing RECs that PG&E "banked" prior to 2019 but did not actually use for compliance purposes until 2025. An interim methodology values those RECs at $0. This increases the PCIA for most Ava customers versus what the PCIA would be if those RECs were valued at the current market price for RECs
o Outcome indeterminate; CalCCA proposal would use current market prices for REC value, and lower the PCIA for most Ava customers versus status quo; PG&E proposal would make the status quo interim methodology permanent o Track 3
o Scope and timing undetermined
▪ CCAs propose to address reviewing the Track One revisions to MPBs; aligning the RA MPB with the RA Slice of Day framework; revintaging of PCIA resources; PCIA GHG-free methodology; and potentially other structural changes to the PCIA ▪ IOUs propose to prioritize changes to RPS MPBs ahead of any other issues, with changes to the brown power MPB next o Outcome indeterminate; CCA approach would likely reduce PCIA for most Ava customers if adopted while the IOU approach would likely raise the PCIA for most Ava customers if adopted 9 Electricity Product Load & Rates
• Renewable 100:
• Originally set at $0.01/kWh above PG&E and has migrated down as Ava financials improved • Currently priced at $0.0175/kWh above PG&E rates
• Bright Choice:
• Originally set at 1.5% discount to PG&E, reduced to a 1% discount in 2021,increased to a 3% discount in 2022, increased to 5% discount to PG&E rates in 2023. Latest adjustment was to 0.5% discount to PG&E in January of 2026
• The percent load of Bright Choice customers is estimated at ~66% for FY 2027 10 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
2023 2024 2025 2026 2027
BC%
Retail MWh
Bright Choice as Percent of Retail Load by Fiscal Year
BC-Res BC-C&I R100-Res R100-C&I BC%
• Growth in Bright Choice in FY 2026 is
due to unincorporated SJC
• Growth in Renewable 100 in FY 2027
is due to Fremont opt up
• Annual load and load shape can
vary materially year to year and
between budget to actuals due to
weather, individual customer usage,
and expansion to new territories
Brown Power Energy Price Volatility
11 • Brown power prices are set by a number of
factors impacting supply and demand, such
weather, natural gas prices, system capacity,
transmission congestion, etc.
• Volatility is high due to these uncertain and
changing factors year to year
• Customer rates (generation and PCIA) are set
based on a forecast while also incorporating a
true up of the prior year's forecasted market
prices with actualized prices
• 2026 rates were set by and 2026 forecasted
prices and truing up 2025 actualized prices.
2027 rates will be set by 2027 forecasted
prices and truing up 2026 actualized prices.
12 Market Price Benchmark Trends 2020-2027
• Forecast MPBs used to develop PCIA and generation rates are calculated in Sept each year:
o Energy: Avg forward price during Sept for delivery the following year o REC: Avg executed contract price in the past 15 months for delivery in following year
o RA: Avg executed contract price in the past 3 years for delivery the following year
• Forecasted vs. Final MPBs vary significantly, reflecting year to year market volatility
• RA MPB in 2025 reflects regulatory changes, no future PCIA reform is assumed in forecasts
• "Final" numbers in 2026 reflect actuals through March and updated forecast as of April
RA Market Price Benchmark
Brown Power Market Price Benchmark
RPS Adder
13 Historical Generation Rates & PCIA
• Rates increased and PCIA decreased from 2022 to 2025, driven by forecasted increases in energy market prices • Since 2025 energy costs have softened in addition to substantive PCIA reform, setting PCIA higher and rates lower in 2026
• Lower prices are expected to continue through 2026 and we are forecasting a modest increase to generation rates and a lower PCIA in 2027, though rates remain stable ▪ Between calendar year 2025 and 2026, customer rates dropped 20%, and between 2026 and 2027 Ava is estimating rates will increase 2.2% (inclusive of PCIA)
▪ Between fiscal year 2025 and 2026, customer rates dropped 2%, and between 2026 and 2027, rates are expected to drop another 12%
13 0.081 0.080 0.066

0.113

0.137 0.141 0.139

0.085 0.094

0.029 0.032 0.043

0.024

0.004 0.010 0.004

0.033 0.027

0.016 0.016

0.003

0.022

0.038 0.035

0.025
-0.011

0.005
-0.04
-0.02
0 0.02

0.04 0.06

0.08 0.1

0.12 0.14

0.16 2019 2020 2021 2022 2023 2024 2025 2026 2027-Base
$/kWh
Calendar Year
Customer Rate Revenue Profile
Ava Average Rates PCIA Fees Operating Expenses Margin

