Silicon Valley Clean Energy Authority
Report to the Board of Directors
March 12, 2025
Item 3
PRESENTATION
KOSMATKA DONNELLY & CO., LLP
Introduction
• Kellin Gilbert, CPA
• Audit Partner
• 17 years in public accounting and performing audits of government entities
• Currently working with several CCA’s throughout California • Alauna Rico
• Engagement Senior Associate
• 4 years in public accounting and 2 years in performing audits of governments (CCA’s)
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PRESENTATION
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Transition to Kosmatka Donnelly & Co., LLP
• As of January 2025, Pisenti & Brinker LLP has joined practices with Kosmatka Donnelly & Co., LLP (dba, KDP Certified Public Accountants, LLP). The former Pisenti & Brinker LLP Partners are now Partners of KDP. Unveiling of a unified name anticipated in the summer of 2025.
• By combining resources with the strategic merger, we can make even greater investments in technology as well as our greatest assets, our people and clients.
• No changes to staffing, costs or timing of the services we provide to SVCE.
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Next Steps as Kosmatka Donnelly & Co., LLP
• There is a signed contract and amendment in place between Pisenti & Brinker LLP and Silicon Valley Clean Energy Authority through the contract term September 2027 – audit period date September 30, 2026.
• Kosmatka Donnelly & Co., LLP (formerly Pisenti & Brinker LLP) will carry out the services for the remaining term of the contract. • There will be no changes to the original contract or amendment other than the name of the company.
• The current audit partner, Kellin Gilbert, will continue to be the audit partner for the remainder of the contract.
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PRESENTATION
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Results of current year audit:
• The audit is complete. We reported:
• Unmodified opinion – Based on our audit, the financial statements are materially accurate.
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PRESENTATION
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Audit of the year ended September 30, 2024
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
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PRESENTATION
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Risk Assessment for the year ended September 30,
2024 Financial Statements
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.
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Audit Procedures
Significant areas of focus
• Revenue recognition
• Accounts receivable and accrued revenue
• Test a sample of customer billings
• Relate total cash received during the year to revenue • Review revenue recognition through year-end and method for determining (accrued revenue)
• Cash
• Confirmations sent to financial institutions
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Audit Procedures
Significant areas of focus
• 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 3
PRESENTATION
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Required Board Communications
• There were no new material accounting policies adopted by Silicon Valley Clean Energy Authority throughout the period audited.
• We did not identify any significant or unusual transactions or applications of accounting principles where a lack of
authoritative guidance exists.
• We did not propose any adjustments to the financial
statements.
• There were no reportable deficiencies or material weaknesses in internal controls identified.
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PRESENTATION
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• There have been no disagreements with management concerning the scope of our audit, the application of accounting principles, or the basis for management’s judgments on any significant matters. • We have not encountered any difficulties in dealing with management during the performance of our audit.
Required Board Communications
(continued)
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Questions?
Kellin Gilbert: 707-577-1511
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PRESENTATION
KOSMATKA DONNELLY & CO., LLP
New SV Clean Energy
PowerPoint Template
Subtitle
Item 4
PRESENTATION
Board of Directors Meeting
March 12, 2025
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Item 4
PRESENTATION
Purpose
Review the Budget Timeline
Highlight Changes Since the
Adoption of the Adjusted Budget in
December
Compare Mid-year and Adjusted
Budget Key Line Items
Review 5-yr Reserve Projections
Additional Customer Bill Relief
Provide Staffing Update
Adopt Resolution
Action: Adopt Resolution
Approving Mid-Year 2024-2025
(MY 25) Adjusted Operating
Budget
Item 4
PRESENTATION
May 2024 June 2024 August 2024 August 2024
1 Mid Year FY24-25 Budget Approval Timeline
The Executive Committee and F&A
Committee reviewed the updated
budget based on the revised PG&E
rate filing and provided feedback
on any additional expenditures
The BOD reviewed the high-level budget frameworkThe BOD reviewed the proposed
budget
The BOD adopted the
budget and agreed to revisit
additional expenditures later
in the year when there would
be more certainty on PG&E
rates
The Finance & Admin
Committee (F&A Committee)
reviewed the high-level budget
framework
The F&A Committee
reviewed the
proposed budget
February
2025
November
2024
December
2024
September
2024 March 2025
Mid-Year Budget
Review / Adjustment
The BOD The F&A
reviewed Committee
and adopted reviewed the
amendments proposed
to the Mid-Year
budget Budget
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An Increase of ~$1.3 Million vs. Adjusted Budget
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Item 4
PRESENTATION
Mid-Year Budget Highlights
Excellent FY25 But Negative Margins over 5-yr Outlook
Healthy contribution to reserves of $98.1 million
Key Drivers of the Increase to Reserve Contribution:
Sharp drop in energy market prices contributing to lower power supply expenses
Reduction in staff’s assessment of resource adequacy (RA) needed to comply with the newly adopted market framework Proposed budget includes an additional one-time
bill credit for all customers at a cost of ~$35 million Operating expenses increased by ~ $2.8 million
Request for five additional positions
Additional professional services, marketing expenses, and general and administrative costs
Negative contribution to reserves forecasted
for the upcoming two fiscal years due to
declining market prices for energy, renewable
portfolio standard (RPS), and RA prices
Description Variance Mid-Year Budget vs.
