Beginning Balance 16,591
Interest Paid (1) -
Deposits -
Withdrawals -
Ending Balance 16,591
Interest Earned (2) 60
Average Monthly Effective Yield 4.33%
1. This Investment Report does not include CPA deposits held at banks
2. Interest is paid quarterly effective 15 days following the end of the quarter
3. Interest earned is based on daily compounding, account balances and monthly effective yield published by LAIF Beginning Balance 100,000,000
Deposits -
Maturities 10,000,000
Ending Balance 90,000,000
Weighted Average Annual % Yield 5.27%
Weighted Average Term to Maturity (Months) 6.10
Depository Par Amount Rate Placement Date Maturity Date Term(weeks) Interest Earnings (Total) River City Bank 10,000,000 5.52% 11/30/2023 5/30/2024 26 Weeks 279,045.40 Beginning Balance 191,854,139
Deposits -
Withdrawals -
Interest Earned 882,814
Ending Balance 192,736,952
Monthly Distribution % Yield 5.43%
California Asset Management Program (CAMP)
Clean Power Alliance Investment Report
May 2024
Statement
Local Agency Investment Fund (LAIF)
Certificates of Deposit (CDs)
Summary of Transactions (CDs)
CUSTOMERS
Summary of Financial Results
Definitions:
Accounts: Active Accounts represents customer accounts of active customers served by CPA per Calpine Invoice.
Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts YTD Sales Volume: Year-to-date sales volume represents the amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales less allowance for doubtful accounts Cost of energy: Cost of energy includes direct costs incurred to serve CPA’s load Operating expenses: Operating expenditures include general, administrative, consulting, payroll, and other costs required to fund operations Net operating income represents the difference between revenues and expenditures before interest income and expense, and capital expenditures
Cash and Cash Equivalents: Includes bank accounts and marketable securities with maturities of less than 90 days.
Year to date (YTD): Represents the fiscal period beginning July 1, 2023 YTD
May
2024
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,042,196
Participation Rate
93.1%
YTD Sales Volume
9,667 GWh
May Volume
775 GWh
Agr/Oth
2%
Com-Lg
23%
Com-Sm
32%
Res
43%
in $000,000's Actual Budget Variance % Actual Budget Variance % Operating Revenues 103.9 115.6 -11.7 -10% 1,350.5 1,430.1 -79.6 -6% Cost of Energy 67.3 72.0 -4.7 -7% 1,126.7 1,140.8 -14.1 -1% Revenues Less Energy Cost 36.6 43.6 -7.0 -16% 223.8 289.3 -65.5 -23% Operating Expenses 3.7 5.2 -1.5 -30% 37.6 50.0 -12.4 -25% Operating Income 32.9 38.4 -5.4 -14% 186.2 239.3 -53.1 -22% May Year-to-Date
In May 2024 CPA recorded an operating gain of $32.9 million, $5.4 million or 14% less than the budgeted operating gain of $38.4 million. May 2024 results include a $2.8 million charge from the California Independent Systems Operator arising from market activity in September 2022. Absent this prior period charge, CPA would have recorded an operating gain of $35.7 million, $2.6 million or 7% below budget.
May 2024 revenues were $103.9 million, $11.7 million or 10% lower than FY 2023/24 budget resulting largely from cooler than normal weather in CPA's service area. May cost of energy was $67.3 million, $4.7 million or 7% lower than the FY 2023/24 budget. For the year-to-date CPA recorded operating income of $186.2 million, $53.1 million or 22% below budget of $239.3 million. CPA’s year to date financial results were negatively impacted by abnormal weather for much of the first half of the FY 2023/24, cooler than normal spring 2024 temperatures, and an increase in the 2023 Market Price Benchmark promulgated by CPUC in early October 2023 which increased certain renewable energy costs. Operating costs were 25% below budget year-to-date due to lower than budgeted spending on general and administrative expenses, customer programs and other services, and the non-utilization of contingencies. Total non-operating revenues, comprised primarily of interest earnings, were $8.8 million, $6.5 million above budget.
As of May 31st, 2024, CPA had unrestricted cash, cash equivalents, and investments of $379.1 million, and $159.853 million available in its bank line of credit representing 156 Days Liquidity on Hand. CPA is financially sound and in compliance with its bank and other credit covenants.