Agenda packet — Silicon Valley Clean Energy Board of Directors, November 14, 2025

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Pursuant to the Americans with Disabilities Act, if you need special assistance in this meeting, please contact the Clerk for the Authority at (408) 721-5301 x1005. Notification 48 hours prior to the meeting will enable the Authority to make reasonable arrangements to ensure accessibility to this meeting. (28 CFR 35.105 ADA Title II).

George Tyson, Chair
Town of Los Altos Hills
Larry Klein, Vice Chair
City of Sunnyvale
Elliot Scozzola
City of Campbell
J.R. Fruen
City of Cupertino
Zach Hilton
City of Gilroy
Sally Meadows
City of Los Altos
Rob Rennie
Town of Los Gatos
Garry Barbadillo
City of Milpitas
Bryan Mekechuk
City of Monte Sereno
Yvonne Martinez Beltran
City of Morgan Hill
Pat Showalter
City of Mountain View
Tina Walia
City of Saratoga
Otto Lee
County of Santa Clara
svcleanenergy.org
333 W El Camino Real
Suite 330
Sunnyvale, CA 94087
Silicon Valley Clean Energy Authority
Board of Directors Special Meeting
Friday, November 14, 2025
2:00 pm
Silicon Valley Clean Energy Office
333 W. El Camino Real, Suite 330
Sunnyvale, CA 94087
Teleconference Meeting
Webinar:
https://svcleanenergy-org.zoom.us/j/88439971906
Telephone (Audio Only):

US: +1 669-219-2599
Webinar ID: 884 3997 1906
Members of the public may also attend this meeting in person, or observe this meeting electronically by accessing the meeting via instructions above. Public Comments can be sent in advance of the meeting via email up to three hours before the meeting begins to Board Clerk Andrea Pizano at [email protected] and will be distributed to the Board of Directors. The public will also have an opportunity to provide comments during the meeting. Members of the public participating remotely and using Zoom may comment during public comment or the applicable agenda item by using the Raise Hand feature and you will be recognized by the Chair. Those using the telephone (audio only) feature should press star 9 on your phones to initiate the “Raise Hand” function in Zoom. You will then be announced, unmuted, and your time to speak will begin.

The public may provide comments on any matter listed on the Agenda. Speakers are customarily limited to 3 minutes each, however, the Board Chair may increase or decrease the time allotted to each speaker based on the number of speakers, the length of the agenda and the complexity of the subject matter. Speaking time will not be decreased to less than one minute.

If you are an individual with a disability and need a reasonable modification or accommodation pursuant to the Americans with Disabilities Act (“ADA”) please contact Board Clerk Andrea Pizano at [email protected] prior to the meeting for assistance.

AGENDA
Call to Order
SILICON VALLEY <3/ CLEAN ENERGY

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George Tyson, Chair
Town of Los Altos Hills
Larry Klein, Vice Chair
City of Sunnyvale
Elliot Scozzola
City of Campbell
J.R. Fruen
City of Cupertino
Zach Hilton
City of Gilroy
Sally Meadows
City of Los Altos
Rob Rennie
Town of Los Gatos
Garry Barbadillo
City of Milpitas
Bryan Mekechuk
City of Monte Sereno
Yvonne Martinez Beltran
City of Morgan Hill
Pat Showalter
City of Mountain View
Tina Walia
City of Saratoga
Otto Lee
County of Santa Clara
svcleanenergy.org
333 W El Camino Real
Suite 330
Sunnyvale, CA 94087
Roll Call
Public Comment on Matters Not Listed on the Agenda
The public may provide comments on any matter not listed on the Agenda provided that it is within the subject matter jurisdiction of SVCE. Speakers are customarily limited to 3 minutes each, however, the Board Chair may increase or decrease the time allotted to each speaker based on the number of speakers, the length of the agenda and the complexity of the subject matter. Speaking time will not be decreased to less than one minute.

Consent Calendar (Action)
1a) Approve Minutes of the October 8, 2025, Board of Directors Meeting 1b) Receive September 2025 Treasurer Report
1c) Approve Assignment of Auditor Contract to Sorren CPAs. P.C. 1d) Approve Increasing the Silicon Valley Clean Energy Employer Monthly Medical Contribution Amount for Calendar Year 2026
1e) Approve an Allocation of $10,000 from the Fiscal Year 2025-26 Operating Budget for the 2026 Youth Scholarship Competition 1f) Receive September 2025 Decarbonization Strategy and Programs Quarterly Report
1g) Receive Executive Committee Report
1h) Receive Audit Committee Report
1i) Receive Additional Committees Report
1j) Receive California Community Power Report
Regular Calendar
2) CEO Report (Informational)
Board Member Announcements and Direction on Future Agenda Items Adjourn
SILICON VALLEY <3/ CLEAN ENERGY
Revised: February 7, 2024
1 SVCE

GLOSSARY OF TERMS
BTM – Behind the Meter – Customer-sited resources which connect to the distribution system on the customer’s side of the utility’s meter. See also “DER”.

C&I – Commercial and Industrial – Business customers
CAISO – California Independent System Operator – a non-profit independent system operator that oversees the operation of the California bulk electric power system, transmission lines and electricity market generated and transmitted by its members (~80% of California’s electric flow). Its stated mission is to “operate the grid reliably and efficiently, provide fair and open transmission access, promote environmental stewardship and facilitate effective markets and promote infrastructure development. CAISO is regulated by FERC and governed by a five-member governing board appointed by the governor.

CALCCA – California Community Choice Association – Association made up of Community Choice Aggregation (CCA) groups which represents the interests of California’s community choice electricity providers.

CARB – California Air Resources Board – The CARB is charged with protecting the public from the harmful effects of air pollution and developing programs and actions to fight climate change in California.

CARE – California Alternate Rates for Energy Program – A monthly discount of 20% or more on gas and electricity. Participants qualify through income guidelines or if enrolled in certain public assistance programs.

CEC – California Energy Commission
CCCFA – California Community Choice Financing Authority – The California Community Choice Financing Authority (CCCFA) was established in 2021 with the goal to reduce the cost of power purchases for member community choice aggregators (CCAs) through pre-payment structures. The founding members of CCCFA include Central Coast Community Energy, East Bay Community Energy, Marin Clean Energy, and Silicon Valley Clean Energy. CCCFA is a Joint Powers Authority which can help member CCAs save up to 10% or more on power purchase agreements, helping reduce costs for ratepayers and increase available funding for local programs.

CC Power – California Community Power – California Community Power is a Joint Powers Agency comprised of nine CCAs. CC Power allows its member CCAs to combine their buying power to procure new, cost-effective clean energy and reliability resources to continue advancing local and state climate goals.

