Presentations — Silicon Valley Clean Energy Board of Directors, March 9, 2022

Silicon Valley Clean Energy Authority
Report to the Board of Directors
March 9, 2022
Item 2

PRESENTATION
p Is ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Introduction
• Brett Bradford, CPA
• Audit Partner
• 17 years in public accounting and performing audits of government entities
• Currently working with several CCA’s throughout California • Jenna Blanchard
• Engagement Supervisor
• 6 years in public accounting and performing audits of governments (CCA’s)
Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Results of current year audit:
• The audit is complete. We have reported the following:
• Unmodified opinion – Based on our audit, the financial statements are materially accurate.
• No significant deficiencies in internal control have
been noted.

Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Audit of the years ended September 30, 2021
and 2020 Financial Statements
Relative Roles & Responsibilities
• Management is responsible for preparing the Financial Statements and establishing a system of internal control
• Auditor is responsible for auditing the Financial Statements • Considering risks of material misstatement in the Financial Statements
• Considering internal controls relevant to the Financial Statements • Performing tests of year-end balances based on risk assessment • Evaluating adequacy of disclosures
Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Risk Assessment for the years ended
September 30, 2021 and 2020
Our audit is a risk-based audit. Risk assessment procedures include:
• Gain understanding of the entity’s operating characteristics, practices, and procedures.
• Compare to our knowledge of similar entities, industry and professional guidance.
• Review procedures and controls surrounding significant transaction cycles and business processes.

Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Audit Procedures
Significant areas of focus
• Review policies and procedures for various types of financial transactions • Consider ongoing impact of current economic conditions (COVID-19 pandemic) • Revenue recognition
• Accounts receivable and revenue
• Test a sample of customer billings
• Relate total cash received during the year to revenue • Look at cash received subsequent to year-end and relate to A/R • Review revenue recognition through year-end and the method for determining (accrued revenue)
Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Audit Procedures
Significant areas of focus
• Cash
• Confirmations sent to financial institutions
• Accrued Cost of Electricity
• Review subsequent bills from electricity providers and cash payments • Other Liabilities
• Reviewed contracts and other support to determine completeness of amounts recorded
• Financial Statement Note Disclosures – Complete and without bias Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Required Board Communications
• The significant accounting
policies adopted by SVCE
throughout the period audited
appear appropriate and
consistently applied.
• No alternative treatments of
accounting principles for material
items in the financial statements
have been discussed with
management.

Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Required Board Communications (continued)
• We did not propose any
adjustments to the financial
statements.
• We did not identify any
significant or unusual
transactions or applications of
accounting principles where a
lack of authoritative guidance
exists.

Other required communications with those charged with governance:

Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Required Board Communications (continued)
• There were no disagreements with
management concerning the
scope of our audit, the application
of accounting principles, or the
basis for management’s
judgements on any significant
matters.
• We did not encounter any
difficulties in dealing with
management during the
performance of our audit.

Other required communications with those charged with governance:

Item 2

PRESENTATION
An independently owned member
RSM US Alliance
■ 1111
RS~A • •
p I s ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
Brett Bradford: 707-577-1582
Jenna Blanchard: 707-577-1596
Questions?
Item 2

PRESENTATION
p Is ENT I & BR I N I( ER LLP
Certified Public Accountants & Advisors
• Subtitle
New SV Clean Energy
PowerPoint Template
Item 4

PRESENTATION
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Item 4

PRESENTATION
Adopt resolution approving
mid-year 2021-22 adjusted
operating budget
Mid-year vs Adopted
Budget
Reserves Update
Personnel Updates
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Item 4

PRESENTATION
Reflects Board Direction
Take the higher expected margin from
favorable market conditions to:

1. Build reserves to withstand future
adverse events

2. Set aside $17 million for
decarbonization 'double down'
programs

3. Provide $3 million in bill credit to
lower-income customers

4. Maintain customer discount at 1% to
PG&E generation rates
Updated with Detailed Modeling and
Latest Market Data
Since the February board meeting:

Final PG&E Rates Released
Updated budget projections; Used
robust Ascend Model with latest
market data
N$11.5 million additional
revenues
N$7.5 million reduction in
power supply expenses
N$0.7 million reduction in
operating expenses
3 ••
FY 2021-22 FY 2021-22

DESCRIPTION

APPROVED
BUDGET

ADJUSTED
BUDGET $ %
Energy Revenues 339,073 385,502 46,430 13.7%
Energy Expenses 273,561 274,979 1,418 0.5%
Operating Margin 65,511 110,523 45,012 68.7%
Operating Expenses 22,407 21,693 (714) -3.2%
Non-Operating Revenue (Expense) 310 310 0 0.0%
Balance Available for Reserves (before
Transfers) 43,415 89,141 45,726 105.3%
Annual Transfers and Other Expenses 6,931 7,531 600 8.7% Double Down Program Allocation 0 17,000 17,000 -
Customer Bill Relief 0 3,000 3,000 -
Final Reserve Contribution Balance $36,483 $61,609 $25,126 69% ($ in thousands)

VARIANCE
Item 4

PRESENTATION
Power Supply Expenses:

N1% reduction in load ($1.5M),
PG&E allocation of carbon free
attributes ($3.7M) and Prepay
Savings ($1.4M) largely offsets
higher market prices
95% for 2022 load is hedged
Transfer to Programs and
Customer Bill Relief will be
recognized on the financial
statements when the
expense is incurred.
4 •
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Item 4

PRESENTATION
Projected end of FY Reserves:
$238.7M
294 days cash on hand
Includes unspent Program
Fund allocations
Once all double down and
previously unspent program and
CRCR allocations are spent,
reserves would be:
$209.7M
258 days cash on hand
Building reserves to withstand potential future stress conditions $300,000
$250,000
$200,000
tJ)
't:I
C:
~
tJ)
5 $150,000 .c:

I-C:
~
$100,000
$50,000
$0
Reserves - Before Double Down
320 days
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 MY 2021-22
- Total Projected Ending Reserves - Target Reserves Maximum Reserves - Minimum Reserves 5 •
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Item 4

PRESENTATION
Personnel Authority
CEO can approve job titles,
salary ranges, and org chart
positions
Positions can be swapped /
changed and added within
Board-approved budget
Additions will not exceed
10% of authorized number
shown in budget
Changes/ hires
communicated in next CEO
report to Board
Added new Senior Manager of Public Sector Services
Total budgeted full-time headcount increases to 39
Additional 7 PTE and 4 Independent Contract positions
Vacancies currently at 11
Propose increasing the monthly contribution to employee benefits to $1200 / month, up from $1000 - an amount
unchanged since 2017.

