Board of Directors of the
Clean Power Alliance of Southern California
Regular Meeting
Thursday, March 5, 2026
2:00 p.m.
Visit CPA’s YouTube Channel to view a Live Stream of the Meeting www.youtube.com/@CPApublicmeetings
*There may be a streaming delay of up to 90 seconds. This is a view-only live stream.
Clean Power Alliance
Diana Mahmud Board Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Members of the public may also participate in this meeting at the following locations:
Calabasas City Hall
Closed Session Room
100 Civic Center Way
Calabasas, CA 91301
Ventura County Government Center
Rincon Meeting Room
Hall of Administration
800 South Victoria Avenue
Ventura, CA 93009
Whittier City Hall
Admin Conference Room
13230 Penn Street
Whittier, CA 90602
South Bay Cities Council of Governments
Conference Room
357 Van Ness Way, Suite 90
Torrance, CA 90501
Beverly Hills City Hall
Conference Room 4A
455 North Rexford Drive
Beverly Hills, CA 90210
PUBLIC COMMENT: Members of the public may submit their comments by one of the following options:
• Email Public Comment: Members of the public are encouraged to submit written comments on any agenda item to [email protected] up to four hours before the meeting. Written public comments will be announced at the meeting and become part of the meeting record. Public comments received in writing will not be read aloud at the meeting. • Provide Public Comment During the Meeting: The General Public Comment item is reserved for persons wishing to address the Board on any Clean Power Alliance-related matters not on today’s agenda. Public comments on matters on today’s Consent Agenda and Regular Agenda shall be heard at the time the matter is called. Comments on items on the Consent Agenda are consolidated into one public comment period. Members of the public who wish to address the Board at CPA’s Office are requested to complete a comment card and provide it to staff. If you are attending from a remote location, please identify yourself to a CPA representative when your item is called.
Each speaker is limited to two (2) minutes (in whole-minute increments) per agenda item with a cumulative total of five 5 minutes to be allocated between the General Public Comment, the entire Consent Agenda, or individual items in the Regular Agenda. Please refer to Policy No. 8 – Public Comment for additional information.
NAVIGATING OUR AGENDA PACKETS: The meeting agenda packets are bookmarked PDFs, which display a list of agenda items to the left of the page and allow you to click to view specific items within the packet. If viewing in your browser, click the "document outline" button in the upper left corner of the screen.
If the PDF is downloaded, the bookmark panel (ribbon icon) appears on the left side of the screen.
ACCESSIBILITY: 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 two (2) working days before the meeting at [email protected] or (213) 713- 5995. Notification in advance of the meeting, while not required, will enable us to make reasonable arrangements to ensure accessibility to this meeting and the materials related to it.
CALL TO ORDER AND PLEDGE OF ALLEGIANCE
ROLL CALL
GENERAL PUBLIC COMMENT
CONSENT AGENDA
1. Approve Minutes from February 5, 2026, Board of Directors Meeting
2. Adopt Resolution No. 26-03-102 Authorizing and Approving the Extension of the Maturity Date of the Revolving Line of Credit Agreement with J.P. Morgan and Certain other Amendments to the Credit and Fee Agreements Related Thereto, and Delegating Authority to CPA’s Authorized Representatives to Execute and Deliver Such Amendment and other Documents Related Thereto
3. Approve and Authorize the Chief Executive Officer to Execute a Memorandum of Understanding for a Pre-Apprenticeship Training Program with the Workforce Development Board of Ventura County for a Two-Year Term in the Amount of $481,059
4. A. Approve a Non-Social Security Retirement Contribution of 14% for Current Employees that Elect to opt out of Social Security and Authorize CPA to Engage in a Section 218 Agreement Process; and,
B. Adopt Resolution No. 26-03-103 to Approve the Divided Vote Election for Employee Social Security Benefits
5. Receive and File FY 2025-26 Q2 Financial Report
6. Receive and File Q4 2025 Risk Management Team Report
7. Receive and File Q1 2026 Member Agency Programs Report
8. Receive and File Monthly Community Advisory Committee Report
REGULAR AGENDA
Action Items
9. Adopt Resolution No. 26-03-104 Approving Amendments to the Financial Reserve Policy and Fiscal Stabilization Fund Policy
10. Adopt Resolution 26-03-105 Approving a TOU-SMART Pilot Information Item
11. Receive Presentation on a Contract Pricing Program and Provide Feedback Election Item
12. Open Nomination Period for Board Chair for a Two-Year Term Beginning July 2026 and Ending June 2028
COMMITTEE CHAIR UPDATES
Director Cedric Hicks, Chair, Legislative & Regulatory Committee Director Susan Santangelo, Chair, Finance Committee
Director Robert Parkhurst, Chair, Energy Planning & Resources Committee
MANAGEMENT REPORT
BOARD MEMBER COMMENTS
REPORT FROM THE CHAIR
ADJOURN – NEXT REGULAR MEETING APRIL 2, 2026
Public Records: Public records that relate to any item on the open session agenda for a regular Board Meeting are available for public inspection. Those records that are distributed less than 72 hours prior to the meeting are available for public inspection at the same time they are distributed to all, or a majority of, the members of the Board. Public records are available for inspection at CPA’s Office at 801 S. Grand Ave., Suite 400, Los Angeles, CA 90017, or online at www.cleanpoweralliance.org/agendas.
Commonly Used Acronyms
BESS Battery Energy Storage System
CAC Community Advisory Committee
CAISO California Independent System Operator
CALCCA California Community Choice Association
CalEVIP California Electric Vehicle Incentive Program
CARB California Air Resources Board
CARE California Alternate Rates for Energy (Low Income Discount Rate) CCA Community Choice Aggregation
CEC California Energy Commission
CPUC California Public Utilities Commission
DA Direct Access (Private Retail Energy Supplier)
DAC Disadvantaged Community (As Defined by Calenviroscreen 3.0) DER Distributed Energy Resources
DR Demand Response
ERMP Energy Risk Management Policy
ERRA Energy Resource Recovery Account (SCE Generation Rate Setting)
ESA Energy Storage Agreement
EVSE Electric Vehicle Supply Equipment (EV Charger)
FERA Family Electric Rate Assistance (Low Income Discount Rate) GHG Greenhouse Gas
IOU Investor Owned Utility
IRP Integrated Resource Plan
JPA Joint Powers Authority
Commonly Used Acronyms
Kwh Kilowatt-Hour (A Measure of Energy Used in A One-Hour Period) Kw Kilowatt = 1,000 Watts (Watt = A Measure of Instantaneous Power) LSE Load Serving Entity
MB Medical Baseline (Discount Rate for Medical Equipment Needs) MW Megawatt = 1,000 Kilowatts
Mwh Megawatt-Hour = 1,000 Kilowatt-Hours
NEM Net Energy Metering (Usually for Customers with Solar) OAT Other Applicable Tariffs
PCIA Power Charge Indifference Adjustment (Can Be Called “Exit Fee”) PCC1 Renewable Energy Generated Inside California
PCC2 Renewable Energy Generated Outside California
PCC3 A REC from A Renewable Resource, Delivered Without Energy PCL Power Content Label
POU Publicly Owned or Municipal Utility
PPA Power Purchase Agreement
PSPS Public Safety Power Shutoff
PV Photovoltaic (Solar) Panels
RA Resource Adequacy
REC Renewable Energy Credit
RPS Renewables Portfolio Standard
T&D Transmission and Distribution
TOU Time Of Use (Used to Refer to Rates that Differ by Time Of Day) WECC Western Electricity Coordinating Council
Staff Report – Agenda Item 1
To: Board of Directors
Subject: Approve Minutes from the February 5, 2026, Board of Directors Meeting
Date: March 5, 2026
RECOMMENDATION
Approve.
ATTACHMENT
1. Minutes
Board of Directors Item 1
MINUTES
Board of Directors of the
Clean Power Alliance of Southern California
Regular Meeting
Thursday, February 5, 2026, 2:00 p.m.
Meeting videos are available on CPA's YouTube Channel.
http://www.youtube.com/@CPApublicmeetings
Board members participated from the following locations:
Calabasas City Hall
Conference Room 3
100 Civic Center Way
Calabasas, CA 91301
Clean Power Alliance
Diana Mahmud Board Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
South Bay Cities Council of Governments
Conference Room
357 Van Ness Way, Suite 90
Torrance, CA 90501
Ventura County Government Center
Rincon Meeting Room, Hall of Administration
800 South Victoria Avenue
Ventura, CA 93009
West Hollywood City Hall
3rd Floor Conference Room
8300 Santa Monica Boulevard
West Hollywood, CA 90069
Whittier City Hall
Admin Conference Room
13230 Penn Street
Whittier, CA 90602
CALL TO ORDER & PLEDGE OF ALLEGIANCE
Chair Klein Lopez called the meeting to order at 2:02 p.m. and Director Rhodes led the Pledge of Allegiance.
Roll Call
1 Agoura Hills Deborah Klein Lopez Chair Present
2 Alhambra Jeff Maloney Director Present
3 Arcadia Paul Cheng Director Remote
4 Beverly Hills Julian Gold Alternate Present
5 Calabasas Ed Albrecht Director Remote
6 Camarillo Susan Santangelo Director Remote
7 Carson Cedric Hicks Director Remote
8 Claremont Corey Calaycay Director Present
9 Culver City Yasmine-Imani McMorrin Director Present
10 Downey Absent
11 Hawaiian Gardens Absent
12 Hawthorne Alex Monteiro Director Present
Board of Directors Item 1
13 Hermosa Beach Doug Krauss Alternate Remote
14 La Cañada Flintridge Stephanie Fossan Director Present 15 Los Angeles County Rita Kampalath Alternate Present
16 Lynwood Absent
17 Malibu Marianne Riggins Director Present
18 Manhattan Beach David Lesser Director Remote
19 Monrovia Edward Belden Director Present
20 Moorpark Chris Barrett Director Remote
21 Ojai Michelle Ellison Alternate Remote
22 Oxnard Absent
23 Paramount Michelle Muller Alternate Remote
24 Port Hueneme Laura Hernandez Director Present
25 Redondo Beach Brad Waller Director Present
26 Rolling Hills Estates Debby Stegura Director Remote
27 Santa Monica Gleam Davis Alternate Present
28 Santa Paula Jenny Crosswhite Director Present
29 Sierra Madre Absent
30 Simi Valley Rocky Rhodes Director Present
31 South Pasadena Omari Ferguson Director Present
32 Temple City Ed Chen Director Present
33 Thousand Oaks C. Tie Gutierrez Alternate Remote
34 City of Ventura Ryyn Schumacher Director Remote
35 Ventura County Vianey Lopez Vice Chair Present
36 West Hollywood John Erickson Director Remote
37 Westlake Village Kristopher Galvez Alternate Remote
38 Whittier Mary Ann Pacheco Director Remote
All votes are unanimous unless otherwise stated.
GENERAL PUBLIC COMMENT
None.
CONSENT AGENDA
1. Approve Minutes from January 15, 2026, Board of Directors Meeting Board of Directors Item 1
2. Approve Professional Services Agreement with MG Advisory Corp with a Per-Transaction Fee of $281,500 and a Total Not-to-Exceed Amount of $844,500, to be Paid from Bond Proceeds, for Municipal Financial Advisory and Guaranteed Investment Contract Broker Services for up to Three Future Energy Prepayment Bond Transactions
3. Adopt Resolution No. 26-02-100 Approving the Dynamic Rate Pilot Enrollment Cap Increase and Delegation of Authority to the Chief Executive Officer to Increase Cap
4. Adopt Resolution No. 26-02-101 Amending the Clean Power Alliance Net Energy Metering Tariff and Net Billing Tariff Effective February 5, 2026
5. Receive and File Monthly Community Advisory Committee Report Motion: Director Erickson, West Hollywood
Second: Director Rhodes, Simi Valley
Vote: The consent agenda was approved by roll call vote, with an abstention from Director Gutierrez on Item 1.
REGULAR AGENDA
6. Receive Customer Programs Quarterly Reporting Presentation Joanne O’Neill, Senior Director of Customer Programs, described the new customer programs quarterly reporting system. The content includes program definitions, portfolio impacts, highlights, and challenges and risks. A metrics report will provide detailed participation and impacts by program. Ms. O’Neill encouraged Board members to let her know what additional information would be useful.
Director Crosswhite suggested the reports show when a program has room for more participants or if it is at capacity; asked if there’s a way to show how CPA benefits when kilowatt hours are saved. In response to Director Gold’s comment about the GHG reporting, staff clarified that the reporting includes results of participation in specific customer programs.
7. Receive Communications and Marketing Quarterly Update and 2026 Look Ahead Presentation
Cara Rene, Director of Communications and Marketing, described CPA’s areas of strength and areas of growth. The former includes its growth in brand awareness and strong cultural relevancy in communications; the latter includes the need to include more visual, rather than narrative, content, and the need to build relationships with the news media. She described the focus areas of awareness, engagement, and education to deepen the relationship with customers and enhance CPA’s storytelling. Building CPA’s visibility will include creating content specific to social media and developing a roster of go-to experts to be CPA voices, among other efforts. Ms. Rene explained the re-launch of a brand awareness campaign, resources available to customers such as wildfire recovery, and ongoing program marketing.
Director Waller inquired about customer communication methods and goals. Ms.
Rene responded that regulatory notices are delivered by direct mail, and some communication by email at the customer’s request. Brand awareness is meant to connect CPA to the customer, and targeted marketing aims to encourage customers to enroll in programs. CPA tracks data related to outcome and success of outreach efforts, such as social media campaigns, and can be found in the quarterly reports. Ted Bardacke, Chief Executive Officer, added that when Board of Directors Item 1
customers know the CPA brand, they are more receptive to marketing outreach related to programs.
Ms. Rene clarified for Director Ferguson the purpose of the member agency portal, and noted Board members and agency staff can request additional information as needed. Director Davis remarked that Santa Monica would like to encourage commercial customers to enroll in the 100% Green rate and suggested that CPA provide more recognition for those customers who participate in renewable energy and sustainability practices. Staff clarified that CPA has its Green Leader program with a promotional toolkit. Director Belden encouraged staff to keep track of customers leaving CPA for SCE, and whether brand awareness plays a part in opting out and if alternative methods should be used in marketing.
MANAGEMENT REPORT
Mr. Bardacke reminded Board members that CPA’s annual GHG emission reduction figures are now available, including individual city calculations. He discussed legislative activity and noted that member agencies and Board members will be asked to engage with state representatives on a bill which would allow CPA to engage in transmission ownership. Mr. Bardacke reported the completion of the first 15 installations of solar plus battery systems on homes of low-income customers under the Solar + Battery Access Program, with more installations planned in coming months.
Two additional Power Share local solar projects have reached commercial operation. Mr.
Bardacke thanked Congresswoman Brownley, who secured $250,000 in federal funds for CPA’s Power Ready projects. Mr. Bardacke invited Board members to attend the CalCCA annual conference in May 2026. Lastly, Mr. Bardacke reported that CPA, for the third straight year, has been named the nation’s largest provider of green energy.
COMMITTEE CHAIR UPDATES
Director Hicks, Legislative & Regulatory Committee Chair, reported that the Committee received an update on transmission financing bills and two other bills relating to PCIA transparency and Resource Adequacy transactability. It also received a presentation on zero-emission standard rulemakings at SCAQMD and the CARB.
Director Santangelo, Finance Committee Chair, reported that the Committee approved a two-year budget process and discussed bad debt collection.
Director Parkhurst, Energy Committee, and calling in from a remote location to provide an update, reported that the Committee approved reviewed and approved project negotiations from the Innovation Solicitation RFO. He also shared that renewables have surpassed coal as the world’s largest generator of electricity in 2025.
REPORT FROM THE CHAIR
Chair Klein Lopez expressed pride in CPA’s achievements on its 8th anniversary, including being a national leader in the renewable energy industry, having strong financial reserves, and creating effective community programs.
ADJOURN
Chair Klein Lopez adjourned the meeting at 3:15 p.m.
Staff Report – Agenda Item 2
To: Board of Directors
From: Kate Freeman, Strategic Finance Manager
David McNeil, Chief Financial Officer
Reviewed by: Nancy Whang, General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Extension of the Maturity Date of the Credit Agreement with JPMorgan Chase Bank, National Association (“JPM”) and Other Amendments to the Credit Agreement and Fee Agreement
Date: March 5, 2026
RECOMMENDATION
Adopt Resolution No. 26-03-102 authorizing and approving the extension of the maturity date of the Revolving Line of Credit Agreement with JPM (”Credit Agreement”) and certain other amendments to the Credit and Fee Agreements (”Agreements”) related thereto, and delegating authority to CPA’s Authorized Representatives to execute and deliver such amendment and other documents related thereto.
SUMMARY
CPA currently has a $120 million Credit Agreement with JPM that expires on March 31, 2026. The Credit Agreement provides CPA with an important letter of credit facility which is used to meet regulatory requirements such as the California Public Utilities Commission’s (“CPUC”) Financial Security Requirement (“FSR”) and supports CPA’s liquidity and Days Liquidity on Hand (“DLOH”) target.
Board of Directors Item 2
The proposed Amendment to CPA’s Credit Agreement with JPM will extend the term of the Credit Agreement by two years to March 31, 2028, reduce fees and interest rates, and provide CPA with additional credit covenant flexibility.
The improved credit agreement terms reflect continuing improvements to CPA’s financial strength, Standard & Poor’s (“S&P”) ‘A’ credit rating for CPA, and a positive relationship with JPM.
BACKGROUND
In September 2021, the Board approved a Credit Agreement with JPM with a borrowing and letter of credit facility in the amount of $80 million (the “Commitment”) for a two-year term expiring on October 31, 2023. In June 2023, the Board approved the Amended & Restated Credit Agreement with JPM, which increased the Commitment to $160 million from $80 million and extended the term of the agreement to March 31, 2024.
In Fall 2023, staff solicitated proposals from four banks for a $160 million Commitment with a term extending to March 31, 2026. Staff received two offers and selected JPM’s proposal, which included lower fees. In March 2024, the Board approved an extension of the term of the Credit Agreement to March 31, 2026, as well as the Second Amendment to the Fee Agreement with JPM which reduced borrowing interest rates and fees and included a provision that allows CPA to reduce the Commitment.
In May 2025, the Board adopted Resolution No. 25-05-083 authorizing a reduction in the Commitment to $120 million from $180 million and delegating authority to CPA’s Authorized Representatives to further reduce the Commitment from time to time by no more than an additional $40 million, thus maintaining a minimum Commitment of no less than $80 million.
CPA pursues reserve and liquidity targets pursuant to its Board-approved Reserve Policy and uses the Credit Agreement to provide letters of credit to support certain regulatory obligations and energy contracts and, if needed, to borrow funds to provide working capital. Maintaining a credit facility is important to meet the following objectives:
• Demonstrate financial strength to energy market participants and CPA’s credit rating agency, S&P.
Board of Directors Item 2
• Provide additional liquidity in the event of adverse market or regulatory events, supporting the DLOH goal described in CPA’s Reserve Policy.
DISCUSSION
In November 2025, staff solicited a quote from JPM for terms of an amended & extended Credit Agreement and an amended Fee Agreement. Key terms of the proposed Amendment negotiated by staff and JPM include:
• A two-year extension to the term of the Credit Agreement (to March 31, 2028) • Reduced letter of credit fees (to 1.10% from current 1.25%) • Reduce applicable margin on borrowings (to 1.10% from current 1.25%) • Reduced undrawn fees (to 0.325% from current 0.33%)
• Expanded contractual rights for CPA to cure a breach of its debt service coverage covenants, should one occur, and to support covenant compliance in years in which CPA records lower margins
The proposed Amendment would maintain CPA’s access to borrowings and letters of credit, supporting CPA’s liquidity and providing avenues for CPA to satisfy various contractual and regulatory obligations including its FSR as obligated by the CPUC.
PROCESS
At its February 25, 2026, meeting, the Finance Committee reviewed a summary of the proposed amendments and recommended the Board approve the Amendment as described herein.
FISCAL IMPACT
The proposed Amendment is expected to decrease the annual undrawn fees associated with the Credit Agreement to $32,500 per month from the current $33,000 per month. The proposed Amendment would also decrease letter of credit fees; staff estimate this fee decrease would result in savings of $22,500 associated with an estimated $30 million letter of credit required to satisfy CPA’s FSR obligations for the July-December 2026 FSR period. One-time legal expenses associated with the proposed Amendment are $3,000.
Board of Directors Item 2
Savings associated with the proposed Amendment will be included in the budget for FY2026/27 and FY2027/28.
ATTACHMENT
1. Resolution No. 26-03-102
a. Attachment A to Resolution: First Amendment to Amended & Restated Credit Agreement with JPMorgan
RESO NO. 26-03-102
RESOLUTION NO. 26-03-102
RESOLUTION OF THE BOARD OF DIRECTORS OF CLEAN
POWER ALLIANCE OF SOUTHERN CALIFORNIA (CLEAN
POWER ALLIANCE) AUTHORIZING AND APPROVING THE
EXTENSION OF THE MATURITY DATE OF THE REVOLVING
CREDIT AGREEMENT WITH JPMORGAN CHASE BANK, N.A.
AND CERTAIN AMENDMENTS TO THE CREDIT AND FEE
AGREEMENTS RELATED THERETO, AND DELEGATING
AUTHORITY TO THE CLEAN POWER ALLIANCE
AUTHORIZED REPRESENTATIVES TO EXECUTE AND
DELIVER SUCH AMENDMENTS AND OTHER DOCUMENTS
RELATED THERETO
THE BOARD OF DIRECTORS OF CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA HEREBY RESOLVES AS FOLLOWS:
WHEREAS, Clean Power Alliance of Southern California (formerly known as Los Angeles Community Choice Energy Authority) (“Clean Power Alliance”) was formed on June 27, 2017, under the provisions of the Joint Exercise Powers Act of the State of California, Government Code section 6500 et seq.;
WHEREAS, Clean Power Alliance is duly organized, validly existing, and in good standing under and by virtue of the laws of the State of California, is duly authorized to transact business, having obtained all necessary filings, governmental licenses and approvals in the State of California, and has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage;
WHEREAS, Clean Power Alliance maintains an office at 801 S. Grand Ave., Suite 400, Los Angeles, CA 90017, and this is the principal office at which it keeps its books and records;
WHEREAS, the Board wishes to authorize and approve the extension of the maturity date of the Revolving Credit Agreement, dated September 22, 2021 (the “JPM Credit Agreement”) and amended on June 1, 2023 and further amended on March 12, 2024 (the “JPM Amendment”) between Clean Power Alliance and JPMorgan Chase Bank, N.A. (the “Lender”), and certain amendments to the Fee Agreement (as defined in the JPM Credit Agreement) related thereto, and to authorize the Authorized Representatives, specified below, to execute and deliver an amendment to the Fee Agreement providing for such extension and such other amendments in the form attached hereto as Attachment A (the “Amendment”), with such modifications as the Authorized Representatives shall approve as in the best interest of Clean Power Alliance;
NOW, THEREFORE, IT IS HEREBY DETERMINED, AFFIRMED, AND
ORDERED BY THE BOARD OF DIRECTORS OF THE CLEAN POWER ALLIANCE as follows:
(1) AUTHORIZED REPRESENTATIVES. The following named individuals are the authorized representatives of Clean Power Alliance with the respective titles specified below (collectively referred to as “Authorized Representatives” and individually referred to as an “Authorized Representative”):
NAMES TITLES
Deborah Klein Lopez Chair of the Board
Ted Bardacke Chief Executive Officer
David McNeil Chief Financial Officer
Nancy Whang General Counsel
(2) ACTIONS AUTHORIZED. Any one (1) of the Authorized Representatives are authorized and approved to execute and deliver the Amendment attached hereto as Attachment A. The Authorized Representatives may approve the definitive form of the Amendment with such other modifications as are in the best interest of Clean Power Alliance, such approval to be conclusively evidenced by the Authorized Representative’s execution and delivery thereof, and the Amendment will bind Clean Power Alliance. The Amendment is hereby incorporated herein by reference.
IT IS HEREBY FURTHER DETERMINED AND ORDERED that the Authorized Representatives are duly elected, appointed, or employed by or for the Clean Power Alliance, as the case may be. This Resolution now stands of record on the books of the Clean Power Alliance, is in full force and effect, and has not been modified or revoked in any manner whatsoever.