CP – Compliance Period – Time period to become RPS compliant, set by the CPUC (California Public Utilities Commission)
DA – Direct Access – An option that allows eligible customers to purchase their electricity directly from third party providers known as Electric Service Providers (ESP).

Demand – The rate at which electric energy is delivered to or by a system or part of a system, generally expressed in kilowatts (kW), megawatts (MW), or gigawatts (GW), at a given instant or averaged over any designated interval of time. Demand should not be confused with Load or Energy.

DR – Demand Response – An opportunity for consumers to play a significant role in the operation of the electric grid by reducing or shifting their electricity usage during peak periods in response to time-based rates or other forms of financial incentives.
/T\ SILICON VALLEY <3/ CLEAN ENERGY
Silicon Valley Clean Energy Revised: February 7, 2024
2 DER – Distributed Energy Resource – A small-scale unit of power generation that operates locally and is connected to a larger power grid at the distribution level.

Distribution – The delivery of electricity to the retail customer’s home or business through low voltage distribution lines.
eHub – SVCE’s online customer resource center with the latest information on electric vehicles, home electrification, and solar and battery storage.

ERRA – Energy Resource Recovery Account – ERRA proceedings are used to determine fuel and purchased power costs which can be recovered in rates. The utilities do not earn a rate of return on these costs, and only recover actual costs. The costs are forecast for the year ahead. If the actual costs are lower than forecast, then the utility gives money back, and vice versa.

ESP – Energy Service Provider – An energy entity that provides service to a retail or end-use customer.

FERC – Federal Energy Regulatory Commission – Independent federal agency that regulates the interstate transmission of electricity, natural gas and oil. The CAISO is subject to FERC jurisdiction.

GHG – Greenhouse gas – water vapor, carbon dioxide, tropospheric ozone, nitrous oxide, methane, and chlorofluorocarbons (CFCs). A gas that causes the atmosphere to trap heat radiating from the earth. The most common GHG is Carbon Dioxide, though Methane and others have this effect as well.

GWh – Gigawatt-hour – The unit of energy equal to that expended in one hour at a rate of one billion watts. One GWh equals 1,000 megawatt-hours.

IOU – Investor-Owned Utility – A private electricity and natural gas provider.

IRA – Inflation Reduction Act
IRP – Integrated Resource Plan – A plan which outlines an electric utility’s resource needs in order to meet expected electricity demand long-term.
kW – Kilowatt – Measure of power where power (watts) = voltage (volts) x amperage (amps) and 1 kW = 1000 watts
kWh – Kilowatt-hour – This is a measure of consumption. It is the amount of electricity that is used over some period of time, typically a one-month period for billing purposes. Customers are charged a rate per kWh of electricity used.

LCR – Local (RA) Capacity Requirements – The amount of Resource Adequacy capacity required to be demonstrated in a specific location or zone.

LCFS – Low Carbon Fuel Standard – A CARB program designed to encourage the use of cleaner low-carbon fuels in California, encourage the production of those fuels, and therefore, reduce greenhouse gas emissions.

Load – An end use device or customer that receives power from an energy delivery system. Load should not be confused with Demand, which is the measure of power that a load receives or requires. See Demand.

LSE – Load-serving Entity – Entities that have been granted authority by state, local law or regulation to serve their own load directly through wholesale energy purchases and have chosen to exercise that authority.

Silicon Valley Clean Energy Revised: February 7, 2024
3 MMT – Million Metric Tonnes – Common unit of measurement in regulatory and policy space for California’s GHG emissions.

MAWG – Member Agency Working Group, a group of PIOs from SVCE’s member communities that gather monthly MW – Megawatt – measure of power. A megawatt equals 1,000 kilowatts or 1 million watts.

MWh – Megawatt-hour – measure of energy
NEM – Net Energy Metering – A program in which solar customers receive credit for excess electricity generated by solar panels. The main differences between NEM and FIT programs are the type of rate (flat vs. dependent on time-of-day generation), number of meters required (two vs. one), and flexibility (long-term contract vs. non-binding program enrollment).

PCC1 – RPS Portfolio Content Category 1 – Bundled renewables where the energy and REC are dynamically scheduled into a California Balancing Authority (CBA) such as the CAISO. Also known as “in-state” renewables PCC2 – RPS Portfolio Content Category 2 – Bundled renewables where the energy and REC are from out-of-state and not dynamically scheduled to a CBA.

PCC3 – RPS Portfolio Content Category 3 – Unbundled RECPSPS – Public Safety Power Shutoff – An event in which the IOUs purposely turn off segments of the grid due to high risk of ignition and wildfires.

PCIA or “exit fee” – Power Charge Indifference Adjustment (PCIA) is an “exit fee” based on stranded costs of utility generation set by the California Public Utilities Commission. It is calculated annually and assessed to customers of CCAs and paid to the IOU that lost those customers as a result of the formation of a CCA.

Power Content Label (PCL) – A user-friendly way of displaying information to California consumers about the energy resources used to generate the electricity they sell, as required by AB 162 (Statue of 2009) and Senate Bill 1305 (Statutes of 1997).

PPA – Power Purchase Agreement – A contract used to purchase the energy, capacity and attributes from a renewable resource project.

Prepay – payment in advance by a municipal utility for a number of years of contracted energy, and this prepayment with tax-exempt debt
RA – Resource Adequacy – Under its Resource Adequacy (RA) program, the California Public Utilities Commission (CPUC) requires load-serving entities—both independently owned utilities and electric service providers—to demonstrate in both monthly and annual filings that they have purchased capacity commitments to contribute their share of system reliability. Today LSEs must procure no less than 115% of the peak hour load. In 2023 and 2024, this will increase to 116% and 117% respectively. Beginning in 2025 a new RA program will be implemented requiring LSEs show capacity to meet their hourly reliability needs, the “PRM” adder is still undetermined.

RE – Renewable Energy – Energy from a source that is not depleted when used, such as wind or solar power.

REC – Renewable Energy Certificate – A REC is the property right to the environmental benefits associated with generating renewable electricity. For instance, homeowners who generate solar electricity are credited with 1 solar REC for every MWh of electricity they produce. Utilities obligated to fulfill an RPS requirement can purchase these RECs on the open market.

RPS – Renewable Portfolio Standard – Law that requires CA utilities and other load serving entities (including CCAs) to provide an escalating percentage of CA qualified renewable power (culminating at 33% by 2020) in their annual energy portfolio.

Silicon Valley Clean Energy Revised: February 7, 2024
4 SB 100 – California Senate Bill 100 established a landmark policy requiring renewable energy and zero-carbon resources supply 100 percent of electric retail sales to end-use customers by 2045.