0.078 0.082 0.072 0.083

0.132 0.145

0.129

0.114

0.088

0.026 0.030 0.038

0.037

0.012

0.006

0.019

0.030

0.017 0.018

0.008 0.011

0.029

0.039

0.016 0.014
-0.001 -0.02
0 0.02

0.04 0.06

0.08 0.1

0.12 0.14

0.16 2019 2020 2021 2022 2023 2024 2025 2026 2027-Base
$/kWh
Fiscal Year
Customer Rate Revenue Profile
Ava Average Rates PCIA Fees Operating Expenses Margin
Draft Budget: Revenues
• Despite higher load, revenue from electricity sales is expected to decrease for the fiscal year with Ava's generation rates declining ~23%
• Value proposition remains unchanged at 0.5% discount to PG&E for Bright Choice and a $0.0175 premium on Renewable 100 products
• Estimated bad debt slightly increased from 1.0% to 1.25% of billings based on rising trends and getting ahead of possible inflation increases due to oil market volatility • Recognition of GASB 62 deferred revenue is not from the Rate Stabilization Fund but is half of the amount deferred from resolution R-2024-26, which allocated $10,504,837 to local, incremental generation and capacity from the 2023 RFO for projects starting in 2027 14 Draft Budget: Base Case Revenue Assumptions
• Base Case Assumptions have MPB’s for calendar year 2026 down to align with market actuals and forwards year to date
• Forward looking prices in cost of energy reflect market price assumptions • In addition to MPB assumptions, revenue requirement inputs directly from PG&E are critical in determining generation rates
o In May ERRA filing, PG&E's revenue requirement stayed relatively flat despite declining load in 2027, which needs further diligence
15 FY 2026-2027 Scenarios & Sensitivities
16 Ava looked at possible alternative MPB/revenue scenarios —High-End and Low-End • High-end: calendar year 2026 prices end up as current MPB forecasts from May ERRA filings, which are unchanged from the October ERRA filing
• Low-end: calendar year 2026 prices are one standard deviation down from current forward averages for brown power and Ava’s base case RPS and RA estimates • There is upward pressure on rates based on PG&E's request for increase in revenue requirement in their GRC filing that is anticipated, but unlikely to be implemented in the 2026-27 fiscal year MPBs 2026 2027 2026 2027 2026 2027
Power 34.09 42.66 23.70 33.28 40.90 47.61
RPS 40.00 36.92 40.00 36.92 62.45 62.45
RA 10.00 10.00 10.00 10.00 11.53 11.53
Base Case Low End High End Base Case Low End High End
Revenues 784,400,000 728,994,000 900,593,000
Cost of Energy 780,192,000 761,022,000 843,483,000
Overhead 53,561,000 53,561,000 53,561,000
Net Non-Op 24,306,000 15,988,000 23,684,000
Net Revenues (25,047,000) (69,601,000) 27,233,000
Draft Budget: Overview of Operating Expenses
17 Expenses are divided into three overall cost center
categories:
• Energy Operations which includes all energy, energy
attributes, ancillary related costs and required
management services such as scheduling, data
management, and customer billing
• This category comprises 93.5% of Ava’s total
operating expenses
• Overhead Operations which includes all personnel
and staffing needs as well as work function cost
centers required to manage the organization at large,