IT IS HEREBY FURTHER DETERMINED AND ORDERED that any and all acts authorized pursuant to this Resolution and performed prior to the passage of this Resolution are hereby ratified and approved. This Resolution shall be continuing, shall remain in full force and effect and Lender may rely on it until written notice of its revocation shall have been delivered to and received by Lender at Lender’s address set forth in the Revolving Credit Agreement. Any such notice shall not affect any of the Clean Power Alliance’s agreements or commitments in effect at the time notice is given.
IT IS FURTHER DETERMINED AND ORDERED that this Resolution shall take effect upon its passage.
ADOPTED AND APPROVED this 5th day of March 2026.
Deborah Klein Lopez, Chair
ATTEST:
Gabriela Monzon, Secretary
ATTACHMENT A
Amendment
1 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT (this “Amendment”), dated as of March x, 2026, is entered into by and between CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA, a public agency formed under the provisions of the Joint Exercise of Powers Act of the State of California, Government Code Section 6500 et. seq. (the “Borrower”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “Lender”).
W I T N E S S E T H
WHEREAS, the Borrower and the Lender have previously entered into that Amended and Restated Credit Agreement, dated as of June 13, 2023 (as further amended by the Second Amendment to Fee Agreement, dated as of March 12, 2024, the “Existing Credit Agreement”; capitalized terms used in this Amendment that are defined in the Existing Credit Agreement shall be given the same meaning herein as therein defined); and WHEREAS the Borrower and the Lender desire to amend certain provisions of the Existing Credit Agreement as provided herein.
NOW, THEREFORE, in consideration of the foregoing, the premises and mutual covenants contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Effectiveness of this Amendment. This Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which each of the following conditions shall be satisfied or waived by the Lender:
(a) Execution of this Amendment. Each of the Borrower and the Lender shall have executed a copy of this Amendment (whether the same or different copies) and shall have delivered the same to the other party;
(b) Execution of Fee Letter Amendment. Each of the Borrower and the Lender shall have executed a copy of the Third Amendment to Fee Agreement (the “Fee Agreement Amendment”) in the form attached hereto as Exhibit A (whether the same or different copies) and shall have delivered the same to the other party; (c) No Default; Representations and Warranties. The Lender shall be satisfied that immediately prior to the Amendment Effective Date and after giving effect to this Amendment, (i) there shall exist no Default or Event of Default under the Existing Credit Agreement and (ii) the representations and warranties of Borrower contained in this Amendment are true and correct in all material respects as of the Amendment Effective Date with the same effect as though such representations and warranties had been made on the Amendment Effective Date;
2 (d) Payments. The Lender shall have received all amounts, if any, owing under the Existing Credit Agreement and the Fee Agreement from the Borrower through and including the Amendment Effective Date;
(e) Authority. The Lender shall have received a copy of the resolutions of the governing body of the Borrower approving the execution, delivery and performance of this Amendment and the Fee Agreement Amendment (collectively, the “Amendment Documents”), certified by an Authorized Representative or the secretary of the governing body of the Borrower as being true and complete and in full force and effect on the Amendment Effective Date;
(f) Incumbency. The Lender shall have received a certificate, dated the Amendment Effective Date, and executed by an Authorized Representative certifying the names, titles, offices and signatures of the individuals authorized to sign, on behalf of the Borrower, the Amendment Documents to be executed and delivered on the Amendment Effective Date; and
(g) Borrower’s Closing Certificate. A certificate, dated the Amendment Effective Date, executed by an Authorized Representative certifying (i) that there has been no event or circumstance since June 30, 2025, that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, (ii) that the representations and warranties contained in Article 4 of the Existing Credit Agreement that are not qualified by concepts of materiality are true and correct in all material respects on the Amendment Effective Date as though made on and as of the Amendment Effective Date, (iii) that the representations and warranties contained in Article 4 of the Existing Credit Agreement that are qualified by concepts of materiality (including Material Adverse Effect) are true and correct in all respects on the Amendment Effective Date as though made on and as of the Amendment Effective Date, and (iv) no event has occurred and is continuing, or would result from entry into Amendment Documents, which would constitute a Default or Event of Default.
2. Amendments. At the Amendment Effective Time:
(a) The reference to “March 31, 2026” in the defined term “Maturity Date” set forth in Section 1.1 of the Existing Credit Agreement shall be deleted and replaced with “March 31, 2028”.
(b) Section 5.1(q) of the Existing Credit Agreement shall be amended and restated in its entirety to read as follows:
“(q) Debt Service Coverage. The Borrower shall not permit the Debt Service Coverage Ratio to be less than 1.10 for any fiscal quarter of the Borrower, commencing with the fiscal quarter ended September 30, 2021; provided, however, in the event the Debt Service Coverage Ratio for any fiscal quarter is less than 1.10 but the Days Liquidity on Hand for such fiscal quarter equals or exceeds 75 days, then the Borrower shall not be considered to have breached this Section 5.1(q); provided, further,
3 however, that the Borrower may only rely on the cure contained in the preceding proviso three times during any Fiscal Year. The Borrower shall determine the Debt Service Coverage Ratio and Days Liquidity on Hand at each fiscal quarter end and shall provide the Lender with written notice thereof together with supporting calculations in reasonable detail to the Lender as soon as practicable following the end of a fiscal quarter and in any event no later than sixty (60) calendar days following the end of each of the first three fiscal quarters and one hundred twenty (120) calendar days following the end of the fourth fiscal quarter (each such notice, a “Debt Service Coverage Ratio Notice”).”
3. Ratification of Basic Documents. Except as specifically amended herein, all Basic Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The Borrower acknowledges and consents to the terms set forth herein and agrees that the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lender under any of the Basic Documents, nor constitute a waiver of any provision of the Basic Documents or in any way impair, reduce or limit any of the obligations of the Borrower under the Basic Documents, as amended hereby.
The Amendment Documents are Basic Documents.
4. Representations and Warranties. The Borrower hereby makes, as of the Amendment Effective Date, each of the representations and warranties set forth in Article 4 of the Existing Credit Agreement, and such representations and warranties are, by this reference, incorporated herein as if set forth herein in their entirety, provided that references to “Agreement” shall, for purposes of this paragraph, be deemed to include this Amendment.
5. Miscellaneous.
(a) Except as expressly modified by this Amendment, the Existing Credit Agreement shall continue to be and remain in full force and effect in accordance with its terms. (b) This Amendment may be executed in any number of counterparts and by the different parties hereto in different counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. (c) The Amendment Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to the Amendment Documents and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the Law of (i) the State of California, in the case of the Borrower, and (ii) the State of New York, in the case of the Lender. (d) Delivery of an executed counterpart of a signature page of any Amendment Document by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of such Amendment Document. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with any Amendment Document and the transactions contemplated thereby shall be
4 deemed to include Electronic Signatures (as hereinafter defined in this Section 5(d)), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act. Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation between the Lender, on the one hand, and the Borrower, on the other hand, electronic images of the Amendment Documents (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of any Amendment Document based solely on the lack of paper original copies of such Amendment Document, including with respect to any signature pages thereto. As used herein, “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
(e) The Borrower agrees to pay Rentner Rust, PC, counsel to the Lender, a flat fee of $3,500 in connection with the transactions contemplated by this Amendment. Such fee shall be paid on the later of (i) the Amendment Effective Date and (ii) two (2) Business Days following delivery of a written invoice therefor.
[Remainder of page intentionally left blank.]
-Signature Page-First Amendment to Amended and Restated Credit Agreement IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed and delivered this Agreement, effective as of the day and year first above written.
CLEAN POWER ALLIANCE OF SOUTHERN
CALIFORNIA
By _______________________________________
Name: Theodore Bardacke
Title: Chief Executive Officer
-Signature Page-First Amendment to Amended and Restated Credit Agreement
JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION
By_______________________________________
Name: Allyson Goetschius
Title: Executive Director
-Signature Page-Third Amendment to Fee Agreement
EXHIBIT A
[Form of]
THIRD AMENDMENT TO FEE AGREEMENT
This THIRD AMENDMENT TO FEE AGREEMENT (this “Amendment”) is made and entered into as of [●], 2026, by and between the Clean Power Alliance of Southern California (together with its successors and assigns, the “Borrower”) and JPMorgan Chase Bank, National Association (together with its successors and assigns, the “Lender”).
WHEREAS, the Borrower and the Lender have previously entered into that Amended and Restated Credit Agreement, dated as of June 13, 2023 (as further amended by the Second Amendment to Fee Agreement, dated as of March 12, 2024, the “Existing Credit Agreement”; capitalized terms used in this Amendment that are defined in the Existing Credit Agreement shall be given the same meaning herein as therein defined);
WHEREAS, the Borrower and the Lender have entered into that certain Fee Agreement, dated as of September 22, 2021, as amended by the First Amendment to Fee Agreement, dated as of December 15, 2023, and as further amended by the Second Amendment to Fee Agreement, dated as of March 12, 2024 (collectively, the “Existing Fee Agreement”); WHEREAS, the parties desire to amend certain provisions of the Existing Credit Agreement and the Existing Fee Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties agree as follows:
1. Amendments to Fee Agreement. As of the Amendment Effective Date, (a) Section 1.1 of the Fee Agreement shall be deleted in its entirety and replaced with the following:
“Section 1.1. Undrawn Fees. The Borrower agrees to pay to the Lender, in immediately available funds, for the period from and including the Closing Date to and including the earlier of the Maturity Date and the date the Commitment is terminated in full (the “Commitment End Date”), and in arrears on the first Business Day of each April, July, October and January occurring thereafter to the Commitment End Date, and on the Commitment End Date, a non-refundable undrawn fee (the “Undrawn Fee”) in an amount equal for each day during such calculation period to the product of (x) the rate per annum set forth in the grid below under the caption “Undrawn Fee Rate,” (y) the Unutilized Commitment (as defined below) for such day and (z) a fraction the numerator of which is 1 and denominator of which is 360:
2 Level Rating Undrawn Fee
Rate
1 BBB+ or above 0.325%
2 BBB 0.475%
3 BBB- 0.725%
4 Below BBB- 1.725%
Any change in the Undrawn Fee Rate resulting from a change in the Rating issued by S&P shall be and become effective as of and on the date of the announcement of the change in Rating by S&P. References to Ratings above are references to the rating categories as presently determined by S&P and in the event of adoption of any new or changed rating system by S&P, the Ratings referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect.
As used herein, (a) “Unutilized Commitment means, for any day, the amount obtained by subtracting the Revolving Credit Exposure from the Commitment, in each case, as of 5:00 p.m. New York City time on such day, (b) “Rating” means the rating of the long-term unenhanced Parity Debt of the Borrower issued by S&P or, if no such Parity Debt Rating exists, the “strength rating” of the Borrower issued by S&P, and (c) “S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business. The Borrower and the Lender acknowledge that as of the Amendment Effective Date, the Undrawn Fee Rate is that specified above for Level 1. Notwithstanding the foregoing, in the event the Rating is suspended or withdrawn by S&P for any reason, the “Undrawn Fee Rate” shall mean 1.725%.”
(b) Section 1.2 of the Fee Agreement shall be deleted in its entirety and replaced with the following:
“Section 1.2. Letter of Credit Fees. The Borrower agrees to pay to the Lender, in immediately available funds, for the period from and including the issuance of each Letter of Credit to but excluding the date such Letter of Credit is terminated (the “LC Termination Date”), and in arrears on the first Business Day of each April, July, October and January occurring thereafter to the LC Termination Date, and on the LC Termination Date, (each, a “LC Payment Date”), a non-refundable Letter of Credit fee (the “LC Facility Fee”) in an amount equal for each day during such calculation period to the product of (x) the rate per annum set forth in the grid below under the caption “LC Facility Fee Rate,” (y) the daily average stated amount of such Letter of Credit as of 5:00 p.m. New
3 York City time on such day and (z) a fraction the numerator of which is 1 and denominator of which is 360:
Level Rating LC Facility Fee Rate
1 BBB+ or above 1.100%
2 BBB 1.500%
3 BBB- 2.000%
4 Below BBB- Default Rate
Any change in the LC Facility Fee Rate resulting from a change in the Rating issued by S&P shall be and become effective as of and on the date of the announcement of the change in Rating by S&P. References to Ratings above are references to the rating categories as presently determined by S&P and in the event of adoption of any new or changed rating system by S&P, the Ratings referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect.
The Borrower and the Lender acknowledge that as of the Amendment Effective Date, the LC Facility Fee Rate is that specified above for Level 1. Notwithstanding the foregoing, in the event the Rating is suspended or withdrawn by S&P for any reason, the “LC Facility Fee Rate” shall mean the Default Rate.”
(c) Section 1.5 of the Fee Agreement shall be deleted in its entirety and replaced with the following:
“Section 1.5. Termination Fee. The Borrower hereby agrees to pay to the Lender a termination fee in connection with any termination of the Commitment by the Borrower prior to March 31, 2027 (such date, the “Mid-Point Date”), in an amount equal to the product of (1) the Undrawn Fee Rate in effect on the date of such termination, (2) the Commitment (without regard to any outstanding Loans, Letters of Credit or LC Disbursements) and (3) a fraction, the numerator of which is equal to the number of days from and including the Mid-Point Date to but excluding the Maturity Date, and the denominator of which is 360 (the “Termination Fee”), which Termination Fee shall be paid on or before the date of such termination; provided, however, that no Termination Fee shall be payable if (i) the Commitment is terminated prior to the Mid-point Date as a result of the Lender requesting compensation for increased costs or loss of return from the Borrower pursuant to Section 2.12 of the Agreement as a result of a Change in Law, unless the Borrower replaces the Commitment with a Lender Agreement provided by a bank or other financial institution that is also subject to the effects of such Change in Law, in which case the
4 Termination Fee shall be payable, or (ii) the Commitment is terminated on or after the Mid-Point Date. No termination in full of the Commitment shall become effective unless and until all amounts payable by the Borrower to the Lender under the Agreement and this Fee Agreement (including without limitation the amount payable, if any, pursuant to this Section 1.5) have been paid in full.”
(d) Section 1.6 of the Fee Agreement shall be deleted in its entirety and replaced with the following:
“Section 1.6. Applicable Margin. “Applicable Margin” means, for any day, the rate per annum set forth in the grid below under the caption “Applicable Margin” opposite the level that corresponds to the Rating from S&P for such day:
Level Rating Applicable Margin
1 BBB+ or above 1.100%
2 BBB 1.500%
3 BBB- 2.000%
4 Below BBB- Default Rate
Any change in the Applicable Margin resulting from a change in the Rating issued by S&P shall be and become effective as of and on the date of the announcement of the change in Rating by S&P. References to Ratings above are references to the rating categories as presently determined by S&P and in the event of adoption of any new or changed rating system by S&P, the Ratings referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect.
The Borrower and the Lender acknowledge that as of the Amendment Effective Date, the Applicable Margin is that specified above for Level 1.
Notwithstanding the foregoing, in the event the Rating is suspended or withdrawn by S&P for any reason, the “Applicable Margin” shall mean the Default Rate.”
2. No Other Changes. Except as expressly provided in this Amendment, the Existing Fee Agreement shall remain in full force and effect upon its original terms. This Amendment and the Existing Fee Agreement constitute an integrated agreement with respect to the subject matter hereof and thereof. This Amendment may be amended, modified, and supplemented only in accordance with the terms of the Existing Fee Agreement.
5 3. Governing Law. This Amendment shall be deemed to be a contract under, and for all purposes shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without giving effect to conflicts of laws provisions (other than New York general obligations laws 5-1401 and 5-1402); provided, that the obligations of the Borrower hereunder shall be governed by the laws of the State of California without regard to choice of law rules.
4. Counterparts. This Amendment may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
[Remainder of page intentionally left blank; signature pages follow.]
-Signature Page-Third Amendment to Fee Agreement
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.
CLEAN POWER ALLIANCE OF SOUTHERN
CALIFORNIA
By _______________________________________
Name: Theodore Bardacke
Title: Chief Executive Officer
-Signature Page-Third Amendment to Fee Agreement
JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION
By_____________________________________
Name: Allyson Goetschius
Title: Executive Director
Staff Report – Agenda Item 3
To: Board of Directors
From: Xico Manarolla, Program Manager
Reviewed By: Joanne O’Neill, Senior Director, Customer Programs Matthew Langer, Chief Operating Officer
Francis Choi, Assistant General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Memorandum of Understanding with Workforce Development Board of Ventura County to Fund Multi-Craft Core Curriculum (MC3) Pre-Apprenticeship Training Program Date: March 5, 2026
RECOMMENDATION
Approve and authorize the Chief Executive Officer to execute a Memorandum of Understanding (MOU) for a pre-apprenticeship training program with the Workforce Development Board of Ventura County for a two-year term in the amount of $481,059.
This funding will support Board-approved investments using Community Benefit funds from executed Power Purchase Agreements (PPAs) and provide workers with skills to facilitate building and transportation electrification and support union apprenticeship programs.
BACKGROUND
In 2020, the Board directed staff to seek out program investments that will “green” existing jobs by providing training and resources to give workers the skills necessary to facilitate building and transportation electrification. Union apprenticeship programs, clean energy Board of Directors Item 3
rapid skills training, and certificate programs for both union and non-union pathways were identified as the types of investments that staff should consider.
On February 6, 2025, the Board authorized the Chief Executive Officer to sign MOUs with Flintridge Center ($435,000 to support between 90 to 270 students) and Women in Non-Traditional Employment Roles ($558,000 to support between 60 to 240 students and lease additional training space) for Multi-Craft Core Curriculum (MC3) pre-apprenticeship programs in Los Angeles County. The Board and Executive Committee also requested that staff investigate ways to support similar MC3 programs in Ventura County.
DISCUSSION
The Workforce Development Board of Ventura County (WDBVC) is located in the City of Oxnard and administers the distribution of federal Workforce Innovation and Opportunity Act funds that support adult education, employer, and youth programs. Using grant funding from the California Workforce Development Board and California Climate Initiatives, the WDBVC partners with regional Workforce Development Boards to fund MC3 pre-apprenticeship trainings through the Coastal Tri-Counties Building & Construction Trades Training Program (Tri-Counties) that rotate between Ventura, Santa Barbara, and San Luis Obispo Counties. In the past, these MC3 training courses have been primarily virtual with some in-person class days. WDBVC has enrolled approximately 350 Ventura County students in MC3 pre-apprenticeship training since 2020.
With support of the WDBVC, Tri-Counties has partnered with Laborers’ International Union of North America (LiUNA) to establish a long-term training facility at Oxnard College starting this year. This facility offers the ability for Tri-Counties to provide in-person MC3 trainings. In-person trainings, when combined with additional support services, have been shown to be highly effective in key outcomes such as the completion of training courses, entering union apprenticeship programs, and ultimately securing gainful employment in the building trades.
Board of Directors Item 3
Under the proposed MOU, WDBVC will provide, via Tri-Counties, MC3 pre-apprenticeship training to CPA customers, including women, veterans, and formerly incarcerated and gang-impacted individuals. WDBVC expects to train up to 90 students in 3 training cohorts in Ventura County over the two-year term of the MOU.
CPA’s two-years of funding for WDBVC includes operational costs for the training - including trainer costs, staffing, overhead, rent for the training facility, insurance and other costs required to organize and host the MC3 program. In addition, CPA will provide funding for students to be paid-as-they-learn through supportive services and training stipends for each cohort. Supportive services help students overcome numerous barriers, including access to childcare, housing, transportation assistance, union initiation fees, construction equipment, driver's license fees, housing-related assistance, security deposit support, and transitional/sober living costs, and other related equipment and fees.
Stipends will be paid to students while they are enrolled in a training course since the demands of the training limit other employment opportunities during that period.
Payments to WDBVC will be contingent upon their submission of semi-annual reporting of key metrics detailed in the MOU. WDBVC will collaborate with CPA to develop and implement outreach strategies that focus on recruiting and enrolling students from CPA member communities.
While the total dollar amount of the MOU is similar to the MOUs previously approved with entities in Los Angeles County, the MOU with WDBVC represents a higher cost per student because the CPA funding for WDBVC supports the entire program delivery. The previous MOUs covered portions of the training program and have been to used augment and increase the capacity of existing programs. With this MOU with WDBVC creates a new in-person training program in Ventura County and therefore requires funding for all aspects of training delivery, increasing the cost per student.
Board of Directors Item 3
FISCAL IMPACT
Since the funding for the grants under this MOU will come from Community Benefits funds provided through several PPAs, these MOUs will not have an impact to CPA’s Fiscal Year 2025-26 budget.
ATTACHMENT
1. Memorandum of Understanding between Workforce Development Board of Ventura County and Clean Power Alliance
Final
1 MEMORANDUM OF UNDERSTANDING (MOU)
This Memorandum of Understanding (“MOU”), made as of the last date signed below (the “Effective Date”), by and between Workforce Development Board of Ventura County (“WDBVC”) and Clean Power Alliance of Southern California (“CPA”), referred to individually or collectively as “Party” or “Parties,” is to begin workforce development pre-apprenticeship training, as described in more detail below.
RECITALS
WHEREAS, CPA desires to support clean energy workforce development efforts in its service territory;
WHEREAS, CPA is operating a Workforce Development grant program that supports union and non-union training programs that give workers skills necessary to facilitate building and transportation electrification and WDBVC has been selected to be a grantee; WHEREAS, CPA seeks to fund Multi Craft Core Curriculum (“MC3”) trainings in Ventura County; WHEREAS, WDBVC provides MC3 trainings and other workforce development services in Ventura County;
WHEREAS, WDBVC seeks a full complement of funds to provide training, case management, marketing and outreach, Stipends to students for earn-as-you learn opportunities, and supportive services to help students with union fees, childcare, transportation, obtaining a driver’s license, and other services to ensure that students can attend class and meet basic on-site job requirements; and WHEREAS, CPA desires to provide WDBVC with funds to support its MC3-based pre-apprenticeship program.
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, it is mutually understood and agreed by and between the Parties as follows:
1. Term. This MOU shall begin on the Effective Date and terminate (a) March 31, 2028, or (b) in accordance with CPA’s termination for convenience rights as provided in Section 2 (“Term”).
2. Termination. CPA may terminate this MOU for convenience and without liability to WDBVC upon giving WDBVC 90 days prior written notice (“Notice of Termination”). CPA shall reimburse WDBVC for costs contemplated in Section 3 below that are incurred for training cohorts, provided that (a) such cohort training must start prior to the expected
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2 effective date of termination under the Notice of Termination and (b) such cohort’s start date must have been scheduled prior to delivery of the Notice of Termination.
3. CPA Payment. CPA will make eight quarterly payments of $60,132.30 (“Quarterly Payments”) to WDBVC for a total of $481,058.37 over the Term of the MOU (the “Grant”); provided that, CPA shall make no Grant payments subsequent to a termination for convenience of this MOU as provided in Section 2. The first Quarterly Payment will be made on or before April 1, 2026. Each subsequent Quarterly Payment will be made on July 1st, October 1st, January 1st, and April 1st during the Term until the Grant is funded. CPA reserves the right to pause or cease Quarterly Payments in CPA’s sole discretion if WDBVC does not provide a Semi-annual Report (as such term is defined below) in a timely manner in accordance with Section 4.b. WDBVC acknowledges and agrees that the Grant shall only be used for the following purposes:
a. Administration of MC3 trainings, including, but not limited to, rent for training space, trainer fees, insurance, WDBVC oversight, protective personal equipment, and other administrative costs.
b. Supplemental training costs to provide Occupational Safety and Health Administration (OSHA), cardiopulmonary resuscitation (CPR) and other pre-approved relevant training for available union jobs in Ventura County. c. Marketing and outreach associated with advertising the program to potential students in Ventura County.
d. Funds provided to students fully enrolled in the MC3 program as they partake in the earn-as-you learn opportunities (“Stipends”).
e. Supportive Services:
i. Supportive services include, but are not limited to: job placement services, union fees, childcare expenses, transportation costs, assistance obtaining a driver’s license or other ID, legal support, medical care, tools, housing related assistance, security deposit support, and transitional/sober living bid costs.
f. Additional expenses with CPA’s prior written approval subject to CPA’s sole discretion.