Health Insurance costs have risen by 6% / year since
2017 (34% cumulative increase)
Benchmarking survey showed SVCE contribution
below peer CCAs in the Bay Area
6 •
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Item 4
Despite ongoing uncertainty,

PRESENTATION
the overall financial
picture looks good for FY21-22
Market prices for power have moved in the
direction that is favorable for us resulting in
higher net margin.

Taking favorable condition to:

1. Build reserves to withstand future adverse events

2. Further serve our mission with additional $17
million funding for decarbonization programs

3. Provide $3 million in bill relief for lower-income
customers

4. Retain competitive rates
Staff will conduct additional stress tests to
prepare for adverse events and assess the
adequacy of reserves.
rA, s1L1coN VALLEY ~ CLEAN ENERGY
Many Risks can Deplete Reserves
Market Prices
Reduced Revenues
via Higher PCIA and
Lower PG&E Rates;
Increased Power
Supply Expense
SUPPLY
Project delays;
PPAs Default or
Renegotiate for
Higher Prices

L&R ISSUES

IRP, RPS, RA
Reform/Penalties,
PCIA. POLR

PAYMENTS LOAD LOSS CYBER-RISK
Customer Defaults Direct Access Hardware, Software,
and Potential for and Training to combat
Expansion Ransomwareand
Phishing
RATE
Rate Increases due
to socialized wildfire
costs, Energy Price
Increases will
ultimately impact
usage and
electrification
7 Item 4

PRESENTATION
Adopt Resolution 2022-09, Approving the Mid-Year
2021-22 Adjusted Operating Budget
8 Item 4

PRESENTATION
Item 4

PRESENTATION
© Staff presents a Recommended Budget for FY21-22
ust 2021
Board receives
proposed budget
Sept 2021 Nov 2021
Board approves
budget
Staff discusses rate
change and stress tests
with Exec Comm and Fin
and Admin Comm
BOD approves rate change
for March and Funding for
Program Double Down and
Customer Bill Relief
March 2022
Mid-Year Budget
Review/ Adjustment
10 SILICON VALLEY CLEAN ENERGY
MY 2021-22 BUDGET WORKSHEET
($ in thousands)
FY 2021-22 FY 2021-22

DESCRIPTION

APPROVED
BUDGET

ADJUSTED
BUDGET $ %

ENERGY REVENUES
Energy Sales 338,603 384,498 45,894 13.6%
Green Prime 470 1,005 535 114.0%
TOTAL ENERGY REVENUES 339,073 385,502 46,430 13.7%

ENERGY EXPENSES
Power Supply 273,561 274,979 1,418 0.5%
OPERATING MARGIN 65,511 110,523 45,012 68.7%

OPERATING EXPENSES
Data Management 3,249 3,249 0 0.0%
PG&E Fees 1,450 1,450 0 0.0%
Salaries and Retirement 9,271 8,535 (736) -7.9%
Professional Services 5,648 5,669 21 0.4%
Marketing & Promotions 919 908 (11) -1.1%
Notifications 131 131 0 0.0%
Lease 525 525 0 0.0%
General & Administrative 1,213 1,225 12 1.0%
TOTAL OPERATING EXPENSES 22,407 21,693 (714) -3.2%
OPERATING INCOME (LOSS) 43,105 88,831 45,726 106.1%

NON-OPERATING REVENUES
Other Income 50 50 0 0.0%
Interest Income 300 300 0 0.0%
Grant Income 0 0 0 -
TOTAL NON-OPERATING REVENUES 350 350 0 0.0%

NON-OPERATING EXPENSES
Financing 40 40 0 0.0%
Interest 0 0 0 -
TOTAL NON-OPERATING EXPENSES 40 40 0 0.0%

TOTAL NON-OPERATING INCOME
(EXPENSES) 310 310 0 0.0%
CHANGE IN NET POSITION 43,415 89,141 45,726 105.3%

CAPITAL EXPENDITURES, INTERFUND

TRANSFERS & OTHER
Capital Outlay 150 150 0 0.0%
Transfer to CRCR Fund 0 0 0 -
Transfer to Programs Fund 6,781 6,781 0 0.0%
Nuclear Allocation 0 600 600 -
Double Down Programs Allocation 0 17,000 17,000 -
Customer Bill Relief 0 3,000 3,000 -
Other 0 0 0 -

TOTAL CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER $6,931 $27,531 $20,600 297.2%
BALANCE AVAILABLE FOR RESERVES $36,483 $61,609 $25,126 68.9%

VARIANCE
Item 4

PRESENTATION
11 New PG&E Gen and PCIA Rates Result in Higher
• Margin than FY 22 Budget Assumptions
•
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•
•
* Source: PG&E AET rates effective March 1, 2022.

Item 4

PRESENTATION
Budget
Assumptions
PG&E Gen Rate:

12.03 ¢/kWh
1%SVCE
discount
Current*
PG&E Gen Rate:

14.53 ¢/kWh
SVCE
discount
12 FY 22 Budget ($ in thousands) Adopted
Budget
Feb 2022
Update
March Mid-Yr
Update
Revenues* 342,105 376,802 388,415
Power Supply Cost 273,561 282,835 274,979
Operating Margin 68,544 93,967 113,436
Other Costs 32,060 32,060 51,827
Net Contribution to Reserves 36,484 61,907 61,609
* Potential customer write-offs included in other costs.

Item 4

PRESENTATION
© Mid-Year Update vs Preliminary Feb. 2022 Projection
13 •
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Item 4

PRESENTATION
Power Supply Costs are about N$275 M
Load has dropped 1% due to losses to Direct Access. Reduced load in 2019/2020 due to COVID, has made some load eligible for Direct Access.

