Board of Directors Meeting
February 26, 2026
Presentation: State of Nuclear
Industry
2 Nuclear Power and California {
Mark Specht
Senior Manager, Western States Energy
[email protected]
Don Ramey Logan/Wikimedia Commons
About UCS
March 4, 1969
{ Cambridge, MA
{
European Space Agency
California Historical
Context
Role of Nuclear in
Decarbonization
Grid Modeling
Cost Estimates
Levelized cost of energy (“LCOE”)
Cost Estimates
Levelized cost of energy (“LCOE”)
• $142-$222/MWh for new conventional nuclear (Lazard 2024) • $190/MWh for new Vogtle units
Cost Estimates
Levelized cost of energy (“LCOE”)
• $142-$222/MWh for new conventional nuclear (Lazard 2024) • $190/MWh for new Vogtle units
• $60-$100/MWh for large reactors and small modular reactors (“SMRs”) AFTER costs come down (INL 2023)
• $119/MWh for NuScale SMR without federal subsidies (IEEFA 2023) Studies
Studies
• CEC SB100 Study (CEC 2021)
• $60/MWh LCOE → 20 GW buildout
Studies
• CEC SB100 Study (CEC 2021)
• $60/MWh LCOE → 20 GW buildout
• UCS Accelerating Clean Energy Ambition (UCS 2023)
• $89/MWh LCOE → 0 GW buildout
Studies
• CEC SB100 Study (CEC 2021)
• $60/MWh LCOE → 20 GW buildout
• UCS Accelerating Clean Energy Ambition (UCS 2023)
• $89/MWh LCOE → 0 GW buildout
• Evolved Energy Research Annual Decarbonization Perspective (EER 2024) • Large-scale buildout → $47-$59/MWh LCOE
Nuclear Waste, Safety, and
Security
NRC/Flickr
Waste
Safety
Constellation Energy/Wikimedia Commons
Security
Screenshots by Mark Specht, 2/20/26
Takeaways
Takeaways
1. Major cost reductions required to play a role in least-cost decarbonization
Takeaways
1. Major cost reductions required to play a role in least-cost decarbonization
2. Significant challenges persist around waste, safety, and security Takeaways
1. Major cost reductions required to play a role in least-cost decarbonization
2. Significant challenges persist around waste, safety, and security
3. Independence of NRC in question
Takeaways
1. Major cost reductions required to play a role in least-cost decarbonization
2. Significant challenges persist around waste, safety, and security
3. Independence of NRC in question
4. Other technologies that are less risky could fill similar role
Thank You
Presentation: State of
Geothermal Industry
32 Geothermal Power and
its Role in California
CATF is a Global climate NGO founded in 1996,
working to safeguard against the worst impacts of
climate change by catalyzing the rapid
development and deployment of low-carbon
energy and other climate-protecting technologies.
Group of cross-sector climate and energy
experts with centuries of collective knowledge
and experience.
Pragmatic and committed to exploring all viable
climate solutions that offer promise.
About Us
Ann Garth
Senior Geothermal Associate
Ann Garth leads much of the Superhot Rock
Geothermal team’s U.S. policy work (both
federal and state), including collaboration with
other NGOs.
Wilson Ricks
Electricity Program Manager
Wilson Ricks leads CATF’s U.S. electricity
sector policy and technology work, bringing a
background in energy system modeling and
next-generation geothermal technologies.
Solar and storage currently dominate new
resource additions in California
Solar is cheap and California has some of
the best resources in the world
Four-hour batteries can cost-competitively
push solar power into the evening
But how far can they take us?
California: beyond solar and storage
36 Solar power: declining capacity substitution value
The MIT Utility of the Future Study
0 0.5
1 1.5
2 2.5
3 3.5
0 0.5 1 1.5 2 2.5 3
$/MWh
Hour 37
Storage: reduced energy arbitrage spread & capacity substitution Arbitrage Spread MWh per MW
The MIT Utility of the Future Study
0 0.5
1 1.5
2 2.5
3 3.5
0 0.5 1 1.5 2 2.5 3
$/MWh
Hour
Storage: reduced energy arbitrage spread & capacity substitution 38 Arbitrage
Spread
MWh per MW
The MIT Utility of the Future Study
0 0.5
1 1.5
2 2.5
3 3.5
0 0.5 1 1.5 2 2.5 3
$/MWh
Hour
Storage: reduced energy arbitrage spread & capacity substitution 39 Arbitrage
Spread
MWh per MW
Relying exclusively on solar and storage
becomes much more difficult as we push
beyond daytime and evening.