4. WDBVC Obligations. In consideration of the Grant payments set forth in this MOU, WDBVC shall perform obligations in accordance with the terms, conditions, and specifications set forth herein, including as follows:
a. WDBVC shall make best efforts to meet the following targets:
i. 30-60 student Stipends per year in the amount of approximately $1,980 per student, per year
ii. Supportive services provided to 60 students per year in the amount of $150 per student
b. WDBVC agrees to include the following requirements for all applicants:
i. Student must have a home address in a zip code that CPA has designated.
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3 ii. Student must sign an attestation that they live within a CPA territory as follows:
1. “I confirm that I am a CPA account holder or reside in a household with a CPA customer account.”
iii. WDBVC, before providing funding to students, will provide a short list of recommended awardees with zip codes for CPA to verify prior to award. c. WDBVC agrees to provide CPA with a report every six months (“Semi-annual Report”) during the Term beginning once a funded cohort of students begins classroom training, to report on students that attend and complete the program during the Term. The Semi-annual Report must include the following metrics:
i. Number of students enrolled in each cohort of the program ii. Number and type of supplemental trainings (OSHA, CPR, or other pre-approved union job related training) provided per cohort iii. Types of outreach and marketing activities used to market the MC3 training
iv. Number of students who receive CPA-funded Stipends and total dollar value of Stipends distributed per cohort
v. Total number of Stipends distributed per cohort, regardless of funding source, and total dollar value of Stipends distributed
vi. Total number of students receiving supportive services, amount of CPA funding used for supportive services, and type of supportive services provided per cohort
vii. Total number of students receiving supportive services per cohort, regardless of funding source, and total dollar value of supportive services funding distributed
viii. Total number of students receiving case management support, amount of CPA funding used for case management, and type of case management provided per cohort
ix. Rate of students per cohort who successfully complete WDBVC’s pre-apprenticeship program x. Number of students who obtain an MC3 certificate through the training program
xi. Number of students placed in union apprenticeship programs, tracked by trade
xii. Number of students who go on to complete a union apprenticeship program (if available)
xiii. Wage increase from pre-apprenticeship, apprenticeship, and employment post-apprenticeship program
xiv. Student demographics including: previous income, jurisdiction of residence, highest level of education for students, percentage of students from a disadvantaged community, percentage of students who are
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4 veterans, percentage of students who were previously incarcerated, percentage of students who were under or unemployed
d. Upon request from CPA, WDBVC will work with CPA to develop a post-training graduation survey to determine employment, planned employment as a result of the MC3 training.
e. WDBVC will work with CPA to develop a pre-training survey to determine employment status and current wage (percentage of journeyman’s rate). f. WDBVC will collaborate with CPA to develop and implement outreach strategies that focus on CPA member communities.
g. The first Semi-annual Report shall be sent no later than October 31, 2026, with the subsequent Semi-annual Report no later than April 30, 2027, and continue every 6 months, until the end of the Term.
5. Indemnification. All activities and/or work to be performed under this MOU will be at the risk of WDBVC alone. WDBVC agrees to defend, indemnify, and hold harmless CPA, including all of its Officers, Officials, Employees, Agents, Servants, and Volunteers, against any and all third-party claims, lawsuits, whether against WDBVC, judgments, debts, demands and liability, including without limitation, those arising from injuries or death of persons and/or for damages to property, arising directly or indirectly out of WDBVC’s performance of the terms and conditions of the MOU and/or subsidized in whole or in part by WDBVC, save and except claims or litigation arising through the sole negligence or wrongdoing and/or sole willful misconduct of CPA. WDBVC agrees to waive all rights of subrogation against CPA for losses arising directly or indirectly from the activities and/or work covered by this MOU.
6. Insurance.
a. WDBVC agrees to obtain and maintain in full force during the Term of this MOU, at its sole cost and expense, the following types of insurance covering the activities and operations of their respective officers, agents, employees, and contractors for the Term of this MOU:
i. General Liability "occurrence" coverage in the minimum amount of $1,000,000 combined single limit (CSL) bodily injury & property damage each occurrence and $2,000,000 aggregate, including personal injury, broad form property damage, and products/completed operations. ii. Automobile liability policy covering any auto (including owned, hired, and non-owned autos) with limits no less than $1,000,000 per occurrence for bodily injury and property damage.
iii. Workers' Compensation coverage, in full compliance with California statutory requirements, for all employees of WMDVB and Employer's Liability in the minimum amount of $1,000,000per occurrence for bodily injury or disease.
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5 b. CPA, its Board, Officers, Officials, Employees, Agents, Servants, and Volunteers are to be named as Additional Insured as respects work done by WDBVC under the terms of this contract on all policies required (except Workers' Compensation).
c. WDBVC agrees to waive all rights of subrogation against CPA, its Board, Officers, Officials, Employees, Agents, Servants, and Volunteers for losses arising from work performed by WDBVC under the terms of this contract as it pertains to Workers’ Compensation.
d. Nothing herein shall be construed as a limitation on WDBVC’s obligation under Section 5 of this MOU to indemnify, defend, and hold CPA harmless from any and all liabilities arising from WDBVC’s performance of this MOU. CPA agrees to timely notify WDBVC of any claim. Failure to provide and maintain the insurance required by this MOU will constitute a material breach of the MOU. In addition to any other available remedies, CPA may suspend payment to WDBVC for any services provided during any time that insurance was not in effect and until such time as WDBVC provides adequate evidence that WDBVC has obtained the required coverage.
e. WDBVC agrees to provide CPA with the following insurance documents on or before the effective date of this contract:
i. Certificates of Insurance for all required coverage. ii. Additional Insured endorsement.
iii. Waiver of Subrogation endorsement (a.k.a.: Waiver of Transfer Rights of Recovery Against Others, Waiver of Our Right to Recover from Others) as it pertains to Workers’ Compensation.
f. CPA may waive or change any of the requirements in this Section 6, upon mutual agreement with WDBVC.
7. Publicity. Any publicity generated by WDBVC related to the performance of this MOU must reference both Parties’ contributions. The words “Clean Power Alliance” must be displayed in all pieces of publicity, including flyers, press releases, posters, brochures, public service announcements, interviews, and newspaper articles (to the extent possible). Any piece of WDBVC publicity with respect to the Grant, including those mentioned above, must be reviewed and approved by CPA before issuing such materials. WDBVC agrees to provide CPA with reasonable time for review before such issuance.
Where CPA and WDBVC logos are used on any signage or documentation arising from this partnership, the logos of each Party will be of equal size. No signs may be posted, exhibited, or displayed on or about either Party’s property, except signage required by law or contemplated under this MOU, without prior written approval from each of the Parties.
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6 8. General Provisions.
a. Entire Agreement. This MOU represents the full and complete understanding between the Parties as to the subject matter of this MOU and supersedes any other agreement(s) and understanding(s), either oral or written, between the Parties related to the subject matter of the MOU.
b. Amendment. Any amendment to or modification of this MOU will be effective only if in writing and signed by each Party’s authorized representative. No verbal agreement or implied covenant will be valid to amend or abridge this MOU. c. Governing Law and Venue. This MOU is governed by the laws of the State of California. Any lawsuits related to this MOU must be filed with the Superior Court of California, County of Ventura.
d. Third Party Beneficiaries. There are no intended third-party beneficiaries of this MOU.
e. No Recourse against Constituent Members. CPA is organized as a Joint Powers Authority in accordance with the Joint Exercise of Powers Act of the State of California (Government Code Section 6500, et seq.) pursuant to the Joint Powers Agreement and is a public entity separate from its constituent members. CPA shall solely be responsible for all debts, obligations, and liabilities accruing and arising out of this MOU. WDBVC shall not have any rights and shall not make any claims, take any actions, or assert any remedies against any of CPA’s constituent members in connection with this MOU.
f. Independent Parties. Each Party shall perform its responsibilities and activities described herein separately and not as an officer, agent, employee, or volunteer of the other Party hereto. Each Party shall be solely responsible for the acts and omissions of its officers, agents, and employees. Nothing herein shall be considered as creating a partnership or joint venture between the parties. g. Confidential Information.
i. Duty to Maintain Confidentiality. WDBVC agrees that WDBVC will hold all Confidential Information in confidence, and will not divulge, disclose, or directly or indirectly use, copy, digest, or summarize, any Confidential Information unless necessary to comply with any applicable law, regulation, or in connection with any court or regulatory proceeding applicable, in which case any disclosure shall be subject to the terms provided in Sections8.g.iii, and 8.g.iv, below.
ii. Definition of “Confidential Information”. The following constitutes “Confidential Information,” whether oral or written: (a) the terms and conditions of, and proposals and negotiations related to, this MOU, (b) information, in whatever form, that CPA shares with WDBVC in the course and scope of this MOU, or (c) information that WDBVC or CPA
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7 stamps or otherwise identifies as “confidential” or “proprietary” before disclosing it to WDBVC.
iii. Confidential Information shall not include: (1) information that is generally available to the public or in the public domain at the time of disclosure; (2) information that becomes publicly known other than through any breach of this MOU by WDBVC or its representatives; (3) information which is subsequently lawfully and in good faith obtained by WDBVC or its representatives from a third party, as shown by documentation sufficient to establish the third party as the source of the Confidential Information; provided that the disclosure of such information by such third party is not known by WDBVC or its representatives to be in breach of a confidentiality agreement or other similar obligation of confidentiality; (4) information that WDBVC or its representatives develop independently without use of or reference to Confidential Information provided by WDBVC; or (5) information that is approved for release in writing by WDBVC.
iv. California Public Records Act. The Parties acknowledge and agree that the MOU, including but not limited to any communication or information exchanged between the Parties, any deliverable, or work product are subject to the requirements of the California Public Records Act (Government Code Section 7920.000 et seq.). In order to designate information as confidential, the party disclosing Confidential Information must clearly stamp and identify the specific portion of the material designated with the word “Confidential.” The Parties agree not to over-designate material as Confidential Information. Over-designation includes stamping whole agreements, entire pages, or series of pages as “Confidential” that clearly contain information that is not Confidential Information.
v. Third Party Request for Confidential Information. Upon request or demand of any third person or entity not a Party hereto pursuant to the California Public Records Act for production, inspection, and/or copying of Confidential Information (“Requested Confidential Information”), CPA will as soon as practical notify WDBVC in writing via email that such request has been made. CPA will be solely responsible for taking at its sole expense whatever legal steps are necessary to prevent release to the third party of the Confidential Information designated by WDBVC. If WDBVC takes no such action after receiving the foregoing notice from CPA, CPA shall, at its discretion, be permitted to comply with the third party’s request or demand and is not required to defend against it. If WDBVC does take or attempt to take such action, WDBVC agrees to indemnify and hold harmless CPA, its officers, directors, employees, and
Final
8 agents (“CPA Indemnified Parties”), from any claims, liability, award of attorneys’ fees, or damages, and to defend any action, claim, or lawsuit brought against any of CPA Indemnified Parties for WDBVC’s attempt to prevent disclosure or CPA’s refusal to disclose any Confidential Information.
h. Headings. The headings in this MOU are for convenience only, are not a part of the MOU, and in no way affect, limit, or amplify the terms or provisions of this MOU.
i. Severability / Partial Invalidity. If any term or provision of this MOU, or its application to a particular situation, is found by the court to be void, invalid, illegal, or unenforceable, such term or provision shall remain in force and effect to the extent allowed by such ruling. All other terms and provisions of this MOU or their application to specific situations shall remain in full force and effect. The Parties agree to work in good faith to amend this MOU to carry out its intent. j. Survival. All provisions which by their nature must continue after the MOU expires or is terminated shall survive the MOU and remain in full force and effect.
k. Notices. All notices, requests, and approvals must be sent in writing to the persons below, which will be considered effective on the date of personal delivery; or the date confirmed by the reputable overnight delivery service; or on the fifth calendar day after deposit in the United States Mail, postage prepaid; or the next business day following submission by electronic mail:
To CPA:
Joanne O’Neill
801 S. Grand Ave., Ste. 400
Los Angeles, CA 90017
[email protected]
With a copy, which shall not serve as notice as required or specified herein, to:
Francis Choi
Assistant General Counsel
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
[email protected]
To WDBVC:
Rebecca Evans
2901 N. Ventura Road, 3rd Floor
Oxnard, CA 93036
[email protected]
Final
9 l. Electronic Signatures. This MOU may be executed by electronic signature(s) and transmitted either by facsimile or in a portable document format (“pdf”) version by email and such electronic signature(s) shall be deemed as original for purposes of this MOU and shall have the same force and effect as a manually executed original.
m. Execution in Counterparts. This MOU may be executed in two or more counterpart copies, each of which shall be deemed as an original and all of which, when taken together, shall constitute one and the same instrument. [Signatures on following page]
Final
10 IN WITNESS WHEREOF, the parties have executed this MOU on the latest date of execution set forth below.
Ted Bardacke
Clean Power Alliance of Southern California
Title: Chief Executive Officer
Date:
Estelle Bussa
Workforce Development Board of Ventura
County
Title: Senior Deputy, Service Excellence,
Economic Vitality, & Strategic Planning
Date:
Staff Report – Agenda Item 4
To: Board of Directors
From: Dr. Monique Edwards-Greer, Chief Administrative Officer Reviewed by: Nancy Whang, General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Non-Social Security Retirement Contribution Option and Resolution for Divided Vote
Date: March 5, 2026
RECOMMENDATION
A. Approve a Non-Social Security Retirement Contribution of 14% for current employees that elect to opt out of Social Security and Authorize CPA to engage in a Section 218 Agreement process; and,
B. Adopt Resolution No. 26-03-103 to approve the divided vote election for employee Social Security benefits.
BACKGROUND
Upon formation, government agencies must determine whether their employees will participate in Social Security (SS) on an ongoing basis. CPA and its employees currently participate in SS, with CPA paying a payroll tax of 6.2% of an employee’s income to SS and each employee also paying 6.2% of their pre-tax income to SS, up to the first $184,500 of salary in both instances. CPA employees earn SS credits on the basis of these payroll taxes; these credits, and others SS credits earned over a lifetime of employment, determine eligibility for SS and the size of an employee’s monthly SS benefit payment upon retirement. These contributions by both CPA and its employees are in addition to CPA’s contribution of 6% of base salary to a 401(k)-type account and its Board of Directors Item 4
offering of an additional match of up to 4% of an employee’s voluntary contribution to a deferred income retirement account (for up to a total of 10%). 1 When CPA was originally registered with the IRS in 2017 by Los Angeles County, CPA was mistakenly registered as a non-profit entity, not a government agency. As a result, CPA has not gone through an official determination process of whether or not to participate in SS.
2 As required by law, the 2017 error was recently corrected and CPA’s Employer Identification Number (EIN, often referred to as a Tax ID Number) now correctly carries a government agency designation.
With this government agency designation, CPA must now conform with SS requirements by going through an official Section 218 process to determine future participation in Social Security. A key feature of the Section 218 process is the requirement to allow current employees a one-time opportunity to elect to opt-out or stay in SS on an individual basis during their employment at CPA. Under this Section 218 process, as long as at least one current employee elects to stay in SS, then all future employees (i.e. those hired after the date by which Section 218 elections by existing employees are due) will automatically be opted-in to SS with no opt-out option available to them. Based on informal staff feedback, it is extremely likely that at least some CPA staff will elect to stay in SS, thereby guaranteeing that future employees will automatically make contributions to, and earn credits in, Social Security during their employment at CPA.
In addition to giving employees a one-time option to opt-out of SS to start the Section 218 process, CPA must also establish a retirement benefit package with a minimum contribution of at least 7.5% of base salary (irrespective of any match provisions) to an employee’s retirement. With its current 6% minimum contribution, CPA does not currently meet this requirement.
1 In CPA’s case these are 401(a) and 457(b) plans respectively. 95% of CPA employees take advantage of the 4% employer match contribution, effectively making CPA’s current contribution to the 401(a) a full 10%.
2 Non-profits participate in Social Security by default with no official determination needed.
Board of Directors Item 4
At its January 15, 2026 meeting, the CPA Executive Committee (“ExCom”) directed staff to place an item on the March 5 Board Agenda related to the creation of a new retirement benefit option (referred to as “Non-SS Retirement Contribution Option”). ExCom’s direction was to propose Non-SS Retirement Contribution Option that would meet the Section 218 requirements via a 14% employee contribution with no matching provisions.
The goal of this direction was to use a portion of the savings that would accrue to CPA from no longer paying a 6.2% payroll tax for those employees who opt-out of SS as a way to increase contributions to those employees’ retirement, in exchange for those employees’ loss of future SS credits and the resulting likely reduction in SS benefits.
The ultimate savings to CPA are described in the Fiscal Impact section below and are highly dependent on the number of employees who ultimately elect to opt-out of SS but are positive across a range of scenarios.
DISCUSSION
Non-SS Retirement Contribution Option
Consistent with ExCom’s direction, staff is proposing the creation of new retirement contribution of 14% of annual salary to a 401(k) type account3. This option would be available only to those employees who do not participate in SS in the future and only for the duration of their employment at CPA. The number of employees who would elect to take this option would depend on individual employee elections; it could be no employees, some employees, or nearly all employees. For employees that elect to remain in SS and for future employees, CPA would not change its current retirement benefit contribution to the 401(a) of a 6% employer contribution plus an up to 4% employer match of a voluntary employee contribution, for a total contribution of up to 10%.
If an employee opts-out of SS, CPA would benefit fiscally under this 14% contribution option in two ways:
1. CPA would no longer pay a 6.2% payroll tax to SS and would see a net benefit even after using a portion of these savings to fund the increased Non-SS 3 A 401(a) account for government employees.
Board of Directors Item 4
Retirement Contribution Option. The projected savings are dependent on the number of CPA employees who decide to opt-out of SS; the more employees who opt-out of SS, the higher the savings, as described in the Fiscal Impact section below.
2. CPA would also be eligible for a one-time refund of SS payroll taxes paid for the last three calendar years for each employee that chooses to opt-out. If most current employees withdrew from SS, this one-time refund to CPA would be worth nearly $2.5 million.
Employees who do not participate in SS would benefit from a 6.2% increase in taxable pay on their first $184,500 of income and the additional 401(a) contributions CPA would offer under the Non-SS Retirement Contribution Option. They would also be eligible for a similar refund that CPA would be eligible for – up to three calendar years of prior SS taxes paid while employed by CPA. On the downside, these employees could also lose their SS credits earned during that same previous three-year time period – and would no longer earn SS credits in the future while employed with CPA. Loss of these credits could impact both overall eligibility for SS retirement and disability benefits as well as level of monthly benefits at retirement. This trade-off means that the individual impact of formally opting in or withdrawing from SS is highly differential among different employees based on many factors including, but not limited to age, work history, and past contributions to SS.
Section 218 Resolution
Resolution No. 26-03-103 authorizes CPA staff to initiate the Section 218 process. The text of the Resolution has been provided by the State of California’s Section 218 Administrator. This Resolution is needed to start the Section 218 process, including formal informational sessions with staff. The informational sessions will, by necessity, include information about the Non-SS Retirement Option.
While employees will be expected to make an individual election this calendar year, the entire Section 218 process is expected to take 18-24 months. After the individual election process concludes with validation by the State Administrator and the Social Security Board of Directors Item 4
Administration, staff would present to the Board a subsequent resolution to officially request formalization of Social Security coverage for employees who have not opted out and for future employees.
FISCAL IMPACT
Depending on the number of employees that elect to opt out of Social Security during the Section 218 process, CPA would realize cost savings of between $18,500 (10% of employees opting out) and $180,000 (95% of employees opting out) annually once the Section 218 process is complete, factoring in both the savings to CPA from no longer paying the 6.2% Social Security payroll tax and the additional costs to CPA of raising the employer contribution to the 401(a) by four percentage points.4 CPA would also be eligible to receive a one-time refund of Social Security taxes paid since 2023 for employees who choose to opt-out and request a refund of prior taxes paid. This one-time refund could be as high as $2.5 million.
Based on historical trends, annual savings could grow if the COLA-based wage growth at CPA and the growth in the cap on the amount of wages subject to Social Security taxes (currently set at $184,500) are, at a minimum, the same.5 Savings could also grow quite significantly if the cap on wages subject to Social Security wage tax is removed or raised significantly in the early 2030s as part of any comprehensive program to deal with Social Security’s looming insolvency, as many current analyses of solutions to the insolvency problem indicate is likely.6
Future savings associated with the Non-SS Retirement Contribution will also diminish over time as newly hired employees who are automatically covered by SS replace current employees who choose to opt-out of SS. Retirement cost calculations will revert to their 4 95% of CPA employees take advantage of the 4% employer match contribution, effectively making CPA’s current contribution to the 401(a) a full 10%.
5 This is a conservative assumption, given that over the past 10 years, the average annual growth of the index upon which CPA has based its COLA has been 3.5%, while the cap on wages subject to Social Security has grown faster, at an average of 4.6% annually. 6 https://www.wsj.com/politics/policy/the-next-class-of-senators-wont-be-able-to-dodge-the-social-security-crunch-67193b54?st=8biVcf&reflink=desktopwebshare_permalink Board of Directors Item 4
current state when CPA no longer has any employees who opted-out of SS during this one-time process.
ATTACHMENT
1. Resolution No. 26-03-103 - Divided Vote Resolution
SOCIAL SECURITY DIVIDED VOTE RESOLUTION
RESO NO. 26-03-103
RESOLUTION NO. 26-03-103
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
TO APPROVE THE DIVIDED VOTE ELECTION FOR
EMPLOYEE SOCIAL SECURITY BENEFITS
WHEREAS, the Clean Power Alliance of Southern California hereinafter designated as "Public Agency", desires to establish a "deemed" retirement system pursuant to Section 218(d)(6) of the Federal Social Security Act composed of positions of members of the Nationwide 401a plan hereinafter designated as "Present Retirement System", desiring coverage, and to include services performed by individuals employed by the Public Agency in positions covered by said "deemed" retirement system, as members of a coverage group established by Section 218(d)(4) of said Act, in the California State Social Security Agreement of March 9, 1951, providing for the coverage of public employees under the insurance system established by said Act as amended; and
WHEREAS, State and Federal law and regulations require, as a condition of such coverage, that a division be authorized by the Board of Administration, Public Employees' Retirement System; and
WHEREAS, it is necessary that the "Public Agency" now designate any services which it desires to exclude from coverage with respect to such coverage group under said insurance system; and
WHEREAS, it is necessary for the Public Agency to set forth the modification, if any, of the benefits and contributions under the Present Retirement System that may result from coverage under the said insurance system with respect to such coverage group;
NOW, THEREFORE, BE IT RESOLVED, that the Board of Administration, Public Employees' Retirement System, be and hereby is requested to authorize the foregoing division; and
BE IT FURTHER RESOLVED, that upon receipt of authorization from the Board of Administration a division shall be conducted in accordance with the requirements of Section 218(d) of the Social Security Act, and applicable State and Federal laws and regulations; that each eligible member of the Present Retirement System at the time of the division shall be furnished a form to permit the member to elect whether or not their services should be excluded from or included under the said California State Social Security Agreement as hereinbefore provided; with such coverage effective as to services performed on and after January 1, 2026; and
BE IT FURTHER RESOLVED, that the following services with respect to said coverage group of the Public Agency shall be excluded from coverage under said agreement:
SOCIAL SECURITY DIVIDED VOTE RESOLUTION
RESO NO. 26-03-103
1. All services excluded from coverage under the agreement by Section 218 of the Social Security Act; and
2. Services excluded by option of the Public Agency (Check a. or b.; fill in part b if checked):
a. No optional exclusions desired.
b. Service performed:
BE IT FURTHER RESOLVED, that notice of the division shall be given to members of the Present System not less than ninety days prior to the date of the division; provided, however, that notice shall be given to employees becoming members of the Present Retirement System after the date of such notice up to and including the date of the division on the date on which they attain membership in the system; and that Clean Power Alliance of Southern California is hereby designated and appointed to conduct such division on behalf of the Public Agency in accordance with law, regulations, and this resolution, including the fixing of the date and the giving of proper notice thereof to members of the Present Retirement System and to all such eligible employees; and BE IT FURTHER RESOLVED, that the Public Agency will pay and reimburse the State at such time and in such amounts as may be determined by the State the approximate cost of any and all work and services relating to such division.