Cost to serve load is high due to high market prices.
95% of load is hedged
RPS PPAs will come on-line end of 2021 and 2022, driving down Power Supply Costs, but expected delays require substitute RPS and RA driving costs up Resource Adequacy - RA requirements changing, products are expensive and SVCE is subject to penalties for non-compliance
CAISO non-energy costs - driven by many variables but remain stable 14 Item 4

PRESENTATION
QI
u
·c
Q,
j
~
~
Forward Price Levels elevated compared to history
suo
$100
$80
$60
$40
$20
$0
Jan-ra
On-Peak NP15 Historical and Simula,ted Monthly Priices
Janr20 J'an-21 Jan-22 Jan-23 Jart-24 Jan-25
- NP-15 On-Peak ($/MWh) Historical - NP-15 On-Peak($/MWh) MEAN • u
·c
Q,
j
~
~
Jan-26
suo
$1.00
$80
$60
$40
$20
$0
Jart-18
Off-Peak NP15 Historical and Simulated Monthly Prfoes
Jan-19 Jart-20 Jan-21 Jan-22 Jan-23 Jan-24 Janr25
- NIP-15 Off-Peak ($/MWh} Historieal - NIP-15 Off-Pea,k ($/MWh} MEAN Jan-26
15 Source: FY2021-22 Mid year budget numbers
Market Prices rally impact
(only 85% hedged at
budget) 8.2
1%Volume Losses (1.5)
PrePay Savings (1.4)
PG&E CF Allocation Savings (3.7)
Total Increase 1.6
*Positive is cost increase and negative is savings.

Item 4

PRESENTATION
FY21 mid-year adjusted budget about $1.5M higher than original budget Net Supply Costs, Fiscal Year (2022), MUSD
$300
/ $8 ■ CAISO Cost Top $ Variance Impact in Millions*
$250
$49
Resource Adequacy
$200 $17
$52 ■ Environmental 2
$150 Products
3 ■ Renewable Energy
$100 Supply 4
$124 ■ Contracted Supply
$50 Cost
$22 ■ Spot Market Costs
$-
2022
16 Item 4

PRESENTATION
© Energy Risk Management Min/Max Bands
We hedge to manage market price risk. 95% of FY 22 load is hedged.

Period
Balance of
Year
Year 2
Year 3
Year4
Year 5
Year
2022
2023
2024
2025
2026
ERM Min ERM Max
Tolerance- Tolerance LRB
LRB% "
80% 110%
70% 90%
55% 80%
50% 80%
50% 80%
Current LRB %
95%
79%
74%
61%
58%
450
400
350
300
250
200
150
100
50 ·SO
GWh
Oct-21 Nov-21 Dec-21 Jan-22
- Other Energy Hedges
Hedge Position, Fiscal Year 2022
-4
Feb-22 Mar-22 Apr-22 May-22 Jun-22
- Renewable PPAs Unhedged
Jul-22 Aug-22 Sep-22
CAISO Load
17 Item 4

PRESENTATION
© Current Power Supply Portfolio Positions
We buy clean energy to meet 100% carbon-free goals and reliability mandates. 120%
10D%
SO%
60%
40%
20%
Cl%
100% Clean Target is 106% of Retail Sales
CY2022 Carbon-Free & RPS
Reference:
58%
2022
- Renewable PPAs - Other RPS Hledges
Carbon-Free Load (Retail Sales)
State RPS Policy (SB 100 RPS %)
SVCE RPS Po licy (Agency RPS %)
SVCE RPS Target (max of the t h ree .above)*
SVCE Carbon Free Ta rget *
*Denominator is Retai l Sales
Calendar 2022

38.S%
50%

50.85%

55.15%
GW
10 9
8 7
6 5
4 3
2 1
0 Resource Adequacy
System and ocal RA Balance, Fiscal Year 2022
Oct-21 Nov•21 Dec-21 Ja11-22 Feb 22 Mar 2.2 Apr•22 Mily-22 Jun 22 Jul-2.2 Aug-22 Sep-22 - System Procurement Local Procurement System Requirement - - Lotal Requirement CPUC sets RA procurement mandates for year-ahead and month-ahead 18 •
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Item 4

PRESENTATION
N85% of expenses are power supply costs. SVCE's overhead costs remain low.

Total Expenses - $324.2 Million
Power Supply, 84.8%
NOTE: Power Supply lower than historical %, due to large Program Transfer Account Services,

1.4%
Personnel, 2.6%
Professional
Services, 1.7%
G&A, 0 .5%
Other, 0.1%
Programs, 7.5%
Customer Relief,

0.9%
FY 22 Power Supply Cost N$275M:

Load Cost - CAISO energy
Energy hedges (net of CAISO
revenues)
Clean Environmental Products -
short-term index+ RECs and
carbon-free resources
Resource Adequacy
CAISO non-energy costs
Source: MY2021-22 Adjusted Budget 19
Item 4

PRESENTATION
Only Minor adjustments at Mid-Year
Expense Category
Professional Services
Staffing / Benefits
General Administration
Marketing & Communications
* Includes 5% OPEX contingency
Description
$70k Increase in Power Resources (Telemetry; Load Forecasting) - Largely offset by $50k Decrease in Decarb (Model Development) Increases due to: Senior Public Sector Services Manager; CEO Salary Update; Increased contribution to monthly benefit premiums Decrease due to ongoing vacant positions
Increased data platform subscriptions in Power Resources due to Larger headcount
Reduced Software Platform Costs
II
Net Increase at
MY20-21*
$21,000
-$736,000
$12,000
-$11,000
-$714,000
20 Item 4

PRESENTATION
© Organizational Chart w/ External Resources
Full Time Staff - 39
Temporary Staff - 7
lndep. Contractors - 4
External Support:

General Counsel:

Richards, Watson,
Gershon
Power Counsel:

Hall Energy Law
Accounting:

Maher Accountancy
HR/ Benefits:

