WestLight Energy Audit and Finance Committee
November 12, 2024

Audit & Finance Committee Meeting
November 12, 2024
The meeting will begin shortly. Thank you!
Chair Report
Staff Report
Peninsula Clean Energy
Staff Report
4 • Updated Energy Risk Management Policy (Executive Committee today and Board November 21)
• Preliminary 2025 PCIA and PG&E gen rates – better than expected • Planning to launch RFP for accounting support (currently Maher) and banking services (JP Morgan) in 1Q 2025
Current Budget ERRA Update
PCIA 1.2 cents 2.0 cents 0.5 cents
PG&E Gen Rates 14.9 cents 14.2 cents 14.8 cents
Q1 FY24-25 Financial Review
Peninsula Clean Energy
(in MWh) Actual Budget Variance Var (%)
Residential 330,128 344,463 (14,335) -4.2%
Commercial & Industrial 534,204 549,377 (15,172) -2.8%
Total 864,332 893,840 (29,508) -3.3%
FY24-25 Q1 Base Load
• Q1 load 3.3% below budget
o Mild weather in Aug/Sep (July on-budget)
o Reduction in small commercial load relative
to last four years
o Evening and nighttime energy usage from
residential customers down
o Overestimated EV charging
6 Customer Load
200,000
225,000
250,000
275,000
300,000
325,000
350,000
Jul Aug Sept
Total Load (MWh)
Actuals Budget FY23-24 Actual
Peninsula Clean Energy
(in millions)
FY25 Q1
Actual
FY25 Q1
Budget
FY24 Q1
Actual
$Var vs
Budget
Fav/(Unf)
$Var vs
FY24 Q1
Fav/(Unf)
Electricity Sales 133.2 133.9 131.7 (0.8) 1.5
Non-Electricity Revenues 0.5 0.8 0.0 (0.3) 0.5
Green Electricity Premium 0.8 0.8 0.8 (0.0) 0.0
Total Revenues $134.4 $135.5 $132.5 ($1.1) $1.9
Revenues
7 • Q1 revenues $1.1 million
below budget (0.8%)
• Primarily due to lower
load
• Lower non-electricity
revenues driven by
Programs
Peninsula Clean Energy
(in millions)
FY25 Q1
Actual
FY25 Q1
Budget
FY24 Q1
Actual
$Var vs
Budget
Fav/(Unf)
$Var vs
FY24 Q1
Fav/(Unf)
Energy 53.3 56.9 56.5 3.6 3.2
Capacity 63.7 67.1 33.5 3.4 (30.2)
REC/GHG-Free 10.1 4.3 1.0 (5.8) (9.1)
Other (4.7) (4.6) 1.8 0.1 6.6
Contingency 0.0 9.1 0.0 9.1 0.0
Total Cost of Energy $122.4 $132.9 $92.8 $10.5 ($29.6)
Cost of Energy
8 • Q1 cost of energy $10.5 million
below budget • Lower energy costs due to
reduced load (3.3%) and
CAISO resettlements, offset
in part lower PPA
generation
• Capacity costs driven by
lower prices and sale of
excess RA
• REC costs higher than
budget due to timing of REC
sales
• Contingency not used/needed
Peninsula Clean Energy
(in millions)
FY25 Q1
Actual
FY25 Q1
Budget
FY24 Q1
Actual
$Var vs
Budget
Fav/(Unf)
$Var vs
FY24 Q1
Fav/(Unf)
Revenues 134.4 135.5 132.5 (1.1) 1.9
Cost of Energy 122.4 132.9 92.8 10.5 (29.6)
Gross Profit $12.0 $2.6 $39.7 $9.4 ($27.6)
Compensation 3.3 3.3 2.2 (0.0) (1.2)
Data Mgr and PG&E Fees 1.2 1.2 1.2 0.0 (0.0)
Professional Fees 0.7 0.9 0.9 0.2 0.2
Marketing 0.8 0.9 0.5 0.1 (0.3)
Programs 2.6 6.8 2.8 4.2 0.1
Other G&A 0.8 1.2 0.7 0.4 (0.1)
Operating Expenses $9.5 $14.3 $8.3 $4.8 ($1.2)
Non-Operating Income 9.7 2.3 1.9 7.4 7.8
Change in Net Position $12.2 ($9.4) $33.2 $21.7 ($21.0) Change in Net Position (CINP)
