Board of Directors Meeting
April 30, 2026
Item 6: CEO Operational and
Administrative Report
2 CEA Enrollment Stats
3 Member City Eligible
Accounts
Clean Impact –
50% Renewable
Clean Impact Plus
- 75% Carbon
Free
Green Impact –
100% Renewable
Participation
Rate
Carlsbad 55,380 189 49,443 659 91%
Del Mar 3,028 9 2,757 71 94%
Escondido 57,370 175 53,480 69 94%
Oceanside 74,789 232 69,343 103 93%
San Marcos 38,156 130 35,395 71 93%
Solana Beach 7,982 17 7,144 149 91%
Vista 39,598 93 37,009 339 95%
TOTAL 276,303 845 254,571 1,461 93%
CEA serves a total of 256,877 customer accounts across its seven member agencies Metrics as of April. 1, 2026.
Item 6
Completed Community Events
4 Item 6
DATE DESCRIPTION CITY
March 26, 2026 Meet the City Oceanside
March 27, 2026 CEA Sponsorship Night at Frontwave Arena Oceanside April 4, 2026 Earth Day Event Escondido
April 10, 2026 Vista High School Career Internship Class Vista April 15, 2026 Green Business Expo Carlsbad
April 23, 2026 Palomar College Earth Week San Marcos
April 23, 2026 Del Mar Climate Symposium Del Mar
April 24, 2026 Dr. Bronners Earth Week Extravaganza Carlsbad April 25, 2026 Earth Day/ Dia del Niño Oceanside
Upcoming Community Events
5 Item 6
DATE DESCRIPTION CITY
April 30, 2026 Graze at the Fields Carlsbad
May 1, 2026 Community Alliance for Escondido (CAFÉ) Online May 4, 2026 Green Business Recognition Mixer Carlsbad
May 5, 2026 CSUSM Student Trade Show San Marcos
May 12-14, 2026 CalCCA 10th Anniversary Conference Sacramento May 17, 2026 Escondido Street Festival Escondido
May 21, 2026 CEA Webinar - Understanding Your Bill Virtual May 28, 2026 CEA 5-Year Anniversary Carlsbad
May 30-31st, 2026 Fiesta del Sol Solana Beach
June 2, 2026 Del Mar City Council Presentation Del Mar
June 20, 2026 NSDC NAACP Juneteenth Festival Oceanside
June 20, 2026 Assembly Member Dr. Darshana Patel Youth & Family Festival Escondido Understanding Your Bill Webinar
6 • Thursday, May 21, 2026
• Hosted virtually on Zoom
• 2 back-to-back evening sessions
• Offered in English and Spanish
• Webinar is in response to Rate Relief Credit
Agenda item to help customers understand:
• How to read their electric bill
• Time-of-Use hours
• Programs available for bill assistance
• Customers can sign up online:
• English: TinyURL.com/CEAWebinar26
• Spanish:
TinyURL.com/CEAWebinario26
Item 6
7 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 2 1 3 0 1 2 5 5
Del Mar 0 0 1 0 0 0 1 0
Escondido 5 5 13 0 1 0 7 5
Oceanside 8 3 6 0 0 0 3 10
San Marcos 5 2 3 0 0 0 5 3
Solana
Beach
0 0 1 0 0 0 1 0
Vista 4 2 7 0 1 0 4 7
TOTAL 24 13 34 0 3 2 26 30
Metrics as of April 14, 2026.
Item 6
PeakSmart Savers Participants
Member City PeakSmart Savers
Participants
Carlsbad 11
Del Mar 1
Escondido 7
Oceanside 16
San Marcos 3
Solana Beach 0
Vista 15
TOTAL 53
8 Metrics as of April 14, 2026.
Item 6
Rate Relief Credit Opt-Downs
Member City Commercial Residential Total
Carlsbad 27 27
Del Mar 2 2
Escondido 1 21 22
Oceanside 28 28
San Marcos 1 13 14
Solana Beach 2 2
Vista 7 7
TOTAL 2 100 102
9 Metrics as of April 21, 2026.
Item 6
Questions/Discussion – Item 6
10 Item 7: Regulatory Update
11 Clean Energy Alliance: Regulatory Update
Jake Schlesinger – Keyes & Fox LLP
April 28, 2026
Item 7
Overview: Access to Real-Time Interval Meter Data
● What Is Interval Meter Data?
● Why do CCAs Need Interval Meter Data in Real-Time?
● Why do Customers Need Access to Their Usage Data in Real-Time? ● SDG&E Applications
● CPUC and CEC Rulemakings
● Questions
Item 7
What Is Interval Meter Data?