Adjusted Budget
Revenues -$2.98M
Power Supply Cost -$40.6M
Other Operating Expenses +$2.8M
Investment Income +$0.5M
Capital Transfers -$0.95M
Additional One-Time Bill Credit -$35.0M
Reserve Balance +$1.3M
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SILICON VALLEY CLEAN ENERGY
FY 2024-25 OPERATING BUDGET
($ in thousands)
FY 2024-25 FY 2024-25
ADJUSTED MID-YEAR
ADJUSTED
DESCRIPTION BUDGET BUDGET $ %
Energy Revenues 526,513 523,534 (2,979) -0.6%
Power Supply Expense 390,091 349,478 (40,613) -10.4%
Operating Margin 136,422 174,056 37,634 27.6%
Operating Expenses 36,433 39,284 2,851 7.8%
Non-Operating Revenue (Expense) 19,168 19,743 575 3.0%
Annual Transfers and Other Expenses
Capital Outlay 1,002 50 (952) -95.0%
Program Fund 10,530 10,530 0 0.0%
Nuclear Allocation 3,708 3,708 0 0.0%
Customer Bill Relief (Existing CARE/FERA) 5,370 5,370 0 0.0% Additional One-Time Bill Credit for All Customers 0 35,000 35,000 0.0% Hanford Emissions Mitigation Fund 1,800 1,800 0 0.0%
BALANCE AVAILABLE FOR RESERVES 96,746 98,057 1,310 1.4% Change
Item 4
PRESENTATION
Annual Adjusted Budget vs. Mid-Year Budget
Revenues slightly lower
Adjustments for franchise fee (-)
Realized lower sales to date and
lower sales from custom deals (-)
Slightly higher final rates (+)
Power Supply Cost decrease
Sharp decline in market prices
Reduction in resource adequacy
(RA) needs
Capital Outlay adjusted due to change in
office building strategy
Program Fund, Nuclear Allocation,
Customer Bill Relief, and Handford Fund
all unchanged
Additional One-Time Bill Credit to All
Customers
475
403
378 386
350
396
350 345 361
341
0 100
200
300
400
500
FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 DCOH Days Cash on Hand (DCOH)
DCOH (Inc. Unspent Earmarked Funds)* DCOH (Excl. Unspent Earmarked Funds)* Max Reserves Target Reserves
Min Reserves
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Item 4
PRESENTATION
Reserve Projection
Projected End of FY Reserves
(inclusive of proposed additional one-time
customer bill credit)*
396 Days of Cash on Hand
(DCOH)
Excludes Unspent Program
Funds and Building Fund
475 Days of Cash on Hand
(DCOH)
If unspent Program Funds and
Building Fund were included
in the reserve calculation
* Earmarked funds are unspent SVCE Program Funds and Building Funds. 6 •
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2025 2026 2027 2028 2029 2030
Forecast Rates* 15.17 10.45 11.96 12.16 12.22 12.49
YoY Change -31.2% 14.5% 1.6% 0.5% 2.2%
* Customer effective rates before applying any discounts Item 4
PRESENTATION
One-time Additional Bill Credit
With the improved financial position, staff proposes returning additional funds to customers.
Customer rates remain high this year
Customer rates are projected to decrease
significantly next year
Staff and the Finance and Administration
Committee recommend customers receive
rate relief this year.
Two alternatives considered:
1) 10% volumetric discount
2) Bill Credit(s)
Staff recommends: One-time bill credit during
the August billing cycle
More impactful in offsetting costs when most
customers receive their highest electricity bills
Expected to cost ^$33 million
Budget includes a $2 million buffer for normal
fluctuations in the number of customer accounts
7 Segment ILLUSTRATIVE Bill Credit Amount per
Service Agreement ID (SAID)
Residential $48
Small Commercial $165
Medium Commercial $2,200
Large Commercial $7,500
Agricultural Sm/Med $110
Agricultural Large $1,200
Business Electric Vehicles $9,600
Standby $3,700
Street Lighting $80
Traffic Control $43
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Item 4
PRESENTATION
(JO Illustrative Bill Credit per Customer Meter
(Based on Current Customer Data)
As illustrated, every account within a segment receives the same bill credit. For non-residential accounts, bill credits may vary within a class based on the customer’s proportionate share of the historical usage of that class.
Customer designation may change based on additional analyses Staff will promote the bill credit using direct mail and other marketing channels 8 •
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Item 4
PRESENTATION
CD Staffing
Current Budgeted
Staffing
62 Full-time Employees (3 Vacancies)
3 intern positions (3 Open)
4 Part-time Employees (1 Open)
3 Climate Corps Fellows
1 Long-term Independent Consultant
Proposed Staffing
67 Full-time Employees (8 Vacancies)
3 intern positions (3 Open)
4 Part-time Employees (1 Open)
3 Climate Corps Fellows
1 Long-term Independent Consultants
The proposed budget requests approval for 5 additional position Customer Success (CS) (2)
Energy Lead (1) - the upcoming demand flex program (deploying and controlling batteries, HVAC, EVs, etc.) will require specific expertise and significant bandwidth. This role will also increase the capacity to engage with various dynamic rate pilots and the implementation of CPUC-required load management standards
Sr. Energy Specialist (1) - in order for SVCE to pursue energy efficiency program funding from the state, a skilled resource to manage the application and ongoing reporting for the funds would be reguired (this funding would also eventually be able to pay for this resource) Regulatory, Policy, Planning & Legislative (RPPL) (1)
Resource Planner (1) - bringing more of SVCE's resource planning in-house will improve efficiency and effectiveness for long-term planning, strategic policy development, and gaining long-term market insights Finance & Administration (F&A) (1)
Data Analyst (1) - to achieve efficient and effective maturity in data analyses and modeling, SVCE needs to expand staffing at a lower level to ensure data and analytical needs are met while allowing experienced staff to meet new data and modeling goals
Power Policy Planning Procurement Regulatory and Operations (PRO) (1) Power Program Analyst (1) - to ensure strong long-term business continuity, this role will be trained to support front, middle, back office, and regulatory functions, allowing for cross-training, coverage, and succession planning in key roles 9
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Item 4
PRESENTATION
Summary - While Declining Energy
Prices Improve FY25 Results, Outlook
Over Next Two Fiscal Years are Negative
Next Steps
Staff will conduct financial stress test analyses and
recommend any updates to the reserve targets
Many Risks can Deplete Reserves
Market Prices
Reduced Revenues
via Higher PCIA and
Lower PG&E Rates;
IncreasedPower
Supply Expense
SUPPLY
Project delays;
PPAs Defaulter
Renegotiate for
Higher Pnces
L&R ISSUES PAYMENTS LOAD LOSS CYBER-RISK
IRP, RPS, RA
Reform/Penalties.