9 • Q1 CINP $12.2 million, which
is $21.7 million above budget
• Lower energy costs/
contingency not used
• Lower Program expenses
due to delays (BE) and
slower uptake (EV)
• Higher interest income,
including $5.5 million of
unrealized gains
• Most other cost
categories on-budget
Peninsula Clean Energy
(in millions) Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
First Republic / JP Morgan $40.2 $45.7 $15.5 $16.3 $13.4 Other Accounts 0.0 0.0 0.0 0.0 0.0
Cash $40.2 $45.7 $15.5 $16.3 $13.4
CAMP 0.0 90.2 141.8 163.8 166.0
PFM 64.5 106.7 107.0 107.9 111.6
Chandler (was FRB) 60.2 102.1 102.6 103.5 107.1
Fidelity 71.4 0.0 0.0 0.0 0.0
Schwab 57.4 0.2 0.0 0.0 0.0
Total Investments $253.4 $299.3 $351.4 $375.2 $384.7
Total Cash & Investments $293.7 $345.0 $366.9 $391.6 $398.1 Days Cash on Hand 354 415 397 395 372
Cash and Investment Summary – Quarterly Trend
10 Appendix
Peninsula Clean Energy 12
Detailed Financial Statement
Actual Budget Var Fav/(Unf)
Electricity Sales $133,171,342 $133,929,317 ($757,975)
Non-Energy Revenues $452,885 $763,571 ($310,687)
Green Electricity Premium 773,922 796,231 (22,309)
Total Revenues 134,398,148 135,489,120 (1,090,971)
Cost of Energy 122,370,488 132,850,261 10,479,773
Gross Profit 12,027,660 2,638,858 9,388,802
Compensation 3,317,924 3,293,453 (24,471)
Data Manager 889,397 900,000 10,603
Service Fees (PG&E) 331,588 333,600 2,012
Consultants & Professional Services 497,888 559,910 62,021 Legal 199,923 348,491 148,568
Communications & Noticing 811,186 888,945 77,759
General & Administrative 781,643 1,153,394 371,751
Community Energy Programs 2,645,816 6,842,500 4,196,684 Depreciation 22,935 18,724 (4,212)
Operating Expenses 9,498,300 14,339,016 4,840,716
OPERATING INCOME 2,529,360 (11,700,158) 14,229,518
Non-Operating Income 9,717,556 2,275,795 7,441,761
CHANGE IN NET POSITION $12,246,916 ($9,424,363) $21,671,279 Quarter Ending September 2024
Peninsula Clean Energy 13
Revenues – Monthly Trend (13 months)
Actual Budget Var Fav/(Unf) Var Fav/(Unf) %
Sep-23 42.0 45.3 (3.3) -7.3%
Oct-23 37.8 38.2 (0.4) -1.1%
Nov-23 35.0 36.8 (1.7) -4.7%
Dec-23 26.7 40.9 (14.2) -34.7%
Jan-24 39.3 41.9 (2.5) -6.0%
Feb-24 36.2 37.7 (1.5) -3.9%
Mar-24 35.9 34.4 1.4 4.2%
Apr-24 32.4 31.2 1.2 3.9%
May-24 34.9 33.7 1.2 3.7%
Jun-24 42.6 44.0 (1.4) -3.2%
Jul-24 47.2 44.5 2.7 6.2%
Aug-24 44.9 46.4 (1.5) -3.3%
Sep-24 42.3 44.6 (2.3) -5.2%
Revenue Comparison vs. Budget (in millions)
Peninsula Clean Energy 14
Cost of Energy – Monthly Trend (13 months)
Actual Budget Var Fav/(Unf) Var Fav/(Unf) %
Sep-23 27.3 27.5 0.2 0.7%
Oct-23 25.5 24.1 (1.4) -5.7%
Nov-23 21.0 21.4 0.4 1.7%
Dec-23 23.7 25.0 1.4 5.5%
Jan-24 32.6 32.1 (0.5) -1.7%
Feb-24 24.1 25.8 1.6 6.4%
Mar-24 25.2 22.5 (2.7) -12.0%
Apr-24 16.8 20.4 3.5 17.4%
May-24 27.6 22.5 (5.1) -22.5%
Jun-24 34.3 27.0 (7.3) -27.1%
Jul-24 34.3 39.2 4.9 12.4%
Aug-24 48.5 48.9 0.4 0.9%
Sep-24 39.5 44.7 5.2 11.6%
Cost of Energy Comparison vs. Budget (in millions)