HRtoGo; MMA;
Claremont; Bryce
~ Amrit Singh
Chief Finanaal Officer &
Director of Adm1rnstratlve
Services
- = Full-time employee
LJ = Part-time/Contracted employee
[]
Don Bray
Director of Account
Services & Community
Relations
Nao
■ mi
Moraes
Funding &
Finance Fellow
~ Girish Balachandran
Chief Executive
Officer
~ Momca Padilla
Director of Power Resources
~ Justin Zagunis
Director of Decarbornzatmn & Gnd
Innovation Programs
~ Vacant
Director of Regulatory and Legislative Pohcy
-
21 Since March 2020, the overall arrearage amounts have grown roughly twofold.
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
31+ Days
Item 4

PRESENTATION
SVCEs Arrearage Total for customers 31+ days late
31+ Days
Date Amount
High 11/29/2021 $7.99M
Low 4/17/2020 $2.54M
-
Current 2/14/2022 $6.04M
22 Data Current 2/14/2022
SVCE 2022 Customer Debt Write-off Bookends
• 2019 Average 31+ Day Arrearage of $2.5M
yielded $415k in Write-offs (16.7% of total)
• 2022 Arrearage is $3.5M higher than 2019, but
$1.3M in CAPP payments starting March 2022
• Remaining $2.2M used as basis for the following
write-off scenarios:
$779,328
$1,508,606
$2,602,632
Low Medium High
2022 Additional $364,748 $1,094,026 $2,188,052
2019 Ordinary Loss $414,580 $414,580 $414,580
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
Item 4

PRESENTATION
■
■
Scenario Assumptions
Low 16.7% of $2.5M PLUS 16.7% of $2.2M-same as 'normal' year Medium 16.7% of $2.5M PLUS 50% of $2.2M
High 16.7% of $2.5M PLUS 100% of $2.2M
23 • Subtitle
New SV Clean Energy
PowerPoint Template
Item 5

PRESENTATION
•
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Item 5

PRESENTATION
© Goal Line Long Duration Storage Request
Background - February 25, 2022:

California Community Power Board approved two resolutions:

1. Waiver of 60-day notice of intent to execute and an Energy Storage Service Agreement (ESSA) with Goal Line 1 ("Goal Line"), LLC and Project Participation Share Agreements (PPSA) with participating CCAs for long duration storage (LDS);

2. Delegation of authority to the General Manager to execute Goal Line LDS agreements Request:

Delegate authority to CEO to execute necessary agreements with CC Power, Goal Line and Other Participating CCAs for LDS with an expected share of

14.21 MW and maximum of 22.81 MW; start date of June 2025; 15-year term; and an amount not to exceed $100 million.
2 Item 5

PRESENTATION
© Long Duration Storage Procurement Timeline
CCAs set out to jointly procure cost-effective long duration storage (LDS) & support grid reliability • Interest & Information Gathering (RFI)
• CCAs Issue a Joint- Request for Offers (RFO) - extensive evaluation process • California Community Power (CC Power) Formed - First Procurement Effort - Long Duration Storage (took over Joint RFO) - SVCE joins
• LDS Projects Shortlisted - extensive negotiations and development of contract structure • CPUC Issues Mid-term Reliability (MTR) Procurement Order • CC Power Approves First LDS Project - Tumbleweed
• SVCE Board Approves Participation in Tumbleweed* to meet MTR Procurement Order *Tumbleweed ESSA executed on 1/24/22 and in process of gaining approvals from individual CCAs for full execution 3 •
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Item 5

PRESENTATION
Cummulative Additions (NQC)
12,000 237
■ 196
10,000
8 8,000 z
i
~ 6,000
E
Q)
.....

Vl 4,000 >
V)
2,000
0 2023 2024 2025 2026
Axis Title
■ Non-Specific RA Capapacity ■ Zero-Emitting Peak Resources* ■ Long-Duration Storage ■ Firm Resources (e.g. Geothermal) ■ SVCE Share
*Zero-emitting resources must be on line by 2025, however for illustrative purposes we assume 1/3 will come online in 2024 as they can be used to meet an LSEs 2024 obligations. They are expected to be largely comprised of 5-hr batteries, which meet the definition of being zero-emitting and available for delivery 4-9pm daily.
250
200
8 150 Z
s'
~

11.5 GW required to come online over
the 2023 - 2026 timeframe
Capacity is shown is on Net Qualifying
Capacity ("NQC"), actual nameplate will
be higher but is dependent on exact
resource types procured .

Long-duration storage and firm clean
resources are considered "long-lead
time" and are all expected in 2026.

LSEs may request extension to 2028.

S Procurement through CC Power
4 •
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Item 5

PRESENTATION
© MTR Procurement Efforts for New Capacity
Joint RFO - SVCE, Sonoma Clean Power & Central Coast Community Energy MTR Requirement No. 1- Non-specific Clean Capacity (by 2023) - new demand response, stand alone batteries as RA-only or full toll MTR Requirement No. 2- "Diablo Canyon Replacement" Zero Emitting Resources (by 2025) - new renewables paired with storage (5-hours) CC Power RFO
MTR Requirement No 3. - Firm Clean Resources (by 2026) - new geothermal MTR Requirement No 4 - Long Duration Storage (by 2026) - new storage with 8-hour minimum discharge duration
5 •
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CCA
MTR
Requirement
MW
MTR
Adjusted for

ELCC MW
Tumbleweed
Entitlement
MW
Remaining
Need MW
Goal Line
Entitlement
MW
CPSF 15.5 19.8 11.08 8.72 10.75
PCE 19 24.3 13.59 10.71 N/A
RCEA 3.5 4.5 2.5 2 2.00
SJCE 21.5 27.48 15.37 12.11 12.11
SVCE 20.5 26.2 14.66 11.54 14.21
SCPA 12.5 16 8.94 7.06 8.68
VCE 4 5.11 2.86 2.25 2.25
Total 96.5 123.39 69 54.39 50.00
Item 5

PRESENTATION
© Mid-term Reliability Procurement Order
D.21-06-035 adopted by
CPUC on June 24, 2021
to address mid-term
reliability needs
1,000 MW of LDS by June
2026
8-hour minimum
discharge
Resource Adequacy
Minimum 10-year term
Adjusted for Effective
Load Carrying Capacity
(ELCC)
Six out of seven participating CCAs will meet MTR Procurement Obligation for LDS
With approval of Goal Line, SVCE will meet LDS obligation 6 •
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Item 5