PCIA. POLR
Customer Defaults and Potential for and Training to combat Expansion Ransomware and
Phishing
Rate Increasesdue
to socialized wildfire
costs.Energy Price
Increaseswill
ultimately impact
usage and
electrification
Stress test results will be presented to the Finance
and Admin Committee in May and to the Board in
June
Staff will present the framework for developing the
next fiscal year’s budget to the Finance and Admin
Committee in May
Draft budget for FY25-26 will be presented to the
Finance and Admin Committee in August
Final FY25-26 budget will be presented to the Board
in September 10
Adopt Resolution 2025-08 Approving the Mid-year
2024-25 Adjusted Operating Budget that projects
contributing $98.1 million to the reserves.
Item 4
PRESENTATION
Recommendation
11 Item 4
PRESENTATION
Thank you! / Questions?
12 SILICON VALLEY CLEAN ENERGY
FY 2024-25 OPERATING BUDGET
($ in thousands)
FY 2024-25
MID-YEAR
ADJUSTED
DESCRIPTION BUDGET
ENERGY REVENUES
Energy Sales 521,650
Green Prime 1,884
TOTAL ENERGY REVENUES 523,534
ENERGY EXPENSES
Power Supply 349,478
OPERATING MARGIN 174,056
OPERATING EXPENSES
Data Management 3,549
PG&E Fees 1,516
Salaries and Retirement 18,805
Professional Services 7,797
Marketing & Promotions 1,885
General & Administrative 5,733
TOTAL OPERATING EXPENSES 39,284
OPERATING INCOME (LOSS) 134,771
NON-OPERATING REVENUES
Interest Income 19,756
TOTAL NON-OPERATING REVENUES 19,756
NON-OPERATING EXPENSES
Financing 12
TOTAL NON-OPERATING EXPENSES 12
TOTAL NON-OPERATING INCOME (EXPENSES) 19,743
CHANGE IN NET POSITION 154,515
CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER
Capital Outlay 50
Program Fund 10,530
Nuclear Allocation 3,708
Customer Bill Relief (Existing CARE/FERA) 5,370
Additional One-Time Bill Credit for All Customers 35,000 Hanford Emissions Mitigation Fund 1,800
Other
TOTAL CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER 56,458
BALANCE AVAILABLE FOR RESERVES 98,057
Item 4
PRESENTATION
2024-2025 Mid-Year
Adjusted Operating
Budget
13 ($ in Thousands)
FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29
Operating Revenue (Budget) (Forecast) (Forecast) (Forecast) (Forecast) Electricity Sales, Net1 $486,650 $368,559 $412,040 $451,239 $460,998 GreenPrime Electricity Premium $1,884 $2,532 $2,561 $2,373 $2,340 Total Operating Revenues $488,534 $371,091 $414,601 $453,612 $463,338 Operating Expense
Power Supply $349,478 $377,921 $379,686 $385,358 $415,503 Operating Margin $139,056 $(6,830) $34,915 $68,254 $47,835 Data Management $3,549 $3,726 $3,913 $4,108 $4,314
PG&E Service Fees $1,516 $1,592 $1,672 $1,755 $1,843
Salaries and Retirement $18,805 $19,745 $20,732 $21,769 $22,857 Professional Services $7,797 $8,187 $8,596 $9,026 $9,477 Marketing & Promotions $1,885 $1,979 $2,078 $2,182 $2,291 General and Administration $5,733 $5,871 $5,695 $6,754 $7,092 Transfers to Programs Fund $21,408 $7,422 $8,292 $9,072 $9,267 Total Operating Expenses $410,170 $426,443 $430,663 $440,024 $472,644 Operating Income $78,363 $(55,352) $(16,062) $13,588 $(9,306) Nonoperating Revenue
Investment Income $19,756 $19,241 $13,844 $15,261 $15,373 Total Non-Operating Revenues $19,756 $19,241 $13,844 $15,261 $15,373 Nonoperating Expense
Financing Cost $12 $26 $26 $26 $26
Capital Outlay $50 $50 $50 $50 $50
Total Non-Operating Expense $62 $76 $76 $76 $76
Non-Operating Income $19,693 $19,165 $13,768 $15,185 $15,297 Change in Net Position/Available for Reserves $98,057 $(36,187) $(2,294) $28,773 $5,991 Begin, Net Financial Position $485,197 $563,730 $500,360 $475,803 $494,468 Adjustment for Program Expenditure and Building Fund2
$(19,524) $(27,182) $(22,264) $(10,108) $(17,950)
End, Net Financial Position $563,730 $500,360 $475,803 $494,468 $482,509
1. Assumptions: 4% overall discount relative to comparable PG&E rates for FY 24-25 and FY 25-26. FY 24-25 includes additional bill credit to low income customers totaling $5.37 million. 1% discount for FY26-27, FY27-28 and FY28-29. In addition, FY24-25 has a reduction in revenue for the $35M allocated for Additional One-Time Bill Credit for All Customers.
2. Each year the Board transfers funds from the Operating Budget to the Decarbonization Programs Fund as shown in the above forecast under line item Transfers to Programs Fund. The line item Adjustment for Program Expenditure accounts for the difference between forecasted spend for programs versus the amount transferred to the fund. This adjustment is needed because program spending to date has been less than the amount transferred to the programs fund. The $20 million in building Fund is assumed to be spent between FY24-25 to FY26-27.
Item 4
PRESENTATION
5-Year Forecast
For forecast years FY24-25 onward:
Revenues are based on SVCE’s load forecast
and CaICCA NewGen Model for SVCE
margin analysis using market data as of
1/31/2025
Power Supply Costs are based on updated
portfolio positions and latest market data
Operating Expenses are assumed to grow
5% / year
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Item 4
PRESENTATION
Relative to Assumptions
in the December
Adjusted Budget:
PG&E’s average
2025 generation rate
increased by about
2.8%
PCIA increased from
0.70d:/kWh to
1.02d:/kWh
Relative to Adjusted
Budget, SVCE’s 2025
margin improved by
about 0.5%
The rate changes were
effective Jan 1, 2025.