and is about 6.5% of total operating expenses
• Non-Operating Expenses which are all capital and
capital transfer related costs, including Local
Development Fund contributions. This category is
presented and discussed in a later slide
Draft Budget: Energy Operations
18 Energy Costs
• Costs are generally derived from a blend
of contracted and open position for all
energy attributes
▪ Currently, renewables, carbon free, and RA
are fully procured
▪ Open prices are non-stressed, mean
forecasted
▪ Material increase in PPAs due to reduced
revenue expectations from lower market
prices
PPAs Hedges Open Resource
Adequacy
RECs Carbon Free Transaction
Costs
Other
Fiscal Year Cost of Energy Budget by Attribute
2022 2023 2024 2025 2026 2027
Draft Budget: Renewable & Large Hydro Content
19 • In April 2022, the Board approved the “Path to
Zero by 2030” plan for the Bright Choice
product, as shown in the table to the left
• Periodically, the Board has approved adjusting
targets to fit Ava’s financial position, typically
raising targets
• In December 2025, the Board approved a
compliance period approach across multiple
years instead of single year targets specifically
This table shows where Ava currently stands
with procurement relative to the compliance
period, and annual, targets
Year Renewables Lg. Hydro Total Renewables Lg. Hydro Total Long/Short 2024 52.0% 29.0% 81.0% 62.0% 33.7% 95.6% 14.6%
2025 56.0% 25.0% 81.0% 54.5% 35.5% 90.0% 9.0%
2026 55.6% 21.0% 76.6% 54.7% 18.0% 72.7% -3.9%
2027 64.0% 21.0% 85.0% 58.4% 12.3% 70.8% -14.3%
Period* 57.3% 23.7% 80.9% 57.4% 24.9% 82.3% 1.4%
Annual Targets Actuals/Forecast
Draft Budget: Fiscal Year Personnel Details
• FY 2026 Budget was set for 7 additional FTE (105 total) to build more depth and to continue addressing increased workflow in key areas to help scale operations further. ▪ Ava is not filling 2 roles bringing the forecasted end of FY 2026 FTE to 103. • FY 2027 Budget seeks to add 5 FTE (108 total) to provide added expertise and support in key areas and help to meet essential business needs.
▪ 1) Contract Management Analyst 2) Finance Manager / Staff Accountant 3) Contract / Settlements Analyst ▪ 4) Optimization Software Engineer 5) Data Analyst
• Compensation Adjustments:
▪ COLA: 3%; Promotions/Wage Adjustments: 3%; AIP Compensation: 12% ▪ Accounting for increased healthcare premiums and associated benefit costs (realized and expected) • Change to benefits reflects some recategorization of expenses from Salaries & Wages to Health Care/Benefits 20 Public Hearing - AB 2561: Ava FY 25-26 YTD
21 FY 2025 - 2026 Budgeted Headcount
Total Active FTE
Budgeted 105
New FTE Budgeted 7
New FTE Filled to date 5
Average Time to Hire 67 Days
Vacancy Rate 29%
Retention Rate 95%
Average Turnover Rate 5%
*For recruitment, only new budgeted positions are included. This does not account for other roles, like backfill positions.
*Reporting Period: FY 25-26; July ‘25 - April ‘26 (YTD at time of report) *Average Time to Hire: Days from role posted to start date. *FTE: Full-time employee; YTD: Year-to-date
Ava has a strong retention rate of 95%, with only 5
terminations so far this year.