Much longer
durations needed
Clean firm power is needed to
achieve zero power sector emissions
A 2021 multi-model study of SB100 goals found
that the availability of one or more clean firm
options drastically reduced the cost and
infrastructure buildout required to achieve SB100
targets.
40 Source: https://liftoff.energy.gov/next-generation-geothermal-power/ Source: Baik, E. et al., “What is different about different net-zero carbon electricity systems?”, Energy and Climate Change, 2021. 0 100
200
300
400
500
600
With New Clean Firm Without New Clean Firm
Installed Capacity (GW)
Resource Mix Needed to Achieve SB100 Target
Clean Firm Variable Renewables Storage
Geothermal power: a promising clean firm option
41 California has among the best geothermal resources in the country 400°C
350°C
300°C
275°C
250°C
225°C
200°C
175°C
150°C
125°C
100°C
75°C
50°C
25°C
▪ More than 2 GW of
undeveloped
hydrothermal
potential remains in
the Salton Sea area
▪ High “near-field”
next-generation
potential around
the Geysers and
Salton Sea
▪ Enormous, high-quality deep hot
rock resource
Blackwell et al., 2011
U.S. Subsurface Temperatures at 6.5 km Depth
43 Just 1% of
California’s superhot
rock potential could
produce 379 GW of
energy – 13 times
California’s 2023
electricity
consumption
Some conventional development activity is ongoing in the Salton Sea and elsewhere, but these projects face challenges
Hydrothermal projects in general have high cost of capital due to resource uncertainties
The Salton Sea is known for particularly corrosive and difficult-to-handle brines Early next-generation geothermal development is mostly occurring outside of California, but these project sites could deliver gigawatts of generation to the state A lack of well-characterized sites, as well as regulatory uncertainty, are impediments to additional development in-state (especially for next-generation geothermal) The geothermal state of play in California
Next-generation
technology progress
45 Millimeter wave drilling demonstration
46 “For the first time in years, the US federal government has leased every parcel of public land it has opened for geothermal development … Average prices for public land leases for geothermal energy development soared by 282% this year to $127 per acre, driven by growing energy demand from data centers and President Donald Trump’s administration embracing the energy source. The record prices are a major step up from a $33 per-acre average last year, according to data from the US Bureau of Land Management, the agency that conducts the auctions.”
Source: https://www.bloomberg.com/news/newsletters/2025-10-10/us-geothermal-companies-are-spending-big-on-federal-land-leases Geothermal lease prices are rising
Conventional geothermal continues to be
deployed at a steady pace, though project
sizes are often small
The first large next-generation projects are
at Fervo’s Cape Station, targeting 100 MW
by the end of this year and 400 MW by
2029
If these first projects go smoothly, it is
possible that several gigawatts could
be deployed by 2035
Huge established drilling workforce
and supply chains
Near-term growth potential
Map of US geothermal projects with power purchase
agreements signed between 2021 and 2025.
Source: NREL Geothermal Market Report 2025
48 The upshot: both the need for
geothermal power and its availability
are likely to increase substantially over
the next 5-10 years
Appendix
49 U.S. WIND SPEEDS AT 100 M
California has among
the worst onshore wind
resources in the
country.
▪ Most of the state’s
high-quality potential is
already developed
▪ Long-term plans call
for imports from
Wyoming, with huge
transmission
requirements
▪ Floating offshore wind
is a potential option,
but enormously
expensive
Item 3: CEO Operational and
Administrative Report
51 CEA Enrollment Stats
52 Member City Eligible
Accounts
Clean Impact –
50% Renewable
Clean Impact Plus
- 75% Carbon
Free
Green Impact –
100% Renewable
Participation
Rate
Carlsbad 55,253 170 49,416 659 91%
Del Mar 3,017 8 2,752 71 94%
Escondido 57,353 163 53,475 69 94%
Oceanside 74,581 220 69,140 103 93%
San Marcos 38,082 122 35,266 74 93%
Solana Beach 7,836 16 6,979 151 91%
Vista 39,592 89 36,980 337 94%
TOTAL 275,714 788 254,008 1,464 93%
CEA serves a total of 256,260 customer accounts across its seven member agencies Metrics as of Feb. 9, 2026.