PRESENTATION
Goal Line is the second LDS project out of the Joint RFO issued in October 2020 Seller - Goal Line BESS 1, LLC
Developer - Onward Energy
Technology -Lithium-ion, 8 hours discharge duration
Project size - 50 MW/400 MWh
Product - Tolling Agreement w/full capacity rights
Location - Escondido, CA
Expected COD - June 2025
Price - fixed $/kw-mo, with variable excess cycle rate
Term -15 years
GV
AGE
7 Goal Line Benefits beyond MTR Compliance
• Provides Energy Arbitrage Value – tolling arrangement • Charge during solar producing hours and discharge during non-solar hours • Reduced portfolio risk
• Enhances grid reliability
• Ancillary Services
• Resource Adequacy
• Reduces GHG emissions – charge low emitting hours and discharge in high emitting hours
• Helps achieve 2045 Carbon Neutral and 24x7 goals
Long Duration Storage is needed to integrate renewable/intermittent resources Item 5

PRESENTATION
8 •
•
•
•
•
•
•
•
Item 5

PRESENTATION
Contracting structure is the same as used for Tumbleweed with minimal changes ESSA - Goal Line and CC Power
15 year-term at COD
Development and Performance Deposits
Buyer's Liability Pass Through Agreement (BLPTA) - guaranty performance by each Participating Member to CC Power & Goal Line (Exhibit L) Step-up provision - capped at 125% of Entitlement Share per Participating Member Meets CC Power Board specified labor environmental, and environmental justice preferences
Provided in substantively final form
90 days from execution for Participating CCAs to approve agreements 9 CCA
Entitlement
Share in
PPSA
Entitlement
Allocation
MW
Max
MW
CPSF 21.50% 10.75 17.25
RCEA 4.00% 2.00 3.21
SJCE 24.26% 12.13 19.46
SVCE 28.38% 14.19 22.81
SCPA 17.36% 8.68 13.93
VCE 4.50% 2.25 3.61
Total 50.00
Item 5

PRESENTATION
CleanPowerSF

REDWOOD COAST
Energy Authority
SA JOSE ,, ✓

CLEAN ENERGY
A Program of the City of San Jose
~ Sonoma ~ Clean Power
r~, SILICON VALLEY
~ CLEAN ENERGY
Each Participating CCA will seek authority to cover
1) contingency should not all CCA's gain board authority; and 2) max 25% step-up after execution 10 Item 5

PRESENTATION
Step 1: CC Power Board waives 60-day notice to consider ESSA for approval - February 25, 2022 Step 2: CC Power Board approves Goal Line agreements - February 25, 2022 Step 3: General Manager & Goal Line execute agreements - March 1, 2022 Step 4: Participating Members seek respective Board Approvals of PPSA and BLPTA within 90 f)ays February 25, 2022 February 25, 2022 -- March 1, 2022 By end of May 2022 --- CC Power Board
waives 60-day
notice to consider
ESSA
Step 1
CC Power
Approves LS
Power Goal Line
Step 2 Step 3 Step4
SVCE Board March 9, 2022
11 Request
Delegate authority to the CEO to execute on behalf of SVCE the necessary Goal Line Long Duration Energy Storage Agreements for a delivery term of 15 years starting on or about June 1, 2025, for a quantity not to exceed 22.81 MW and amount not to exceed $100 million Agreements:

1. Project Participation Share Agreement (PPSA) between Silicon Valley Clean Energy Authority, California Community Power and participating community choice aggregators (CCAs)

2. Energy Storage Service Agreement (ESSA) - Buyer Liability Pass Through Agreement (BLPTA) between Silicon Valley Clean Energy Authority, California Community Power and Goal Line BESS 1, LLC

3. Coordinated Operations Agreement (COA) between Silicon Valley Clean Energy Authority, California Community Power and participating CCAs
Item 5

PRESENTATION
12 Item 5

PRESENTATION
,, .... ~ .
......
.
.
• Proposals received mid
-December 2020
• 51 Entities submitted offers (over 9,000 MW) • Total of 221 unique pricing offers • 160 Full Toll Offers • 57 RA Only Offers • 8 Technology types • 18 distinct technologies • 8,10,12-hour, and multi-day discharge durations • In-depth evaluation process led by a Project Oversight Committee
• CC Power Shortlisted & Negotiating three projects – Two Lithium-ion – One Emerging Technology Item 5

PRESENTATION
Technology
Battery
aqueous-air
flow
lithium-ion
zinc
Chemical Flow
iron redox flow
vanadium flow
Compressed Air
Fuel Cell - Hydrogen
Hybrid
hydrogen, combined-cycle gas gen
Ii-ion, combined-cycle gas gen
Mechanical - Gravity
Pumped Hydro
Thermal
ice (HVAC)
liquid air
molten Salt
molten Salt & Gas gen
volcanic stone
water heat exchange 14
•
•
•
•
Item 5

PRESENTATION
60,000
50,000
- ~ - I I I I :
i.;___________ ------...-,-- - - I------------I - - - --- --- ---~- I : : : : I : I I I I :
1-------------: I I I I I I I I

11.5 GW
need
,----------.,.. ---------r -,- -~----- }
1 ____________ ,1 I I I I
'--~ - -----
~40,000
~
u
a z3o,ooo
0 V,
-
<C
U20,ooo
10,000
2022
Surplus
- Specified Imports
- Hybrids
- Biomass
- lin2 Managed Peak
2023
1:.:.:.: Shortfall
- Demand Response
- solar
- Geothermal
- - RA Requirement
·-- - - - - - - - - - - ., I_ - - - - - - - - - - - .,
2024 2025
,: : : : Generic for D.19-11-016
- Pumped Hydro Storage
- w ind
Nuclear
- 2026
Unspecified Imports
- Energy Storage
- Hydro
- Thermal
... Existing
resources
CPUC conducted
resource stack analysis
found N11.5GW of need
Due to nature of retiring
assets (DCPP), CPUC
required subset to be
met with firm clean
resources and 5-hr
batteries (4.5 GW)
D.21-06-035 adopted by
CPUC on June 24, 2021
to address mid-term
reliability needs
SVCE given load share
proportion: 237 MW 15
• Subtitle
New SV Clean Energy
PowerPoint Template
Item 6