Hiring Decision: Ava elected not to fill 2 positions this FY, bringing the total budgeted FTE down to 103.

Challenges faced in hiring:
• Finding a great fit can take time, but it’s worth it. ▪ We are prudent in our hiring process, strategically
planning the timing of hiring, carefully considering all aspects of the role and desired impact.
• Competition for talent is high, especially in the Bay Area What helps us overcome challenges?
• A strategic and robust hiring approach
• Ava is mission-driven & a certified Great Place to Work! This slide and data presented ensure compliance to AB 2561, which requires local public agencies to present the status of vacancies and recruitment and retention efforts at a public hearing before the governing board of the local agency at least once per fiscal year.

Draft Budget: Marketing & Communications
22 FY 2027 Summary of Adjustments:
• Continued notifications to unincorporated San Joaquin County solar customers • Customer mailings for Fremont commercial Renewable 100 transition • Investment to a brand awareness strategy and launch phase one of a multi-year awareness initiative • Investment in sponsorships, fellow, partners to activate more robust community engagement Draft Budget: Legal, Policy, & Regulatory Affairs
23 FY 2027 Summary of Adjustments
Legal:
• Litigation counsel: funding to cover active litigation; litigation readiness; other potential disputes
• Commercial counsel: all procurement activities other than power resources • Software and implementation: Legal research resources; contract platform Phase 3 rollout Policy and Regulatory Affairs
• Federal and state lobbyists
• Consultants for compliance and CAISO matters
• Potential AI services
Draft Budget: Professional Services
24 FY 2027 Summary of Adjustments:
• Technology Consultants: Expanding operations requires additional engineering and CRM structure and design support
• Other Services: Primarily reflects temporary consultants and contractors, which was recategorized and consolidated this year
Draft Budget: General & Administrative
25 FY 2027 Summary of Adjustments:
• Operational Expenses: Increase is primarily due
to accounting change for fees with line of credit
• Memberships Dues & Sponsorships: Costs
associated with JPAs, trade associations, and
industry associations (CalCCA, CCCFA, CCPower,
CFEE, Veloz, etc.)
• Software & Subscriptions: Increases to cover
additional software needs for IT, Power Resources,
and EAS data and increased cyber security needs
• Rent & Utilities: Increase due to initation of
primary lease agreement from a sub-lease
agreement and no longer receiving TI related
allowance
• HR & Recruiting: Some increase in recruiting costs
for placing temporary consultants
• Board & Director Fees: These are reduced to more
closely align with Board practices of requesting
stipends
Draft Budget: Non-Operating Activity
26 Non-Operating Revenue
• Interest Income: Reflects “higher-for-longer”
FED interest rate policy and expected balance
drawdowns
▪ Rates are estimated to hold at 3.5%
• Other Non-Operating Revenue: is expected
income AT&T tower rent at the 8th Street building
Non-Operating Expenses
• Borrowing Interest: reduced due to changes in
line of credit accounting
• Capital Expenditures: costs estimated for
general improvements at 1999 Harrison St
offices
• Local Development: no planned incremental
contributions in light of the current fund balance
and future planning work that is underway
Draft Budget: Local Development Fund Balance*
27 Program Area Balance Earmarked
Local Development $2,800,000 $2,6000,000
BE+EE
Building Electrification $14,600,000 $8,500,000
Building Efficiency Accelerator $1,300,000 $1,000,000
TE
Vehicle Electrification $8,100,000 $4,500,000
Ava Charge $15,900,000 $15,900,000
Bike Electric $2,200,000 $2,200,000
SmartHome Charging $5,700,000 $1,700,000
Resilience
Critical Municipal Facilities (CMF) $5,800,000 $5,800,000 SmartHome Battery $10,900,000 $10,900,000
Resiliency Hubs $5,600,000 $5,600,000
BE+TE Virtual Power Plant DERMS Platform $1,900,000 $1,900,000 Grants Community Investment Grants $8,800,000 $8,800,000 Total $83,600,000 $69,400,000
Local Development Fund Reconciliation Board Item from March 2025 *Fund balance as of 1/31/26 Local Development – FY27 anticipated spend
28 Program Area FY '27 Spend Committed FY'27 Activities Program Roadmap $500,000 $500,000 Local Development Programs Roadmap Ava Charge $2,640,000 $6,750,000 Development, Operations and Marketing for 5 Sites Critical Municipal Facilities $2,000,000 N/A - 25 yr PPA Complete Projects, Establish operating reserves, bill customers
Grants $600,000 $1,900,000 Issue new solicitation, select at least three grantees and Payments for contracted grants
SmartHome Battery
incentives $1,250,000 $10,900,000 Upfront and ongoing payments for SHB Resilience Hub
TA/Incentives $1,500,000 $5,600,000 Upfront incentives and Technical Assistance costs Building Efficiency
Accelerator $1,000,000 $1,000,000 Incentives for Commercial Heat Pump Water Heaters Ava Bike Electric incentives $2,200,000 $2,200,000 Bike Electric will add $4M from ACTC Ava SmartHome Charging
incentives $300,000 $600,000 Enrollment incentives and VPP dispatch payment for SmartHome Charging program Total $11,990,000 $29,450,000
Draft Budget: Deferred Revenues & Reserve Funds
29 • Current reserve fund balance
covers 40.1% of projected
operating expenses for FY 2027
• Current FY surplus estimate of
$83MM not included in
balances
• Staff will bring
recommendations for
allocation of the surplus to the
Board after completion of the
annual audit in November
• Budget includes a release of
$5.2MM, equal to 50% of the
deferred revenues related to
Clean Energy Investments
Deferred Revenue Usage Balance Guidance
Rate Stabilization Fund 162,546,828
R-2025-23 authorizes recognition of ~$35MM to balance FY25-26 budget R-2025-41 authorizes conversions from previous budget deferrals R-2025-42 & R-2025-51 authorizes RSF funding allocations Clean Energy Investments 10,504,837
R-2023-37 authorizes deferral for specified use.