Item 3
Completed Community Events
53 Item 3
DATE DESCRIPTION CITY
January 28, 2026 Smartville Battery Tour Carlsbad
February 4, 2026 Carlsbad Chamber of Commerce Green
Business Lunch & Learn
Carlsbad
February 7, 2026 Frontwave Arena, Throwback/Alumni Night Oceanside February 24, 2026 San Marcos City Council Presentation San Marcos Upcoming Community Events
54 Item 3
DATE DESCRIPTION CITY
March 10, 2026 Chamber of Commerce Green Business Committee Carlsbad March 21, 2026 North County Climate Change Alliance Presentation Carlsbad March 25, 2026 Vista Unified STEM 2 Career Expo Vista
March 27, 2026 CEA Sponsorship Night at Frontwave Arena Oceanside April 4, 2026 Earth Day Event Escondido
April 15, 2026 Green Business Expo Carlsbad
April 18, 2026 Alta Vista Botanical Garden Earth Day Event Vista April 21, 2026 Del Mar City Council Presentation Del Mar April 25, 2026 Earth Day/ Dia del Niño Oceanside
55 Solar Plus and Battery Bonus Update
Member
City
Solar Plus Solar Plus
Connect
Battery Bonus Battery Bonus
Connect
Status Active Complete Active Complete Active Complete Active Complete Carlsbad 6 1 3 0 0 0 9 0
Del Mar 0 0 1 0 0 0 1 0
Escondido 7 4 13 0 0 0 11 0
Oceanside 2 2 6 0 0 0 13 0
San Marcos 7 1 3 0 0 0 8 0
Solana
Beach
1 0 1 0 0 0 1 0
Vista 6 1 7 0 0 0 12 0
TOTAL 29 10 34 0 0 0 58 0
Metrics as of Feb. 9, 2026.
Item 3
Connect Programs SGIP Funding
Member City Solar Plus Connect Battery Bonus Connect
Carlsbad $85,120 $198,000
Del Mar $26,032 $19,800
Escondido $398,748 $257,400
Oceanside $180,315 $379,788
San Marcos $89,877 $198,000
Solana Beach $25,426 $39,600
Vista $164,972 $271,596
TOTAL $970,490 $1,112,196
56 Metrics as of Feb. 9, 2026.
Item 3
PeakSmart Savers Participants
Member City PeakSmart Savers
Participants
Carlsbad 11
Del Mar 1
Escondido 6
Oceanside 16
San Marcos 1
Solana Beach 0
Vista 14
TOTAL 49
57 Metrics as of Feb. 9, 2026.
Item 3
CalCCA Lobby Day • February 4, 2026, in
Sacramento
• Sought authors for
legislation on two key
issues: IOU PCIA
Calculation Transparency
and Resource Adequacy
(RA) Transactability: • AB 1761 (Rogers) • SB 1138 (Padilla) 58 Item 3
Recruitment Update
• Account Services & Data Specialist/Analyst
• 83 applicants
• Energy Contracts & Compliance Specialist/Analyst
• 57 applicants
• Programs Specialist/Analyst
• 139 applicants
• Regulatory & Legislative Affairs Analyst
• 56 applicants
• Senior Financial Analyst/Finance Manager
• 40 applicants
• Interviews March 2nd – 6th
59 Item 3
Questions/Discussion – Item 3
60 Item 4: Fiscal Year 2025/26 –
2026/27 Work Plan Review
61 62
Item 4
FY 2025/26 – 2026/27 Work Plan
Review
• FY 2025/26 – 2026/27 Strategic Plan approved by the
Board on April 24, 2025
• FY 2025/26 – 2026/27 Work Plan approved by the Board
on June 26, 2025
• Strategic Plan established Six Core Guiding Principles, Goals and Objectives
• Work Plan establishes Measures to implement these goals and objectives along with Key Performance Indicators to track progress
Core
Guiding
Principles
and Goals
1. Promote Use & Development of Clean Energy
– reduce GHG emissions by providing 100% renewable energy as the default product for all CEA customers by 2035.
2. Build & Maintain Financial Sustainability
– achieve financial sustainability and build reserves.
3. Provide Beneficial Customer Programs
– offer a variety of programs that serve the needs of our customers, promote affordability, and further reduce GHG emissions.