SMUD – Sacramento Municipality Utility District
SCE – Southern California Edison
SDG&E – San Diego Gas & Electric
TOB – Tariff On-bill – Tariff On-Bill Financing is a model in which utilities use a tariff to enable customers to pay back the cost of a solar panel without credit or income level conditions.

TOU – Time-of-Use Rates – The pricing of delivered electricity based on the estimated cost of electricity during a particular time-block. Time-of-use rates are usually divided into three or four time-blocks per 24 hour period (on-peak, midpeak, off-peak and sometimes super off-peak) and by seasons of the year (summer and winter). Real time pricing differs from TOU rates in that it is based on actual (as opposed to forecasted) prices that may fluctuate many times a day and are weather sensitive, rather than varying with a fixed schedule.

Unbundled RECs – Renewable energy certificates that verify a purchase of a MWH unit of renewable power where the actual power and the certificate are “unbundled” and sold to different buyers.

VPP – Virtual Power Plant – A cloud-based energy supply made up of a collection of an aggregation of distributed energy resources (DERs), such as smart EV chargers, smart thermostats, building energy management systems, battery storage systems, solar PV and smart inverters.
24/7 – Goal of supplying consumer energy demand with 100% carbon-free energy at all hours of the day

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Silicon Valley Clean Energy Authority
Board of Directors Meeting
Wednesday, October 8, 2025
7:00 pm
Sunnyvale Civic Center
456 W. Olive Ave
Sunnyvale, CA
Gilroy City Hall
Administration Conference Room
7351 Rosanna Street
Gilroy, CA
The Westin Long Beach
Lobby Area
333 East Ocean Boulevard
Long Beach, CA

DRAFT MEETING MINUTES
Call to Order:

Chair Tyson called the meeting to order at 7:01 p.m.

Roll Call

Present:

George Tyson (Chair), Los Altos Hills
Larry Klein (Vice Chair), Sunnyvale
Elliot Scozzola, Campbell
J.R. Fruen, Cupertino (joined meeting remotely at 7:15 p.m.) Zach Hilton, Gilroy (participated remotely)
Sally Meadows, Los Altos
Pat Showalter, Mountain View
Margaret Abe-Koga, Santa Clara County
Tina Walia, Saratoga (participated remotely)

Absent:

Rob Rennie, Los Gatos
Garry Barbadillo, Milpitas
Bryan Mekechuk, Monte Sereno
Yvonne Martinez Beltran, Morgan Hill
A quorum was present.

Public Comment on Matters Not Listed on the Agenda
No speakers.

Item 1a Draft Minutes: 10/8/25 Board of Directors Meeting SILICON VALLEY \3/ CLEAN ENERGY

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Consent Calendar
There were no questions or comments from the Board; there were no requests from the public to speak on any matter on the Consent Calendar.
1a) Approve Minutes of the September 10, 2025, Board of Directors Meeting 1b) Receive August 2025 Treasurer Report
1c) Adopt Resolution Amending SVCE Conflict of Interest Code to Retitle Chief Financial Officer and Director of Administrative Services to Chief Financial Officer, Retitle Technology Services Manager to Manager of IT, Remove Senior Manager of IT & Administrative Services and Manager of Technology & Administrative Services, and Add Associate Financial Analyst and Director of Operations as Designated Positions for Filing Statements of Economic Interests 1d) Adopt Resolution Amending SVCE’s Operating Rules and Regulations 1e) Authorize the Chief Executive Officer to Execute Amendment to Agreement with EcoMetricx for Cyber Insurance Coverage
1f) Adopt Resolution Authorizing the Chief Executive Officer to Finalize Negotiations and Execute Master Agreement with TotalEnergies Gas & Power North America, Inc. to Enable the Execution of Energy Transactions
1g) Receive Additional Committees Report
1h) Receive California Community Power Report
MOTION: Vice Chair Klein moved and Director Showalter seconded the motion to approve the Consent Calendar, Items 1a through 1h.

The motion carried with Directors Fruen, Rennie, Barbadillo, Mekechuk, and Martinez Beltran absent.
2) CEO Report (Discussion)
Chief Executive Officer (CEO) Padilla addressed the following:
1) Introduction of new employees Alisha Pegan, Demand Flexibility Manager, and Nicholas Bail, Energy Services Specialist, who both provided brief welcome comments; and 2) An update on legislation from Bena Chang, Director of Government and Legislative Affairs, who provided information on the federal government shutdown, monitoring by SVCE staff of indirect impacts of the shutdown including renewable and transmission projects that are in the federal permitting process, and information on grant recissions from the Inflation Reduction Act and Infrastructure Investment and Jobs Act.

Chair Tyson opened Public Comment.

No speakers.

Chair Tyson closed Public Comment.

Regular Calendar
3) Clean Pathways Progress Update (Discussion)
Director Fruen joined the meeting remotely during Item 3.

Item 1a Draft Minutes: 10/8/25 Board of Directors Meeting

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Zak Liske, Deputy Director of Power Resources, presented information on SVCE’s Clean Power procurement targets and efforts, challenges facing SVCE, and future reporting. Deputy Director Liske noted staff’s proposal for future reporting would be an annual clean pathways report toward meeting 2030 and 2035 goals, and would also include past hourly performance.

Staff responded to questions and comments regarding short-term and long-term clean power supply procurement; in the event targets cannot be met and the margin of error exceeds the allotted 10%, the time it would take to return to the Board for additional guidance; SVCE’s solar and storage portfolio; locations of battery projects; and future usage of artificial intelligence technology.

CEO Padilla suggested staff agendize a future item to discuss data center load.

Chair Tyson opened Public Comment.

No speakers.

Chair Tyson closed Public Comment.
4) State Legislative Update (Informational)
Director of Government and Legislative Affairs Chang provided information regarding the passage of state-level energy and climate bills which included the following:
• Assembly Bill (AB) 825 (Petrie-Norris): Regional Energy Markets • Senate Bill (SB) 254 (Becker): Energy Affordability Omnibus • AB1207 (Irwin) and SB840 (Limon): Cap and Invest
Staff responded to questions and comments regarding California Environmental Quality Act exemptions in SB 254, state-level wildfire mitigation and land use planning, and state legislature discretionary funds allocation.

Chair Tyson opened Public Comment.

No speakers.

Chair Tyson closed Public Comment
5) Local Agency Action Planning (Informational)
Zoe Elizabeth, Director of Decarbonization Policy and Community Strategies, provided information regarding the passage of AB130, status of reach code adoption by SVCE’s member agencies and ongoing staff support to local agencies. CEO Padilla shared SVCE was a recipient of an Electric Innovation Award for reach code efforts and acknowledged SVCE staff, member agency staff, and the Board.