R-2024-26 authorizes recognition in 2027
Contribution Year Contribution Withdraws Balance Operating Expenses* OpEx Year PctCoverage 2018-2019 40,513,687 - 40,513,687 410,686,000 FY 2019-2020 9.9% 2019-2020 49,704,640 - 90,218,327 383,045,000 FY 2020-2021 23.6% 2020-2021 - - 90,218,327 471,897,000 FY 2021-2022 19.1% 2021-2022 65,655,073 - 155,873,400 562,667,000 FY 2022-2023 27.7% 2022-2023 75,000,000 - 230,873,400 732,885,000 FY 2023-2024 31.5% 2023-2024 100,000,000 - 330,873,400 814,123,000 FY 2024-2025 40.6% 2024-2025 - - 330,873,400 899,393,000 FY 2025-2026 36.8% 2025-2026** - - 330,873,400 833,753,000 FY 2026-2027 39.7% *Operating Expenses are fiscal year ahead for coverage purposes: 2025-26 contribution year aligns with 2026-2027 OpEx **Expected contribution with current policy as of 5/6/2026 Note: If $0 are contributed from 2025-2026 surplus, the balance of $330.9MM is 39.7% of FY 2026-27 OpEx 5 -Year Forecast
30 • The reliability of any 5-year revenue forecast is
limited due to poor visibility into key PG&E
inputs, such as revenue requirements and load o This forecast does not assume material changes to PG&E revenue requirements,
regulatory reform, and market prices.
o Actuals will vary based on potential known
and unknown changes
• Forecast Assumptions: o No material changes to rate setting and PCIA regulatory methodologies
o No change to current value proposition o Markets perform at non-stressed, mean expected prices
o Cost of energy services increases at
historical account growth rate
o Overhead increases at rate of inflation o Interest rates persist at 3.5% • Surplus revenues can be applied to lowering
rates, clean energy procurement, local
development funding, working capital needs,
RSF/reserves, operational enhancements, etc.

Draft Budget: Next Steps & Expected Updates
• Staff to continue incorporating additional diligence and updates based on the recent May ERRA filing • Final delivery to Board (6/17) for approval
o Staff is seeking feedback on any matters in preparation for June board approval o For June Budget approval, staff will incorporate authorization to utilize the Rate Stabilization Fund(RSF) in the amount to fully offset the forecasted budget deficit. • Actuals will change relative to budget scenarios based on energy market conditions, developmentsin CPUC proceedings, and updates to PG&E ERRA and GRC filings • Further review with the board mid-year to account for 2026 actuals and final 2027 rate setting o PG&E's October ERRA filing will provide a meaningful update o Staff will consider mid-year budget adjustments as needed 31 Appendix A: FY 2026-2027 Draft Budget Expanded View
32 Introduction to Asset
Ownership
Marie Fontenot | June 3, 2026
2 Asset Ownership Overview
Asset Ownership Strategy
Concept of Asset Ownership
Asset ownership means direct control over energy infrastructure resources instead of relying on third-parties for ownership.

Strategic Benefits
Owning assets allows better project influence, cost management, and alignment with long-term infrastructure goals for risk mitigation.

Exploratory Discussion
This presentation introduces the topic for feedback and dialogue without seeking immediate decisions or approvals.

Future Analysis and Alignment
Further analysis and project exploration will build understanding and ensure leadership alignment in a changing market
3 Purpose of Discussion
Introduction to Asset Ownership
Introducing asset ownership as a strategic option for organizational growth and decision making.

Benefits and Analysis Needs
Outlining potential benefits of asset ownership and identifying areas requiring further analysis and understanding.

Leadership Engagement
Socializing the topic across leadership to invite feedback and build shared understanding on asset ownership.

Strategic Positioning
Positioning the organization to respond effectively to opportunities through early dialogue and capability assessment.

Some “live” project opportunities may be eligible for real consideration over the next few months.
4 Types of Assets for Ownership
Behind the meter solar & storage
Critical Municipal Facilities
DC Fast Charging Infrastructure
AvaCharge Assets
Wholesale renewable energy generation or storage
In front of the meter solar farms, wind farms, battery storage, etc.

Other Considerations
Transmission, distribution, etc
5 This presentation is
primarily focused on
ownership related to
wholesale
renewable energy
generation or storage
projects
How Wholesale Generation Is Owned Today
Independent Power Producers (IPPs)
IPPs dominate energy generation with 65%, privately held and funded by equity or venture capital.

Publicly Owned Utilities (POUs)
POUs make up 25%, are not-for-profit and often manage both generation and distribution for local communities.