Final PG&E Rate Improved SVCE Margins
Jul-Dec 2024
Rate*
Adjusted Budget
2025 Rate*
Current 2025
Rate**
PG&E Gen Rate:
15.08 <t/kWh
4% SVCE discount
PG&E Gen Rate:
14.76 <r/kWh
PG&E Gen Rate:
15.17 C/kWh
‘ Source: PG&E 2024 ERRA Forecast Update, released in October,2024 (Weighted for SVCE Portfolio Load) ** PG&E 2024 Average Rate, effective January 1, 2025 (Weighted for SVCE Portfolio Load) 15 Above margin analyses ignores minor reductions for franchise fees (0.1 cf/kWh) 2024 2025** 2024 2025** 2024 2025** 2024 2025** 2024 2025** Rate Schedule (as of Oct, 2024) E-TOUC Est. Avg E-TOUCL Est. Avg B-1 Est. Avg B-10S Est. Avg B-19S Est. Avg PG&E Bundled Gen Rate ($/kWh) $ 0.150 $ 0.160 $ 0.150 $ 0.157 $ 0.150 $ 0.151 $ 0.158 $ 0.159 $ 0.144 $ 0.153 SVCE Gen Rate ($/kWh) $ 0.132 $ 0.142 $ 0.132 $ 0.139 $ 0.132 $ 0.134 $ 0.140 $ 0.141 $ 0.127 $ 0.136 PG&E Delivery Rate ($/kWh) $ 0.281 $ 0.265 $ 0.124 $ 0.090 $ 0.283 $ 0.285 $ 0.211 $ 0.211 $ 0.161 $ 0.161 PG&E PCIA/FF ($/kWh) $ 0.012 $ 0.012 $ 0.012 $ 0.012 $ 0.012 $ 0.011 $ 0.012 $ 0.012 $ 0.011 $ 0.011 Total Electricity Cost ($/kWh) $ 0.425 $ 0.418 $ 0.269 $ 0.241 $ 0.427 $ 0.430 $ 0.363 $ 0.364 $ 0.300 $ 0.308 SVCE CARE/FERA Monthly Credit* $ (12.50) $ (17.50)
Est. Average Usage (kWh/month) 491 491 491 491 1,851 1,851 22,540 22,540 148,625 148,625 SVCE Gen Rate Discount vs PG&E 4% 4% ~21%* ~27%* 4% 4% 4% 4% 4% 4% Est. Av. Monthly Savings vs PG&E $ 3.09 3.14 $ 15.59 20.59 $ 11.16 11.18 $ 143.54 143.64 $ 902.81 910.60 Residential Res CARE* Small Commercial Medium Commercial Large Commercial Item 4
PRESENTATION
Estimated Customer Billing Rate Breakdown and
Comparison Y-o-Y
‘Estimated, based on PG&E average rates at the and of 2024 and as of Jan.lst 2025, also, average historic residential usage and number of CARE/FARE customers at the end of 2024. “Estimated, based on PG&E Advice Letter 7469E filed with the CPUC on 12/30/2024.
Total CARE bill discount (including T&D) vs average residential customer, assuming the same usage (491 kWh/month) is about -51%.
On average, CARE usage is about 11% lower than that of an average E-TOUC customer.
In addition, customers will see a one-time bill credit for the summer of 2025. 16
SVCE PG&E SVCE PG&E SVCE PG&E SVCE PG&E SVCE PG&E
Rate Schedule (eff. Jan 1, 2025) B-1 B-1 B-10S B-10S B-19S B-19S Average Usage (kWh/month) 491 491 491 491 1,851 1,851 22,540 22,540 148,625 148,625 Annual Peak Demand (kW) 499 499
PG&E Electric Delivery $ 129.94 $ 129.94 $ 44.30 $ 44.30 $ 527.07 $ 527.07 $ 5,130.33 $ 5,130.33 $29,053.22 $29,053.22 Electric Generation $ 69.66 $ 78.59 $ 68.39 $ 77.27 $ 247.63 $ 279.48 $ 3,183.04 $ 3,591.07 $20,204.56 $22,764.89 PG&E Added Fees (PCIA, Franchise) $ 5.78 $ - $ 5.78 $ 20.68 $ - $ 264.39 $ - $ 1,649.74 $ - CARE/FERA monthly bill credit $ (17.50)
Average Total Cost $ 205.39 $ 208.53 $ 100.98 $ 121.57 $ 795.38 $ 806.55 $ 8,577.76 $ 8,721.40 $50,907.51 $51,818.11 Average Monthly Savings vs PG&E $ 3.14 $ 20.59 $ 11.18 $ 143.64 $ 910.60 *Estimated, based on PG&E Advice Letter 7469E filed with the CPUC on December 30, 2024, average residential customer usage, and a number of CARE/FERA customers at the end of 2024.