Staff responded to questions and comments regarding timing of reach code adoption, and the terminology used when referring to and describing reach codes.

Chair Tyson opened Public Comment.

No speakers.

Chair Tyson closed Public Comment.

Board Member Announcements and Future Agenda Items
Chair Tyson announced that he and Vice Chair Klein visited the SunZia Pattern Wind Project in New Mexico.

Vice Chair Klein expressed his gratitude for the opportunity to visit the project with Chair Tyson.

Item 1a Draft Minutes: 10/8/25 Board of Directors Meeting

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Public Comment on Closed Session
No speakers.

Closed Session
The Board of Directors convened to Closed Session at 8:10 p.m.

PUBLIC EMPLOYEE PERFORMANCE EVALUATION:

Title: Chief Executive Officer

CONFERENCE WITH LABOR NEGOTIATORS
Agency designated representatives: Director Tyson, Board Chair, and Director Klein, Board Vice Chair Unrepresented employee: Chief Executive Officer
The Board of Directors reconvened from Closed Session at 9:05 p.m.

Report from Closed Session
Chair Tyson announced that the Board met in Closed Session and appointed Chair Tyson and Vice Chair Klein to serve as Labor Negotiators, and there was nothing to report on the Public Employee Performance Evaluation item.

Adjourn
Chair Tyson adjourned the meeting at 9:06 p.m.

ATTEST:
________________________
Andrea Pizano, Board Secretary
Item 1a Draft Minutes: 10/8/25 Board of Directors Meeting 1 TREASURER REPORT
Fiscal Year to Date
As of September 30, 2025
(Preliminary & Unaudited)
Issue Date: November 14, 2025
Table of Contents
Page
Summary 2-3
Statement of Net Position 4
Statement of Revenues, Expenses & Changes in Net Position 5 Statement of Cash Flows 6-7
Actuals to Budget Report 8-12
Monthly Change in Net Position 13
Investments Report 14
Customer Accounts and Aging Report 15
Certificate of Compliance 16
SVCE Managed Account & Security Transactions 17-30
Item 1b September 2025 Treasurer Report
©

SILICON VALLEY

CLEAN ENERGY
2

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Balance Sheet Highlights:
> SVCE operations resulted in a decrease in net position of -$20.6 million for the month of September or an increase of $121.7 million for entire fiscal-year 2024-2025 (FYTD). > Total Net Position decreased to $606.9 million from $627.5 million at the end of August 2025, primarily reflecting the -$34.2 million impact of One-Time Customer Bill Credit. > SVCE is investing ~98.3% of available funds, recognizing interest/dividend income of $23.2M FYTD. *Does not yet recognize unspent program dollars
**For reconciliation purposes, budget numbers include actual program expenses and depreciation, excludes GASP 87 expenses.

SVCE Yield-bearing Accounts:

Combined Ending Balance* 584.1 M
Total Interest/Div. Earned FYTD 23.2 M
Average Yield to Maturity** 4.15%
* Includes River Bank accounts - Money Market, Collateral and ICS; CAMP; PFM Portfolio ** Average annualized yield for the current month. Investment yields are measured to maturity at market.

SILICON VALLEY CLEAN ENERGY AUTHORITY
Financial Statement Highlights ($ in millions)
September 30, 2025
*** Displays the starting fiscal year net position on Oct. 1, 2025, of $485M.

This is a preliminary report that may not reflect all the fiscal-year-end adjustments. The fiscal year-end results will also reflect the implementation of GASB 62, where substantial revenues are expected to be deferred to future periods. 485.2 M
606.9 M
-550 M
-440 M
-330 M
-220 M
-110 M
0 M
110 M
220 M
330 M
440 M
550 M
-25 M
-20 M
-15 M
-10 M
-5 M
0 M
5 M
10 M
15 M
20 M
25 M
30 M
Oct*** Nov Dec Jan Feb Mar Apr May June July Aug Sept Net Position Change in Net Position Change in Net Position*
Net Position (Right Y-Axes) Mid-Year Budget (Left Y-Axis)** Actual (Left Y-Axes) 408 415 427 432 430 435 441 447 462 479 503 485
300 305 319 324 333 339 346 354 370 388 414 398
500
350
120
0 50
100
150
200
250
300
350
400
450
500
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept
Days Cash on Hand (DCOH)
DCOH Including Unspent Earmarked Funds* DCOH Excluding Unspent Earmarked Funds* Maximum Reserves Target Reserves
Minimum Reserves
$23.2 M

1.9 M

1.8 M 2.0 M

2.0 M

2.0 M 1.8 M 1.9 M

2.4 M

1.9 M

2.0 M 2.0 M

2.3 M

0.4 M

1.7 M 1.7 M

2.1 M

2.6 M

2.0 M

2.6 M

1.1 M

2.6 M

1.3 M

3.0 M

2.2 M

0.0 M

3.0 M

6.0 M

9.0 M

12.0 M

15.0 M

18.0 M

21.0 M

24.0 M
$ 0 K
$ 500 K
$ 1,000 K
$ 1,500 K
$ 2,000 K
$ 2,500 K
$ 3,000 K
$ 3,500 K
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept
Investment Income*
Actual Cumulative Mid-Year Budget Actual and Accrued Cash Basis Accounting Returns River City Bank
Accounts
5%
California Asset Management
Program (CAMP)
46%
PFM Asset Management Investment
Portfolio
49%
SVCE Accounts
* Earmarked funds are unspent SVCE program and the building funds.

October, 2024-January, 2025 results are updated per the Mid-Year budget revisions adopted in March 2025. * Accounting returns investment of income includes unrealized mark-to-market gain or loss of the total investment portfolio as per US GAAP, Actual and Accrued Cash Basis excludes mark-to-market gains (losses).

Item 1b September 2025 Treasurer Report
lLLL
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Summary of Actual Results vs. Adopted Budget (includes allocated but unspent program dollars):
> Operating margin of $173.4 million slightly dipped below the Mid-Year Budget expectations of $174.1 million margin for the fiscal year 2025. > FY 2025 Power Supply costs are -5% below Mid-Year Budget. > Retail GWh sales landed -2% below Mid-Year Budget for the month of September and -3% for entire fiscal year 2025.