Board Chair
Clean Power Alliance of Southern California
Official Name of Public Agency
Date
SOCIAL SECURITY DIVIDED VOTE RESOLUTION
RESO NO. 26-03-103
CERTIFICATION
I, , of the Clean Power Alliance of
Southern California, State of California, do hereby certify the foregoing to be a full, true, and correct copy of Resolution No. adopted by the Board of Directors of Clean Power Alliance of the Clean Power Alliance of Southern California at the regular meeting regular/special meeting held on the day of , , as the same appears of record in my office.
Signature
Title
Date
Staff Report – Agenda Item 5
To: Board of Directors
From: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Receive and File FY 2025-26 Q2 Financial Report Date: March 5, 2026
RECOMMENDATION
Receive and file.
ATTACHMENT
1. FY 2025-26 Q2 Financial Report
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 and other (grant related) revenues less allowance for doubtful accounts Cost of energy: Includes all direct power costs incurred to serve CPA’s load Operating expenses: Includes general, administrative, consulting, payroll, and other costs required to fund operations Operating Income: Represents the difference between revenues and cost of energy and operating expenses Non-Operating Income: Interest income arising from deposits and investments net of borrowing costs and fees Investments: Liquid and high-quality securities with maturities of 91 days or more Cash and Cash Equivalents: Includes bank deposits and high quality and liquid securities with maturities of 90 days or less Year to date (YTD): Represents the fiscal period beginning July 1, 2025 YTD
December
2025
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,070,809
Participation Rate
92.8%
YTD Sales Volume
5,601 GWh
December Volume
876 GWh
Res
49%
Com - Lg
21%
Com - Sm
28%
Agr/Oth
2%
In December 2025, CPA’s net position increased by $13.6 million, $23.3 million more than the budgeted loss of $9.8 million. Energy revenues were $95.4 million, 11% lower than projected, and the cost of energy was $79.7 million, 29% lower than budgeted. Revenue and cost of energy were lower than budgeted primarily due to lower than forecasted residential heating load attributable to mild weather. Cost of energy was also impacted by lower than budgeted energy market prices and the non-utilization of energy contingencies.
Year to date, CPA’s net position increased by $35.3 million, $67.1 million higher than budgeted. YTD revenues totaled $690.4 million, 4% less than budgeted, due to mild weather in the first half of the fiscal year reducing customer load, and lower than budgeted bad debt expense primarily attributable to the change in methodology and a one time increase in bad debt expense implemented in June 2025. YTD energy expenses were $638.4 million, 12% less than budgeted, due to lower than forecasted market prices for energy, lower than projected renewable energy costs primarily due to delay damages received from a counterparty, lower than forecast resource production, lower CAISO charges, and the non-use of energy contingencies. Absent contingencies, energy costs YTD were $40.7 million (6%) below budget. YTD operating expenses totaled $28.5 million, 23% less than budgeted, mainly due to the timing of spending on staffing, customer program incentives, and professional service expenses.
As of December 31st, 2025, CPA had unrestricted cash, cash equivalents, and current and long-term investments of $607.7 million, as well as $119.5 million available in its bank line of credit, representing 227 Days Liquidity on Hand.
CPA is financially sound and in compliance with its bank and other credit covenants.
2025 2024
ASSETS
Current assets
Cash and cash equivalents 379,801,167 $ 465,543,491 $
Investments 30,000,000 40,001,000
Accounts receivable, net of allowance 100,700,431 138,104,655 Accrued revenue 67,323,175 82,555,206
Other receivables 11,950,679 5,226,253
Interest receivable 2,284,201 2,545,556
Prepaid expenses 16,428,256 1,663,243
Deposits 14,983,048 18,302,736
Total current assets 623,470,957 753,942,140
Noncurrent assets
Capital assets, net of depreciation and amortization 1,520,848 2,071,571 Deposits 89,875 88,875
Investments 201,008,363 70,000,000
Total noncurrent assets 202,619,086 72,160,446
Total assets 826,090,043 $ 826,102,586 $
LIABILITIES
Current liabilities
Accounts payable 3,550,468 3,107,344
Accrued cost of electricity 160,328,482 282,860,315
Other accrued liabilities 5,612,170 4,817,560
User taxes and energy surcharges due to other governments 11,151,411 11,995,190 Security deposits from energy suppliers 1,513,350 480,000 Unearned program funds 5,495,604 4,016,255
Lease liability, current 464,557 439,233
Total current liabilities 188,116,042 307,715,897
Noncurrent liabilities
Security deposits from energy suppliers 1,616,852 4,346,852 Lease liability, noncurrent 1,141,845 1,606,402
Other noncurrent liabilities 387,843 297,697
Total noncurrent liabilities 3,146,541 6,250,952
Total liabilities 191,262,583 $ 313,966,849 $
DEFERRED INFLOWS OF RESOURCES
Fiscal stabilization fund 135,000,000 135,000,000
NET POSITION
Investment in capital assets (85,554) $ 25,936 $
Unrestricted 499,913,013 377,109,801
Total net position $ 377,135,737 499,827,459 $
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
STATEMENT OF NET POSITION
AS OF DECEMBER 31, 2025 AND 2024
2025 2024
OPERATING REVENUES
Electricity sales for resale, net 688,958,018 $ 862,407,862 $ Other revenue 1,410,751 1,702,973
Total operating revenues 690,368,769 864,110,835
OPERATING EXPENSES
Cost of electricity 638,433,908 801,870,112
Contract services 14,295,510 11,089,808
Staff compensation 12,322,658 10,631,240
General and administration 1,918,658 1,572,449
Total operating expenses 666,970,734 825,163,610
Operating income 23,398,035 38,947,226
NONOPERATING REVENUES (EXPENSES)
Interest and investment income 12,116,628 10,850,672
Interest and financing expenses (242,385) (316,394)
Total nonoperating revenues 11,874,243 10,534,279
CHANGE IN NET POSITION 49,481,504 35,272,278
Net position at beginning of period 464,555,182 327,654,232 Net position at end of period 499,827,460 $ 377,135,736 $
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
FOR SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024
2025 2024
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Net operating income (loss) 23,398,034 $ 38,947,226 $
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation expense 65,296 83,401
Amortization expense 203,179 234,936
Revenue adjusted for allowance for uncollectible accounts 6,375,630 12,316,941 (Increase) decrease in:
Accounts receivable (9,771,278) (7,253,890)
Other receivables (1,808,679) 6,276,688
Accrued revenue 6,025,912 12,662,659
Prepaid expenses (10,465,281) 89,629,675
Deposits (7,054,798) (15,971,318)
Increase (decrease) in:
Accounts payable 295,617 61,443
Energy market settlements payable (3,352,208) (4,106,698) Accrued cost of electricity 55,959,761 40,097,061
Other accrued liabilities (3,900,053) 935,594
User taxes due to other governments 458,570 1,244,317
Supplier security deposits 583,350 (2,281,500)
Unearned program funds 645,999 (38,418)
Net cash provided by operating activities $ 172,838,119 57,659,053 $
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Interest and related expense payments (241,277) (275,970) Net cash used by non-capital financing activities (275,970) (241,277)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Payments to acquire capital assets (6,589) -
Payments on lease (for both principal and interest) (243,548) (236,454) Net cash used by capital and related financing activities (250,137) (236,454)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchased of investments 14,130,736 (50,001,000)
Interest income received 11,268,212 9,709,376
Net cash provided (used) by investing activities 25,398,948 (40,291,624) Net change in cash and cash equivalents 82,566,588 132,034,070 Cash and cash equivalents at beginning of period 297,234,579 333,509,421 Cash and cash equivalents at end of period 379,801,167 $ 465,543,491 $ Reconciliation to the Statement of Net Position
Cash and cash equivalents (unrestricted) 379,801,167 465,543,491 Cash and cash equivalents 379,801,167 $ 465,543,491 $
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
STATEMENT OF CASH FLOWS
FOR SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024
2025/26 YTD
Budget
2025/26 YTD
Actual
2025/26 YTD
Budget Variance
(Under) Over
2025/26 YTD
Actual / Budget
% 2025/26 Budget
2025/26
Remaining
Budget
2025/26
Remaining
Budget %
Operating revenues
Revenue - electricity, net 718,087,664 $ 688,958,018 $ (29,129,646) $ 96% 1,319,740,816 $ 630,782,798 $ 48% Other revenues 2,337,696 1,410,751 (926,945) 60% 4,514,184 3,103,433 69% Total operating revenues 720,425,360 690,368,769 (30,056,591) 96% 1,324,255,000 633,886,231 48% Energy costs
Energy procurement 638,433,908 726,855,251 (88,421,343) 88% 1,207,444,000 569,010,092 47% Total energy costs 726,855,251 638,433,908 (88,421,343) 88% 1,207,444,000 569,010,092 47% Operating revenues less energy costs 51,934,861 (6,429,891) 58,364,752 - 64,876,139 116,811,000 56%Operating Expenditures Staffing 13,404,780 12,322,658 (1,082,122) 92% 27,846,000 15,523,342 56% Technical services 1,137,250 690,436 (446,814) 61% 2,465,000 1,774,564 72% Legal services 887,185 315,213 (571,972) 36% 1,542,000 1,226,787 80% Other professional services 1,411,092 681,473 (729,619) 48% 2,802,000 2,120,527 76% Communications and outreach 2,905,000 2,189,100 (715,900) 75% 6,079,000 3,889,900 64% Mailers 835,260 635,486 (199,774) 76% 1,425,000 789,514 55% Billing data manager 6,072,210 5,884,894 (187,316) 97% 12,279,000 6,394,106 52% SCE services 1,193,470 836,508 (356,962) 70% 2,404,000 1,567,492 65% Customer programs 6,659,905 3,062,398 (3,597,507) 46% 14,425,000 11,362,602 79% General and administrations 2,621,403 1,918,658 (702,745) 73% 5,836,000 3,917,342 67% Total operating expenditures 37,127,555 28,536,827 (8,590,728) 77% 77,103,000 48,566,173 63% Operating income 23,398,034 (43,557,446) 66,955,480 39,708,000 16,309,966Non-operating revenues (expenditures) Interest income 12,658,855 12,116,628 (542,227) 96% 26,568,000 14,451,372 54% Finance and interest expense (921,302) (242,385) 678,917 26% (1,176,000) (933,615) 79% Total non-operating revenues (expenditures) 11, 11,874,243 737,553 136,690 101% 25,392,000 13,517,757 53% Change in net position 35,272,277 (31,819,893) 67,092,170 - 29,827,723 65,100,000 46% Other uses Capital outlay 168,998 6,589 (162,409) 4% 338,000 331,411 98% Depreciation and Amortization (329,360) (268,475) 60,885 82% (617,000) (348,525) 56% Total other uses (160,362) (261,887) (101,525) 163% (279,000) (17,113) 6% Change in fund balance $ 35,534,164 (31,659,531) $ 67,193,695 $ - $ 29,844,836 65,379,000 $ 46%
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
FOR SIX MONTHS ENDED DECEMBER 31, 2025
Note Dec-25 Sep-25 Jun-25 Mar-25 Dec-24
1 Working Capital 435,354,915 417,818,194 427,785,834 473,307,586 446,226,243 2 Current Ratio 3.3 2.9 4.1 3.6 2.5
3 Days Sales Outstanding 27 34 25 31 29
4 Equity 634,827,459 616,047,547 599,555,182 540,576,683 512,135,737 5 Equity to Assets % 77% 74% 81% 74% 62%
6 Adjusted Unrestricted Cash 406,670,965 369,549,451 364,687,727 414,629,251 500,717,639 7 Investments 201,008,363 200,314,879 174,258,907 69,571,079 70,000,000 8 Available Line of Credit 119,512,000 114,012,000 114,353,000 154,353,000 154,353,000 9 Total Liquidity 727,191,328 683,876,330 653,299,634 638,553,330 725,070,639 10 Days Liquidity on Hand (TTM) 227 216 180 174 200
11 Gross Margin (quarterly) 10% 6% 24% 12% 29%
12 Net Margin (quarterly) 7% 4% 21% 9% 28%
Percentage Change from Prior Quarter
Working Capital 4% -2% -10% 6% 7%
Current Ratio 13% -29% 15% 46% 16%
Days Sales Outstanding -23% 40% -20% 5% -16%
Equity 3% 3% 11% 6% 23%
Equity to Assets % 4% -9% 9% 20% 19%
Available Cash 10% 1% -12% -17% 9%
Investments 0% 15% 150% -1% 0%
Available Line of Credit 5% 0% -26% 0% 0%
Total Liquidity 6% 5% 2% -12% 18%
Days Liquidity on Hand (TTM) 5% 20% 3% -13% 20%
Select Financial Indicators
0 100
200
300
400
500
600
700
800
Dec-24 Mar-25 Jun-25 Sep-25 Dec-25
Millions ($)
Financial Indicators
Working Capital Equity Total Liquidity
Staff Report – Agenda Item 6
To: Board of Directors
From: Lyon Hardgrave, Director, Energy Risk Management
Approved by: Ted Bardacke, Chief Executive Officer
David McNeil, Chief Financial Officer
Subject: Receive and File Quarterly Risk Management Team Report October 1, 2025 through December 31, 2025 (Q4 2025)
Date: March 5, 2026
RECOMMENDATION
Receive and file.
ATTACHMENT
1. RMT Quarterly Report
Quarterly Report of Risk Management Team
October 1, 2025 through December 31, 2025 (Q4 2025)
I. Introduction
The Board of Directors of Clean Power Alliance (CPA) approved an Energy Risk Management Policy (ERMP) at its July 12, 2018 meeting, which provides the framework for conducting procurement activities in a manner that maximizes the probability of CPA meeting its portfolio, reliability, and financial goals. The ERMP has been amended on an annual basis, most recently on July 10, 2025.
The ERMP requires quarterly reporting to the Board on the activities, projected financial performance, and general market outlook facing CPA. The Risk Management Team (RMT)1 submits this report in accordance with this requirement. Though not required by the ERMP, the RMT also reports on ERMP compliance monthly to both the Finance Committee and Energy Planning & Resources Committee.
II. Risk Management Team Activities
The RMT is responsible for implementing, maintaining, and overseeing compliance with the ERMP and for maintaining the Energy Risk Hedging Strategy. The primary goal of the RMT is to ensure that the procurement activities of CPA are executed within the guidelines of the ERMP and are consistent with Board directives. Several business practices are prescribed in the ERMP. What follows is a summary of CPA’s compliance with these practices as outlined in the Policy.
A. ERMP Acknowledgement Form
It is the policy of CPA that all CPA Representatives participating in any activity or transaction within the scope of the ERMP shall sign on an annual basis or upon any revision, a statement acknowledging compliance with the ERMP. Execution of the 2025 ERMP Acknowledgement Form was completed by relevant CPA staff, consultants and Board members.
B. Transaction Types
The ERMP includes a list of approved transaction types. All products that have been purchased or sold by CPA during the current quarterly period represent an approved transaction type as listed in Appendix C of the ERMP.
1 The RMT is comprised of CPA’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and Vice President, Power Supply.
C. Counterparty Suitability
The ERMP requires that all counterparties with whom CPA transacts must be reviewed for creditworthiness and assigned a credit limit. A formal Counterparty Credit Protocol document that describes the method for evaluating counterparties and establishing a credit limit was developed by CPA’s Chief Financial Officer and CPA’s former scheduling coordinator, The Energy Authority (TEA). The Protocol was approved by the Chief Executive Officer, in consultation with the RMT, and enacted in Q1 2019.
Pursuant to the ERMP, no counterparty credit limit may exceed $50 million unless approved in writing by the Board. CPA continues to manage counterparty credit exposures through margining and other credit enhancement requests where contractually permitted. During the quarter, no counterparty that contracted to provide electricity system hedges exceeded its credit limit.
D. System of Record
As required by the ERMP, all transactions are being stored both in CPA’s systems as well as in CPA’s Scheduling Coordinator’s (currently Tenaska Power Services, or TPS) trading and risk management system. Similarly, all transaction approvals are being logged and stored on TPS’s servers, with information being made available to CPA staff via a secure web portal. The transaction record also includes the confirmation letters for each transaction. CPA is in the process of transitioning its transaction repository to an internal data warehouse, which will provide additional functionality and security features.
E. Position Tracking and Management Reporting
To manage risk, the ERMP requires regular production of various reports. The status of each report required by policy follows:
• Financial Model Forecast: The financial model captures projected revenues and energy and operating costs and produces various financial reports and forecasts on an accrual basis. The model uses load forecast data produced by CPA, energy contract details from CPA’s Front Office and Middle Office systems, revenue projections from CPA’s revenue model and forward prices from the ICE Data Service and TPS.
• Net Position Report: Short- and long-term net position reports are in production, managed directly by CPA procurement staff, and linked to TPS’s trade capture system or to CPA’s internal energy trading and risk management system (ETRM).
The short-term net position report updates daily and incorporates the current weather outlook for the next 60 days to show net positions for the current and next months. The long-term net position report assumes normal weather and shows net positions through the balance of the current year and prompt four years. • Counterparty Credit Exposure: CPA is adhering to the credit policies included in the ERMP. CPA receives daily updates of counterparty credit exposures on both a notional and mark-to-market basis.
• Monthly Risk Analysis: The ERMP requires both stress testing of financial results and probability-based assessments of future financial projections. CPA continues to implement and improve risk analysis tools to stress test financial results and validate potential hedging transactions. Recurring monthly risk analysis focuses on the prompt 12 months, while specific studies extend through calendar 2026 or beyond.
• Quarterly Board Report: Subject of this report.
F. Delegation of Authority
All executed transactions during the current period have been approved consistent with the Delegation of Authority outlined in Section 5 of the ERMP.
G. Limit Deviations or Business Practice Reporting
The ERMP requires that transaction volumes should not be executed that exceed the requirements of meeting CPA’s load (energy and capacity), renewable and/or carbon free energy requirements. The ERMP designates specific hedge targets for the prompt-year (PY) through the prompt plus 9-years for different product types.
RMT reviewed the relevant hedge targets for the remainder of 2025 and beyond and identified the following policy deviations:
Policy Deviation Required Action
Beginning in June 2024, the renewable
energy hedge ratio exceeded the
maximum hedge percentage for 2027 due
to the addition of new renewable energy
supply from a PPA.
Beginning in November 2024, the
renewable energy hedge ratio exceeded
the maximum hedge percentage for 2028-
2030 due to a reduction in the renewable
energy product targets that are used for
long-term power planning and position
management.
None.
The deviations for 2027-2030 will resolve
themselves as CPA nears these years
and the maximum hedge percentages
increase.
Beginning in September 2025, the energy
hedge ratio for Q3 2028 exceeded the
None.
maximum hedge percentage by 0.2% due
to a reduction in forecast load.
As of January 1st, 2026 the maximum
hedge % for Q3 2028 increased, which
resolved the deviation.
There are no existing or potential violations of conflicts of interest or General Conduct to report for this quarterly period.
H. Training
The ERMP acknowledges the importance of ongoing education as part of its risk management framework. Consistent with this, the ERMP outlines certain training requirements. All procurement and risk management staff, including the members of the RMT, were up to date on required training.
I. Hedging Strategy
CPA is compliant with the hedging strategy provided in Appendix A of the ERMP.
III. General Market Conditions
Southern California experienced mild and dry weather conditions throughout much of Q4 2025. The December outlook showed warmer than normal winter conditions across the state. Day ahead energy prices were lower than anticipated by forward prices resulting in lower costs to serve CPA’s customer load. Forward prices for energy deliveries in 2026 and beyond declined slightly over the quarter. Forward prices for resource adequacy and renewable energy for 2026 and beyond declined modestly. CPA renewable asset production throughout the quarter was 9.5% below forecast.
Staff Report – Agenda Item 7
To: Board of Directors
From: Joanne O’Neill, Senior Director, Customer Programs Reviewed By: Matthew Langer, Chief Operating Officer
Francis Choi, Assistant General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Customer Programs Quarterly Report
Date: March 5, 2026
RECOMMENDATION
Receive and file.
ATTACHMENT
1. Customer Programs Quarterly Report – March 2026
2. Member Agency Programs Quarterly Report – March 2026
Attachment 1: Customer Programs Quarterly Report – Q1 2026
INTRODUCTION
In June 2020, the Board of Directors approved a "Local Programs for a Clean Energy Future" strategic plan and, in 2023, CPA published the Local Programs Action Plan building upon the strategic plan and outlining new programs it planned to launch over the next several years. These programs fall into three categories, or “program pillars,” and offer a combination of incentives and technical support to help advance projects for residential, commercial, and public sector customers. The “program pillars” include:
1. Resilience and Grid Management: Resilience programs are designed to support customer and community resilience to climate related impacts such as extreme heat and wildfires. Grid management offerings increase reliability and affordability by reducing the cost to procure energy and providing emergency resources during times of high usage and grid strain.
2. Building and Transportation Electrification: These programs help transition buildings and vehicles from fossil fuel sources to clean electricity, thereby reducing greenhouse gas emissions while improving both indoor and outdoor air quality.
3. Local Clean Energy Procurement: These programs and procurement initiatives increase access and availability of clean energy resources within CPA communities, increasing the volume of renewable resources, increasing our customers’ ability to generate on-site clean energy, and creating local jobs and economic development.
This quarterly report provides overall program status, key accomplishments, challenges and risks, and impacts for the CPA portfolio of customer programs. The report covers data and activities through January 31st, 2026. This quarterly report excludes the Power Ready and Energized Communities programs, which focus directly on supporting member agencies only, and the status of which is reported to in Attachment 2: Member Agency Programs Quarterly Report.
CUSTOMER PROGRAMS ACTIVITIES
Customer Programs Snapshot below shows the cumulative impacts of the CPA portfolio of programs since inception:
Key Accomplishments
• Performing start-up activities in support of the CPA partnership with Los Angeles County and the Southern California Regional Energy Network’s Equitable Building Decarbonization (EBD) program. In 2026 EBD is set to support five Initial Community Focus Areas in CPA territory: Bassett/Avocado Heights (Unincorporated LA County), Carson, Hawaiian Gardens, Hawthorne, and Paramount.
• Submitted Advice Letter and received approval from the California Public Utilities Commission (CPUC) for four (4) Power Purchase Agreements. These projects, once complete, will fill the remaining energy capacity for the Power Share program, totaling 14.45 MW.
• A new Power Share Community Solar project in Carson reached commercial operation. The Community Solar program now has three operational projects, two in Pico Rivera and one in Carson, totaling 1.99MW and providing capacity for 830 customers in addition to Carson’s City Hall. The final Community Solar project, also located in Carson, is expected to come online before the end of the first quarter of 2026.
25,714
participants
$5.7M in
customer bill
savings
$1.3M in
customer
incentives
4.04 MW of
demand
response
capacity
Shifted
962,117 kWh
of EV charging
CPA Customer Programs Snapshot
Challenges and Risks
• Part of the funding for the Solar and Battery Access Program (SBAP) comes through the statewide Self Generation Incentive Program (SGIP) program, which was fully allocated on the first day of availability. Currently 53 SBAP projects ($1.41M in funding) have been waitlisted. SBAP projects that do not receive SGIP funding will be cancelled.
• The Instant AC Program leverages the California Public Utilities Commission-funded Golden State Rebates program infrastructure and layers additional incentives to maximize the benefits to customers. The state program will end in June 2026. CPA, in partnership with the Golden State Rebates implementer, is evaluating options to ensure that a CPA-funded program remains available to customers without support from the state.
Key Upcoming Activities
• In 2026, CPA expects seven more cohorts of pre-apprenticeship training in Los Angeles County and staff are working to finalize an MOU for additional pre-apprenticeship training courses in Ventura County which is expected to go to the Board for approval at an upcoming meeting.
• CPA plans to issue Request for Proposals (RFPs) for vendor(s) to enter into Professional Services Agreements (PSA) to implement three different programs.
Once negotiated, these PSAs would be presented to the Board of Directors for consideration, likely in Q3 2026.
o With the existing Power Response contract expiring this year, issue a new RFP integrating program enhancements to customer experience and incentive payment processes and expanding the focus to include small businesses.
o New Multifamily Electric Vehicle Charging Program, which will provide technical assistance and incentives to multifamily properties to install low-powered EV charging outlets and level 2 chargers for residents to use.
o New Multifamily Efficient Cooling Program to increase availability of high-efficiency cooling equipment for tenants and property owners and managers in extreme heat prone areas.
Quarterly Customer Programs Metrics Report (through January 31, 2026) Program-to-Date Results
Program Name / Program Description Current
Participation Incentives
Paid
Customer Bill
Savings
Energy
Impacts
Resilience and Grid Management
Instant AC Savings:
CARE or FERA customers can receive a $300
instant coupon toward the purchase of an energy
efficient room air conditioner at participating
retailers.