4. Actively Engage in Customer Advocacy
– engage and advocate for CEA and its customers in
regulatory and legislative matters.
5. Provide Exceptional Customer Service
& Community Engagement
– provide highly responsive and helpful customer service and opportunities for our staff to engage with our customers.
6. Promote Organizational Development
– create an organization that fosters employee creativity and engagement in meeting CEA’s goals, recognizes employee
achievements and supports employee development and
growth.
63 Core Guiding
Principles and Goals
Item 4
1. Promote Use &
Development of Clean Energy
• Achieve 100% renewable energy by 2035
• Highlight customers that have opted up to CEA’s
100% renewable energy Green Impact product
• Support customer access to grant-funded and/or
ratepayer-funded energy efficiency programs
• Pursue local generation projects
Strategic Objectives
64 Item 4
1. Promote Use &
Development of Clean Energy
• Contracted for 160 MW of new solar energy in 2025
• Contracted for 194 MW of new energy storage in
2025
• Added one (1) new Member Agency’s Municipal
Accounts (Carlsbad) and five (5) new Green Impact
Champions being served by 100% renewable
energy
• Secured over $2 million in Self Generation
Incentive Program (SGIP) funding to provide
residential solar and battery installations for
income-eligible residents
• Solar Plus Business Program approved and will
launch in 2026
Strategic Objectives
65 Item 4
2. Build & Maintain
Financial Stability
• Achieve sufficient financial reserves
to support rate stability
• Achieve an investment-grade credit rating
• Analyze and adjust the rate premiums for the Clean
Impact Plus and Green Impact energy products to
ensure appropriate cost recovery
• Offer competitive rates while maintaining financial
stability
• Reduce costs by reducing peak load through energy
demand management programs
Strategic Objectives
66 Item 4
2. Build & Maintain
Financial Stability
• Change in Net Position through December 2025 of ~$58
million
• Net Position through December 2025 is $79,329,272
(highest ever for CEA)
• Days Liquidity on Hand (DLOH) of 118 days
• On track to seek an investment grade credit rating in 2028
• Established Clean Impact Rate Relief Credit to be price neutral or lower cost than SDG&E
• Launched PeakSmart Savers (Demand Response)
Program
• Amended the Power Purchase Agreement (PPA) with
Darden III, LLP to extend the term of the PPA from 10 to 12 years while saving an estimated $1.4 million per year Strategic Objectives
67 Item 4
3. Provide Beneficial
Customer Programs
• Provide all customers with access to programs that
reduce energy use and address high electric bills
• Provide access to solar and battery storage to all
segments of the community
• Expand access to solar and battery systems at
significantly reduced costs to low-income customers
• Encourage participation in State funded income-based
assistance programs
• Identify and design energy programs for government
• Collaborate to expand programs offered to CEA
customers
Strategic Objectives
68 Item 4
3. Provide Beneficial
Customer Programs
• Adopted and Implemented PeakSmart Savers
Program
• Up to 29 Solar Plus applicants, 10 completed • Began and completed survey/outreach for CEA’s Energy Programs Plan
• Implemented SGIP-Funded Connect Programs
(Solar Plus & Battery Bonus)
• Implemented Solar Plus Connect – 34 applicants
(just short of minimum goal of 50-100 customers)
• Implemented Battery Bonus Connect – 58
applicants with 40 installations (exceeded goal of
50 customers)
• Approved Solar Plus Business Program
Strategic Objectives
69 Item 4
• Maintain participation in legislative and regulatory
proceedings
• Actively advocate for CEA and its customers in issues such as affordability, renewable energy procurement,
and local control
• Monitor and advocate for fair and reasonable charges
• Engage with local elected officials to communicate
benefits CEA provides its customers and influence
legislative decisions
Strategic Objectives
70 4. Actively Engage
in Customer Advocacy
Item 4
• Engaged State Lobbyist (Summit Advocacy) to provide
legislative support/advocacy
• Became a member of Local Energy Aggregation
Network (LEAN) which provides federal advocacy
• Actively engaged with Keyes & Fox in CPUC Regulatory
Matters – successes included:
• CPUC required SDG&E to show the PCIA as a volumetric line item for bundled customers and break it out in bundled
commodity tariffs
• Secured a new scoping item on SDG&E’s Bundled Procurement Plan compliance and Excess RA sales—critical for reviewing and challenging SDG&E’s RA sales practices
• Won access to SDG&E’s ERRA internal control documents and required audits of their balancing accounts, improving
transparency into PCIA-eligible resource accounting
• Secured fair REC valuation for Now-Departed Customers and advanced the issue to the PCIA proceeding
Strategic Objectives
71 4. Actively Engage
in Customer Advocacy
Item 4
• Increase CEA’s presence in the communities served
• Promote CEA as the preferred
customer-focused renewable energy service
provider in North San Diego County
• Engage with CEA customers to provide information
about CEA’s programs, services and benefits
• Develop a comprehensive customer communications
strategy to reach CEA’s diverse communities.