Variance Explanation:
$ in millions Actual MY Budget % Dif Actual MY Budget % Dif Main Drivers:

Revenue 49.9 M 53.8 M -7.3% 505.9 M 523.5 M -3.4%
Power Supply Cost 34.0 M 31.7 M 7.1% 332.4 M 349.5 M -4.9% Operating Margin 15.9 M 22.1 M -27.9% 173.4 M 174.1 M -0.4% Operating Expenses (ex Power) 2.5 M 3.6 M -31.4% 28.4 M 39.3 M -27.8% Other Non-Op. Expen. (Income) 31.5 M 33.2 M -5.3% 26.8 M 36.7 M -26.9% Net Increase in Available Fund
Balance -18.0 M -14.7 M 22.2% 118.2 M 98.1 M 20.5%
Customer Load Statistics:

Total Accounts 283,938
Opt-Out Accounts (Month) 44
Opt-Out Accounts (FYTD) 443
Opt-Up Accounts (Month) (7)
Opt-Up Accounts (FYTD) (80)
Program Funds:

General Program Fund
CRCR Fund*
Electrification Discount Fund
Nuclear & Hanford Prog. Funds
Building Fund
* Customer Relief and Community Resilience Fund
** The financial results in this report are preliminary and subject to change pending closing of the books for the fiscal year. Reflects budgetary transfers to program and other funds offset by investment income and bill credit trueups. $ 2,188,000 $ 7,694,297 $ 5,508,000 $ 1,703
YTD Contributions YTD Expenditures
$ 9,159,383 $ 8,740,312 $ - $ 419,071
$ 5,896,096
Beginning Balance End Balance
$ 77,436,658 $ 76,739,107

SILICON VALLEY CLEAN ENERGY AUTHORITY
Financial Statement Highlights** ($ in millions)
September 30, 2025
September Fiscal YTD
January -February - Weaker customer demand was offset by lower power supply cost, liquidated damage payments and reduced operating expenses.

March - Customer demand was in-line with expectations while all components of operating expenses remained below MY budget.

April - Lower demand was offset by reduced power supply cost and other operating expenses, combined with higher investment income.

May - Revenues increased more than power supply cost due to stronger demand, elevating SVCEs operating margin.

June-July - Weaker summer demand due to colder average
temperature and slower than anticipated load growth decreased SVCE operating margin below MY budget level. Investment income for July was impacted by negative MTM adjustments.

August - Stronger on-peak/higher rate usage and liquidated damage payments, elevated SVCEs operating revenues. Higher investment income due to large MTM gains.
Lower YTD costs is mostly due to lower energy consumption and a decline in energy/attribute prices. Staffing vacancies, underrunning professional services, and lower marketing expenses Reflects budgetary transfers to program and other funds offset by investment income and bill credit trueups.

September - Weaker demand dragged operating margin below MY budget level.
Lower YTD customer demand and a negative true-up settlement, partly offset by $14M liquidated damage payments. $ 20,000,000 $ 8,214,310 $ - $ 11,681,508
$ 10,530,000 $ 11,227,551
$ 5,437,984 $ 4,911,889 $ 5,370,000

0.0 M

0.0 M1.1 M-0.5 M

6.4 M

1.8 M

3.0 M

1.6 M-1.3 M

0.0 M

11.4 M-3.3 M
-6 M
-4 M
-2 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept
Net Increase in Available Fund Balance
Comparing Actuals to Amended Budget
254,171
254,607
254,599
254,508
254,655
254,927
255,285
255,685
256,029
256,055
256,150
256,402
27,487
27,489
27,328
27,432
27,443
27,496
27,548
27,579
27,602
27,557
27,538
27,536

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%
-
50,000
100,000
150,000
200,000
250,000
300,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Customer Accounts and Participation Rate
Res Accounts Com Accounts Customer Participation (Right Y-Axes) -12%
-9%
-6%
-3%
0%
3%
6%
9%
12%
270
280
290
300
310
320
330
340
350
360
370
Retail Sales - Actual vs Mid-Year Budget (GWh)
Retail Sales Actual (GWh) Retail Sales MY Budget (GWh)
Load deviation from the Budget (Right Y-Axes)
Power Supply

90.8%
Personnel

4.0% Contract
Services

4.1%
G & A

0.9%
Depreciation

0.2%
YTD Operating Expenses
Item 1b September 2025 Treasurer Report 1 1 1 1
4 Current Assets
Cash & Cash Equivalents* $ 314,494,997
Accounts Receivable, net of allowance 23,094,020
Investments 65,225,316
Accrued Revenue 31,097,074
Cash equivalents - restricted 1,242,049
Other Receivables 25,973,973
Prepaid Expenses 1,049,374
Deposits 873,380
Total Current Assets 463,050,183
Noncurrent assets
Capital assets, net of depreciation 12,246,144
Investments** 214,086,188
Total Noncurrent Assets 226,332,332
Total Assets 689,382,515
Current Liabilities
Accounts Payable 2,512,309
Accrued Cost of Electricity 66,947,740
Other accrued liabilities 2,824,314
User Taxes and Energy Surcharges due to other gov'ts 1,695,403 Total Current Liabilities 73,979,766
Noncurrent Liabilities
Supplier security deposits 8,478,125
Total noncurrent liabilities 8,478,125
Total Liabilities 82,457,891
Net investment in capital assets 12,246,144
Restricted for security collateral 1,242,049
Unrestricted (deficit) 593,436,431
Total Net Position $ 606,924,624
* May not account for securities acquired towards the end of the month but not yet paid. ** May include securities acquired towards the end of the month but not yet paid.

NET POSITION

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF NET POSITION
As of September 30, 2025
ASSETS

LIABILITIES
Item 1b September 2025 Treasurer Report
5 OPERATING REVENUES
Electricity Sales, Net $ 455,071,307
GreenPrime electricity premium 2,433,491
Liquidated damages 14,178,080
TOTAL OPERATING REVENUES 471,682,878

OPERATING EXPENSES
Cost of Electricity 332,442,316
Contract services 14,947,789
Staff compensation and benefits 14,759,730
Program incentives 6,991,805
Other operating expenses 3,415,692
Depreciation 636,510
TOTAL OPERATING EXPENSES 373,193,842
OPERATING INCOME(LOSS) 98,489,036

NONOPERATING REVENUES (EXPENSES)
Investment Income 23,242,267
Financing costs (3,553)
TOTAL NONOPERATING REVENUES (EXPENSES) 23,238,714
CHANGE IN NET POSITION 121,727,750
Net Position at beginning of period 485,196,874
Net Position at end of period $ 606,924,624

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES
October 1, 2024 through September 30, 2025

AND CHANGES IN NET POSITION
Item 1b September 2025 Treasurer Report
6 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 484,331,956
Receipts of liquidated damages 9,178,080
Receipts of wholesale sales 5,266,521
Receipts of security deposits 10,526,003
Payments to suppliers for electricity (344,407,574)
Payments of security deposits (12,705,000)
Payments for other goods and services (17,807,352)
Payments for program incentives (6,914,760)
Payments for staff compensation and benefits (14,294,022) Tax and surcharge payments to other governments (8,361,248) Net cash provided (used) by operating activities 104,812,604