157 $47,100 NC
Energy saved
from efficient
upgrades:
12,094 kWh
Power Response:
Incentivizes customers to temporarily reduce their
electricity usage during periods of high energy
demand through behavioral changes or by
leveraging smart devices.
3,652 $691,099 NC
Energy saved
during DR
events:
287,591 kWh
EV SmartCharge:
Customers receive incentives for enrolling and
participating in the app-based program that
manages an electric vehicle’s charging schedule
to switch charging to off-peak periods.
1,384 $162,230 $105,965
Energy Shifted
Off Peak:
962,117 kWh
Peak Management Pricing:
Customers receive bill credits based on
performance to shift or lower energy usage during
designated high-peak events to reduce system
stress and improve grid reliability.
4 NC NC NC
Capacity Bidding Program – Elect:
Enables customers to enroll in a qualified demand
response program through CPA, as an SCE-approved aggregator, to temporarily reduce energy use to support grid reliability and qualify
for the SGIP battery rebate.
New Program NC NC NC
Board of Directors Item 7
Building and Transportation Electrification
California Electric Vehicle Infrastructure
Project (CALeVIP):
In partnership with the California Energy
Commission, the program provides rebates for
level 2 EV chargers.
15 $322,757 NA NC
Energy Team:
Expert Energy Guidance, no-cost energy upgrade
assessments, and information on ways to access
available rebates for homes or small businesses.
280 NA NC NC
Local Clean Energy Procurement
Sun Storage Rebate:
Residential customers who install a battery
storage system with new or existing solar can
apply for a rebate of up to $2,250.
149 $125,500 NC NC
Power Share:
Develops local solar projects and provides 100%
clean energy at a 20% bill discount for income-qualified, residential customers in disadvantaged communities prioritizing customers at risk of
disconnection.
9,718 NA $5,656,621
137,890,460
kWh of 100%
Green Energy
Delivered
Solar and Battery Access:
Provides income-qualified homeowners with solar
and battery storage system with no out-of-pocket
expenses for equipment and installation.
179 NA NC NC
Definitions:
NA = Not applicable
NC = Not currently calculated, may be calculated at a later time
Attachment 2: Member Agency Programs Quarterly Report
INTRODUCTION
This quarterly report provides overall program status, key accomplishments and challenges, and quarterly goals for two Clean Power Alliance (CPA) programs that directly support member agencies: the Power Ready and Energized Communities programs.
While other programs are available to member agencies, such as Reach Codes or Power Response-Commercial Leaders, Power Ready and Energized Communities are specifically tailored to accelerating decarbonization and improving the resiliency of member agency operations. This quarterly report covers data and activities from November 1st to January 31st, 2026.
POWER READY
Power Ready is a community benefit program offered to CPA’s member agencies and critical community sites. The program enhances energy and community resiliency by installing solar-plus-storage systems as a clean energy backup source that is available when a power outage occurs. Compared with typical solar and battery systems, the Power Ready program provides several unique offerings, including a guarantee that a portion of the battery will be available for planned and unplanned power outages for critical loads at facilities. CPA also guarantees that annual electricity charges for the site host will be equal to, or less than, the amount that would have otherwise been charged if they did not participate in the Power Ready program.
CPA’s Board of Directors approved the Round 1 multi-site Power Purchase Agreement (PPA) on February 1, 2024, with Coast Energy, which is comprised of 11 backup energy systems totaling 1.15 megawatts (MW) of solar photovoltaic system capacity paired with
1.17 MW of battery energy storage system (BESS) capacity collectively.
Board of Directors Item 7
Key Accomplishments
Power Ready Round 1:
• Project-specific equipment was purchased in December to comply with the new Investment Tax Credit (ITC) and Foreign Entities of Concern (FEOC) requirements. Components purchased include battery energy management system controllers and data acquisition systems. Solar modules for the entire portfolio were purchased in Q2 2025.
• Progress continues with the development of these projects, including:
o Coast Energy issued notices to proceed with their Engineering, Procurement, and Construction (EPC) vendor to support pre-development activities.
o All Interconnection Applications have been submitted; most have advanced and some are completing their technical review by SCE.
o Four projects have reached the 90% engineering design complete stage, and the remaining seven projects are advancing between 10-30% of their engineering designs.
• All projects submitted incentive applications for the statewide Self Generation Incentive Program (SGIP) program to maintain their “Conditional Reservation Letter” status and, if ultimately successful, will result in a $2,173,923 incentive total that will be allocated to offset costs of the program.
Power Ready Round 2:
• Significant interest among member agencies and community sites has resulted in the submission and screening of 132 member agencies and community sites for program eligibility.
• As an output of the site screening and prioritization from member agencies, 24 facilities have been assessed for technical feasibility with on-site assessments from CPA’s technical consultant. Draft assessment reports detailing the findings and recommendations have or will be shared with site hosts to provide feedback on the proposed project scope.
Board of Directors Item 7
• During the CPA Board Retreat on September 26, 2025, CPA staff received feedback on several aspects of the Power Ready Round 2 program that includes the possibility of CPA owning the Power Ready Round 2 assets. Staff have diligently explored project delivery options and plan to present the proposed delivery structure at future Committee and Board meetings.
Challenges and Risks
• CPA and Coast Energy will monitor progress and assist with permitting approvals where feasible and support as necessary to meet project completion timelines.
Goals for the Next Quarter
• Coast to finalize engineering schematics, obtain permits, secure long-lead equipment items, and start construction during Q1 and Q2 of this year. Projects are expected to be operational during Q4 2026.
• CPA staff and technical consultants will complete the review of site submissions for Round 2 to evaluate their technical feasibility and complete outstanding draft assessment reports.
Board of Directors Item 7
Key: Black X = Selected
Black check marks = complete
Grey check marks = incomplete
Power Ready Round 1 Project Status Summary: (as of January 31, 2026) Member
Agency
Site
Assessments
Complete
SGIP Incentive
Conditionally
Reserved
Site Lease
Agreement
Signed
Notice to
Proceed
Issued
Permit &
Interconnection
Request
Submitted
Construction
Started
Construction
and Testing
Complete
Permission
to Operate
Received
City of Agoura
Hills ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
City of
Beverly Hills ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
City of Oxnard ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
City of Sierra
Madre ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
City of South
Pasadena ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
City of
Westlake
Village
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
County of Los
Angeles
(3 Projects)
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
County of
Ventura
(2 Projects)
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Board of Directors Item 7
ENERGIZED COMMUNITIES
Energized Communities is a $10 million commitment of funds and technical assistance offered through a series of pathways to assist CPA’s member agencies with implementation of their decarbonization and sustainability projects. The Energized Communities program is made up of two parts: (1) Pathways to Electrification, offering pre-selected measures to facilitate building and vehicle electrification, and (2) an Innovation Fund to support creative decarbonization projects in our communities. Member agencies may receive up to $250,000 to implement one of the Pathways to Electrification projects and are also eligible to apply for up to $250,000 from the Innovation Fund.
Energized Communities program objectives and general enrollment are summarized in the table below. Project status for each member agency is provided in the Innovation Fund and Pathways to Electrification tables following this quarterly report.
Pathways to Electrification Innovation Fund Energized
Communities
Program
Building
Electrification
Assistance
Electric Fleet
Transition
Community EV
Charging Round 1
Program Goal
Install
electrification
measures in
municipal facilities
Procure vehicles
and/or install EV
charging
infrastructure for
municipal fleets
Support public EV
charging at City or
County owned
sites
Fund projects that
support local
government efforts
to achieve climate
and energy goals
# of Agencies
Participating 4 12 3 4
Key Accomplishments
A total of nineteen (19) member agencies have enrolled in the Pathways to Electrification program to date. Nine additional agencies are currently reviewing the Pathways to Electrification participation agreements. • The second Energized Communities Electric Fleet Transition project was completed, with the City of Agoura Hills purchasing three electric Chevy Blazers and installing four EV charging stations.
• The second Energized Communities Building Electrification Assistance project was completed. The County of Los Angeles electrified the Willowbrook Senior Center by installing heat pump heat, ventilation and cooling systems, and automated building controls.
Board of Directors Item 7
Innovation Fund Round 1: Four Round 1 Innovation Fund participants are in various stages of implementation, with two projects offering services to the community and two others preparing to launch.
• The City of Carson has received and reviewed 80 program applications since launching its EV Charging Wallet program last October. • The City of Santa Monica’s program to provide electric equipment to renters received 100 applications, and 20 participants were selected to enroll in the first phase of the program.
Innovation Fund Round 2: At the December 2025 Board meeting, six proposals were selected to participate in Round 2 of the Innovation Fund. The member agencies are currently reviewing draft Participation Agreements and are expected to launch their projects in the next quarter. Summaries of the six selected projects are included in the table below.
Innovation Fund: Round 2 Projects
Agency & Project Title Executed Participation Agreement Alhambra Equity-Driven
Green Equipment (EDGE)
Pilot Program
Provide low-income renters with electric
appliances (HEPA air purifiers, portable HVAC
units, smart plugs)
Carson Residential Lawn and
Garden Equipment Rebate
Program
Provide $250 rebates to 300 families and
electrify 500 pieces of equipment
Los Angeles County Cool
Homes
Install heat pumps in 300 low-income renter
households + train at-risk youth to provide
technical assistance
Thousand Oaks Residential
Induction Stove Rebate
Program
Targeted marketing to install induction stove +
tiered rebate structure to incentivize
CARE/FERA households
Ventura County Skilled and
Trained Community Heat
Pump Rebate
Provide 100 CPA customers with instant $2K
rebates for qualifying heat pump HVAC
systems, stacked with Sheet Metal Workers'
Local Union 104 point-of-sale rebates
Whittier Expansion of Cruiser
EV Program
Free, on-demand micro transit program
estimated to serve 60K passengers annually
Board of Directors Item 7
Challenges and Risks
The member agencies’ internal processes to select a Pathways to Electrification program and approve the corresponding Participation Agreement remains lengthy, leading to later than desired start dates for some projects. Similar delays in approving the Innovation Fund Participation Agreements may result in additional time being incorporated into the individual project timelines. Several member agencies are experiencing staff capacity and budget issues and have deferred the start of their Pathways to Electrification projects. Some of the Electric Fleet, Community EV Charging, and Innovation Fund projects will likely require energy infrastructure upgrades and coordination with Southern California Edison (SCE). SCE has a lengthy project implementation queue, which could add to the scheduled timeline of CPA-funded projects.
Key Upcoming Activities
CPA continues to engage with member agencies who have not yet selected an Energized Communities pathway and plans to enroll at least two more agencies this fiscal year.
CPA continues to support members agencies as they near project completion and prepare reimbursement requests so the program funding can be issued to the agencies.
CPA staff is coordinating with each agency selected for Round 2 of the Innovation Fund to finalize Participation Agreements and launch the Round 2 projects over the next quarter.
Due to the level of interest in community-wide resilience projects, CPA staff will consult with the agencies that submitted these types of projects to the Innovation Fund in past rounds and gather input to design a Round 3 funding opportunity that is focused on community-wide resilience projects.
Board of Directors Item 7
Key: Black X = Selected
Black check marks = complete
Grey check marks = incomplete
CPA Innovation Fund Round 1 Program Status: (as of January 31, 2026) Agency & Project Title
Executed
Participation
Agreement
Project Started Project
Completed
Carson EV Charging Wallet Pilot Program ✓ ✓ ✓
Culver City Portable Battery Fleet Program to
Replace Gas Generators ✓ ✓ ✓
Oxnard Lamppost Electric Vehicle Charging Pilot
Project Agency is not moving forward
Santa Monica Renters’ Energy and
Cooling/Heating (REACH) Program ✓ ✓ ✓
West Hollywood Equitable Building Performance
Standards and Benchmarking Support ✓ ✓ ✓
Board of Directors Item 7
Key: Black X = Selected
Black check marks = complete
Grey check marks = incomplete
CPA Energized Communities Project Status Summary (page 1): (as of January 31, 2026) Pathway Selection Milestones
Member Agency Fleet
Electrification
Building
Electrification
Community
EV Charging
Agency
Briefing
Project
Scope
Selected
Executed
Participation
Agreement
Project
Started
Project
Completed
Agoura Hills x ✓ ✓ ✓ ✓ ✓
Alhambra x ✓ ✓ ✓ ✓ ✓
Arcadia x ✓ ✓ ✓ ✓ ✓
Beverly Hills x ✓ ✓ ✓ ✓ ✓
Calabasas x ✓ ✓ ✓ ✓ ✓
Camarillo x ✓ ✓ ✓ ✓ ✓
Carson x ✓ ✓ ✓ ✓ ✓
Claremont x ✓ ✓ ✓ ✓ ✓
Culver City x ✓ ✓ ✓ ✓ ✓
Downey x ✓ ✓ ✓ ✓ ✓
Hawaiian Gardens x ✓ ✓ ✓ ✓ ✓
Hawthorne x ✓ ✓ ✓ ✓ ✓
Hermosa Beach x ✓ ✓ ✓ ✓ ✓
La Cañada Flintridge x x x ✓ ✓ ✓ ✓ ✓
Los Angeles Co. x ✓ ✓ ✓ ✓ ✓
Board of Directors Item 7
Key: Black X = Selected
Black check marks = complete
Grey check marks = incomplete
CPA Energized Communities Project Status Summary (page 2): (as of January 31, 2026) Pathway Selection Milestones
Member Agency Fleet
Electrification
Building
Electrification
Public EV
Charging
Agency
Briefing
Project
Scope
Selected
Executed
Participation
Agreement
Project
Started
Project
Completed
Lynwood x ✓ ✓ ✓ ✓ ✓
Malibu x x x ✓ ✓ ✓ ✓ ✓
Manhattan Beach x ✓ ✓ ✓ ✓ ✓
Monrovia x ✓ ✓ ✓ ✓ ✓
Moorpark x x x ✓ ✓ ✓ ✓ ✓
Ojai x ✓ ✓ ✓ ✓ ✓
Oxnard x ✓ ✓ ✓ ✓ ✓
Paramount x ✓ ✓ ✓ ✓ ✓
Port Hueneme x ✓ ✓ ✓ ✓ ✓
Redondo Beach x ✓ ✓ ✓ ✓ ✓
Rolling Hills Estates x x x ✓ ✓ ✓ ✓ ✓
Santa Monica x ✓ ✓ ✓ ✓ ✓
Santa Paula x ✓ ✓ ✓ ✓ ✓
Sierra Madre x ✓ ✓ ✓ ✓ ✓
Simi Valley x x x ✓ ✓ ✓ ✓ ✓
South Pasadena x ✓ ✓ ✓ ✓ ✓
Board of Directors Item 7
Key: Black X = Selected
Black check marks = complete
Grey check marks = incomplete
CPA Energized Communities Project Status Summary (page 3): (as of January 31, 2026) Pathway Selection Milestones
Member Agency Fleet
Electrification
Building
Electrification
Public EV
Charging
Agency
Briefing
Project Scope
Selected
Executed
Participation
Agreement
Project
Started
Project
Completed
Temple City x ✓ ✓ ✓ ✓ ✓
Thousand Oaks x ✓ ✓ ✓ ✓ ✓
Ventura x ✓ ✓ ✓ ✓ ✓
Ventura County x ✓ ✓ ✓ ✓ ✓
West Hollywood x ✓ ✓ ✓ ✓ ✓
Westlake Village x ✓ ✓ ✓ ✓ ✓
Whittier x ✓ ✓ ✓ ✓ ✓
Staff Report – Agenda Item 8
To: Board of Directors
From: Christian Cruz, Senior Community Outreach Manager Reviewed by: Francis Choi, Assistant General Counsel
Approved by: Ted Bardacke, Chief Executive Officer
Subject: Community Advisory Committee (CAC) Report
Date: March 5, 2026
RECOMMENDATION
Receive and file.
MEETING REPORT
CPA 2026 Policy Platform
The CAC received a presentation on CPA’s 2026 Policy Platform and Legislative Update.
This year, CPA updated its policy platform to respond to energy related issues anticipated during the 2026 legislative session, particularly those concerning data centers and affordability. The updated platform includes new language addressing the escalating electricity delivery costs associated with wildfire mitigation and grid hardening, as well as the need to balance necessary grid upgrades with customer affordability. In addition, language was added to emphasize the importance of preserving Community Choice Aggregators (CCAs) as the default service provider for all customers within a CCA territory, regardless of customer size.
The CAC also received an overview of CPA’s sponsored legislative bill, authored by Assemblymember John Harabedian, which would address electricity affordability by allowing CCAs to own and finance transmission infrastructure. The presentation further included an overview of AB 1761 (Rogers), which would require increased transparency in the calculation of the Power Charge Indifference Adjustment (PCIA). Specifically, the
Board of Directors Item 8
bill would require the CPUC or investor-owned utilities to disclose all data used to calculate PCIA costs.
The CAC requested that staff carefully consider the potential liability associated with owning transmission infrastructure. In addition, the CAC noted that SB 868 (Wiener) would help promote affordability.
TOU-SMART Pilot
The CAC received a presentation on CPA’s TOU-SMART Pilot. The pilot will test the impact of lower daytime electricity rates on customer behavior and CPA energy costs.
Based on feedback from the Board, staff engaged top researchers at the UCLA Anderson School and Institute of Environment & Sustainability to advise on pilot design, support data analysis throughout the pilot, and document pilot results.
The pilot would default between 4,200 and 6,300 customers onto the TOU-SMART rate for two years:
• Customers would be selected from among 36,000 non-NEM customers who are on the TOU-D-PRIME rate, which is designed for residential customers with EVs, home batteries, and/or heat pumps for water or space heating • Customers who are defaulted to TOU-SMART would be able to switch back to TOU-D-PRIME at any time and would receive bill protection for the duration of the pilot.
The TOU-D-PRIME rate was introduced in 2019 as an option for residential customers with high energy usage, such as those with battery storage, EVs, or electric water or space heating. Compared to TOU-D-PRIME, TOU-SMART has lower super off-peak (SOP) rates from 8am – 4pm, offset by increased off-peak rates from 9pm – 8am.
It is anticipated that the pilot results will inform future CPA rate design, the use of rates as a tool for meeting customer and CPA objectives, program recommendations to support load shifting, and associated marketing strategies.
Board of Directors Item 8
Once approved by the Board, the CAC recommended that staff and CAC members present information about the pilot at City Council meetings. In addition, the CAC recommended that staff ensure a useful sample size is maintained as participants exit the pilot over time.
ATTACHMENT
1. CAC Meeting Attendance
Community Advisory Committee Attendance
2026
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov
East Ventura/West LA County
Angus Simmons ✓ ✓
Kat Selm ✓ A
Debbie West A A
San Gabriel Valley
Hamarz Aryafar ✓ ✓
West/Unincorporated Ventura County
Kent Bullard ✓ ✓
Daniel Mora ✓ ✓
South Bay
Cort Casady A ✓
Diane Wallace A ✓
Gateway Cities
Luis Alvarez ✓ A
Genaro Bugarin ✓ A
Westside
Cris Gutierrez A ✓
David Haake ✓ A
Unincorporated LA County
Neil Fromer ✓ ✓
Margaret Fuentes ✓ ✓
✓ - Attended A – Absent X – Medical/Personal Leave Gray – Vacant/Dark
Board of Directors Item 8
Action Items and Presentations
January
CPA Multifamily Programs
July
February
Policy Platform and Leg Update
TOU-SMART Pilot
August
March September
April October
May November
June December
Staff Report – Agenda Item 9
To: Board of Directors
From: Kate Freeman, Strategic Finance Manager
David McNeil, Chief Financial Officer
Reviewed by: Nancy Whang, General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Adopt Resolution No. 26-03-104 Approving Amendments to the Financial Reserves Policy (”Reserve Policy”) and the Fiscal Stabilization Fund Policy (”FSF Policy”)
Date: March 5, 2026
RECOMMENDATION
Adopt Resolution No. 26-03-104 approving amendments to the Financial Reserve Policy (“Reserve Policy”) and the Fiscal Stabilization Fund Policy (“FSF Policy”).
SUMMARY OF PROPOSED AMENDMENTS
Amendments to the Reserve and FSF Policies are intended to make modest yet important improvements to the governance of CPA’s financial affairs.
Reserve Policy
Proposed amendments to the Reserve Policy would increase the Days Liquidity on Hand (“DLOH”) target from 120 days to a range of 150 to 240 days. Additional amendments clarify how reserves are measured and targeted, and effect administrative ‘clean ups.’ FSF Policy
Proposed amendments to the FSF Policy would increase the maximum Fiscal Stabilization Fund (“FSF”) balance, allow for additional flexibility to add to the FSF, and effect administrative ‘clean ups.’
Board of Directors Item 9
BACKGROUND
Reserve Policy
In March 2019, CPA’s Board approved the Reserve Policy, which governs the accumulation of reserves at CPA and defines minimum, target, and maximum reserves.
Reserves help CPA to satisfy working capital requirements, procure energy at competitive rates, adhere to contractual covenants, maintain its investment-grade credit rating, cover unanticipated expenditures, and support rate stability. In February 2021, the Board approved amendments to the Reserve Policy, adding the goal of achieving 120 DLOH and expanding the definition of reserves to include both the Net Position and balances in the FSF.
FSF Policy
In September 2020, CPA’s Board approved the FSF Policy, which establishes guidelines for managing and administering the FSF. The FSF Policy authorizes the CEO to defer revenues into the FSF in years when financial results are strong and to withdraw deferred revenues from the FSF in years when financial results are negatively impacted by uncontrollable events. The FSF helps CPA manage future rate shocks or uncertainty, ensure compliance with its financial covenants, and achieve annual budget objectives.
CPA has utilized the FSF over the past several years, and the current FSF balance is $135 million. Funds in the FSF are part of CPA’s reserves.
Review Approach
Staff conducted a review of the Reserve Policy and FSF Policy beginning in January 2026 to identify enhancements for the Board’s consideration. Staff’s review included the following key considerations:
• Standard & Poor’s (“S&P”) credit rating methodology for retail electric utilities and CPA’s current ‘A’ credit rating with S&P;
• CPA’s financial projections and “stress case” scenario modeling; • The interdependence of target metrics between and within the Reserve Policy and the FSF Policy; and
• Comparable policies at peer CCAs.
Board of Directors Item 9
DISCUSSION OF PROPOSED AMENDMENTS
Reserve Policy
Staff propose the following amendments to the Reserve Policy:
• Increase the DLOH target from 120 days (current) to 150-240 days DLOH is among S&P’s key metrics for evaluating retail utility credit strength; the proposed range is consistent with S&P’s “Very Strong” range and CPA’s current ‘A’ rating
The proposed DLOH range better aligns with the existing reserve target range of between 30% and 50% of operating expenses
CPA’s financial projections and “stress case” scenario modeling indicate that a 150-240 DLOH range provides strong financial reserves to meet CPA’s operational needs under stressed conditions
Most CCA peers target liquidity levels between 120 and 270 DLOH • Clarify that CPA will use its financial statements to measure reserves and will establish reserve targets for upcoming years during the annual budget and rate setting processes (using budget and other projections)
Staff view these edits as clarifying current practice • Additional “clean up” edits
FSF Policy
Staff propose the following amendments to the FSF Policy:
• Increase the maximum FSF balance from 10% of annual revenues to 20% of annual revenues
The current FSF balance of $135 million is near the maximum 10% FSF Policy limit
Staff reviewed peer CCA policies and found that fund balance maximums ranged from 10% to 25% of annual revenues
• Authorize the CEO to defer revenue into the FSF in instances in which the Net Position would increase in the absence of a transfer, provided that the transfer does not result in a reduction of the overall Net Position
Board of Directors Item 9
The current CEO authority is limited to transfers into the FSF in instances in which the contribution to the Net Position exceeds 4% of revenues in the absence of a transfer
• Additional administrative “clean ups”
Increasing the maximum FSF balance and increasing the CEO’s flexibility to transfer funds to the FSF will provide CPA with added flexibility to use reserves to address adverse financial events.
PROCESS
Staff presented the proposed amendments to the Reserve Policy and the FSF Policy to the Finance Committee at its February 25, 2026, meeting at which time the Finance Committee unanimously recommended to the Board approval of:
• Proposed amendments to the Reserve Policy as presented in attachment 4 to the Staff Report; and
• Proposed amendments to the FSF Policy as presented in attachment 6 to the Staff Report.