72 5. Provide Exceptional
Customer Service &
Community Engagement
Strategic Objectives
Item 4
• Energy Programs Plan Outreach & Workshops: • 8 Workshops conducted throughout service territory, 6 of which were bilingual, 211 participants
• Conducted 64 Outreach Events in Calendar Year
(CY) 2025
• Developed & Distributed 8 Communication
Toolkits with Board & City Staff, including a rate
relief credit toolkit
• Developed an online self-service Bill Comparison
Tool
• Launched educational scavenger hunt to win
tickets to Clippers & Sockers games (101 tickets
distributed to date) 73
5. Provide Exceptional
Customer Service &
Community Engagement
Strategic Objectives
Item 4
• Expand upon key operational processes and
procedures such as key workflows,
performance evaluations, and recruitment
and onboarding
• Support employee development
• Encourage employee participation in
professional education opportunities
74 6. Promote Organizational
Development Strategic Objectives
Item 4
• Hired five (5) new employees (one
backfilled position) in FY 2024/25
• Actively recruiting five (5) new
employees in FY 2025/26 with
interviews schedule the first week of
March 2026
• Staff is actively engaged in CalCCA
Tiger Teams
• Staff participated in several educational
webinars and energy conferences
75 6. Promote Organizational
Development
Item 4
Strategic Objectives
76 Item 4
Recommendation
• That the Board receive the Work Plan Review Report and provide comment, input and/or direction as needed
Questions/Discussion – Item 4
77 Item 5: Regulatory Update
78 Clean Energy Alliance: Regulatory Update
Jake Schlesinger – Keyes & Fox LLP
February 26, 2026
Item 5
New CPUC Proceedings of Interest
● SDG&E Demand Flex Rate App. (A.26-02-001)
● SDG&E Smart Meter 2.0 App. (A.25-12-012)
● SDG&E Palomar Decarb App. (A.25-12-009)
80 Item 5
81 SDG&E Demand Flex Rate Application
▪ Proposal for opt in day-ahead hourly price signals, as well as time-of use transmission and location-based distribution pricing
▪ “SDG&E does not believe this proposal represents the most cost-effective or prudent use of Commission or SDG&E resources” ▪ “[T]he most significant price signal (and resulting rate benefits to the grid and customers) comes from the commodity component of the rate” ▪ “The CCAs serving our territory have indicated that they will not offer DF commodity rates at this time due to design complexity, cost effectiveness, and lack of customer interest”
Item 5
82 SDG&E Smart Meter 2.0 Application
▪ SDG&E requests authority to upgrade its Advanced Metering Infrastructure system by replacing its SM 1.0 infrastructure (2009-11) and technology with SM 2.0
● SDG&E requests authority to recover approximately $825 million between 2024-2031
▪ Two main issues for the SD CCAs:
▪ Customer/authorized third party real-time meter data access ▪ Data parity for CCAs/LSEs
Item 5
SDG&E Palomar Decarbonization Application
▪ SDG&E requests $20 million for the Palomar Decarbonization Demonstration Project at the PEC (circa 2006)
▪ SDG&E states the purpose is to demonstrate how renewable hydrogen can be utilized for: 1) generator cooling, 2) power generation, 3) fleet vehicle fueling, and 4) additional research, demonstration, and deployment ▪ D.08-09-012: “departing customers should bear no cost responsibility for [generation] commitments the IOU makes after their departure” ● SD CCAs filed a protest to ensure that there is no cost-shifting between bundled and unbundled customers
83 Item 5
QUESTIONS?
Jake Schlesinger
[email protected]
(970) 531-2525
84 Item 5
Questions/Discussion – Item 5
85