Residential* Residential CARE* Small Commercial* Medium Commercial* Large Commercial* Item 4
PRESENTATION
(^) Typical Customer Bill Savings
(Current Rates)
2025 2026 2027 2028 2029 2025 2026 2027 2028 2029
Forecast On Peak Energy MPB 0% -11% -9% -6% 5%
Forecast Off Peak Energy MPB 0% -11% -16% -11% 1%
Actual On Peak Energy MPB -14% -11% -9% -6% 5%
Actual Off Peak Energy MPB -11% -11% -16% -11% 1%
Forecast RPS MPB 0% -47% -38% -14% 0%
Actual RPS MPB -11% -47% -38% -14% 0%
Forecast System RA MPB 0% -34% -4% -1% 1%
Forecast Local RA MPB 0% -34% 16% 19% 21%
Forecast Flex RA MPB 0% -34% 16% 19% 21%
Actual System RA MPB -3% -34% -4% -1% 1%
Actual Local RA MPB -3% -34% 16% 19% 21%
Actual Flex RA MPB -3% -34% 16% 19% 21%
Total Estimated Impact 0.0% -36.2% -15.6% -7.0% 2.7%
0.0% -9.4% 0.2% 0.4% 0.4%
0.0% -15.2% -9.0% -2.5% 0.0%
0.0% -11.6% -6.8% -4.9% 2.3%
% Change from Adjusted Budget Impact on Estimated SVCE Headroom Item 4
PRESENTATION
Updated Market Price Benchmarks
* **
* Based on CPUC adopted benchmarks for CY2025 and snapshots of market data as of 10/25/2024 and 1/31/2025. ** Based on CaICCA NewGen Model analysis using market data as of 10/25/2024 and 1/31/2025. 18 •
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Item 4
PRESENTATION
CD Operating Expenses
FY24-25 Adjusted Budget MY24-25 Mid-Year Budget Updates Data Management Fees
$3.7M
Slight decrease of ~$0.19M based on better contract rate Billing (PG&E Fees)
$1.5M
Unchanged
Staffing (Salaries & Retirement)
$17.4M Increase of $1.42M due to additional headcounts
Professional Services
$9.4M
Increased by $0.66M due to additional vendors and contracts for data integration (RADar) project support and additional legal and legislative consulting services.
Marketing & Promotions
$1.6M
Slight increase of $0.27M to support board-approved educational non-profit grants and scholarships, and to cover additional outreach marketing materials.
G&A / Lease
$2.8M
Increase of ™$0.69M
Slight increase due to additional headcounts, more in-person meetings, and anticipated insurance expense increase
Not an increase, but ~$1.5M from Professional Services was recategorized to G&A to align with accounting cost categories
19 14
25 27
31 38
49 58
62 67
0 10
20 30
40 50
60 70
80 2017 Sep 2018 Sep 2019 Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep FTE Count Historical FTE Count
FTEs
$-
$2
$4
$6
$8
$10
$12
2017 Sep 2018 Sep 2019 Sep 2020 Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep $M/FTE $M / FTE
Rev ($M) / FTE Cost ($M) / FTE
Item 4
PRESENTATION
Revenue and Energy Costs / FTE have remained fairly flat over time.
CD Revenues/FTE; Energy/FTE
20 Data is based on information available and reported online or from peer agency feedback; the timeline for comparisons may not align because each organization has a different budgeting and planning cycle, but they are meant to provide general patterns for comparison.
Accounts Revenue
($MM)
Net Position
($MM) FY 23-24 FY23-24 Revenue ($MM) Per FTE FY 24-25 Budget Silicon Valley Clean Energy 280,000 $503.7 $324.5 58 $8.7 67 Peninsula Clean Energy 310,000 $431.2 $307.6 50 $8.6 62 Central Coast Community Energy 450,000 $461.3 $241.9 52 $8.9 56 Clean Power Alliance 1,071,800 $1,169.5 $211.6 79 $14.8 86 Ava Community Energy 640,000 $824.0 $361.6 78 $10.6 86
MCE 500,550 $644.8 $244.2 84 $7.7 Unavailable
CCA Comparisons
CCA Name
FY 23-24 Staffing
Item 4
PRESENTATION
O CCA Staffing Comparisons
• Subtitle
New SV Clean Energy
PowerPoint Template
Affordability SFA Update
March 12, 2025
Item 5
PRESENTATION
Updated 3/11/25
SILICON VALLEY
CLEAN ENERGY
• Review Affordability Strategic Focus Area
• What Makes Up Bills and Rates
• Customer Perspective
• SVCE Previous and Upcoming Activities
What we will cover
Item 5
PRESENTATION
Updated 3/11/25
3 SVCE is expanding affordability efforts
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4 PG&E’s bundled (Generation + T&D) residential
electricity rates have increased 90% since 2019
Bundled Residential Electric Rates Over Time
• Transmission and Distribution
rates have more than doubled
• Generation rates have also grown due
to market pressures, but have been
more stable
0 5
10 15
20 25
30 35
40 45
50 2019 2020 2021 2022 2023 2024 2025
Residential Electricity Rates (cents/kWh)
Transmission/Distribution/NBCs Generation Total
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SVCE only controls a portion of the rate
For electricity, customers pay SVCE for generation and PG&E for everything else.
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Residential Electricity Rate
Source: PG&E E-1
residential rate,
non-baseline
Generation
Distribution
PCIA
Transmission
Public Purpose Programs
Other Non-Bypassable Charges
Gas rates have also increased
Residential gas has
increased 50% since
2019
Source: 2024 Senate Bill 695 Report, CPUC
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Figure 36: PG&E Gas Average Rates per Therm by Class in EffectJanuary1 (2016-2024) Residential non-CARE Small Commercial Large Commercial
‘Energy Burden’ measures gas and electric bill as a
percentage of household income
Average Monthly Electricity and Gas Bills by Socioeconomic Vulnerability Index – Census Tracts
Vulnerability
Level
(by quartile)
Average Gas
Cost
Average
Electricity Cost
Average
Energy Bill
Area Median
Income
Average Energy
Burden
Least
Vulnerable $143 $238 $381 $166K 2.8%
Slightly
Vulnerable $112 $194 $306 $145K 2.5%
Moderately
Vulnerable $88 $176 $264 $116K 2.7%
Most
Vulnerable $80 $173 $253 $79K 3.8%
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Impact – delinquency increase
• Click to edit Master text styles
• Second level
• Third level
• Fourth level
• Fifth level
*Based on census and billing data, we estimate there are ~5,000 additional customers eligible for CARE/FERA but not enrolled.
*
5.9% of SVCE
customer accounts are
behind on bill
payments – a 50%
increase from 2020.
254,144 27,478
968
15,946
26,944
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Business accounts
in delinquency
enrolled in income-qualified
CARE/FERA
Residential Accounts
in delinquency
9 Title of the
Page
Item 5
PRESENTATION
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®CBSNEWS Q
SACRAMENTO | News Weather Sports Video Your County G* 640 I
LOCALNEWS
Reportfinds California residential electricity rates
increasing faster than inflation
= KQED ® Donate
NEWS
PG&E Bills Keep Rising.What Can You Doto
(Potentially) Lower YourBills?