FISCAL IMPACT
Proposed amendments to the Reserve Policy are not expected to have a fiscal impact.
The proposed DLOH target range aligns with CPA’s current minimum and maximum reserve targets and CPA’s current DLOH fall within the proposed target range. The Board will continue to control spending through the annual budget and rate setting processes provided that projected reserves fall within the current minimum and maximum reserve target range.
The proposed amendments to the FSF Policy will provide additional flexibility to defer revenues to the FSF in favorable years and transfer FSF balances into revenues to avoid or reduce losses. The proposed amendments will not require higher reserves or DLOH.
The FSF is currently a component of reserves and transfers in and out of the FSF do not
Board of Directors Item 9
change the reserve balance. Similarly, changes in the FSF balance do not affect CPA’s liquidity or DLOH.
ATTACHMENTS
1. Resolution No. 26-03-104
2. Presentation on Reserve and FSF Policy
3. Proposed Reserve Policy (clean)
4. Proposed Reserve Policy (redline against current Reserve Policy)
5. Proposed Financial Stabilization Fund Policy (clean)
6. Proposed Financial Stabilization Fund Policy (redline against current Fiscal Stabilization Fund Policy)
RESO NO. 26-03-104
RESOLUTION NO. 26-03-104
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
TO AMEND THE FINANCIAL RESERVES AND THE FISCAL
STABILIZATION FUND POLICIES
THE BOARD OF DIRECTORS OF THE CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA DOES HEREBY FIND, RESOLVE, AND ORDER AS FOLLOWS:
WHEREAS, the Clean Power Alliance of Southern California (formerly known as Los Angeles Community Choice Energy Authority) (“Clean Power Alliance” or “CPA”) was formed on June 27, 2017; and
WHEREAS in March 2019, the Board of Directors (the “Board”) adopted a Financial Reserves Policy 2019-09 (“Reserve Policy”) to provide a policy framework for accumulating and maintaining reserves as part of CPA’s annual budget and rate setting processes; and
WHEREAS in adopting the Reserve Policy, the Board determined that adequate reserves support CPA’s ability to satisfy working capital requirements, procure energy at competitive rates, adhere to contractual covenants, support the objective of obtaining or maintaining an investment grade credit rating, cover unanticipated expenditures, and support rate stability;
WHEREAS, the Board adopted an amendment to the Reserve Policy in February 2021 to clarify that the funds held in the Fiscal Stabilization Fund (“FSF”) are considered reserves and to add the goal of securing 120 days of liquidity on hand (“DLOH”); and WHEREAS the Board finds it reasonable and prudent to increase the DLOH target to 150-240 days in order to align with the existing reserve targets and to obtain alignment between DLOH targets and CPA’s current credit rating. The Board further finds it reasonable and prudent to clarify the method of reserve measurement and reserve targeting; and
WHEREAS, in September 2020, the Board adopted the Fiscal Stabilization Fund Policy (No 2020-16), the terms of which, as amended from time to time, allow CPA to defer revenue when needed and establishes guidelines for managing and administering the FSF; and
WHEREAS, the Board finds that the FSF has helped CPA to manage future rate shocks or uncertainty, ensure compliance with its financial covenants, and achieve annual budget objectives and that the FSF over the past several years has been used to defer revenue in years with strong financial results and apply those revenues to subsequent years; and,
RESO NO. 26-03-104
WHEREAS, the Board finds it reasonable and prudent to increase the maximum FSF balance to 20% of annual revenues as it strengthens CPA’s ability to use FSF balances to manage downside events, including expected competitive pressure on CPA’s rates. The Board further finds it reasonable and prudent to authorize the CEO to defer revenue into the FSF in instances where CPA’s net position would increase in the absence of a transfer so long as a transfer does not result in a reduction in CPA’s net position.
NOW THEREFORE, BE IT DETERMINED, ORDERED, AND RESOLVED,
BY THE BOARD OF DIRECTORS OF THE CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA THAT:
1. The Board of Directors hereby approves amendments to Policy No. 9 Financial Reserves Policy, attached as Exhibit A.
2. The Board of Directors hereby approves amendments to Policy No. 16 Fiscal Stabilization Fund, attached as Exhibit B.
3. The amendments to Policy No. 9 Financial Reserves Policy and Policy No. 16 Fiscal Stabilization Fund, as attached herein, are effective as of March 5, 2026.
4. Any and all acts authorized pursuant to this Resolution and performed prior to the passage of this Resolution are hereby ratified and approved.
APPROVED AND ADOPTED this 5th day of March 2026.
Deborah Klein Lopez, Chair
ATTEST:
Gabriela Monzon, Secretary
RESO NO. 26-03-104
Exhibit A
Amended Financial Reserves Policy
RESO NO. 26-03-104
Exhibit B
Amended Fiscal Stabilization Fund Policy
Proposed Amendments to Reserve and Fiscal
Stabilization Fund Policies
March 5, 2026
Adopt Resolution No. 26-03-104 approving amendments to the Financial Reserves Policy (“Reserve Policy”) and the Fiscal Stabilization Fund Policy (“FSF Policy”) attached to the Resolution
Redlines to the Reserve Policy and FSF Policy are attached 2 Action Requested
Amendments to the Reserve and FSF Policies are intended to make modest yet important improvements to the governance of CPA’s financial affairs Proposed amendments to the Reserve Policy would increase the Days Liquidity on Hand (“DLOH”) target from 120 days to a range of 150 to 240 days. Additional amendments clarify how reserves are measured and targeted, and effect administrative ‘clean ups’
Proposed amendments to the FSF Policy would increase the maximum Fiscal Stabilization Fund (“FSF”) balance, allow for additional flexibility to add to the FSF, and effect administrative ‘clean ups’
Staff presented the proposed amendments to the Reserve Policy and the FSF Policy to the Finance Committee at its February 25, 2026, meeting at which time the Finance Committee unanimously recommended to the Board approval of the proposed amendments
The proposed amendments will not impact the reserve target range of 30-50% of operating expenses or the Board’s authority to determine CPA revenues and expenses during the annual rate setting and budgeting processes 3 Summary of Proposed Amendments
In March 2019, the Board approved the Reserve Policy which defines minimum, target, and maximum reserves. Reserves are defined as the Net Position plus funds held in the FSF and reserve targets are expressed as a percentage of CPA’s total operating budget expenditures (the sum of Costs of Energy and Operating Expenses) for a given fiscal year.
The Reserve Policy establishes guidelines enabling CPA to satisfy working capital requirements, procure energy at competitive rates, adhere to contractual covenants, maintain its investment-grade credit rating, cover unanticipated expenditures, and support rate stability
The Board amended the Reserve Policy in February 2021 to clarify that funds held in the FSF are considered reserves and to add the goal of securing 120 DLOH
Reserve Policy: Background
4 5
Increase the DLOH target from 120 days (current) to 150-240 days. Key considerations:
Credit Rating: DLOH is among S&P’s key metrics for evaluating retail utility credit strength; the proposed range is consistent with S&P’s “Very Strong” range and CPA’s current ‘A’ rating
Policy Alignment: The proposed DLOH range better aligns with the existing reserve target range of between 30% and 50% of operating expenses Scenario Modeling: CPA’s financial projections and “stress case” scenario modeling indicate that a 150-240 DLOH range provides strong financial resources to meet CPA’s operational needs under stressed conditions
CCA peers: Most CCAs target liquidity levels between 120 and 270 DLOH (see slide 11) Clarify the method of reserve measurement (using financial statement results) and reserve targeting during the annual budgeting and rate setting processes (using budget and other projections) and related clarifications and adjustments These amendments align with current practice and are considered by staff as administrative in nature
The attached redline to the Reserve Policy also includes clarifications that staff view as administrative or clean-up in nature
Reserve Policy: Draft Amendments Summary
In September 2020, the Board approved the FSF Policy which establishes guidelines for managing and administering the FSF. The Policy authorizes the CEO to defer revenue into the FSF in years when financial results are strong and withdraw deferred revenue from the FSF in years when financial results are negatively impacted by uncontrollable events.
The FSF helps CPA to manage future rate shocks or uncertainty, ensure compliance with its financial covenants, and achieve annual budget objectives.
CPA has utilized the FSF over the past several years to defer revenue in years with strong financial results and apply those revenues to subsequent years. The current FSF balance is $135 million.
6 FSF Policy: Background
FSF Policy: Draft Amendments Summary
7 Increase the maximum FSF balance target from 10% of annual revenues (current) to 20% of annual revenues
Proposed amendment will not require higher reserves or DLOH, but would allow CPA to hold a larger proportion of its reserves in the FSF
Authorize the CEO to defer revenue into the FSF in instances in which the Net Position would increase in the absence of a transfer, provided that the transfer does not result in a reduction of the Net Position
The current CEO authority is limited to transfers in instances in which the contribution to the Net Position exceeds 4% of revenues in the absence of a transfer Key Considerations:
Increasing the maximum FSF balance to 20% of annual revenues and adding flexibility to increase the FSF balance improves CPA’s ability to use FSF balances to manage downside events, including expected competitive pressure on CPA’s rates Staff reviewed other CCA reserve policies (see slide 11) and found that fund balance maximums ranged from 10% to 25% of annual revenues
The attached redline to the FSF Policy also includes clarifications that staff view as administrative or clean-up in nature
8 Reserve Policy
Increasing DLOH from 120 days to 150 to 240 days better aligns with CPA’s 30-50% reserve target and CPA’s A credit rating
Administrative edits make the policy clearer
FSF Policy
Increasing the maximum amount of the FSF to 20% and allowing greater flexibility to make contributions to the FSF will allow CPA to better smooth its financial results and help support financial metrics Proposed Amendments to the Reserve and FSF Policies will not limit the Board’s authority to control revenues and spending through the annual rate setting and budgeting processes
Key Benefits of Proposed Amendments
Adopt Resolution No. 26-03-104 approving amendments to the Financial Reserves Policy (“Reserve Policy”) and the Fiscal Stabilization Fund Policy (“FSF Policy”) attached to the Resolution
Redlines to the Reserve Policy and FSF Policy are attached 9 Action Requested
Questions?
FSF Policy: Examples of fund transfers
Redlines reflect proposed amendments
11 12
Summary of Peer CCA Reserve and FSF Policies
CCA Minimum Reserves /
Liquidity
Target Reserves /
Liquidity
Maximum Reserves /
Liquidity
Maximum FSF
Balance
Marin Clean Energy 60% of projected energy + operating expenses 240 DLOH 10% of total revenues
Ava Community Energy 25% of projected
operating expenses
50% of projected
operating expenses
75% of projected
operating expenses
20% of operating
expenses
Silicon Valley Clean
Energy 120 DLOH 350 DLOH 500 DLOH N/A
San Diego Community
Power 180 DLOH 225 DLOH 270 DLOH 12.5% of budgeted
operating expenses
Central Coast Community
Energy (3CE)
25% of budgeted
appropriation
25% of budgeted cost
of energy
Sonoma Clean Power 180 DLOH 365 DLOH N/A
Peninsula Clean Energy 180 DLOH 15% of revenues
Peer CCAs have a range of reserves targets, liquidity targets, and targets pertaining to deferred revenue funds similar to CPA’s FSF Policy Title Financial Reserve
Policy Number CPA 2019-09 Original:
Amended:
Amended:
09/2019
02/04/2021
03/05/2026
1. Purpose
Adequate reserves enable CPA to satisfy working capital requirements, procure energy at competitive rates, adhere to contractual covenants, maintain an investment grade credit rating, cover unanticipated expenditures, and support rate stability.
The Financial Reserve Policy (“Reserve Policy”) establishes minimum and maximum reserve targets, total maximum percentage of operating expenses, a days liquidity on hand target, and describes reserve targets established through budgeting and rate setting processes.
2. Policy
A. Minimum and Maximum Reserves Targets
CPA will maintain reserves in an amount equal to a Minimum target of 30% and a Maximum target of 50% of Operating Expenses.
Reserves are defined as the Net Position plus the balance in the Fiscal Stabilization Fund1 as reported in the Statements of Net Position. Operating Expenses are those expenses identified in the Statements of Revenues, Expenses and Changes in Net Position2. Reserve percentages represent Reserves divided by Operating Expenses.
B. Upcoming Fiscal Year Reserve Targets and Contributions The Board will establish reserve targets or target range midpoints for upcoming fiscal years through the annual budget and rate setting processes that are no less than the Minimum and no greater than the Maximum targets.
1 The Fiscal Stabilization Fund is governed by the Fiscal Stabilization Fund Policy. 2 The components of Operating Expenses described in the Statements of Revenue, Expenses and Net Position are cost of electricity, contract costs, staff compensation and general and administration.
Target reserve percentages calculated as part of the budget and rate setting processes shall be based on projected fiscal year-end reserve balances divided by budgeted Operating Expenses.
Reserve contributions shall be determined through the aforementioned processes and events impacting revenues and expenses that occur during the year.
C. Days Liquidity on Hand (DLOH) Target
Reserves shall support a DLOH target equal to 150 to 240 days5.
D. Excess Reserves
If reserve funds exceed 60% of Operating Expenses, CPA will consider reducing reserves by enhancing programs expenditures, capital improvements, paying down debt, and/or reducing rates or margins.
3. Reporting
Reserves will be monitored during the fiscal year and reported in CPA’s annual audited financial statements.
4. Periodic Review of Policy
The Chief Financial Officer will review this Reserve Policy and associated procedures on a periodic basis to determine whether they should be amended, supplemented, or updated to account for changing business conditions and/or regulatory requirements. If an amendment is warranted, the Reserve Policy amendment will be submitted to the Board for approval.
5 DLOH = (unrestricted cash, cash equivalents, and investments + unused bank lines of credit) x 365 / (operating expenses for the current fiscal year)
Policy Title Financial Reserves
Policy Number CPA 2019-09 OriginalAmended
Date:
02/04/202109/2019
Amended:
Amended:
02/04/2021
03/05/2026
1. Purpose
1. PURPOSE
Adequate reserves will enable CPA to satisfy working capital requirements, procure energy at competitive rates, adhere to contractual covenants, obtain and maintain an investment grade credit rating, cover unanticipated expenditures, and support rate stability.
The Financial Reserves Policy (“Reserve Policy”) establishes outlines the appropriate target levels (minimum and maximum reserve targets, total maximum percentage of operating expenses, a days liquidity on hand target, and describes reserve targets established through budgeting and rate setting processes.
2. Policy
A. Minimum and Maximum Reserves Targets
CPA will maintain ) of reserves in an amount equal to a Minimum target of 30% and a Maximum target of 50% of Operating Expenses.
. Reserves are defined as the Net Position plus the balancefunds held in the Fiscal Stabilization Fund1 as reported in the Statements of . The Net Position. Operating Expenses are those expenses identified in represents the difference between CPA’s assets and liabilities as defined by the Statements of Revenues, Expenses and Changes in Net Position 2 . Reserve percentages represent Reserves divided by Operating Expenses.
B. UpcomingGovernment Accounting Standards Board and consistent with generally accepted accounting principles. The Fiscal Year Reserve Targets and Contributions Stabilization Fund is governed by CPA’s Fiscal Stabilization Fund Policy.
The Board will establish
1 The Fiscal Stabilization Fund is governed by the Fiscal Stabilization Fund Policy. 2 The components of Operating Expenses described in the Statements of Revenue, Expenses and Net Position are cost of electricity, contract costs, staff compensation and general and administration.
2. POLICY
Reserve Target Levels
CPA shall grow reserves to maintain a minimum reserve targets or target range midpoints for upcoming fiscal years through the annualequal to 30% of total operating budget expenditures, with a goal of increasing the reserve to a maximum reserve target of 50% of total operating budget expenditures. Reserves shall not exceed 60% of total operating budget expenditures.
Operating budget expenditures consist of operating expenses and the cost of energy.
Reserve percentages and target percentages represent reserves divided by the following year’s total operating budget expenditures.
Reserves shall support the goal of securing 120 days liquidity on hand.i Funding the Target Amount
Funding reserves will come from an excess of revenues over expenditures. The contribution to reserves is determined through CPA’s budgeting and rate setting processes that are no less than the Minimum and no greater than the Maximum targets.
Target reserve percentages calculated as part of the budget and rate setting processes shall be based on projected fiscal year-end reserve balances divided by budgeted Operating Expenses.
Reserve contributions shall be determined through the aforementioned processes and events impacting revenues and expensesexpenditures that occur during the year.
C. Days Liquidity on Hand (DLOH) Target
Reserves shall support a DLOH target equal to 150 to 240 days3.
D. Excess Reserves
If reserve funds exceed 60% of Operating Expensesthe maximum level, CPA will consider reducing reserves by enhancing programs expenditures, capital improvements, paying down debt, and/or reducing rates or margins.
Periodic Review of Targets
If CPA’s risks decline or new risk factors emerge as a result of changes in the industry, legislation, or economic conditions, the reserve target will be reviewed, and the funding level may be adjusted accordingly.
Reporting
3 DLOH = (unrestricted cash, cash equivalents, and investments + unused bank lines of credit) x 365 / (operating expenses for the current fiscal year)
ReservesReserve levels will be monitored during the fiscal year and reported in CPA’s annual audited financial statements.
3. Periodic Review of Policy
The Chief Financial Officer will review this Reserve Policy and associated procedures on a periodic basis to determine whether they should be amended, supplemented, or updated to account for changing business conditions and/or regulatory requirements. If an amendment is warranted, the Reserves Policy amendment will be submitted to the Board for approval.
i
Days liquidity on hand = (unrestricted cash and investments + unused bank lines of credit) x 365 / (operating expenses for the current year)
Policy Title Fiscal Stabilization Fund
Policy Number 16 Original: 09/03/2020
Amended: 03/05/2026
1. Purpose
This Fiscal Stabilization Fund Policy (Policy) establishes guidelines for the management and administration of the Fiscal Stabilization Fund (Fund) at Clean Power Alliance of Southern California (CPA).
2. Objectives
The Fund allows CPA to defer revenue in years when financial results are strong and to apply deferred revenue in years when financial results are negatively impacted by uncontrollable events. Deferring revenue in years when financial results are strong allows CPA to apply these funds in years when financial results are less robust, providing CPA with a tool to guard against future rate shocks or uncertainty, maintain compliance with financial covenants, and achieve annual budget objectives.
Transfers to or from the Fund are expenditure neutral and no authority to expend funds is provided under this Policy.
3. Accounting
A. Government Accounting Standards Board Standard
The Fund is accounted for under Government Accounting Standards Board (GASB) Statement 62 and GASB Statement 63. GASB Statement 63 codifies and standardizes “the presentation of deferred outflows of resources and deferred inflows of resources and their effects on [state and local government’s] net position.”
B. Accounting of Fund Transfer
Deferral of current revenue and a transfer into the Fund reduces revenue and the change in Net Position in that year by the same amount. Transfers from the Fund increase revenues and the change in Net Position in the year of the transfer. Net
Position is the difference between assets and liabilities as reported in CPA’s financial statements.
4. Reporting
The Fund balance is recorded on the Statement of Net Position in a separate section following liabilities entitled Deferred Inflows of Resources. Transfers to and from the Fund are recorded in the Statements of Revenues, Expenses and Changes in Net Position under Operating Revenues.
The Treasurer shall report all transfers to and from the Fund to the Finance Committee and the Board of Directors in the Quarterly or Annual Financial Statements for the applicable time period in which the transfer occurred.
5. Authorized Transfers
The Chief Executive Officer is authorized to exercise discretion and make transfers to and from the Fund consistent with the Policy objectives and under the following two conditions:
A. Transfers to the Fund: Transfers to the Fund are authorized when there is an actual or anticipated increase in the Net Position, provided the transfer does not result in a decrease in the Net Position.i
B. Transfers from the Fund: Transfers from the Fund are authorized when funds are available in the Fund and the actual or anticipated increase in the Net Position would fall below the 4% of revenues in the absence of a transfer from the Fund.ii
6. Maximum Fund Balance
The fund balance is capped at 20% of CPA annual revenues.
7. Fund Holdings and Investments
Fund balances are not required to be held in a separate account and may be comingled with other funds held by CPA. All fund balances are subject to CPA’s Investment Policy.
8. Policy Administration
The Treasurer is the officer in charge of the administration of this Policy.
iii
i Example 1:
A Annual revenues: $750 million
B Actual increase in Net Position before transfer: $32 million C=B Eligible to transfer to the Fund: $32 million
In the above example the actual increase to the Net Position is $32 million and the Chief Executive Officer is authorized to transfer up to $32 million to Fund.
ii Example 2:
A Annual revenues: $750 million
B=Ax4% 4% increase in Net Position: $30 million
C Actual increase in Net Position before transfer: $28 million D Fund balance before transfer: $2 million
E=C-B Eligible to transfer from the Fund: $2 million
In the above example the actual increase in the Net Position before transfers is $28 million, the Fund balance before transfer is $2 million and the Chief Executive Officer is authorized to transfer the $2 million from the Fund to operating revenues.
Policy Title Fiscal Stabilization Fund
Policy Number 16 OriginalEffective: 09/039/3/2020
Amended: 03/05/2026
Purpose
This Fiscal Stabilization Fund Policy (Policy) establishes guidelines for the management and administration of the Fiscal Stabilization Fund (Fund) at Clean Power Alliance of Southern California (CPA).
I. Objectives
The Fund allows CPA to defer revenue in years when financial results are strong and to apply deferred revenue in years when financial results are negatively impacted by uncontrollable events. Deferring revenue in years when financial results are strong allows CPA to apply these funds in years when financial results are less robust, providing CPA with a tool to guard against future rate shocks or uncertainty, maintain compliance with financial covenants, and achieve annual budget objectives.
Transfers to or from the Fund are expenditure neutral and no authority to expend funds is provided under this Policy.
II. Accounting
A. Government Accounting Standards Board Standard
The Fund is accounted for under Government Accounting Standards Board (GASB) Statement 62 and GASB Statement 63. GASB Statement 63 codifies and standardizes “the presentation of deferred outflows of resources and deferred inflows of resources and their effects on [state and local government’s] net position.”
B. Accounting of Fund Transfer
Deferral of current revenue and a transfer into the Fund reduces revenue and the change in Net Positionnet position in that year by the same amount. Transfers from
the Fund increase revenues and the change in Net Positionnet position in the year of the transfer. Net Positionposition is the difference between assets and liabilities as reported in CPA’s financial statements.
III. Reporting
The Fund balance is recorded on the Statementstatement of Net Positionnet position in a separate section following liabilities entitled Deferred Inflows of Resources. Transfers to and from the Fund are recorded in the Statements of Revenues, Expenses and Changes in Net Position under Operating Revenues.
The Treasurer shall report all transfers to and from the Fund to the Finance Committee and the Board of Directors in the Quarterly or Annual Financial Statements for the applicable time period in which the transfer occurred.
IV. Authorized Transfers
The Chief Executive OfficerDirector is authorized to exercise discretion and make transfers to and from the Fund consistent with the Policy objectives and under the following two conditions:
A. Transfers to the Fund:when increases in the Net Position would exceed 4% in the absence of a transfer: Transfers to the Fund are authorized when there is an actual or anticipated increase in the Net Positionmay occur when increases to the net position would exceed 4% of revenues in the absence of a transfer, provided the transfer does not result in a decrease in the Net Positioncontribution to the net position that is less than 4% of revenues.
i
B. Transfers from the Fund:when increases in the Net Position would fall below 4% of revenues in the absence of a transfer from the Fund: Transfers from the Fund are authorizedmay occur when funds are available in the Fund and the actual or anticipated increase in the Net Positionnet position would fall below the 4% of revenues in the absence of a transfer from the Fund.ii
V. Maximum Fund Balance
The fund balance is capped at 2010% of CPA annual revenues.
VI. Fund Holdings and Investments
Fund balances are not required to be held in a separate account and may be comingledcommingled with other funds held by CPA. All fund balances are subject to CPA’s Investment Policy.
