MINUTES
Finance Committee
of the Clean Power Alliance of Southern California
Regular Meeting
Wednesday, June 25, 2025, 11:00 a.m.
Meeting videos are available on CPA's YouTube Channel.
http://www.youtube.com/@CPApublicmeetings
Committee Members participated in this meeting from the following locations:
Camarillo City Hall
Administrative Conference Room
601 Carmen Drive
Camarillo, CA 93010
Clean Power Alliance Office
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Calabasas City Hall
Council Conference Room
100 Civic Center Way
Calabasas, CA 91302
Claremont City Hall
Council Office
207 Harvard Avenue
Claremont, CA 91711
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
CALL TO ORDER & ROLL CALL
Chair Santangelo called the meeting to order at 11:00 a.m. and Gabby Monzon, Clerk of the Board, conducted roll call.
ROLL CALL
Camarillo Susan Santangelo Committee Chair Remote
Calabasas Ed Albrecht Committee Member Absent
Carson Reata Kulcsar Committee Member Remote
Claremont Corey Calaycay Committee Member Remote
Rolling Hills
Estates
Steve Zuckerman Committee Member Remote
Santa Monica Pam O’Connor Committee Member Present
Thousand Oaks David Newman Committee Member Remote
All votes are unanimous, unless otherwise stated.
GENERAL PUBLIC COMMENT
There was no public comment.
CONSENT AGENDA
1. Approve Minutes from the May 28, 2025, Finance Committee Meeting
2. Receive and File May 2025 Risk Management Team Report
3. Receive and File May 2025 Investment Report
4. Receive and File April 2025 Financial Dashboard
Motion: Committee Member Zuckerman
Second: Committee Member Newman
Vote: The consent agenda was approved by a roll call vote.
REGULAR AGENDA
5. Receive Presentation on the Energy Risk Management Policy Amendments and Provide Feedback
David McNeil, Chief Financial Officer, presented the item. Mr. McNeil noted that staff would like the Committee’s input on the proposed reduction to the Prompt Quarter (PQ) to PQ+3 Minimum Hedge Percentage, related to CPA’s Energy Risk Management Policy (ERMP) that governs the framework by which CPA conducts power procurement and related business activities. Additional proposed amendments are scheduled to be reviewed by the Energy Planning & Resources Committee at its June 25th meeting. Mr. McNeil stated that lowering the Minimum Hedge Percentage would provide flexibility to reduce hedge costs while responsibly managing risk. CPA’s improved financial strength and greater reserves allow it to absorb short-term market shocks while preserving its financial strength.
In response to Committee Member Zuckerman’s question about CPA’s energy contracts, staff clarified that CPA has more power under contract in addition to increased storage. An estimated 60 to 90% of CPA’s contracts are long-term rather than block hedges. Committee Member Zuckerman expressed support for the proposed change and suggested that staff consider making hedges a separate line item to evaluate costs over time. Committee Member Newman asked if there were any risks to reducing the percentage, and Mr. McNeil explained that the risk is potentially higher losses during extreme heat events, but that staff has modeled for those events and that CPA can absorb the losses. Committee Member Kulcsar supported the proposal, noting that staff has diligently refined the policy every year.
COMMITTEE MEMBER COMMENTS
Ted Bardacke, Chief Executive Officer, thanked the Finance Committee for all its work as the fiscal year comes to a close.
ADJOURN
Chair Santangelo adjourned the meeting at 11:31 a.m.