^By Nisa Khan X,Carly Severn X Jan 24
- ©heJlmunjNews ©-
BUSINESS ECONOMY •News
PG&E electricity bills are rising far faster than
other utility titans: official report
CEO of PG&E had previously predicted customer costs would recede Electricity cost is the
#1 priority to our customers
From 2024 Customer Survey
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Figure 1: Level of Importance for Each Service SVCE Provides (n=476) Keepingthe cost of electricity low 69% 23% 7%
Offeringservices, such as rebates 31% 25% 24% 8%
Generatingelectricity from clean sources 22% 36% 27% 6% Investing in my community 15% 37% 29% 6%
o% 100%
Extremely important hVery important Moderately important Slightly important Not at all important State is exploring solutions as well
CPUC recommendations
• Reduce wildfire mitigation costs
• Change how some initiatives are
funded to non-ratepayer sources
• Make sure solar customers are
paying sufficient non-bypassable
charges
• And other discussions on rate of
return
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PRESENTATION
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CPUC Response to
Executive Order N-5-24
February 1 8, 2025
California Public
Utilities Commission
Meaning of affordability changes across
customers and communities
Helping
customers in
immediate need
Supporting
customers
frustrated with the
drastic increases
Ensuring
electrification is the
scalable, feasible
option for the
future
Item 5
PRESENTATION
Updated 3/11/25
SVCE affordability focus
Opportunity to influence
the costs outside of
generation
Important factor in
achieving decarbonization
mission
Channels to provide
immediate bill
assistance and relief
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14 Title of the
Page
Active/done, in the works and exploratory actions
(we’ll talk about the highlighted cells today)
Board adoption of affordability platform to allow more
advocacy
Encourage bills savings through optimized EV
charging (GridShift)
Run targeted outreach campaign to increase
awareness of payment assistance
Build capacity for rate analysis Analysis of decarbonization impacts on bills (2023 study)
Ramp up general customer outreach on affordability
issues
Deep dive on cost drivers of electricity rates Refresh late payment notification to highlight bill assistance
Update payment assistance communications to
highlight EE resources
Encourage electrification with exclusive rates (E-ELEC) Participate in Hour Flex Pricing Pilot Advocate on bills to support lower cost impacts Connect customers to payment assistance programs Participate in ChargeWise RTP pilot Provide competitive rates that strengthen electrification as the cheapest option
Publish description of SVCE’s role in rates and bills Identify state bills and proceedings to target to push for reduced T&D costs
Develop comprehensive, historical rates/bills tracking
system for internal analysis
Promote local and state energy efficiency programs Compile and synthesize various rate analyses Explore ways to expand funding for EE and weatherization for income-qualified residents
Increase awareness about energy efficient appliances Test VPP/demand flex as a lever for bill savings Assess delinquency and arrearage policy impacts on customers
Pair energy efficiency recommendations/info with rebate programs
Identify and partner with local organizations that
provide bill relief
Run rate education campaign to encourage load
shifting for bill reduction
Provide additional bill credits to CARE/FERA customers
totaling $11M
Collect customer-feedback and redesign E-ELEC
offering
Refresh ‘understanding your bill’ materials
Integrate energy efficiency measures into SVCE’s direct install electrification programs
Keep returning dollars to customers on bills Explore additional rebate programs to reduce bills long-term
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Promoting energy
efficiency - active/done
Incentives Finder for Residents
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Z \ Silicon Valley Clean Energy 9
SVCE Community Relations Team • 24 Jan 23 Edited
Energy efficiency and bill assistance programs available to you. This winter, we want to remind Silicon Valley Clean Energy (SVCE) customers of the available resources and programs to help increase your home's energy efficiency. According to PG&E, recent energy bills may be high due to the increasing cost of natural gas due to low natural gas storage supply, pipeline constraints, below-average temperatures, and increased energy consumption. Gas service remains with PG&E and is separate from SVCE electric generation charges.
Below is a list of home energy efficiency programs that can help you conserve energy and save money on your bill.
• DIY Home Energy Saving Toolkit: designed to help you save money on your utility bills while conserving vital resources. DIY Toolkits can be checked out from your local library and contain energy efficiency items like LED light bulbs and weather stripping that you can use to make immediate adjustments, www.svcleanenergy.org/diy-toolkits/ • Homeintel: offers a free in-depth analysis of your home's energy use with monthly efficiency progress reports. After the initial analysis, an energy coach provides guidance on where and how you can save, https://bit.ly/homeintel • BayREN Home+: provides rebates and resources to help you make your home more energy efficient and comfortable, www.bayren.org/how-get-started/single-family-homeowners Additionally, SVCE customers may be eligible for bill assistance programs.
Visit https://www.svcleanenergy.org/financial-assistance/ to learn more about available programs and eligibility reguirements.
Brought to you by:
SILICON VALLEY VL/ CLEAN ENERGY
Participating Libraries:
santa clara
library^ma sunn^
3 people
Interested in
Q Home Upgrades
Q Electric Vehicles
Q Energy Efficiency & Bill Assistance
How much help do you need getting started
with your electrification project?
• •
o
.ow Support Medium Support High Support
Learn More
DIY Energy Savings Toolkit
Check out a DIY Energy Savings Toolkit from your local library just like a book to save energy, save money, and update your home.
Learn More
Residential Rates
Pay less for clean, renewable energy with SVCE’s generation service.
