Audit and Finance Committee
Regular Meeting
September 14, 2026
westlightenergy.org
This meeting will begin shortly. Thank you!
Regular Agenda Items 2-5
Adjournment
Agenda Overview
Call to Order / Roll Call
September 14, 2026
Public Comment for Items not
on the Agenda
Action to Set the Agenda and
Approve Consent Item 1
Chair Report September 14, 2026
Donna Colson,
Committee Chair
westlightenergy.org
WestLight Energy 4
Chair Report
Staff Report
September 14, 2026
Nick Bijur,
Chief Financial Officer
westlightenergy.org
WestLight Energy 6
Staff Report: General Update
• Met with S&P on Friday, September 11
• Enterprise Risk Management (ERM) update at the Executive Committee in October • Worked with the Programs team to analyze third-party financing for GovPV; terms were deemed uneconomical, but staff will continue to monitor interest rates • Evaluating Prepay #3 and will return to A&FC later this year • Speaking with banks about potentially establishing a credit facility; will return to the A&FC at the appropriate time
• Working with Power Resources to possibly incorporate PCIA into our hedging program • Registered 13 GovPV projects with the IRS and are filing for a $2.4 million ITC • Q1 financial results are on track
WestLight Energy 7
Q4 Fiscal Year 2026
Financial Report
(Quarter Ending June
30, 2026)
September 14, 2026
Nick Bijur,
Chief Financial Officer
westlightenergy.org
WestLight Energy 8
Customer Load
FY26 load was 5.7% below budget and 0.7% below FY25 actuals Total Load (000s MWh)
240
260
280
300
320
340
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY26 Actual FY26 Budget FY25 Actual
3.391M
FY26 actual load
5.7%
below budget
0.7%
below FY25
• Mild summer weather, particularly in
July, contributed to lower usage
• No heat wave in October as there
was in FY25
• Staff updated the load forecast
model mid-year; second-half load
was on plan
WestLight Energy 9
(in millions)
FY26 Q4
Actual
FY26 Q4
Budget
FY25 Q4
Actual
Var vs
Budget
Fav/(Unf)
Electricity Sales 50.1 60.9 95.3 (10.8)
Non-Electricity Revenues (0.1) 0.1 0.1 (0.2)
Total Revenues 50.0 61.0 95.4 (11.0)
(in millions)
FY26
Actual
FY26
Budget
FY25
Actual
Var vs
Budget
Fav/(Unf)
Electricity Sales 338.6 377.1 437.9 (38.6)
Non-Electricity Revenues 1.1 0.4 10.9 0.7
Total Revenues 339.7 377.5 448.8 (37.9)
Revenues
Operating revenues reflect lower load and February rate reduction Excluding the Rate Stabilization Fund, FY26
revenues were $37.9M (10%) below budget
• Lower load (~6%)
• February rate reduction (maintained 10%
discount)
Note that all grant income was reclassified from
non-electricity revenues to non-operating income
under a new accounting standard (GASB 103)
WestLight Energy 10
Revenues — Monthly Trend
Monthly operating revenues before RSF show seasonality and rate reset impact Operating revenues before RSF ($M)
0 10
20 30
40 50
Jun-25 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Actual Budget
WestLight Energy 11
(in millions)
FY26 Q4
Actual
FY26 Q4
Budget
FY25 Q4
Actual
Var vs
Budget
Fav/(Unf)
Energy 39.6 54.0 47.6 14.3
Capacity 16.3 20.1 14.3 3.8
REC/GHG-Free 3.0 2.5 16.1 (0.4)
Other (0.7) 0.8 0.5 1.5
Contingency - 5.1 - 5.1
Total Cost of Energy 58.3 82.6 78.6 24.3
(in millions)
FY26
Actual
FY26
Budget
FY25
Actual
Var vs
Budget
Fav/(Unf)
Energy 212.7 238.0 224.9 25.4
Capacity 59.7 67.8 119.9 8.1
REC/GHG-Free 3.5 7.6 19.0 4.1
Other 1.3 3.2 2.1 1.9
Contingency - 21.0 - 21.0
Total Cost of Energy 277.1 337.6 366.0 60.5
Cost of Energy
Cost of Energy was favorable to budget, driven by load, market prices, portfolio optimization, and timing Excluding budgeted contingency, FY26 Cost of
Energy was $39.5M (12%) below budget
• Energy: Lower load, lower wholesale market
prices, and reduced PPA generation all
contributed to lower energy costs
• Capacity: Higher RA resale revenue from
portfolio optimization; lower storage contract
costs due to later-than-budgeted COD
• REC/GHG-Free: Higher PCC1 sales and timing
of GHG-free attribute purchases across CY
2025 and CY 2026 contributed to variance
• Other: Lower NEM expenses than budgeted
Costs were $88.9M (24%) below last year due to
significantly lower RA and REC prices, which are
also impacting the PCIA
WestLight Energy 12
Cost of Energy — Monthly Trend
Cost of Energy favorability increased throughout the year Cost of Energy ($M)
0 5
10 15
20 25
30 35
40 45
Jun-25 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Actual Budget
Budget includes contingency. Excludes non-energy operating expenses.