● Definition: Granular, time-stamped energy records
recorded at fixed intervals (IE:
15, 30, or 60 minutes).
● The Difference: Moves beyond
a single monthly total to show
when and how much electricity
is used in real-time.
● Collection Method: This data is
recorded by next-generation
smart meters or electronic
interval meters and is often
transmitted to the utility.
Source: How to Estimate a Homeowner’s Energy Load Profile, Aurora Solar (last visited Apr. 27, 2026), https://aurorasolar.com/blog/how-to-estimate-a-homeowners-energy-load-profile/.
Item 7
Why do CCAs Need Interval Meter Data in Real Time?
● Accurate Wholesale Procurement: Matches power purchases to real-time customer demand, reducing the financial risk of over- or under-buying energy. ● Renewable & Grid Balancing: Aligns variable supply (solar/wind) with actual usage patterns to optimize battery storage and carbon reduction. ● Targeted Program Design: Uses "load shapes" to build custom rates in program offerings (e.g., Dynamic Rates, EV charging, heat pumps) and targeted energy efficiency measures.
● The Bottom Line: Real-time interval data is the foundation that allows CCAs to lower costs and maximize clean energy impact.
Item 7
Why do Customers Need Access to Their Usage Data in Real Time?
● Two sides of the same coin
○ CCAs need the data to offer
effective programs and
accurate cost-based rates.
○ Customers need the data to
respond promptly to dynamic
rate offerings and programs.
Item 7
SDG&E Applications
• A.25-12-012 - Smart Meter (SM) 2.0 Proposal
• $825 million for SM 2.0 infrastructure (all distribution-level spending applied to unbundled and bundled customers)
• Proposes real-time access for customers? Not clear. Only proposes to provide real-time access to residential customers, not commercial or industrial customers.
• Proposes real-time access for CCAs? No, not at all.
• A.26-02-001 - SDG&E’s Demand Flex Rates
• $11.3 million for implementing DF rates
• Would introduce day-ahead hourly price signals for generation rates
• CEA and SDCP unable to offer this same type of DF (generation) rates because they lack sufficient access to customers’ interval meter data.
Item 7
CPUC Rulemakings
● R.25-09-004 - Order Instituting Rulemaking to Enhance Demand Response in California ○ Scoped Issue #4 - What standardized data systems, communication protocols, and data transfer processes should the Commission adopt or amend to support demand response, including supply side demand response and dynamic rates, with consideration of cost/benefits tradeoffs? ● New R.26-04-009 - Order Instituting Rulemaking on California Advanced Electric Rate Design ○ “The Commission will establish advanced electric rate design policies to update residential and non-residential rate structures and their underlying cost inputs so that rates more accurately reflect the cost of providing service, send price signals that support efficient use of grid infrastructure, and allocate costs fairly across all customers.”
Item 7
CEC Load Management Standards
● Cal. Code of Regulations, Title 20, Section 1623.1(b)(2) directs each Large CCA to apply for approval of at least one dynamic rate for the customer class(es) from its Board by July 1, 2025. ○ Note the CPUC previously found in D.23-11-006 that the SDCCAs “will not offer a dynamic rate to its customers until the Commission addresses the issue of data access for offering dynamic rates to CCA customers in a decision.”
● Cal. Code of Regulations, Title 20, Section 1623.1(b)(4) requires CCAs to offer customers voluntary participation in at least one dynamic rate for the customer class(es) or a specified load flexibility program by July 1, 2027.
● The CEC approved an order instituting rulemaking (OIR) during its April 8 meeting with a 4-0 vote. The OIR will kick off a pre-rulemaking process, and a formal rulemaking will likely begin in 2027. ● The #1 listed objective of the rulemaking is to investigate “Data access gaps” Item 7
QUESTIONS?