PRESENTATION
Item 6

PRESENTATION
$17M in double down
funding for programs is
on top of N$6M annually
allocated (2% of revenue)
rA, s1L1coN VALLEY ~ CLEAN ENERGY
Nov
2021
Feb
2022
Today
Q2 and
onwards
Board discusses program areas to
double down on
Board approves $17M in additional
funding for programs
Asking for Board approval on initial
program allocation and details
Staff complete designs, launch
programs, update Board
2 •
•
•
•
•
Item 6

PRESENTATION
Double down programs expand on those already approved by Board Multifamily EV Charging Assistance
and Grants/Incentives
Whole-Building Electrification
Gra nts/1 ncentives
Reach Codes 2.0 and pilot policy
Permitting Simplification
Accessible Financing
3 Item 6

PRESENTATION
SVCE's programs provide the foundation to enable large-scale policy ~
l{o Q oJI Cost-Effectiveness
6 Awareness
@ Product
Availability
EB Easy Permitting
& Trained
Workforce
~ Demonstrations
c::::::,
- -

INDUCTION HEAT PUMP

COOKING HEATING AND

COOLING
SOLAR+ BATTERY

INTELLIGENT

CONTROL

STORAGE ELECTRIC
DRYER

HEAT PUMP

WATER HEATER
EV

CHARGING
•-- 4
Item 6

PRESENTATION
Proposed allocations out of the additional $17M
Program
Multifamily EV charging assistance and
funding
Whole-building electrification emphasis
and funding
Local policy support
Permitting simplification
Accessible financing
TOTAL
Allocation
+$2M
+$4M
+$3M
+$3M
+$5M
+$17M
5 •
•
•
•
•
Item 6

PRESENTATION
Objectives
Increase EV charging for multifamily
Give extra support to affordable
properties
Test managed L1 and L2 solutions
Increased Impact
+40 properties with N20 L 1 or N8 L2
chargers
Timeline
Program Element
Add incentives to technical +$1M
assistance program
Direct installation program
for toughest sites,
affordable housing
+$1M
How it will support future policy:

Allocation
Gather information on varied EVI approaches/costs and link to EV adoption Support workforce development to enable future mandates 6 •
•
•
•
•
Item 6

Gather information on approaches/costs and demonstrate viability Help develop the local product market and contractors, and learn about necessary program models to support a mandate or purchase ban 7 •
•
•
•
Item 6
©

PRESENTATION
Reach Codes 2.0 and pilot policy (+$3M)
Objectives
Enable cities to test policies for existing
building electrification and EV charging
Support cities in exploring options and
trying approaches
Increased Impact
+many cities consider and a handful
adopt policy targeting existing buildings
Timeline
Program Element
Reach Codes 2.0 incentives +$1.5M
for EVI at affordable
housing new construction
Support for cities to explore +$1.5M
and pursue policy for
existing buildings
How it will support future policy:

Allocation
Test promising policy approaches to electrification of existing buildings Help interested cities take action through technical and programmatic support as needed 8
•
•
•
•
•
•
Item 6

PRESENTATION
Objectives
Reduce friction for electrification
Promote regional consistency
Provide tailored support to each city
Enable cities to meet legislative
requirements
Increased Impact
+all jurisdictions have simplified
processes
Timeline
Program Element
General simplification for
e I ectrifi cation
EVI simplification for AB
970 compliance
+$2.5M
+$500k
How it will support future policy:

Make electrification more cost effective
Allocation
Remove perceived implementation barriers to widespread policy 9 •
•
•
•
•
Item 6

PRESENTATION
Objectives
Unlock electrification for customers
without easy access to sufficient capital
Support renters' ability to participate in
programs
Enable scaling of electrification
Increased Impact
+600 single- and multifamily households
electrified
Timeline
Program Element
Pursue tariffed on-bill (TOB) +$4M
financing
Pilot alternate financing +$1M
option(s)
How it will support future policy:

Allocation
Key enabler for various policy levers (retrofit ordinances, appliance bans, etc.) because it avoids the need for major up-front capital investment Trial to track participation of lower-income customers and renters 10 Item 6

PRESENTATION
Staff will
systematically
incorporate equity
considerations into
program design,
deployment, and
evaluation
Design programs to meet needs of customers
in all SEVI quartiles
Incorporate program-specific equity indicators
in ongoing tracking and evaluation
Integrate community feedback (e.g. CBOs and
underserved populations) throughout lifecycle
11 Item 6

PRESENTATION
SocioEconomic
Vulnerability Index
(SEVI)
SEVI groups have
different needs,
barriers, and
existing conditions
Best-off Quartile: Housing Composition
%SFH
Electrifi cation:
8%
■ MFH ■ Condo /Tcmnoome SFH
Worst-off Quartile: Housing Composition
%SFH
Electrifi ca tion:
3%
• MFH ■ Condo /Tawnhome SFH
12 •
•
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•
Item 6

PRESENTATION
Allocations out of the additional $17M and planned program changes Program
Multifamily EV charging
assistance and funding
Whole-building electrification
emphasis and funding
Local policy support
Permitting simplification
Accessible financing
TOTAL
New Elements
Add incentives to existing technical assistance
Direct installation for toughest sites
Menu of incentives, pushing towards total electrification Direct installation for large, affordable multifamily
Continued work on Reach Codes 2.0; EVI incentives
Support for cities to identify and pursue policies (e.g. retrofit-on-burnout, EV charging mandate, end-of-flow)
Funding and technical resources for cities to simplify their processes (and compliance support for EVI)
Pursue Tariffed On-Bill financing
Test out alternate financing approach(es)
Allocation
+$2M
+$4M
+$3M
+$3M
+$5M
+$17M
13 •
•
•
Item 6