Learn More
Homeintel
Create a free custom plan to reduce wasted energy in your home, including new options for electrification
Start Saving
Targeted outreach
campaign - in the works
Payment assistance and efficiency
resources campaign - Launching
Spring
• Highlighting payment
assistance/discount programs, energy
efficiency and other savings tactics
• Targeting income qualified customers,
those behind on payments, seniors on
fixed incomes, plus a general
awareness campaign
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Silicon Valley Clean Energy is committed to providing clean electricity at competitive rates to everyone in our communities. Whether you are already enrolled in a support program or believe you may be eligible, you can still participate in Silicon Valley Clean Energy's service and receive additional discounts on your energy bill. ©
CaliforniaAlternate Rates for Energy (CARE) Program
Qualified households receive discounts on their energy bills through the CARE Program. CARE eligibility is based on public assistance program participation or based on the number of individuals in your household and total gross household income. This monthly discount is a minimum of 20% on electric rates.
®
Family Electric Rate Assistance (FERA) Program
The FERA Program provides a monthly discount on your electric bills. The program is designed for income-qualified households of three or more persons. The monthly discount is 18% on electric rates. ©
MedicalBaseline
Medical Baseline is a financial assistance program for residential customers that have special energy needs due to qualifying medical conditions.
Qualifying customers are allocated a larger quantity of energy within the Baseline tier of lower-cost power.
To enroll in any of these programs or to learn more, please contact PG&E by phone at 1-800-743-5000 or online at pge.com/financialassistance.
Get Bill Payment Assistance
Financial assistance
Education
& Outreach
Legislative &
Regulatory
Advocacy
Rate-Setting
Principles
& Programs
SVCE
Affordability
Efforts
Advocating for customers on
T&D reductions - in the works
Looking at bills and proceedings to advocate for sensible adjustments to T&D (annual effort)
• Rate making cases (GRC and ERRA)
• Cases with big financial implications
Resource adequacy
Provider of last resort
High DER
• Bills proposed this legislative cycle
West-wide energy markets
Wildfire mitigation oversight, streamlining, funding sources Rate caps
Item 5
PRESENTATION
Updated 3/11/25
Rate-Setting
Principles
& Programs
Education
& Outreach
Legislative &
Regulatory
Advocacy
SVCE
Affordability
Efforts
Demand flex and
dynamic rates - in the works
Demand Flexibility will use automated,
connected devices to capture the most
value for customers by responding to rates
New Dynamic Rates can pass more
granular signals and offer bigger savings
potential
✓E-ELEC, ChargeWise pilot, HFP pilots, etc.
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PRESENTATION
Legislative
Updated 3/11/25
&
Regulatory
Advocacy
Integrating energy efficiency
with electrification - active/done
Improving efficiency while
electrifying is key
✓Multifamily affordable
housing no-cost electrification
✓Single-family turnkey
✓Financing pilot
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PRESENTATION
Updated 3/11/25
Ensure electrification remains the affordable
option - active/done + in the works
Electrification saves ~$200/yr (when
paired with good rate plans)
SVCE looking to continue this with
✓Rebates with lower up-front costs
✓Smart rate design to pass savings to
customers
• Exploring how to grow savings and to
ensure this can scale to all customers
SVCE/PCE Bill Impact Study 2023
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PRESENTATION
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Education
& Outreach
Legislative &
Regulatory
Advocacy
Rate-Setting
Principles
& Programs
SVCE
Affordability
Efforts
Annual Energy Costs of Mixed-Fuel vs.
All-Electric Single-Family Home
$3,270
$1,090
$2,180
Mixed-Fuel Home
$3,060
$3,060
All-Electric Home
Electricity Cost Gas Cost
21 Return money to customers -
active/done + in the works
✓$141M in on-bill savings since 2017
✓CARE/FERA also gets $17.50/month bill
credit from SVCE on top of ~30%
reduction on T&D side
✓Rate setting always part of budgeting
process
• Exploring one-time return to customers
in 2025 (single lump sum bill credit)
But remember that SVCE is only 1/3 of electricity rate
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PRESENTATION
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Recap
• All eyes are on CA
energy rates
• SVCE generation is 1/3
of electricity rate –
limiting our direct
impact
• SVCE is addressing
affordability on a variety
of fronts and will keep
growing our focus
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23 Questions
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24 Appendix
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SVCE still sees arrearage growth
Total Owed: $2.4M
Avg/Customer:
$203
Total Owed: $5.2M
Avg/Customer:
$320
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People still struggle overall because housing
costs remain high, especially for renters
Source: Joint Venture Silicon Valley Index 2023
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HOUSINGAFFORDABILITY
Housing Burden
Percent of households with housing costs greater than 30% (Burdened) and 50% (Severely Burdened) ofincome Gara& San Mateo Counties, SanFrancisco, California, and the United States People still struggle overall because housing
costs remain high
Source: Joint Venture Silicon Valley Index 2023
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Percentage of Potential First-Time Homebuyers That Can Afford to Purchase a Median-Priced Home
Gara and San Mateo Counties,SonFrancisco,AlamedaCounty,SantaCruzCounty,California,and the United States 0%
'03 '04 OS '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 22* 28 Why We Care: SVCE’s decarbonization mission
is at risk if energy is not affordable.
This is a challenging balancing act.
August Affordability Study Session
Item 5
PRESENTATION
Updated 3/11/25
RELIABILITY
CLEAN ENERGY
INNOVATIVE
PROGRAMS
r i
AFFORDABILITY
29 Rates vs. Bills and how California compares
While California rates in general, and PG&E's rates in particular, are high relative to the national average, mild weather in the area and decades of energy efficiency measures help reduce rate impact.
August Affordability Study Session
Item 5
PRESENTATION
Updated 3/11/25
Average Rates and Bills
30 Capital investment is a key driver of IOU
profitability.
PG&E’s rates are determined by the company’s revenue requirement, which is comprised of both “pass through costs” and capital expenditures; the utility’s share holders only earn on the capital expenditures – “steel in the ground”.
Revenue
Requirement Operating Expenses Return on capital,
Return of capital
• O&M (e.g. vegetation
management)
• Business operating costs
(e.g. staff, offices)
• Procurement costs for
non-IOU owned resources
(e.g. PPAs)
• Taxes
• Depreciation on capital assets
• Rate of Return (ROR)
Where ROR = Rate base * Weighted
Average Cost of Capital (WACC)
PG&E shareholders receive revenues
from ROR after debt costs are
covered.