WestLight Energy 13
(in millions)
FY26
Actual
FY26
Budget
FY25
Actual
Var vs
Budget
Fav/(Unf)
Revenues 339.7 377.5 448.8 (37.9)
Cost of Energy 277.1 337.6 366.0 60.5
Revenue Less Cost of Energy 62.5 39.9 82.8 22.6
Compensation 16.6 16.4 14.6 (0.2)
Data Mgr and PG&E Fees 5.0 4.9 4.9 (0.0)
Professional Fees 5.0 9.4 6.0 4.4
Marketing 1.5 2.0 1.5 0.4
Program Incentives 14.6 15.9 12.6 1.3
Other G&A 4.9 5.8 3.4 1.0
Operating Expenses 47.4 54.3 42.9 6.9
Non-Operating Income 22.1 18.4 29.4 3.7
Change in Net Position 37.2 4.0 69.3 33.2
Rate Stabilization Fund (35.0) - (60.0) (35.0)
Reported Chg in Net Position 2.2 4.0 9.3 (1.8)
FY26 Change in Net Position
Underlying performance was substantially ahead of budget; reported CINP reflects the $35M RSF deferral • .
• Lower energy costs more than offset lower
revenues, resulting in $62.5M of Revenues less
Cost of Energy, significantly exceeding budget
• Compensation, Data Manager and PG&E fees on
budget
• All other operating expenses below budget
• Marketing and Program consultant expenses
recategorized to Professional Fees
• Lower Programs consulting expenses primarily
due to the timing and ramp-up of the Home
Upgrade program
• Non-operating income benefited from a $2.4M
ITC, which was not budgeted
• Deferred $35M to the Rate Stabilization Fund to
help support lower rates in future years
WestLight Energy 14
Q4 Change in Net Position
Q4 costs exceeded revenues, which was expected
• Cost of Energy exceeded revenues in Q4,
as expected, and will likely continue to do so
in FY27
• Operating expenses generally on budget
• The resulting Change in Net Position of
$(14.1) million was favorable to budget
(in millions)
FY26 Q4
Actual
FY26 Q4
Budget
FY25 Q4
Actual
Var vs
Budget
Fav/(Unf)
Revenues 50.0 61.0 95.4 (11.0)
Cost of Energy 58.3 82.6 78.6 24.3
Revenue Less Cost of Energy (8.3) (21.6) 16.8 13.3
Compensation 4.6 4.3 4.2 (0.3)
Data Mgr and PG&E Fees 1.2 1.2 1.2 (0.0)
Professional Fees 1.1 0.6 1.5 (0.5)
Marketing 0.4 0.6 0.5 0.3
Program Incentives 4.1 5.4 3.1 1.3
Other G&A 1.3 1.3 0.9 0.0
Operating Expenses 12.7 13.5 11.3 0.8
Non-Operating Income 6.8 4.4 9.6 2.5
Change in Net Position (14.1) (30.8) 15.1 16.6
WestLight Energy 15
Rate Stabilization Fund
FY26 contribution brings the cumulative RSF balance to $163 million $35M
FY26 contribution
$163M
Ending balance
Rate Stabilization Fund revenue to offset expected PCIA and rate volatility 68 128
163
0 30
60 90
120
150
180
FY24A FY25A FY26A
$ millions
WestLight Energy 16
(in millions) Jun-25 Sep-25 Dec-25 Mar-26 Jun-26
JP Morgan Bank 14.7 16.9 18.9 18.5 16.0
River City Bank - - - - 20.1
CAMP 182.0 173.8 195.7 197.6 159.2
PFM 114.7 146.4 148.1 148.4 149.0
Chandler 130.1 142.0 143.6 144.0 144.5
Total Cash & Investments 441.5 479.1 506.4 508.5 488.9
Adjusted Days Cash on Hand(1) 235 314 333 368 329
Cash and Investment Summary
Cash and investments remained strong at year-end, and DCOH exceeded target (1) Adjusted cash excludes the $163 million Rate Stabilization Fund and Board-approved capital commitments WestLight Energy 17
Committee Members’
Reports
September 14, 2026
WestLight Energy
Audit and Finance Committee
westlightenergy.org
WestLight Energy 18
Thank you for
joining us!
September 14, 2026 westlightenergy.org