PRESENTATION
Asking for approval of
program allocation
breakdown and
programmatic elements
described
rA, s1L1coN VALLEY ~ CLEAN ENERGY
Staff will then commence final design of
programs and launch
Equity Framework will be applied
Staff will provide periodic updates on
program statuses and final design decisions
14 Item 6

PRESENTATION
Item 6

PRESENTATION
Timeline
Input on
direction from
stakeholders,
EC
Input from
Board on
direction
rA, s1L1coN VALLEY ~ CLEAN ENERGY
Board approval
of SVCE rates
and $20M for
programs
Today
Share initial
program details,
get approval on
allocations
Staff complete
program design,
launch programs,
give Board
updates on status
17 Item 6

PRESENTATION
$17M in "double down" funding is on top of ongoing 2% revenue allocation Table shows total combined funding across the three years staff estimate it will take to completely spend the double down funding
Program Area
Mobility
Built Environment
Innovation, Energy Efficiency and
Grid Integration, Education and
Outreach
General/ Unallocated/ Ad Hoc
TOTAL
"Typical" Allocation, Over
Three Years
$6M
$6M
$3M
$3M
N$18M
Additional Double Down
Allocation
+$3.5M
+$9M
+$1.5M
+$3M
+$17M 18
Item 6

PRESENTATION
© Double down program summary, at a glance
Program
Multifamily EV charging assistance
and grants/incentives
Whole-building electrification
g rants/incentives
Reach Codes 2.0 and pilot policy
Permitting simplification
Accessible financing
TOTAL
Current
Funding
$900k
$3M
$800k
$200k
$200k
$5.1M
Allocation
+$2M
+$4M
+$3M
+$3M
+$5M
+$17M
Est. Impact Increase Timeline
+40 properties with up to 20 L 1 or 8 L2 Q2 2022 - 2024 +150 homes electrified
(partially/completely) Q2 2022 - 2024 +10 commercial properties electrified +400 multifamily units electrified
+many cities consider and a handful
adopt policy targeting existing buildings Ongoing - 2024 +AH code compliance coverage for EV charging
+all jurisdictions have simplified Q2 2022 - 2024
processes
+600 single or multifamily households Q2 2022 - 2024 electrified 19 •
•
•
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•
•
•
•
•
Item 6

PRESENTATION
Objectives
Increase EV charging for multifamily
Give extra support to affordable
properties
Test managed L1 and L2 solutions
Increased Impact
+40 properties with N20 L 1 or N8 L2
chargers
Timeline
Program
Element
Incentives
Direct
installation
program
Allocation
+$1M
+$1M
Details
Add incentives to TA program
Enable futureproofing
Support tailored deployments to meet site
needs, track and compare effectiveness
Prioritize sites with no EV charging and
affordable
Provide tailored installation services
Higher cost coverage for affordable
housing
How it will support future policy:

Gather information on varied EVI approaches/costs and link to EV adoption Support workforce development to enable future mandates 20 •
•
•
•
•
•
•
•
•
•
•
Item 6

PRESENTATION
Objectives
Continue support for residents to
electrify individual appliances
Push towards whole-building
electrification or pre-wiring
Give extra support to multifamily and
affordable housing sites
Increased Impact
+150 single-family homes, 400 multifamily
units, and 10 commercial sites electrified
Timeline
Program
Element
Incentives
menu
Direct
installation
program
Allocation
+$1M for res.
+$1M for com.
+$2M for
multifamily
Details
Provide a menu of incentives that includes
adders for pre-wiring and going all-electric; leverage outside incentives where available
Offer concierge support
Allow single-family, smaller multifamily,
and eventually commercial to participate
Target larger affordable multifamily
Provide wraparound services to facilitate
installation at no cost - leverage outside
incentives where available
Bundle with other values (community
engagement, jobs development)
How it will support future policy:

Gather information on approaches/costs and demonstrate viability Help develop the local product market and contractors, and learn about 21 necessary program models to support a mandate or purchase ban •
•
•
•
•
•
•
•
•
•
Item 6

PRESENTATION
Objectives
Enable cities to test policies for existing
building electrification and EV charging
Support cities in exploring options and
trying approaches
Increased Impact
+many cities consider and a handful
adopt policy targeting existing buildings
Timeline
Program
Element
Reach Codes

2.0 Pilot policy
Allocation
+$1.SM
+$1.SM
Details
Continue as planned and previously
funded, add city grants
Offer incentives to 100% affordable
housing for EV charging reach code
compliance
Coordinate working group to identify best
practices in our region
Policy development support via third party,
funded by SVCE
Large "leadership award" to the first two
jurisdictions who adopt a policy
SVCE may offer a targeted incentive
program to support and enable such
policy (if necessary)
How it will support future policy:

Test promising policy approaches to electrification of existing buildings Help interested cities take action through technical and programmatic 22 support as needed
•
•
•
•
•
•
•
•
•
•
•
Item 6
©

PRESENTATION
Permitting simplification (+$3M} - detailed
Objectives
Reduce friction for electrification
Promote regional consistency
Provide tailored support to each city
Enable cities to meet legislative
requirements
Increased Impact
+all jurisdictions have simplified
processes
Timeline
Program
Element
General
simplification
for
e I ectrifi cation
EVI
simplification
Allocation
+$2.SM
+$500k
Details
Identify key permitting elements that need
to be in place for large-scale electrification
Provide funding to cities to spend staff
time considering adjustments
Offer technical support from a third party
May be grants available to cities for
making changes to achieve certain
outcomes (e.g. turnaround time, fees)
Provide support to get compliant with
AB970 ahead of 2023
How it will support future policy:

Make electrification more cost effective
Remove perceived implementation barriers to widespread policy 23 •
•
•
•
•
•
•
•
•
•
Item 6
©

PRESENTATION
Accessible financing (+$SM) - detailed
Objectives
Unlock electrification for customers
without easy access to sufficient capital
Support renters' ability to participate in
programs
Enable scaling of electrification
Increased Impact
+600 single- and multifamily households
electrified
Timeline
Program
Element
Allocation
Pursue tariffed +$4M
on-bill (TOB)
financing
Pilot alternate +$1M
financing
options
Details
Apply to CPUC-funded pilot and pursue
TOB deployment in 2023
Combine with other program incentives to
lower upfront costs for participants
TOB connects repayment to the utility
meter and is paid based on energy bill
savings
Issue an RFI in mid-2022 to learn more
about options
Run an Innovation Onramp cycle focused
on financing options to select a handful of
approaches to test out on a smaller scale
How it will support future policy:

Key enabler for various policy levers (retrofit ordinances, appliance bans, etc.) because it avoids the need for major up-front capital investment Trial to track participation of lower-income customers and renters 24 Item 6

PRESENTATION
Staff developed
Equity Framework
to guide program
development and
deployment
Fundamental
component:
develop strong ties
with local CBOs
re-design
munity ne
ntify relev
uity indica
or progra
Identify key
metrics and plan
for tracking
nsure
plement
ng and pl
leverage
ap custom
journey
portunitie
just desi
based on
25 New SV Clean Energy
PowerPoint Template
• Subtitle
Item 7

PRESENTATION
•
•
•
•
•
Item 7

PRESENTATION
© SVCE's 2022 Building Electrification Policy Goals
Focus of
Today's
Discussion
Adopt, extend, or enhance, reach codes for new construction for all 13 member agencies
building electrification
EV charging infrastructure
for most, a strict timeline v/v new 2022 code
2) Develop and pilot policies to electrify existing buildings e.g. new AC must be a bidirectional heat pump, lower
remodel triggers
strategic timelines
For purposes of this discussion, "reach code" refers to energy code amendments, municipal ordinance amendments, and/or zoning code amendments (EV charging) Photo by Unknown Author is licensed under CC BY-SA-NC
2 •
•
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•
•
•
•
•
•
•
Item 7

PRESENTATION
New construction updates
2022 model reach code options drafted for buildings and EV charging individual meetings held with Board Directors and alternates to discuss jurisdiction-specific goals and strategy in twelve SVCE communities
four individual meetings with agency staff (others being scheduled) presentations to SCC City Managers and Cities Association scheduled for April four public workshops held in February
Existing buildings
technical feasibility analysis of policy options
designing a community workshop for existing buildings
Today's Presentation:
review new construction reach code update process and key milestones describe SVCE-provided resources for new construction reach codes outline next steps (yours and ours) 3
Jurisdiction Date Who Attended
Los Altos Hills 12/10/2021 Tyson, Schmidt
Los Gatos 12/13/2021 Rennie
Saratoga 12/17/2021 Walia
Milpitas 1/5/2022 Chua
Sunnyvale 1/5/2022 Klein, Larsson
Campbell 1/6/2022 Gibbons, Lopez
Gilroy 1/11/2022 Hilton, Armendariz, Bryce Atkins (staff lead) Cupertino 1/21/2022 Willey, Wei
Los Altos 1/21/2022 Fligor, Meadows
Mtn View 1/21/2022 Abe-Koga
SCC 1/28/2022 Lee, Sandy Runyan (Supervisor's staff)
Morgan Hill 2/4/2022 Martinez-Beltran, Eulo
Monte Sereno TBD
Item 7

PRESENTATION
Your input helps to strengthen our collective efforts ... 4 Item 7

PRESENTATION
© 2019 Success - Your Efforts Made a Difference
Type
Building
Electric
Preferred
Mostly-Electric
All-Electric
Gas Ban
No Reach
How it works
Allows mixed-fuel buildings with high energy
performance. Electrification-ready panel and wiring
in mixed-fuel buildings.

Water and space heating must be electric,
exemptions for other appliances. Electrification-ready panel and wiring in mixed-fuel buildings.

All appliances must be electric, with very limited
exemptions.

No gas hookup (via municipal ordinance). Limited
exceptions.

Meet state code minimum requirements.

SVCE Members
2 - Milpitas, Monte Sereno
4 - Campbell (res), Los Altos, Los Altos
Hills (res), Saratoga
5 - County of Santa Clara, Cupertino,
Los Gatos (res), Mountain View,
Sunnyvale
1 - Morgan Hill
1 - Gilroy
5 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
LOI
Conduct Outreach
Effective
Vote
Potential CEC Submittals
Define Goals
Agendize
Engage Staff
Define Approach
Write Code Language
Council Info Sessions
Item 7

PRESENTATION
© Member Agency Reach Code Tasks and Milestones
Goals and Approach Defined
Reach Codes Agendized
City Manager LOI Signed
Staff Responsibilities Defined
Proposed Code language complete
Outreach conducted
Council informed
Final code language complete
Vote complete, same meeting as state
code adoption
Documentation done 6
Item 7

PRESENTATION
Member Agency Actions
Define goals & approach
Engage staff
Conduct outreach
Write reach code
Council vote
SVCE Resources
Meeting facilitation
Technical expertise
Coordinate and facilitate
workshops for electeds
Address technical questions
$10K grant for staff time
Council presentations
Consultant Resources
Draft model codes
Staff, advocate, building industry
workshops - regional
Develop and conduct jurisdiction-level presentations
Reach code customization
Council presentations
7 Item 7

PRESENTATION

1. Define goal - level of reach
Identify key staff contacts

2. Determine approach
(ordinance vs. energy code
amendment)

3. Agendize vote for fall (when
state code is adopted)

4. City Manager signs LOI .,.
;\
Item 7

PRESENTATION
Zoe Elizabeth - project manager
[email protected]
Bena Chang - legislative engagement
[email protected]
Tony Eulo - city staff engagement
[email protected]
Don Bray - strategic advisor
[email protected]
Farhad Farahmand - technical consultant
[email protected]
Pam Leonard - communications and
marketing
[email protected]
Peter Mustacich - SVCE technical lead
[email protected]
9 •
•
•
•
Item 7

PRESENTATION
Most jurisdiction must re-up their Reach Codes for them to remain in effect (Morgan Hill and Campbell are exceptions)
Immediate next steps: define goals & approach, engage staff, agendize We are here to help
Your action matters - thank you!
10

Silicon Valley Clean Energy Board of DirectorsMarch 9, 2022

Silicon Valley Clean Energy Board of Directors
March 9, 2022