VII. Policy Administration
The Treasurer is the officer in charge of the administration of this Policy. i Example 1:
A Annual revenues: $750 million
B=Ax4% 4% increase to net position: $30 million
C Actual increase in Net Positionnet position before transfer: $32 million D=C=-B Eligible to transfer to the Fund: $32$2 million
In the above example the actual increase to the Net Positionnet position is $32 million and the Chief Executive OfficerDirector is authorized to transfer up to $322 million to Fund. ii Example 2:
A Annual revenues: $750 million
B=Ax4% 4% increase in Net Position: net position:
$30 million
C Actual increase in Net Positionnet position before transfer: $28 million D Fund balance before transfer: $2 million
E=C-B Eligible to transfer from the Fund: $2 million
In the above example the actual increase in the Net Positionnet position before transfers is $28 million, the Fund balance before transfer is $2 million and the Chief Executive OfficerDirector is authorized to transfer the $2 million from the Fund to operating revenues.
Staff Report – Agenda Item 10
To: Board of Directors
From: Karen Schmidt, Senior Director, Rates & Strategy
Reviewed by: Matthew Langer, Chief Operating Officer
Nancy Whang, General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: TOU-Smart Pilot
Date: March 5, 2026
RECOMMENDATION
Adopt Resolution 26-03-105 approving a TOU-SMART pilot.
The pilot proposal is summarized in Attachment 1 to the Resolution.
BACKGROUND
In June 2024, the CPA Board approved the TOU-SMART rate (formerly referred to as the TOU-D-PRIME-SOP rate) as an option for residential customers who are on the TOU-D-PRIME rate.1 Compared to TOU-D-PRIME, TOU-SMART has lower super off-peak (SOP) rates during the daytime hours of 8:00 AM to 4:00 PM. This rate differential reflects the lower costs and emissions generated during the day, when solar energy is abundant on the California grid and in CPA’s energy portfolio.
In September 2025, the Board received a presentation and provided feedback on CPA staff’s proposal for a TOU-SMART pilot to automatically enroll approximately 2,600 1 TOU-D-PRIME was introduced in 2019 as an option for residential customers with high energy usage, such as those with battery storage, electric vehicles (EVs), or electric water or space heating, and is now the default rate for customers with rooftop solar systems.
Board of Directors Item 10
current non-NEM TOU-D-PRIME customers on the TOU-SMART rate in order to test the impact of the lower daytime electricity rates on customer behavior and CPA energy costs.
The pilot would enable CPA to evaluate key questions about behavioral demand flexibility in response to price signals and behavioral messaging, including:
• How effective are low daytime rates at shifting residential electricity consumption? What is the magnitude and persistence of load shifts? How do these effects compare to other time-based pricing programs? • Which behavioral message frames best reinforce and sustain load shifting? Do different message strategies – e.g., emphasizing financial benefits versus environmental impact – produce different levels of adoption and long-term persistence in load shifting behavior?
• How do effects vary across customer segments? Are there differential impacts based on asset ownership (EV, pool pump, heat pump), current usage pattern, housing type, climate zone, income level, etc. that inform equitable program design?
Results from the pilot would help inform future rate design, program offerings, and marketing and customer outreach strategies.
To address Board feedback on the pilot proposal and maximize the potential learnings from the pilot, staff conducted additional analysis and engaged top researchers at the UCLA Anderson School of Management and the UCLA Institute of Environment & Sustainability to advise on the following pilot questions:
• Random vs targeted pilot participant selection: Should participants be randomly selected from CPA’s TOU-D-PRIME customer base as originally conceived by staff, or should the pilot attempt to target customers expected to be more able to respond to price signals (e.g., remote workers, EV owners)? • Sample size to test impact across multiple variables: Is the proposed 2,600 customer sample size sufficient to detect meaningful load shifting behavior across different messaging treatments and other variables?
Board of Directors Item 10
• Magnitude of price signal: Can CPA increase the daytime price differential to maximize the signal to switch load away from on-peak and overnight hours, potentially lowering the daytime price to zero?
• Customer protections: In addition to bill protection, what additional measures should CPA consider to minimize financial impacts to pilot participants whose bills are consistently higher on the TOU-SMART rate or to limit the overall amount of bill protection CPA would provide.3
Collaboration with UCLA
Professor Magali Delmas of the UCLA Anderson School of Management, the UCLA Institute for Environment & Sustainability, and Faculty Director of UCLA Anderson’s Center for Impact was recruited to collaborate with CPA in fall 2025. Dr. Delmas reviewed CPA’s original proposed pilot design and assisted with refining it to help ensure that the pilot generates meaningful and actionable results as well as respond to Board feedback.
Dr. Delmas has published extensively on the design of effective information strategies to promote conservation behavior, including a large-scale study on motivators, including rate design and customer messaging, for behavioral change in residential energy use.
If the pilot moves forward, Dr. Delmas, assisted by a post-doctoral researcher, has agreed to 1) continue advising CPA staff on detailed pilot design, including messaging strategies; 2) support data analysis throughout the pilot; and 3) provide interim, final and, ultimately, publishable reports on pilot results.
While benefiting CPA and its customers specifically, the proposed pilot also presents an opportunity to fill important gaps in available research and literature on time-based pricing and to advance understanding of consumer demand elasticity and equity in California as a whole.
3 Bill protection is an industry-standard mechanism whereby customers are receive a bill credit while participating in the pilot if their bills are higher than they would have otherwise been if they had not been defaulted into the new rate. Bill protection does not refund customers for additional usage overall.
Board of Directors Item 10
DISCUSSION
Staff updated the pilot proposal to incorporate staff and UCLA advisers’ combined recommendations on key design parameters outlined below, based on analysis, literature review, and statistical methods that would stand up to peer review.
Design
Parameter Recommendation Rationale
Price
differential
• Propose a reduction in
daytime (8am-4pm)
generation rate to $0/kWh,
while preserving CPA
revenue neutrality, during the
Board’s annual rate-setting
process
• Maximize strength of price signal to incentivize load shifting to daytime hours
• Test motivational impact of “zero-cost” daytime
periods
Participant
selection
• Randomized selection of
TOU-D-PRIME customers
across all CPA communities,
except Phase 7, which would
be excluded
• Exclude NEM/NBT and
customers served by CPA for
less than 12 months
• Findings will be representative of and applicable to a broad customer base across CPA communities, with
rich subgroup analysis (e.g., by device ownership,
housing type, climate zone, income level)
• Narrowing selection criteria (e.g., EV owners only)
requires larger sample size and/or higher load
shifting effect
Sample
size
• ~4,200, to test two
messaging treatments:
financial focus and
environmental focus
• Default (auto-enrollment) with
bill protection and easy opt-out
• Detection of significant load shifting (≥10
kWh/month) requires ~2,100 sample size per
messaging treatment
• Includes 20% allowance for those who opt-out of the
pilot
• Ensures sample size is large enough to detect
meaningful, statistically significant load shifting;
avoids skewing toward “structural benefiters” who
already have high daytime usage
Duration • 2 years • Test persistence of behavioral changes over time Added
customer
protection
• Automatically disenroll
customers with significantly
higher bills (% TBD) after
year 1
• Limit financial impact for customers who are unable
to respond to pilot price signals
• Limit CPA risk for high levels of bill protection
payouts
The Executive Committee reviewed the updated pilot design proposal at its meeting on February 19, 2026, and unanimously recommended that the Board approve moving forward with the pilot as described above.
Board of Directors Item 10
Customer Impact and Bill Protection
The TOU-SMART rate differentials are designed to be revenue neutral compared to TOU-D-PRIME. TOU-SMART’s lower daytime rates are offset by slightly higher mid-peak and off-peak rates such that, on average, CPA’s revenue across all customers will be the same whether the customers are on TOU-SMART or TOU-D-PRIME.
However, individual customers may see higher or lower bills on TOU-SMART depending on their load use patterns, as illustrated in the chart below. The chart shows how the TOU-SMART rate would impact benefiting and non-benefiting customers without any change in behavior. A non-benefiting customer could save money if they changed their usage patterns.
Customers in the pilot who experience higher bills on TOU-SMART than they would have on TOU-D-PRIME will receive a bill credit for the difference at the end of each year of the
0.0 0.5
1.0 1.5
2.0 2.5
3.0 3.5
1:00 AM2:00 AM3:00 AM4:00 AM5:00 AM6:00 AM7:00 AM8:00 AM9:00 AM 10:00 AM11:00 AM
12:00 PM
1:00 PM2:00 PM3:00 PM4:00 PM5:00 PM6:00 PM7:00 PM8:00 PM9:00 PM 10:00 PM11:00 PM
12:00 AM
Benefiter (Daytime EV Charging) Non-Benefiter (Overnight EV Charging) TOU-SMART Bill Impact - EV Customer Example (Summer)
kilowatts
Non-Benefiter
(Overnight EV Charging)
TOU-PRIME bill: $437
TOU-SMART bill: $441
Higher TOU-SMART rate cost
of $4 covered by bill
protection
Benefiter
(Daytime EV Charging)
TOU-PRIME bill: $437
TOU-SMART bill: $410
TOU-SMART rate savings of $27 -
no bill protection required
Board of Directors Item 10
pilot (or sooner if they switch rates or move out). Customers who are consistently paying significantly higher bills as a result of the pilot would be automatically disenrolled from the pilot at the end of year 1. The threshold for automatic disenrollment is to be determined but staff anticipate that the number of customers who would be removed from the pilot will be small and would not substantially impact overall research results.
Customer Communications
Selected pilot participants would receive two notices by mail explaining their enrollment in the pilot, where to go for more information, and how to opt out of the pilot. Additional educational information and tips would be shared with participants regularly throughout the pilot by email and/or mail. Participants would be assigned to one of two treatment groups, each of which would receive distinct messaging frames (bill savings/“zero-cost” focused or environmentally focused). In addition to monthly educational messaging, participants would receive a summary at the end of year 1 and year 2 indicating their performance, bill savings, and/or bill protection credits.
Participants would be able to discontinue participation in the pilot at any time via the CPA website, email, or by contacting Customer Service, and participants would be provided with bill protection for the duration of their participation in the pilot:
Proposed Implementation Timeline
If the Board approves moving forward with the pilot, staff anticipate launching in October 2026 and running through September 2028. Notices to selected participants would be mailed in August and September, 60 days and 30 days ahead of launch.
Next Steps
If the Board adopts the recommended resolution, staff will begin preparing for pilot implementation in the fall of this year and will bring proposed modifications to the TOU-SMART rate differentials to set daytime generation rate at zero to the Board for approval in June as part of the FY 2026/2027 rate setting process.
Board of Directors Item 10
FISCAL IMPACT
The FY 2025-2026 budget includes funds for planning and design of customer notices.
Staff estimates that bill protection for the pilot could cost approximately $80,000 per year for the two years of the pilot. The magnitude of procurement costs savings is unknown at this time and is dependent on changes in customer behavior. Costs for bill protection and for customer communications throughout the pilot will be incorporated into the proposed FY 2026-2027 and FY 2027-2028 budgets that will be presented to the Board later this spring.
ATTACHMENTS
1. Resolution 26-03-105
2. TOU-SMART Pilot Presentation
RESO NO. 26-03-105
RESOLUTION NO. 26-03-105
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
TO APPROVE THE TOU-SMART PILOT
THE BOARD OF DIRECTORS OF THE CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA DOES HEREBY FIND, RESOLVE, AND ORDER AS FOLLOWS:
WHEREAS, the Clean Power Alliance of Southern California (formerly known as Los Angeles Community Choice Energy Authority) (“Clean Power Alliance” or “CPA”) was formed on June 27, 2017;
WHEREAS, in June 2024, the CPA Board approved the TOU-SMART rate (formerly referred to as the TOU-D-PRIME-SOP rate) as an option for residential customers who are on the TOU-D-PRIME rate. TOU-SMART has lower super off-peak (SOP) rates during the daytime hours of 8:00 AM to 4:00 PM, which reflects the lower costs and emissions generated during the day, when solar energy is abundant on the California grid and in CPA’s energy portfolio.
WHEREAS, the Board received a presentation in September 2025 and provided feedback on CPA staff’s proposal for a TOU-SMART pilot (“Pilot”) to automatically enroll approximately 2,600 current non-NEM TOU-D-PRIME customers on the TOU-SMART rate in order to test the impact of the lower daytime electricity rates on customer behavior and CPA energy costs.
WHEREAS, the Board requested additional information about the Pilot design, the data collection and analysis, and to what extent the pilot results would be publishable.
WHEREAS, based on the Board’s feedback, CPA engaged university researchers to advise on the Pilot design, to support data analysis throughout the Pilot, and to document Pilot results;
WHEREAS, the Board finds that the proposed Pilot will likely result in statistically significant data regarding customer load shifting, including data related to pricing, participants and participation;
WHEREAS, the Board finds that the proposed Pilot will help CPA better understand how price signals, customer education, and messaging can influence beneficial load shifting behavior among residential customers with high levels of electrification and/or EVs with the limited duration with customer protections; WHEREAS, the Board finds it reasonable and prudent to move forward with the proposed Pilot and to default the recommended set of CPA customers onto the TOU-SMART rate in the coming fiscal year as described in Attachment 1 (“Pilot Description”).
RESO NO. 26-03-105
NOW THEREFORE, BE IT DETERMINED, ORDERED, AND RESOLVED, BY
THE BOARD OF DIRECTORS OF THE CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA THAT:
1. The Pilot Description, attached hereto as Attachment 1, is hereby approved.
2. CPA staff is authorized to automatically enroll customers onto the TOU-SMART rate for the proposed Pilot as described in Attachment 1.
APPROVED AND ADOPTED this 5th day of March 2026.
Deborah Klein Lopez, Chair
ATTEST:
Gabriela Monzon, Board Secretary
Attachment 1
TOU-SMART Pilot
Purpose
Clean Power Alliance will launch a TOU-SMART pilot (“Pilot”) for the purpose of better understanding how price signals and customer education can influence customer load shifting behavior to reduce electricity costs.
Pilot Description
CPA will select approximately 4,200 customers to be enrolled on the TOU-SMART for the duration of the Pilot, subject to terms and conditions of service which are summarized in preliminary form below.
1. Pricing. Pilot participants will be automatically enrolled on CPA’s TOU-SMART rate, which has lower super off-peak (SOP) generation rates during the daytime hours of 8:00 AM to 4:00 PM. The CPA Board sets TOU-SMART rates and may change the rates from time to time at duly-noticed public meetings. Enrollment on the TOU-SMART rate does not impact customer’s Southern California Edison (SCE) delivery rates or any other fees or charges paid to SCE.
2. Participant eligibility. Customers selected for the pilot must be on the TOU-D-PRIME rate. The following customers will be excluded from the Pilot: (a) Customers who have been served by CPA for less than 12 months or (b) who are on Net Energy Metering (NEM) or Solar Billing Plan (SBP). Within the eligible customer pool, participants will be selected randomly to ensure a broadly representative sampling of customers across CPA’s service territory, demographic groups, climate zones, housing types, and other variables.
3. Customer notification. Customers will receive two notices by mail approximately 60 days and 30 days prior to launch of the Pilot notifying them of their selection for the pilot and their options.
4. Duration. The Pilot will run for two years from the start of service of the Pilot.
5. Customer disenrollment. Customers selected for the pilot may disenroll from the pilot at any time via the CPA website or by contacting CPA Customer Service by phone or email.
6. Bill protection. Pilot participants who experience higher bills on TOU-SMART than they would have on TOU-D-PRIME will receive a bill credit for the difference at the end of each 12-month period of the Pilot, or sooner if they disenroll from the pilot, switch rates, move out, or close their account. Customers who have consistently experienced significantly higher bills (threshold to be determined in the terms and conditions of service) as a result of the Pilot will be automatically
disenrolled from the Pilot at the end of year 1. Customers who are disenrolled may voluntarily re-enroll by contacting CPA Customer Service.
7. Customer communications. Pilot participants will receive regular communications via their preferred method of contact (email or mail) from CPA about the benefits of participation in the pilot and ways to reduce their electricity costs. Customers will receive two distinct messaging treatments: financial vs. environmental focus. Participants will be able to opt out of receiving these communications at any time.
8. Pilot duration. The pilot will run for two years from the launch date, currently expected to be October 2026 through September 2028. CPA may elect to end the pilot in less than two years, at which time bill protection credits will be issued to any eligible pilot participants.
9. Confidentiality. CPA, its partners and research collaborators will maintain the confidentiality of all individual customer data in accordance with CPA’s Privacy Policy and all applicable state laws.
10.Terms and Conditions: In addition to the description specified herein, CPA’s general terms and conditions will continue to apply to customers enrolled in the Pilot. The general and any Pilot terms and conditions are intended to be understood as being complimentary to the other, allowing both to operate in concert. If any part of Pilot’s terms and conditions, if any, is inconsistent with the general terms and conditions, the Pilot’s terms and conditions will prevail.
TOU-SMART Default Pilot Proposal
March 5, 2026
In September 2025, the Board received a presentation and provided feedback on CPA staff’s proposal for a default TOU-SMART pilot to test the impact of lower daytime electricity rates on customer behavior and CPA energy costs
To address Board feedback and maximize the potential learnings from the pilot, staff has engaged top researchers at the UCLA Anderson School and Institute of Environment & Sustainability to advise on pilot design, support data analysis throughout the pilot, and document pilot results The proposed pilot will help CPA better understand how price signals, customer education, and messaging can influence beneficial load shifting behavior among customers with high levels of electrification and/or EVs
The pilot would default 4,200 customers onto the TOU-SMART rate for two years o The customers would be selected from among 36,000 non-NEM customers who are on the TOU-D- PRIME rate, which is designed for residential customers with EVs, home batteries, and/or heat pumps for water or space heating
o Customers defaulted to TOU-SMART would be able to switch back to TOU-D-PRIME at any time and would receive bill protection for the duration of the pilot The results of the pilot could inform future CPA rate design, program recommendations, and marketing strategies to support load shifting
Staff requests Board approval of Resolution 26-03-105 authorizing pilot implementation, as recommended by the Executive Committee at its February meeting 2 Summary
The TOU-D-PRIME rate was introduced in 2019 as an option for residential customers with high energy usage, such as those with battery storage, EVs, or electric water or space heating Compared to TOU-D-PRIME, TOU-SMART has lower super off-peak (SOP) rates from 8am – 4pm, offset by increased off-peak rates from 9pm – 8am
This rate differential reflects the lower costs and emissions from energy generated during the day, when solar energy is abundant
3 In 2024, CPA introduced the TOU-SMART rate
as an option for TOU-D-PRIME customers
Based on CPA Clean Power 2018 vintage summer weekday rates as of February 1, 2026. $0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
12:00 AM
1:00 AM2:00 AM3:00 AM4:00 AM5:00 AM6:00 AM7:00 AM8:00 AM9:00 AM 10:00 AM11:00 AM
12:00 PM
1:00 PM2:00 PM3:00 PM4:00 PM5:00 PM6:00 PM7:00 PM8:00 PM9:00 PM 10:00 PM11:00 PM
$/kWh
TOU-D-PRIME Rates
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
12:00 AM
1:00 AM2:00 AM3:00 AM4:00 AM5:00 AM6:00 AM7:00 AM8:00 AM9:00 AM 10:00 AM11:00 AM
12:00 PM
1:00 PM2:00 PM3:00 PM4:00 PM5:00 PM6:00 PM7:00 PM8:00 PM9:00 PM 10:00 PM11:00 PM
$/kWh
TOU-SMART Rates (Proposed)
On-Peak On-Peak
Off-Peak Off-Peak Super Off-Peak
A default TOU-SMART pilot would allow CPA to evaluate the impact of price signals and messaging on customer behavior The pilot would enable CPA to evaluate key questions about behavioral demand flexibility in response to price signals and behavioral messaging:
o How effective are low daytime rates at shifting residential electricity consumption? What is the magnitude and persistence of load shifts? How do these effects compare to other time-based pricing programs? o Which behavioral message frames best reinforce and sustain load shifting? Do different message strategies – e.g., emphasizing financial benefits versus environmental impact – produce different levels of adoption and long-term persistence in load shifting behavior?
o How do effects vary across customer segments? Are there differential impacts based on asset ownership (EV, pool pump, heat pump), current usage pattern, housing type, climate zone, income level, etc. that inform equitable program design?
Results would help inform future rate and program design o If the rate results in a significant shift in customer behavior, CPA might consider making it the default rate for all non-NEM TOU-D-PRIME customers
o Insights into customer price elasticity could inform modifications to TOU-D-PRIME and other TOU rates and improvements to customer programs
o Post-pilot customer surveys could help inform customer segmentation and targeting of future marketing and education campaigns
4 Collaboration with UCLA
Professor Magali Delmas of the UCLA Anderson School of Management, the UCLA Institute for Environment & Sustainability, and Faculty Director of UCLA Anderson’s Center for Impact was recruited to collaborate with CPA in fall 2025, after the Board provided feedback
Dr. Delmas has published extensively on the design of effective information strategies to promote conservation behavior, including a large-scale study on motivators, including rate design and customer messaging, for behavioral change in residential energy use Dr. Delmas reviewed CPA’s original proposed pilot design and assisted with refining it to help ensure that the pilot generates meaningful and actionable results as well as respond to Board feedback
If the pilot moves forward, Dr. Delmas, assisted by a post-doctoral researcher, has agreed to 1) continue advising CPA staff on detailed pilot design, including messaging strategies; 2) support data analysis throughout the pilot; and 3) provide interim, final and, ultimately, publishable reports on pilot results
While benefiting CPA and its customers specifically, the proposed pilot also presents an opportunity to fill important gaps in available research and literature on time-based pricing and to advance understanding of consumer demand elasticity and equity in California as a whole
5 In September 2025, the Board provided staff with feedback on key issues regarding pilot design and implementation
Staff conducted additional analysis of customer usage data and conferred with the UCLA advisers to address the following:
o Random vs targeted pilot participant selection: Should participants be randomly selected from CPA’s TOU-D-PRIME customer base as originally conceived by staff, or should the pilot attempt to target customers expected to be more able to respond to price signals (e.g., remote workers, EV owners)? o Sample size to test impact across multiple variables: Is the proposed 2,600 customer sample size sufficient to detect meaningful load shifting behavior across different messaging treatments and other variables such as device ownership, climate zone, household size, and income level? o Magnitude of price signal: Can CPA increase the daytime price differential to maximize the signal to switch load away from on-peak and overnight hours, potentially lowering the daytime price to zero? o Customer protections: What additional measures should CPA consider to minimize impacts to pilot participants whose bills are consistently higher on the TOU-SMART rate? The updated proposal summarized on the following slide reflects staff and UCLA advisers’ combined recommendations based on analysis, literature review, and statistical methods that would stand up to peer review
6 The updated pilot proposal reflects detailed
analysis and consideration of Board feedback
7 Pilot Design Recommendations
Design Parameter Recommendation Rationale
Price differential • Propose a reduction in daytime (8am-4pm) generation rate to $0/kWh, while preserving CPA revenue neutrality,
during the Board’s annual rate-setting
process
• Maximize strength of price signal to incentivize load shifting to daytime hours
• Test motivational impact of “zero-cost” daytime periods Participant
selection
• Randomized selection of TOU-D-PRIME
customers across all CPA communities,
except Phase 7, which would be
excluded
• Exclude NEM/NBT and customers
served by CPA for less than 12 months
• Findings will be representative of and applicable to a broad customer base across CPA communities, with rich subgroup analysis (e.g., by device ownership, housing type, climate zone, income level)
• Narrowing selection criteria (e.g., EV owners only) requires larger sample size and/or higher load shifting effect
Sample size • ~4,200, to test two messaging
treatments: financial focus and
environmental focus
• Default (auto-enrollment) with bill
protection and easy opt-out
• Detection of significant load shifting (≥10 kWh/month) requires ~2,100 sample size per messaging treatment
• Includes 20% allowance for those who opt-out of the pilot • Ensures sample size is large enough to detect meaningful, statistically significant load shifting; avoids skewing toward “structural benefiters” who already have high daytime usage Duration • 2 years • Test persistence of behavioral changes over time Added customer
protection
• Automatically disenroll customers with
significantly higher bills (% TBD) after
year 1
• Limit financial impact for customers who are unable to respond to pilot price signals
• Limit CPA risk for high levels of bill protection payouts 8 Customer impact - example
0.0 0.5
1.0 1.5
2.0 2.5
3.0 3.5
1:00 AM2:00 AM3:00 AM4:00 AM5:00 AM6:00 AM7:00 AM8:00 AM9:00 AM 10:00 AM11:00 AM
12:00 PM
1:00 PM2:00 PM3:00 PM4:00 PM5:00 PM6:00 PM7:00 PM8:00 PM9:00 PM 10:00 PM11:00 PM
12:00 AM
kilowatts
TOU-SMART Bill Impact - EV Customer Example (Summer)
Benefiter (Daytime EV Charging) Non-Benefiter (Overnight EV Charging) Non-Benefiter (Overnight EV
Charging)
TOU-PRIME bill: $437
TOU-SMART bill: $441
Higher TOU-SMART rate cost of $4
covered by bill protection
Benefiter (Daytime EV Charging)
TOU-PRIME bill: $437
TOU-SMART bill: $410
TOU-SMART rate savings of $27 -
no bill protection required
Potential Overnight to Daytime
Load Shift Savings:
TOU-PRIME: $0
TOU-SMART: $31
This chart shows an
example of a customer
who benefits from TOU-SMART because they have
high daytime usage and
another who would pay
more due to higher
nighttime usage
The non-benefiting
customer could save
money by changing their
behavior and shifting their
EV charging to the daytime
Customer communications and bill protection
Selected pilot participants would receive two notices by mail explaining their enrollment in the pilot, where to go for more information, and how to opt out of the pilot
Additional educational information and tips would be shared with participants regularly throughout the pilot by email and/or mail
o Participants would be assigned to one of two treatment groups, each of which would receive distinct messaging frames ( bill savings/“zero-cost” focused or environmentally focused)
Participants would be able to discontinue participation in the pilot at any time via the CPA website, email, or by contacting Customer Service
Participants would be provided with bill protection for the duration of their participation in the pilot
o If customers end up paying more on TOU-SMART than they would have on TOU-D-PRIME, they would receive a bill credit for the difference at the end of the pilot (or sooner if they switch rates or move out)
o Customers who are consistently paying significantly higher bills as a result of the pilot would be automatically disenrolled from the pilot at the end of year 1 9 Proposed implementation timeline
10 April-July 2026: Prepare for customer outreach, enrollment and billing, and data collection and analysis
o Design and produce web page, fact sheet, customer mailers, member agency and call center talking points
o Work with Calpine to implement enrollment, billing, and bill protection requirements August-September 2026: Notify selected pilot participants o Deliver minimum of two customer notifications and fact sheet by mail, 60 days and 30 days ahead of launch
October 2026: Enroll selected default customers to new rate and begin monthly customer communications via mail and/or email
October 2027: Customer communication indicating full-year performance and informing them of their options if they did not save money on TOU-SMART October 2028: Bill protection period ends. Evaluate and communicate pilot results and consider continuing, modifying, expanding or discontinuing the rate and other options Recommended Action and Next Steps
Action Requested (Recommended by ExCom):
Approve Resolution 26-03-105 authorizing staff to implement a TOU-SMART Pilot as described above and delegating to staff the development of Pilot terms and conditions Next Steps
If the Board adopts the recommended resolution, staff will begin preparing for pilot implementation in the fall of this year, and will bring proposed modifications to the TOU-SMART rate differentials to set daytime generation rate at zero to the Board for approval in June as part of the FY 2026/2027 rate setting process Funds for customer communications and bill protection will be included in the proposed FY 2026/27 budget that will be presented to the Board for approval in June Background on TOU Rates
Time of Use (TOU) rates vary by time of day
and by season
Tiered rates (often called “flat rates”) are the
same regardless of time of day or season.