𝑅𝑎𝑡𝑒𝑠 =
𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑅𝑒𝑞𝑢𝑖𝑟𝑒𝑚𝑒𝑛𝑡
𝑇𝑜𝑡𝑎𝑙 𝐿𝑜𝑎𝑑
August Affordability Study Session
Item 5
PRESENTATION
Updated 3/11/25
31 Key Regulatory and Legislative Decisions
Both legislative and regulatory decisions impact costs to ratepayers. • SB 100 – 100% clean retail sales by 2045 • SB 1020 – Interim SB100 Requirements • AB 32 – Established GHG emissions targets • AB 1373 – Department of Water Resources centralized procurement
Clean Energy Goals and Decarbonization
Reliability Requirements
• Resource Adequacy: Slice of Day • Integrated Resource Planning: Procurement Orders
Public Policy on Electricity Bills
• NEM – 12-15% of total customer bill for
non-NEM customer is due to NEM subsidies
• Wildfire Safety – 22.5% of total customer
bill from wildfire safety (largely embedded
in T&D)
• Energy Efficiency • Electric Program Investment Charge (EPIC) Pilots • Low Income Programs • Gas infrastructure transition (potential future) August Affordability Study Session
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32 Electricity Customers Pay Significant Wildfire Recovery Charges ~20% of total bill.
• 'Wildfire recovery'
revenue
requirements
are embedded in
PG&E T&D Rate
components and
have fluctuated
month to month.
• In recent years,
wildfire recovery has
grown to become
roughly 20% of the
total electricity rate.
Source: California Public Utility Commission. 2023 Senate Bill 695 Report. May, 2023. https://www.cpuc.ca.gov/-/media/cpuc-website/divisions/office-of-governmental-affairs-division/reports/2023/2023-sb-695-report---final.pdf August Affordability Study Session
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Figure 10: PG&E 2022 Year-End Total System Revenue Requirement by Rate Component with Additional Wildfire-Related Revenue Requirement Breakout Transmission Non Wildfire Related, 16.5%
Generation, 31.9%
Transmission Wildfire Related [Table 7),3.0%
Distribution - Wildfire Related (Table?), 16.0% Distribution - Non-WildfireRelated, 25.7% Nhvj System Generation, 1.1%
Public PurposePrograms,S.2%
Wildfire Fund Charge (Table 7), 3.0%
Wildfire Securitization (Table 7),0.5%
33 What are SVCE’s energy-related costs, and how are they trending?
Costs continue to
fluctuate with changing
commodity prices.
Annual budget includes
costs such commodity
costs as Environment
Products, Resource
Adequacy, Renewable
Energy Supply, Energy
Supply and the Net cost
of Demand.
August Affordability Study Session
Item 5
PRESENTATION
Updated 3/11/25
SVCE Annual Budget
($MM)
34 Clean Goals: Getting to 2045
• To achieve SB 100 goals, resource build for CA is expected to more than double relative to 2020. • SVCE has supported the state in aiming for such aggressive climate goals.
August Affordability Study Session
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PRESENTATION
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Planned & Selected Capacity
(GW) Gas Capacity Not Retained
Shed DR
Long Duration Storage
Pumped Hydro Storage
Li-ion Battery (8-hr)
Li-ion Battery (4-hr)
Solar
Offshore Wind
Out-of-State Wnd
In-State Wind
Hydro
Biogas
Biomass
Geothermal
Nuclear
CHP
Natural Gas
Coal
Annual Gross Generation and Imports
(TWh) Curtailment
GrossImports
600 Shed DR
Long Duration Storage
Pumped Hydro Storage 500
Li-ion Battery
Customer Solar
400 Solar
Offshore Wind
300 Out-of-State Wnd
In-State Wind
Hydro
200
Biogas
Biomass
100 Geothermal
Nuclear
—CHP
Natural Gas
Coal
-100 Gross Exports
Generation &Imports
35 Overview of the impacts of transmission and
distribution needs
Analyses suggest significant investment in infrastructure at great expense to CA ratepayers Given large uncertainties in assumptions these are very rough estimates – and are very likely conservative! Generation Transmission Distribution Public Policy
• 120 GW new build
• Load growth largely
keeps pace with cost
of new generation
Source: 2023 CPUC Preferred System
Plan
• Upgrades to existing
system plus offshore and
out of state integration
• $30.5 Billion+
• Costs are only capital
costs – Operations &
Maintenance not included
• Some estimates
significantly higher (3-4x
current costs)
Source: CAISO 20-Year Transmission
Outlook (2022).
• Studies for 2035 range
from $8B - $51B
• Scaling to 2045 load, a
mid-point estimate is
similar to Tx
projections
Sources: Public Advocates Office
Distribution Grid Electrification Model/ CEC
IEPR Forecast
Examples:
• Offshore Wind
• Gas System Transition
Charges
• Moving costs to general fund/
alternate funding sources
August Affordability Study Session
Item 5
PRESENTATION
Updated 3/11/25
36 State Policy Priorities and Actions
Energy affordability is top policy issue for Governor, legislature, and CPUC.
Major Cost Driver Action or Anticipated Action
Wildfire Costs Legislature authorized wildfire mitigation securitization. $170M in Nov. 2024 Climate Bond Measure.
Rooftop Solar CPUC adopted Net Energy Metering 3.0 rules to reduce non-rooftop solar customer subsidies for rooftop solar.
Distribution Grid
Investments
CPUC's High DER and Timely Energization proceedings are examining ways to improve distribution grid planning and build out processes.
Transmission Investments Legislature pursuing permit streamlining for transmission projects and encouraging grid-enhancing technologies. California received $600M in federal funds for grid-enhancing technologies. $325M in Nov. 2024 Climate Bond.
Generation Costs Legislature potentially considering environmental streamlining for renewable projects and regionalization.
August Affordability Study Session
Item 5
PRESENTATION
Updated 3/11/25