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of lease liability (406,293)
Acquisition of capital assets (11,892,791)
Net cash provided (used) by capital and related
financing activities (12,299,084)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 20,774,075
Proceeds from investment sales 154,848,339
Purchase of investments (213,872,760)
Net cash provided (used) by investing activities (38,250,346) Net change in cash and cash equivalents 54,263,174
Cash and cash equivalents at beginning of year 261,473,872 Cash and cash equivalents at end of period $ 315,737,046 Reconciliation to the Statement of Net Position
Cash and cash equivalents - unrestricted 314,494,997
Cash equivalents - restricted 1,242,049
Total cash and cash equivalents $ 315,737,046

NONCASH INVESTING ACTIVITIES
Change in fair value of investments $ 1,845,638
Change in interest receivable $ 622,554

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF CASH FLOWS
October 1, 2024 through September 30, 2025
Item 1b September 2025 Treasurer Report
7 Operating Income (loss) $ 98,489,036
Adjustments to reconcile operating income to net cash
provided (used) by operating activities
Depreciation expense 636,510
(Increase) decrease in accounts receivable 19,967,424
(Increase) decrease in accrued revenue (1,517,589)
(Increase) decrease in other receivables (9,126,451)
(Increase) decrease in prepaid expenses (423,045)
(Increase) decrease in current deposits (91,747)
Increase (decrease) in accrued cost of electricity 2,513,788 Increase (decrease) in accounts payable 730,359
Increase (decrease) in accrued liabilities 818,241
Increase (decrease) in taxes and surcharges due to other governments 16,078 Increase (decrease) in supplier security deposits (7,200,000) Net cash provided (used) by operating activities $ 104,812,604

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

CASH PROVIDED (USED) BY OPERATING ACTIVITIES

SILICON VALLEY CLEAN ENERGY AUTHORITY
STATEMENT OF CASH FLOWS (Continued)
October 1, 2024 through September 30, 2025
Item 1b September 2025 Treasurer Report
8 FYTD FYTD FY 2024-25 FY 2024-25
OPERATING REVENUES Actual Mid-Year Budget $ % Mid-Year Budget Remaining Budget Energy Sales $489,246,209 $521,650,000 * $ (32,403,791) -6% $521,650,000 * $32,403,791 Green Prime Premium 2,433,491 1,884,000 * $549,491 29% $1,884,000 * (549,491) Other Income 14,178,080 * 14,178,080 n/a * (14,178,080) TOTAL OPERATING REVENUES 505,857,780 523,534,000 (17,676,220) -3% 523,534,000 17,676,220

ENERGY EXPENSES
Power Supply 332,442,316 349,478,000 (17,035,684) -5% 349,478,000 17,035,684 Operating Margin 173,415,464 174,056,000 (640,536) 0% 174,056,000 640,536

OPERATING EXPENSES
Data Management 3,447,386 3,549,000 (101,614) -3% 3,549,000 101,614 PG&E Fees 1,206,508 1,516,000 (309,492) -20% 1,516,000 309,492 Salaries & Benefits 14,759,730 18,805,000 (4,045,270) -22% 18,805,000 4,045,270 Professional Services 4,250,496 7,797,000 (3,546,504) -45% 7,797,000 3,546,504 Marketing & Promotions 987,642 1,885,000 (897,358) -48% 1,885,000 897,358 General & Administrative 3,717,158 5,733,000 (2,015,842) -35% 5,733,000 2,015,842 TOTAL OPERATING EXPENSES 28,368,920 39,285,000 (10,916,080) -28% 39,285,000 10,916,080 OPERATING INCOME/(LOSS) 145,046,544 134,771,000 10,275,544 8% 134,771,000 (10,275,544)

NON-OPERATING REVENUES
Investment Income 23,242,267 19,756,000 3,486,267 18% 19,756,000 (3,486,267) TOTAL NON-OPERATING REVENUES 23,242,267 19,756,000 3,486,267 18% 19,756,000 (3,486,267)

NON-OPERATING EXPENSES
Financing 6,770 12,000 (5,230) -44% 12,000 5,230

CAPITAL EXPENDITURES, TRANSFERS,
& OTHER
Capital Outlay 6,361 50,000 (43,639) -87% 50,000 43,639 One-Time Customer Bill Credit 34,174,902 35,000,000 (825,098) n/a 35,000,000 825,098 Transfer to Programs Fund 10,530,000 10,530,000 - 0% 10,530,000 - Nuclear Allocation 3,708,000 3,708,000 - 0% 3,708,000 - Transfer to Hanford Emissions Mitigation Fund 1,800,000 1,800,000 1,800,000 Transfer to CRCR Fund 5,370,000 5,370,000 - 0% 5,370,000 - Transfer from Electrification Discount Fund (419,071) - (419,071) n/a - 419,071 Transfer from CRCR Fund - customer bill relief (5,089,436) - (5,089,436) n/a - 5,089,436 TOTAL OTHER USES 50,080,757 56,458,000 (6,377,244) -11% 56,458,000 6,377,244

NET INCREASE(DECREASE) IN AVAILABLE
FUND BALANCE $ 118,201,285 $ 98,057,000 $ 20,144,285 21% $98,057,000 -$20,144,285 * While the Total Operating Revenues were correctly modeled, the Mid-Year budget incorrectly included actual revenues from Oct-Dec 2024 of $0.6 million from Green Prime Premium and $2.8 million from Other Income in the Energy Sales category. The breakdown of the budgeted Total Operating Revenues among Energy Sales, Green Prime Premium, and Other Income is shown according to the approved Mid-Year budget.

Variance

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULE
October 1, 2024 through September 30, 2025
Item 1b September 2025 Treasurer Report
9 Net Increase (decrease) in available fund balance
per budgetary comparison schedule $ 118,201,285
Adjustments needed to reconcile to the changes
in net position in the Statement of Revenues,
Expenses and Changes in Net Position
Subtract depreciation expense (636,510)
Subract program expense not in operating budget (12,035,914) Add back portion of lease payment applied to reduce lease liability 397,217 Add back transfer to Program funds 15,795,312
Add back capital asset acquisition 6,361
Change in Net Position 121,727,750

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGET RECONCILIATION TO STATEMENT OF

REVENUES, EXPENSES AND CHANGES IN NET POSITION
October 1, 2024 through September 30, 2025

OPERATING FUND
Item 1b September 2025 Treasurer Report
10 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: ACTUAL REMAINING BUDGET
Transfers in - General Programs $ 10,530,000 $ 10,530,000 $ - 100.0% Total $ 10,530,000 $ 10,530,000 $ -
EXPENDITURES & OTHER USES:

Program expenditures 17,552,064 11,227,551 6,324,513 64.0% Net increase (decrease) in fund balance $ (7,022,064) $ (697,551) Fund balance at beginning of period 77,436,658
Fund balance at end of period $76,739,107

BUDGET ACTUAL/
REVENUE & OTHER SOURCES: ACTUAL REMAINING BUDGET
Transfer from Operating Fund $ 5,370,000 $ 5,370,000 $ - 100.0% EXPENDITURES & OTHER USES:

Customer bill relief credit 5,370,000 5,089,436 280,565 94.8% Other program expenditures 825,000 806,660 18,340 97.8% Total Program expenditures 6,195,000 5,896,096 298,905
Net increase (decrease) in fund balance $ (825,000) $ (526,096) Fund balance at beginning of period 5,437,984
Fund balance at end of period $4,911,889

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULE
October 1, 2024 through September 30, 2025

CUSTOMER RELIEF & COMMUNITY RESILIENCY FUND

GENERAL PROGRAM FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2024 through September 30, 2025
BUDGET
BUDGET
Item 1b September 2025 Treasurer Report
11 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: BUDGET ACTUAL REMAINING BUDGET Transfer from Operating Fund $ - $ - $ - n/a
EXPENDITURES & OTHER USES:

Program expenditures 850,000 419,071 430,929 49.3%
Net increase (decrease) in fund balance $ (850,000) (419,071) Fund balance at beginning of period 9,159,383
Fund balance at end of period $8,740,312

BUDGET ACTUAL/
REVENUE & OTHER SOURCES: BUDGET ACTUAL REMAINING BUDGET Transfer from Operating Fund * $ - n/a
EXPENDITURES & OTHER USES:

Capital outlay - 11,681,508
Other building expenditures 104,182 (104,182)
11,785,690
Net increase (decrease) in fund balance $ - (11,785,690) Fund balance at beginning of period 20,000,000
Fund balance at end of period $8,214,310

BUILDING FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2024 through September 30, 2025

ELECTRIFICATION DISCOUNT FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2024 through September 30, 2025
Item 1b September 2025 Treasurer Report
12 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: ACTUAL REMAINING BUDGET
Transfers in - Nuclear Allocation $ 3,708,000 $ 3,708,000 Transfer in - Hanford Emissions Mitigation Fund $ 1,800,000 $ 1,800,000 $ - 100.0% Total $ 5,508,000 $ 5,508,000 $ -
EXPENDITURES & OTHER USES:

Program expenditures - 1,703 (1,703)
Net increase (decrease) in fund balance $ 5,508,000 $5,506,297 Fund balance at beginning of period 2,188,000
Fund balance at end of period $7,694,297
BUDGET

NUCLEAR AND HANFORD PROGAM FUNDS

BUDGETARY COMPARISON SCHEDULE
October 1, 2024 through September 30, 2025
Item 1b September 2025 Treasurer Report
13 October November December January February March April May June July August September YTD

OPERATING REVENUES
Electricity sales, net $ 42,272,261 $ 36,066,964 $ 40,444,049 $ 37,228,673 $ 35,529,828 $ 34,904,798 $ 31,391,510 $ 34,317,024 $ 43,774,198 $ 47,602,905 $ 56,061,317 $ 15,477,780 $ 455,071,307 Green electricity premium $ 216,009 $ 177,897 $ 192,481 $ 188,052 $ 178,307 $ 193,727 $ 206,394 $ 187,690 $ 201,357 $ 229,732 $ 221,481 $ 240,364 2,433,491 Liquidated damages $ 2,400,000 $ 404,610 $ - $ - $ 4,769,259 $ - $ - $ 7,335 $ 5,523 $ 88 $ 6,591,265 $ - 14,178,080 Total operating revenues 44,888,270 36,649,471 40,636,530 37,416,725 40,477,394 35,098,525 31,597,904 34,512,049 43,981,078 47,832,725 62,874,063 15,718,144 471,682,878

OPERATING EXPENSES
Cost of electricity 29,690,455 $ 23,435,665 $ 24,597,864 $ 30,250,162 $ 31,366,058 $ 27,919,533 $ 23,596,328 $ 24,645,113 $ 25,010,833 $ 25,157,503 $ 32,819,072 $ 33,953,730 332,442,316 Staff compensation and benefits 1,153,708 $ 1,135,297 $ 1,503,015 $ 1,268,232 $ 1,111,324 $ 1,224,232 $ 1,176,748 $ 1,236,271 $ 1,148,872 $ 1,252,085 $ 1,258,735 $ 1,291,211 14,759,730 Data manager 270,465 $ 270,551 $ 270,449 $ 271,060 $ 271,407 $ 297,492 $ 298,166 $ 299,318 $ 299,619 $ 299,620 $ 299,619 $ 299,620 3,447,386 Service fees - PG&E 100,000 $ 96,085 $ 104,098 $ 99,430 $ 99,450 $ 99,963 $ 100,000 $ 103,680 $ 100,000 $ 100,880 $ 101,679 $ 101,243 1,206,508 Consultants and other professional fees 806,956 $ 771,641 $ 713,688 $ 488,719 $ 758,117 $ 686,305 $ 1,228,117 $ 593,977 $ 732,144 $ 1,153,794 $ 798,458 $ 1,561,979 10,293,895 Other operating expenses 462,895 $ 852,622 $ 1,008,087 $ 522,513 $ 628,025 $ 686,023 $ 840,532 $ 695,796 $ 1,071,290 $ 1,258,483 $ 1,083,372 $ 1,297,859 10,407,497 Depreciation 53,537 $ 53,341 $ 65,816 $ 65,817 $ 65,679 $ 79,983 $ 79,788 $ 35,349 $ 64,577 $ 24,371 $ 24,251 $ 24,001 636,510 Total operating expenses 32,538,016 26,615,202 28,263,017 32,965,933 34,300,060 30,993,531 27,319,679 27,609,504 28,427,335 29,246,736 36,385,186 38,529,643 373,193,842 Operating income (loss) 12,350,254 10,034,269 12,373,513 4,450,792 6,177,334 4,104,994 4,278,225 6,902,545 15,553,743 18,585,989 26,488,877 (22,811,499) 98,489,036