o Within Tiered Rates, usage above a
“baseline” is charged a higher rate
regardless of time of day
Benefits of TOU rates
o Better align prices with energy costs
o Encourage customers to shift usage to
lower cost hours
o Reduce cost shift from customers that
use a higher-than-average percent of
their electricity during high-cost hours
13 Time of Use versus Tiered Rates
14 TOU Rates – Then, Now, and Going Forward
TOU rates for residential customers have been around since the 2010s, enabled in large part by smart meters. Almost all commercial customers and NEM/NBT customers are required to be on TOU rates.
In 2021-2022, residential customers served by IOUs in California were shifted to default TOU rates o This shift followed several TOU pilot programs that tested impact on customer behavior, timing of TOU periods, impact on economically vulnerable households, and other rate design factors o CPA followed suit and continues to mirror SCE rate design to minimize customer confusion o While TOU rates best align costs with rates, state policy has prioritized giving customers a choice to opt out of TOU and stay on tiered rates, especially when TOU rates would result in a higher bill o SCE places new residential customers on the TOU-D-4-9pm rate unless the customer requests a tiered rate or a different TOU rate e.g. (TOU-D-5-8pm, TOU-PRIME) o Approximately 60% of CPA’s residential customers are on TOU rates Smart devices and apps enable customers and service providers to adjust energy usage easily and automatically in response to TOU price signals
Starting in 2026 both residential and non-residential customers will be able to try more granular hourly market-based rates through the Dynamic Rate Pilot that CPA is participating in with SCE Shifting usage from overnight to
daytime hours, when electricity is
cheapest and cleanest, is beneficial for
CPA, customers, and the grid
TOU price differentials are seen as a
tool to promote this beneficial load
shifting, and to better align CPA rates
and energy costs
CPA currently sets its TOU price
differentials based on SCE rates and
has limited data to inform a different
approach.
15 Promoting a shift to daytime usage
Source: CAISO 2023 emissions data and 2025-2028 forward electricity prices.
Staff Report – Agenda Item 11
To: Board of Directors
From: Jennifer Giles, Commercial Accounts Executive
Reviewed by: Matthew Langer, Chief Operating Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Contract Pricing Program
Date: March 5, 2026
Staff will provide a presentation on the item.
ATTACHMENT
1. Potential Contract Pricing Program Presentation
Potential Contract Pricing Program
March 5, 2026
Executive Summary
2 CPA faces increasing opt-out risk from commercial customers seeking to enroll in Direct Access
o In 2026, CPA could lose up to 2000 non-residential customer accounts and staff expects a continued high level of interest in DA in coming years
A significant pool of large commercial customers want high levels of renewables at predictable and/or fixed rates for 3-10 years
Some corporate customers want to bring their own resources via Virtual PPAs to meet renewable energy/sustainability goals
To respond to these trends, staff is exploring a contract pricing program to retain and attract customers while ensuring all customers are financially viable to CPA CPA is in a unique position to offer our 100% Green Power product to these customers, something SCE and DA providers can't always offer Eligibility would be limited to customers who have won DA lottery and/or have not been a CPA customer for a period of time
This presentation is informational. Staff presented the contract pricing proposal to the Executive Committee on February 19th, and the committee was supportive of continuing to pursue it. Staff is seeking additional feedback from the Board and intends to return at a future date with a more complete program proposal Background on Direct Access
3 Direct Access (DA) is a program that allows non-residential customers to procure their own power. o DA participants can enroll with an Energy Service Provider (ESP) to meet their energy needs o ESPs must follow requirements similar to CCAs, such as meeting Resource Adequacy, Renewable Portfolio Standard, Integrated Resource Planning, and other statewide requirements o ESPs typically offer DA customers contracts to serve their load for a fixed period of time and DA customers can switch amongst ESPs or migrate back to a CCA or IOU when their contracts run out o DA rates are frequently customized by load profile and allow flexibility for different pricing structures, customers’ risk appetite, and desired energy mix
As part of California's energy restructuring, the Legislature adopted DA in 1996 and it was first implemented in 1998 o DA was partially suspended during the 2001 energy crisis and later reopened with a cap that was increased by the legislature in 2021 from 13% of IOU load to the current 15.4% Open cap space, if any, is allocated by a lottery run annually by each IOU that customers, even if they are served by a CCA, can choose to enter
o Cap space can open up if a customer migrates from DA to CCA, DA to IOU or if a DA account closes In recent years, SDG&E and PG&E have reached their caps, while SCE has had open cap space o SCE has lower rates than the other IOUs, making it more difficult for DA to be competitive o High short-term market prices in the last several years have made new DA contracts less competitive In 2026, increase in interest in the SCE DA lottery increased due to lower market costs o Around 2000 CPA accounts are eligible to sign DA contracts this year To date, CPA has not had an offering to directly compete with DA beyond standard CPA rate, although customers have approached CPA over the years seeking customized rate options either to directly compete with DA or for other reasons Potential Contract Pricing Program
4 In response to market trends, staff has been developing a Contract Pricing Program whereby a customer would enter into a custom pricing contract with CPA under specified terms that would meet CPA’s mission and ensure that customers cover their costs Program parameters under consideration include:
o Eligibility: Customers who have won DA lottery and/or have not been a CPA customer for a period of time
o Contract Term: Could vary by customer (3-10 years), no opt-out allowed o Margin (modelled): Currently at least 2% contribution over the term, consistent with overall CPA margin forecast, but would be re-evaluated each year based on then-current margin projections o Program Participation Cap: TBD, may want to limit size/risk associated with the program o Customer Load Cap: TBD may want to have individual customer load growth cap for hedging purposes o Rate Product: 100% Green (and potentially Clean or other renewables mixture) o Rate: Customized to customer’s actual load/cost profile (potentially with provision for Virtual PPA resources or day-ahead market pricing)
Three rate options under consideration to offer customers:
o Fixed rate
o Fixed comparison with SCE Base (for entire term)
o Annual rate escalation w/ total bill comparison floor and ceiling Possible Rate Options
5 Staff is considering offering three potential rate options o Fixed rate: rate calculated based on CPA costs given specific customer load profile, plus margin, fixed for the contract term
o Fixed Comparison: rates are adjusted annually to ensure a consistent comparison with SCE over the contract term while maintaining CPA margin target
o Collared Comparison: rates for each year are set at contract execution and then adjusted annually to ensure comparison with SCE remains at or above a floor and below a ceiling (e.g. the rate stays within a range of 1%-5% premium compared to SCE total bill), while maintaining CPA margin target Under each option, margin is calculated over the term of the agreement, so margin could be higher in some years and lower in others as long as total margin over the contract term is maintained Other pricing approaches could be considered based on customer interest (e.g. day-ahead pricing exposure, virtual PPAs), as long as CPA’s financial and risk management objectives are met Additional Considerations
6 Staff is evaluating a number of implementation considerations as part of program development in two broad categories:
Program criteria
o How to implement the rate comparison target given frequent SCE rate changes (most likely via annual true-up)
o Whether to offer product options beyond 100% Green including Clean Power or customized options
o Contract terms such as events of default, damages for termination, and other terms and conditions
Risk mitigation
o How to evaluate customer creditworthiness
o Limitations on load growth and pricing provisions should customer exceed a specified load growth amount
o Should there be an overall program enrollment cap, and if so, what size? o How would CPA hedge positions to reduce supply risk for specific customers? Feedback and Next Steps
7 Staff requests feedback from the Board on the potential Contract Pricing Program If the Board is supportive, staff would return at a later date with a more comprehensive proposal for the program
Staff is in discussions with a large load customer who opted out during mass enrollment and is interested in contract pricing for the 100% Green energy product. If the Board supports the general program approach, staff will continue discussions with that customer in the coming weeks and use those discussions as a guide for additional program development and contract terms
Staff Report – Agenda Item 12
To: Board of Directors
From: Gabby Monzon, Clerk of the Board
Nancy Whang, General Counsel
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Open Nomination Period for Board Chair
Date: March 5, 2026
RECOMMENDATION
Open nomination for Board Chair for a two-year term beginning July 2026 and ending June 2028.
BACKGROUND/DISCUSSION
Pursuant to CPA’s Bylaws, the Board of Directors must elect a Board Chair every two years. The current Chair’s term expires on June 30, 2026. The new Chair’s term will begin in July 2026.
Opening the nomination period for Board Chair initiates the selection process for Committee Chairs and thereafter election of At-Large Members of the Executive Committee for the 2026-2028 term.
The nomination period for the Board Chair will open at the March 5 Board meeting and remain open until March 13, 2026. Regular Directors who are eligible to be nominated are listed in Attachment 1.
Board of Directors Item 12
4 2
5 A nominee must meet the following criteria:
1. The candidate must be a Regular Director;
2. The candidate must have attended at least 50% of CPA’s Regular Meetings in the prior 12 months; and,
3. The candidate must affirm that they intend to serve a full term as Chair.
The Chair position is elected by a vote of all Regular Directors.
Election Timeline
Mar 5 – Mar 13: Board Chair Nomination Period
April 2: Election of Board Chair
By April 20: Board Chair selects Committee Chairs
May 7 – May 15: At-Large Executive Committee Nomination Period (3 positions) June 4: Election of At-Large Executive Committee Members July 2: Board Chair, Committee Chairs, Executive Committee At-Large Members begin new terms
ATTACHMENT
1. Current Eligible Regular Directors for Board Chair
Board of Directors Item 12
4 2
5 Current Eligible Directors for Board Chair
Jeff Maloney Alhambra
Ed Albrecht Arcadia
Susan Santangelo Camarillo
Cedric Hicks Carson
Corey Calaycay Claremont
Yasmine-Imani McMorrin Culver City
Alex Monteiro Hawthorne
Stephanie Fossan La Canada Flintridge
Juan Munoz-Guevara Lynwood
Marianne Riggins Malibu
David Lesser Manhattan Beach
Edward Belden Monrovia
Chris Barrett Moorpark
Bert Perello Oxnard
Laura Hernandez Port Hueneme
Brad Waller Redondo Beach
Debby Stegura Rolling Hills Estates
Jenny Crosswhite Santa Paula
Robert Parkhurst Sierra Madre
Rocky Rhodes Simi Valley
Omari Ferguson South Pasadena
Ed Chen Temple City
David Newman Thousand Oaks
John Erickson West Hollywood
Mary Ann Pacheco Whittier
Management Report
To: Board of Directors
Subject: Management Report
Date: March 5, 2026
Upcoming Events
In addition to the regular Board meeting schedule, CPA has a number of upcoming events that Board members have been, or will be, invited to including:
• April 30: A ribbon cutting in Carson marking significant progress in local solar development for the Power Share program. A Save the Date and additional details are forthcoming.
• May 12 – May 14: The Annual Conference of the trade association of Community Choice Aggregators, CalCCA, in Sacramento. CPA is inviting Board Directors to attend the conference and will pay for conference registration, hotel, and travel expenses for one Director per member agency. The deadline to respond to this invitation has been extended to March 6. If you would like to attend and have not already done so, please email Raynette Tom ([email protected]) by the end of day tomorrow.1
• September 18: CPA will hold its Annual Board Retreat. Please hold an 8:30am to 2:30pm time slot for the retreat in a central Los Angeles location.
Prepay Bond Issuance
On February 27, 2026, CPA completed the issuance of a $963 million prepay energy bond through the California Community Choice Financing Authority (“CCCFA“). CPA will assign power purchase agreements totaling 213.5 MW of renewable energy capacity to the prepay transaction, including geothermal, solar-plus-storage, and wind resources. 1 CPA will also have a publicly posted location available in Sacramento on the sidelines of the conference for Board Directors to attend the May 14 CPA Board meeting.
Board of Directors Management Report
The prepay bond is expected to reduce CPA’s renewable energy costs by $66.6 million over the initial ten-year period of the bond, or an average of $6.6 million annually.
Morgan Stanley served as the underwriter of the bond and Morgan Stanley Capital Group as the prepaid energy supplier. Kestrel provided Green Bond verification services.
CPA has now issued six prepay bonds through its prepay bond program with a total par value of $6.9 billion. In total, the prepay bond program is expected to provide average energy cost savings of $52 million annually. CPA has outstanding Board authorization through June 30, 2027, to complete up to $3.5 billion of additional prepay bond transactions with any of four approved Underwriters & Prepaid Suppliers (Goldman Sachs, JPMorgan, Morgan Stanley, and Royal Bank of Canada).
Monthly Financial Performance
CPA’s net position increased $13.6 million in December 2025, $23.3 million more than the budgeted decline of $9.8 million. Energy revenues were 11% lower than budgeted but energy costs were 29% lower than budgeted. Both revenue and energy costs were under budget due to mild weather, lower-than-expected prices for market power, and the non-utilization of contingencies. For the first half of the fiscal year, CPA is ahead of budget by $67.1 million; this better-than-budgeted performance is expected to be whittled down in the first half of 2026 as the impact of CPA’s February 1, 2026 rate decrease flows through to financial performance. The monthly financial dashboard for December is provided as part of the Agenda Item 5, the Q2 Fiscal Report.
Customer Participation Rate and Opt Actions
As of February 24, CPA’s overall participation rate was 92.8%, unchanged from the previous month. This figure now includes Phase 7 communities; it is notable that these communities’ inclusion in CPA’s overall participation rate calculations for the first time did not change CPA’s overall participation rate. CPA had 1,070,709 active customers as of February 24, down by 778 customers from the month before. Opt-outs through February 24 – 410 – were nearly identical from the 420 opt-outs posted in January. Participation rates and active accounts by member agency are provided in Attachment 1.
Board of Directors Management Report
Customer Service Center Performance
Incoming calls to CPA’s Customer Service Center were down in February, with 1,727 calls though February 24, compared to 2,309 calls in January. Call center performance was steady, with 88.9% of calls answered within 45 seconds in the month, compared to
90.8% in January. Average call center wait time was 18 seconds, compared to 17 seconds in the previous month.
Contracts and Amendments Executed Under the CEO Authority A list of Long-Term energy transactions, letter agreements, amendments, and terminations executed under the CEO’s Delegated Authority in the previous 12 months is provided in Attachment 3 pursuant the Energy Risk Management Policy. A list of non-energy contracts executed under the CEO’s Signing Authority pursuant to CPA’s Non-Energy Contracting Policy is provided in Attachment 3. This list includes all open contracts as well as all contracts, open or completed, executed in the past 12 months.
ATTACHMENTS
1. Participation Rates by Member Agency
2. Long Term Energy transactions, Letter Agreements, Amendments, and Terminations under CEO’s Delegated Authority
3. Non-Energy Contracts Executed under CEO’s Signing Authority
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Project or Resource Summary Month Notes
Desert Sands II
Amendment to a Letter Agreement to the Energy Storage Agreement to extend the termination deadline while parties identify mutually beneficial solutions January 2026
Drifter
Amendment to Energy Storage Agreement to extend the termination deadline while parties identify mutually beneficial solutions
January 2026
Cape Station 2
Letter agreement to extend the termination deadline for securing interconnection right while parties identify mutually beneficial solutions December 2025
Eaves 1
Amendment to Power Purchase Agreement to allow for additional payments of liquidated damages to extend the COD
November 2025
Eaves 3
Amendment to Power Purchase Agreement to allow for additional payments of liquidated damages to extend the COD
November 2025
Commerce 4
Amendment to Power Purchase Agreement to allow for additional payments of liquidated damages to extend the COD
November 2025
Southbay 20
Amendment to Power Purchase Agreement to allow for additional payments of liquidated damages to extend the COD
November 2025
Carson 1
Amendment to Power Purchase Agreement to allow for additional payments of liquidated damages to extend the COD
November 2025
Luna
Letter agreement to memorialize approval of an augmentation outage in the summer months, and compensation from Luna to CPA in acknowledgment of such summer outage approval
September 2025
Sunzia
Amendments to bifurcate North and South projects into two separate Power Purchase Agreements.
September 2025
Luna
Letter agreement to memorialize approval of an augmentation outage in the summer months, and compensation from Luna to CPA in acknowledgment of such summer outage approval
June 2025
Sunzia Letter agreement to establish process to bifurcate North and South projects June 2025 Sunzia
Amendment to allow Sunzia the option to operate each turbine in the South Wind project area at a nameplate capacity of 3.8MW vs the originally contemplated 3.6MW
May 2025
Sunzia
Letter Agreement extending the negotiating period to address Slice of Day language in existing contract
May 2025
Cape Station 30 MW
and 18 MW
Letter Agreement to the Power Purchase Agreements to update insurance requirements. The Letter Agreement applies to both the 30 MW and incremental 18 MW Cape Station agreements.
April 2025
Rexford
Amendment to the Power Purchase Agreement to update the Ultimate Parent definition after a Change in Control
February 2025
Previous 12 Months
Long-Term Energy Contract Transactions, Administrative Amendments, Letter Agreements and Terminations Executed Under Chief Executive Officer's Authority
Vendor Purpose Month NTE Amount Status Notes
LinkedIn Recruiting platform subscription Feb-26 $2,719 Active Wood Mackenzie, Inc. Price forecast software subscription Feb-26 $42,107 Active Lumi USA Inc. Platform for electronic voting for Board Feb-26 $12,000 Active TRC Solutions
Amendment to PSA for building and EV
reach codes to extend term period Feb-26 $0 Active
Sean Hernandez
Consulting Agreement for market
operations analytics and reporting
services
Feb-26 $30,000 Active
Liebert Cassidy Whitmore, APC Legal services for employment law Feb-26 $50,000 Active Coro California, Inc. Staff Workshop Facilitator Jan-26 $6,750 Active Electric & Gas Industries Association
Incentive management services for the
residential battery storage incentive
program
Jan-26 $91,000 Active
MG Advisory Corp
Municipal Financial Advisor for Prepay
Transactions Jan-26 $250,000 Active
Meltwater News US Inc. Media coverage subscription Jan-26 $27,770 Active Ironclad, Inc. Contract Management Software Jan-26 $94,906 Active NewGen Strategies & Solutions, LLC
Cost-of-Service and Rate Setting
consulting services Dec-25 $40,000 Active
Pinnacle Advocacy LLC Lobbying services for Government Affairs Dec-25 $78,652 Active Omni Government Relations Lobbying services for Government Affairs Dec-25 $106,492 Active Language Line Services, Inc.
Translation services for Marketing &
Communications
Dec-25 $70,000 Active
Grand Tower LLC Storage Space Lease Dec-25 $12,000 Active DERNet Soft, Inc. Customer Engagement Reporting Tool Nov-25 $60,000 Active ParcelQuest Parcel data web service Nov-25 $12,500 Active Mercer LLC Performance Management Re-design Nov-25 $75,000 Active Green Translations Translation services for Marketing & Communications
Nov-25 $30,000 Active
Salesforce Tableau licenses Nov-25 $4,651 Active
Chapman & Cutler Legal services for prepay transactions Oct-25 $175,000 Active Adam Investigations Legal services Oct-25 $50,000 Active GDS Associates Technical support for long-term energy
contracts Oct-25 $95,000 Active
Julia Valler, Inc. Event staffing for LA Car Show Oct-25 $24,948 Active Alter Agents, Inc. Marketing research services Sep-25 $249,800 Active Pinnacle AV Services A/V maintenance service plan Sep-25 $25,849 Active SAESHE, Inc. Amendment to PSA for Street teams
support services Sep-25 $55,000 Active
First Principles Advisory Integrated Resources Plan technical consulting Sep-25 $75,000 Active
Mercer LLC 2025 Retirement/Benefits Review Aug-25 $73,000 Active Dillon Consulting Auditor for the Climate Registry Jul-25 $26,400 Active MRW Associates Subscription to rate forecasting products Jul-25 $9,600 Active LinkedIn LinkedIn Learning Subscription Jul-25 $16,660 Active Meltwater Media coverage subscription Jul-25 $27,770 Active Baker Tilly Financial audit services Jul-25 $62,000 Active Snowflake AWS data subscription Jul-25 $100,000 Active
Workable Applicant Management Platform
Subscription Jul-25 $17,496 Active
Smartsheet, Inc. Project management platform Jul-25 $2,436 Active Hootsuite, Inc. Social media boosting tool Jun-25 $18,799 Active Air Fresh Marketing LLC Street teams support services Jun-25 $20,000 Active Lattice HR management platform subscription Jun-25 $35,067 Active Getty Images Subscription for image assets Jun-25 $8,620 Active EGIA Incentive management services renewal
term May-25 $92,510 Active
Spirit Media Videography services for CPA teaser video May-25 $97,375 Active Non-Energy Contracts Executed Under Chief Executive Officer Authority Rolling 12 months.
Trinity Consultants Third-party verification services for 2024 EPE emissions data report May-25 $24,000 Active
BRB Law Legal services, regulatory May-25 $50,000 Active Raimi & Associates End date extension only for Inglewood Oil Field energy storage feasibility study May-25 $0 Active End date extension only EPRI Research Participation Agreement Apr-25 $54,000 Active USGBC California
Workforce development grant for wildfire
recovery resources
Apr-25 $50,000 Active
IFUS ICE Futures Platform access Apr-25 $0 Active
Redhill Group Customer Research Services Apr-25 $34,589 Active