Investor-Owned Utilities (IOUs)
IOUs form 10%, are for-profit companies shifting focus from generation to transmission and grid management.
7 Drivers of Third-Party Ownership
Federal Tax Incentives
Investment Tax Credit and Production Tax Credit encourage private investors to own renewable energy assets cost-effectively.

Ownership Dynamics
Utilities often use Power Purchase Agreements instead of direct ownership due to tax credit advantages favoring third parties.

Changing Credit Availability
Phase-out of tax credits will increase project costs and may reduce the benefits of third-party ownership models.

Every ~10% tax equity in a project = $8-10/MWh price reduction to PPA offtaker.

Future Ownership Strategies
Organizations may need to reconsider asset ownership as economic advantages shift due to evolving tax policies.
8 9
Opportunity & Value
Strategic Value of Ownership
Enhanced Control and Oversight
Ownership provides greater control over asset performance, maintenance, and operational priorities, reducing reliance on third parties.

Capturing Residual Asset Value
Ownership enables capturing residual value in land and interconnection rights, which appreciate over time.

Influencing Regulations and Permitting
Owners can influence permitting and regulatory processes, especially when serving as authorities having jurisdiction.

Long-Term Resilience and Flexibility
Ownership strengthens strategic flexibility and resilience by aligning asset management with organizational goals.
10 Economic & Operational Benefits
Cost Reduction Benefits
Asset ownership may reduce power costs compared to traditional PPAs by removing developer margins.

Developer tax incentives expire after 2030; municipalities maintain access to tax exempt funding.

Risk Mitigation
Mission vs Margin: while private equity utilizes financial engineering to extract maximum project value, Ava as a non-profit asset owner is focused on equitable community outcomes and public welfare.

Operational Flexibility
Ownership offers flexibility to adapt to market changes, policy shifts, and optimize dispatch strategies.
11 12
Risks & Tradeoffs
Key Risks of Ownership
13 Includes delays, cost overruns, and
challenges during project
development that impact ownership
success.

Construction Risk
Concerns balance sheet impacts and
securing capital or debt for asset
ownership.

Financing Risk
Involves managing operations,
maintenance, asset management,
and optimizing performance
effectively.

Operational Risk
Though unlikely, potential
catastrophic accidents (fires,
explosions, etc) result in immense
legal, financial, operational liabilities.

Safety Risk
Inherent risk that a capital-intensive
failure or environmental liability
would erode public trust
“Brand” Risk
Comparison With Alternatives
14 Tradeoffs & Assessment
Each structure involves tradeoffs
in risk, control, and economics
requiring thorough evaluation.

Asset
ownership
“Full” contract offtake
Financial-only hedge
Mitigate exposure to CAISO
market volatility
Yes Yes Yes
Ensure RA compliance Yes Yes No
Mitigate counterparty risk Yes Somewhat Somewhat
Ability to respond to
regulatory or legislative policy
changes
More than other
structures
Seller tries to make it hard or
make Buyer pay extra
No
Operational control &
flexibility
Yes (within
warranty terms)
Generally, yes (within
warranty terms)
No
15 Execution Approach
Ownership Entry Strategies
Greenfield Development
Greenfield development offers full control by managing site selection, land acquisition, and project development, though it is time-intensive.

Build Transfer Agreements
BTAs provide quicker asset acquisition during or after construction, reducing development risk and speeding ownership transfer.

Asset Buyout Post-PPA
Buying assets after PPA maturity involves waiting and complex valuation but can be a strategic long-term ownership approach.

Joint Ventures and Partnerships
Joint ventures combine shared risk and expertise, while partnerships with organizations like CC Power enhance collaborative opportunities and risk mitigation.
16 Key Considerations & Next Steps
Capital Allocation Importance
Determining investment scale and impact on financial planning is critical for successful asset ownership transition.

Strategic Timing and Phasing
Different ownership strategies have varied timelines and market dependencies.

Adopting a phased approach manages risk and builds expertise through gradual investment scaling.

Alignment with Policies
Align ownership strategies with long-term policy and market trends to maximize value and sustainability.

Next Steps for Advancement
Conduct deeper analysis, refine strategic options, engage counterparties on implementation options, and further discussion with the board for consideration
17

Ava Community Energy Executive CommitteeJune 3, 2026

Ava Community Energy Executive Committee
June 3, 2026