Jake Schlesinger
[email protected]
(970) 531-2525
Item 7
Questions/Discussion – Item 7
21 Item 8: Consider Adoption of Resolution
No. 2026-023 approving the Professional
Services Agreement with PFM Financial
Advisors LLC and Authorizing Execution
of the Agreement
22 © PFM 23
Energy Prepayment Discussion
PFM Financial Advisors LLC 222 N. Pacific Coast Hwy.,
10th Floor
El Segundo, CA 90245
213.489.4075
April 30, 2026
Item 8
© PFM 24
Prepayment Transaction Overview
Goal – Reduce cost of power purchases by 8% or more, with an expected annual savings amount of $4M - $5M generated in the initial term for CEA How – Leverage use of tax-exempt bonding capacity to secure long-term supply Background
Codified in the U.S. tax law
Used since the 1990s largely for natural gas transactions Over 100 transactions totaling over $100 billion completed in the U.S. – mostly for gas 28 energy prepayment transactions totaling $27 billion completed last few years for 12 California Community Choice Aggregators:
➢ Ava Community Energy (AVA) ➢ Pioneer Community Energy (Pioneer) ➢ Silicon Valley Clean Energy (SVCE) ➢ Clean Power Alliance (CPA) ➢ Marin Clean Energy (MCE) ➢ Central Coast Community Energy (3CE) ➢ San Jose Clean Energy (SJCE) ➢ Peninsula Clean Energy (PCE) ➢ Valley Clean Energy (VCE) ➢ San Diego Community Power (SDCP) ➢ Sonoma Clean Power (SCP) ➢ Orange County Power Authority (OCPA) Item 8
© PFM 25
Prepayments That Have Been Completed by CCAs in California Date Amt. ($000) Issuer Beneficiary Prepaid
Supplier
Annual Savings
($M) Discount
09/2021 1,234,720 California Community Choice Fin Auth SVCE, AVA Morgan Stanley 4.1 7.9% 11/2021 602,655 California Community Choice Fin Auth MCE Goldman Sachs 2.4 10.1% 07/2022 931,120 California Community Choice Fin Auth AVA Morgan Stanley 4.3 9.9% 01/2023 459,640 California Community Choice Fin Auth Pioneer Goldman Sachs 2.6 12.0% 01/2023 841,550 California Community Choice Fin Auth SVCE Morgan Stanley 4.6 10.2% 02/2023 998,780 California Community Choice Fin Auth CPA Goldman Sachs 7.7 13.6% 06/2023 958,290 California Community Choice Fin Auth CPA Goldman Sachs 5.9 11.8% 08/2023 997,895 California Community Choice Fin Auth AVA Morgan Stanley 6.5 12.2% 10/2023 647,750 California Community Choice Fin Auth 3CE Goldman Sachs 4.7 11.4% 12/2023 1,038,285 California Community Choice Fin Auth MCE Goldman Sachs 6.6 12.9% 01/2024 1,101,625 California Community Choice Fin Auth SVCE Morgan Stanley 7.4 13.1% 08/2024 1,524,180 California Community Choice Fin Auth CPA Goldman Sachs 11.3 13.1% 10/2024 959,825 California Community Choice Fin Auth PCE Goldman Sachs 5.7 12.3% 11/2024 1,243,210 California Community Choice Fin Auth SJCE Morgan Stanley 8.5 12.1% Item 8
© PFM 26
Prepayments That Have Been Completed by CCAs in California Date Amt. ($000) Issuer Beneficiary Prepaid
Supplier
Annual Savings
($M) Discount
11/2024 1,152,995 California Community Choice Fin Auth CPA RBC 9.0 12.6% 11/2024 1,000,500 California Community Choice Fin Auth SDCP Morgan Stanley 6.7 12.0% 11/2024 775,590 California Community Choice Fin Auth SCP Goldman Sachs 6.1 15.2% 12/2024 1,290,750 California Community Choice Fin Auth CPA Goldman Sachs 11.5 16.8% 03/2025 493,345 California Community Choice Fin Auth VCE Goldman Sachs 3.5 14.4% 06/2025 1,062,605 California Community Choice Fin Auth MCE Goldman Sachs 6.2 10.9% 07/2025 1,005,685 California Community Choice Fin Auth SDCP Morgan Stanley 6.1 10.5% 09/2025 1,004,395 California Community Choice Fin Auth AVA Morgan Stanley 6.0 10.1% 10/2025 960,730 California Community Choice Fin Auth AVA Goldman Sachs 5.9 12.3% 11/2025 844,495 California Community Choice Fin Auth SVCE Morgan Stanley 4.4 10.8% 12/2025 1,035,235 California Community Choice Fin Auth PCE Goldman Sachs 5.8 11.3% 01/2026 1,245,685 California Community Choice Fin Auth SJCE Morgan Stanley 6.9 11.7% 03/2026 929,440 California Community Choice Fin Auth OCPA Morgan Stanley 5.1 12.4% 03/2026 687,215 California Community Choice Fin Auth SDCP Goldman Sachs 4.3 11.1% Total $27,028,190 $169.8
Item 8
© PFM 27
Prepay Deal Team
Clean Energy Alliance
Municipal Advisor* Prepay Counsel* Conduit Issuer Prepaid Supplier* Custodian/Trustee* Rating Agency Bond/Tax Counsel*
• Financial advisory
• Advice on structure,
timing, and terms
• Fiduciary
responsibility to
CEA
• PFM*
• Legal advisory
• Represents CEA’s
interests
• Issuer of tax-exempt bonds
• California
Community Choice
Financing Authority
(CCCFA)
• Structures
transaction
• Markets and
underwrites bonds
• Manages prepay
estate
• Bond interest
payments
• Rates bonds
• Not a rating on
CEA
• Legal services
• Affirms tax-exempt
bond status and
validity of bond
offering
Green Font = potential service providers
*Fees paid on contingency from bond proceeds
Fees are paid from bond proceeds on a contingency basis:
• If bonds are not issued, service providers are not paid • “Sunk” costs are staff time, CCCFA membership ($50K), and possibly rating agency fees (~$250K) Item 8
© PFM 28
Prepayment Structure: High-Level Overview
Existing Structure:
Electricity
Supplier
Electric Deliveries (MWhs)
$/MWh
Prepay Structure:
CCCFA Electricity
Supplier
Non-Recourse
Tax-exempt
Debt
Assigned Electric PPAs (if needed) Assigned Electric PPAs Electric Deliveries
(MWhs)
Electric Deliveries
(MWhs)
$/MWh Prepayment
Debt ($)
Service
Bond
Proceeds
Item 8
© PFM 29
How are the Savings Generated?
The Counterparty values prepayment as an alternate source of capital funding at its higher cost of capital ~ 5%
PPA fixed price cash flows of ~$45MM annually over the life of the deal are discounted at that 5% rate to establish the upfront prepayment amount CCCFA issues tax-exempt bonds to pay the upfront prepayment at a lower interest cost of ~ 4.25% versus the counterparty’s funding rate of ~5%
CCCFA bond payments ~$40MM annually are lower than the existing ~$45MM PPA payments
~$5MM in cashflow savings are generated
Savings are quoted net of all upfront and annual transaction expenses Year Power
Costs
Discounted
at 5% Debt Service Interest at 4.25% Savings
2028 $45mm $40mm $5mm
2029 $45mm $40mm $5mm
2030 $45mm $40mm $5mm
2031 $45mm $40mm $5mm
2032 $45mm $40mm $5mm
2033 $45mm $40mm $5mm
Numbers are for illustration purposes only.
Item 8
© PFM 30
Contract with
Service
Providers
Structure
Prepay Deal
Prepare for
Transaction
Launch
April May June July August September
RFP for
Working
Group
Members
Structure Prepay
Transaction
Join CCCFA
Engage Ratings Agency
Confirm PPA Assignments
Finalize Deal Documents
Prepare “Form of” Deal
Documents
Board approval of transaction
Next Steps in the Transaction
Approve
Hiring PFM
as MA
Item 8
Item 9: Memorandum of
Understanding with Encina
Wastewater Authority
31 Background
32 Item 9
• Encina Wastewater Authority’s
wastewater treatment facilities
sit within CEA’s service territory
in Carlsbad, and the two public
agencies’ Boards share similar
services areas and Board
representation
• Encina and CEA have explored
potential collaboration
opportunities over the past two
years, focusing on potential
energy generation or storage
facilities that could utilize land or
generation resources at the
Encina site
Encina Biogas-to-Energy Project
33 Item 9
• Encina has initiated a current Phase 1 biogas-to-energy project to meet onsite needs and has identified a Phase 2 treatment process which will
result in additional production of biogas above
what is necessary to support operations at the
wastewater treatment facility
• The project could offer 4 megawatts (MW) of
renewable electricity generation capacity which
could supply CEA customers locally – meeting
CEA’s needs for Local Resource Adequacy and
renewable energy while supporting treatment
upgrades desired for the wastewater treatment
processes at Encina
• Next steps: pending MOU approval from both
parties, Encina and CEA would begin preliminary
analyses of technical design, cost, and commercial
structuring to determine project feasibility
Image of future high efficiency / low emissions
linear generator unit
Fiscal Impact
34 Item 9
• Anticipated preliminary feasibility analysis costs may involve consultant engagement under time and materials arrangements • Third-party costs are to be split 50%/50% between CEA and Encina and are limited to $50,000 before requiring approval from both parties
• Staff anticipate that the majority of this potential $50,000 expenditure would occur in FY2026/27 and will be factored into the FY2026/27 budget
• Small amount of this total may also be incurred in the current fiscal year
Staff Recommendation
35 Item 9
• Adopt Resolution No. 2026-024 approving a Memorandum of Understanding (MOU) with Encina Wastewater Authority for preliminary exploration of a potential local biogas-to-energy generation project
• Authorize the Chief Executive Officer to execute the MOU Questions/Discussion – Item 9
36 Item 10: Approving the Fourth
Amendment to the Chief
Executive Officer’s Employment
Agreement
37 Questions/Discussion – Item 10
38