NONOPERATING REVENUES (EXPENSES)
Grant income - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - Interest income 428,694 $ 1,712,666 $ 1,742,311 $ 2,102,525 $ 2,556,286 $ 2,024,762 $ 2,554,759 $ 1,112,698 $ 2,555,003 $ 1,264,969 $ 2,967,626 $ 2,219,968 23,242,267 Financing costs (701) $ (625) $ (549) $ (472) $ (2,125) $ (308) $ (241) $ (164) $ (88) $ - $ (5,050) $ 6,770 (3,553) Total nonoperating revenues (expenses) 427,993 1,712,041 1,741,762 2,102,053 2,554,161 2,024,454 2,554,518 1,112,534 2,554,915 1,264,969 2,962,576 2,226,738 23,238,714 CHANGE IN NET POSITION $ 12,778,247 $ 11,746,310 $ 14,115,275 $ 6,552,845 $ 8,731,495 $ 6,129,448 $ 6,832,743 $ 8,015,079 $ 18,108,658 $ 19,850,958 $ 29,451,453 $ (20,584,761) $ 121,727,750

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
October 1, 2024 through September 30, 2025
Item 1b September 2025 Treasurer Report
14 Ending Balance of SVCE Accounts: Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts $ 33,363,756 $ 28,561,690 $ 48,885,983 $ 23,794,276 $ 27,049,188 $ 42,937,816 $ 45,927,353 $ 32,564,164 $ 21,348,354 $ 29,484,354 $ 28,050,737 $ 27,531,631 California Asset Management Program (CAMP) $ 206,767,899 $ 229,607,825 $ 216,507,939 $ 249,409,396 $ 240,227,528 $ 233,113,584 $ 233,966,069 $ 255,875,229 $ 260,768,773 $ 259,694,922 $ 286,663,863 $ 288,654,269 PFM Asset Management Investment Portfolio $ 281,807,003 $ 270,469,593 $ 271,357,416 $ 273,147,693 $ 276,597,488 $ 275,221,074 $ 277,682,923 $ 277,661,144 $ 278,632,183 $ 279,442,298 $ 280,882,688 $ 282,060,293 Total Ending Balance $ 521,938,658 $ 528,639,108 $ 536,751,338 $ 546,351,364 $ 543,874,204 $ 551,272,475 $ 557,576,345 $ 566,100,537 $ 560,749,310 $ 568,621,573 $ 595,597,289 $ 598,246,193 Return On Investments:

Annual % Yield Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts 4.58% 4.58% 4.55% 4.53% 4.42% 4.39% 4.36% 4.35% 4.33% 4.31% 4.25% 4.09% California Asset Management Program (CAMP) 5.03% 4.87% 4.73% 4.55% 4.51% 4.47% 4.45% 4.42% 4.40% 4.41% 4.40% 4.36% PFM Asset Management Investment Portfolio * 4.45% 4.45% 4.45% 4.40% 4.33% 4.25% 4.14% 4.30% 4.16% 4.01% 4.24% 3.94% Average Return On Investments: 4.69% 4.64% 4.57% 4.47% 4.41% 4.35% 4.29% 4.36% 4.28% 4.21% 4.32% 4.15% * Yield to Maturity at Market.

Accounting Returns Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts $ 14,385 $ 26,036 $ 36,682 $ 38,759 $ 20,782 $ 21,676 $ 25,765 $ 47,976 $ 28,267 $ 26,096 $ 25,138 $ 33,709 California Asset Management Program (CAMP) $ 908,552 $ 839,926 $ 900,114 $ 901,457 $ 818,132 $ 886,056 $ 852,485 $ 909,160 $ 893,544 $ 926,148 $ 968,942 $ 990,405 Other Interest Income $ 4,447 $ 2,470 $ 2,313 $ 2,322 $ 2,242 $ 2,020 $ 2,181 $ 2,089 $ 2,151 $ 2,083 $ 2,165 $ 2,165 PFM Asset Management Investment Portfolio * $ (498,690) $ 844,234 $ 803,202 $ 1,159,987 $ 1,715,130 $ 1,115,010 $ 1,674,328 $ 153,474 $ 1,631,039 $ 310,642 $ 1,971,381 $ 1,193,689 Total Interest and Investment Gains $ 428,694 $ 1,712,666 $ 1,742,311 $ 2,102,525 $ 2,556,286 $ 2,024,762 $ 2,554,758 $ 1,112,699 $ 2,555,002 $ 1,264,969 $ 2,967,625 $ 2,219,969 * Includes change in current market value (month over month), accrued interest and money market dividends (as per US GAAP).

Actual and Accrued Cash Basis Returns Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts $ 14,385 $ 26,036 $ 36,682 $ 38,759 $ 20,782 $ 21,676 $ 25,765 $ 47,976 $ 28,267 $ 26,096 $ 25,138 $ 33,709 Camp Pool Composition (based on market value): $ 908,552 $ 839,926 $ 900,114 $ 901,457 $ 818,132 $ 886,056 $ 852,485 $ 909,160 $ 893,544 $ 926,148 $ 968,942 $ 990,405 Other Interest Income $ 4,447 $ 2,470 $ 2,313 $ 2,322 $ 2,242 $ 2,020 $ 2,181 $ 2,089 $ 2,151 $ 2,083 $ 2,165 $ 2,165 PFM Asset Management Investment Portfolio * $ 945,927 $ 954,874 $ 1,046,439 $ 1,048,124 $ 1,144,192 $ 895,923 $ 1,043,886 $ 1,476,104 $ 952,095 $ 1,080,253 $ 1,030,810 $ 1,246,035 Total Interest and Investment Gains $ 1,873,311 $ 1,823,305 $ 1,985,548 $ 1,990,662 $ 1,985,349 $ 1,805,676 $ 1,924,316 $ 2,435,329 $ 1,876,058 $ 2,034,580 $ 2,027,054 $ 2,272,314 * Includes interest/dividends/coupons received, net realized gains/losses and monthly change in accrued interest.

CAMP Portfolio Statistics
As of September 30, 2025
Beginning of the Month Market Value $ 286,663,863
Ending of The Month Market Value $ 288,654,269
Monthly Distribution Yield 4.36% Weighted Average Maturity (days) 45 PFM Portfolio Statistics
As of September 30, 2025
Portfolio Par Value $ 279,367,047
Portfolio Market Value (icl. Accrued Interest) $ 282,060,293 Yield to Maturity at Cost 4.35%
Yield to Maturity at Market 3.94%
Benchmark Yield* 3.66%
Portfolio Effective Duration (years) 1.35 Weighted Average Maturity (days) 668 *ICE BofA 0-3 Year U.S. Treasury Index
SVCE Investment Policy:
https://svcleanenergy.org/wp-content/uploads/FP-08_Investments.pdf

SILICON VALLEY CLEAN ENERGY AUTHORITY

INVESTMENTS SUMMARY
October 1, 2024 through September 30, 2025

7.45%

16.05%

35.97%

31.89%

4.15% 4.49%

0.00%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years Maturity Distribution
U.S. Treasury
Bond / Note
Commercial 36%
Paper
4%
CAMP Pool
0%
Federal Agency Com MBS
9%
Supra-National
Agency
0%
Corp. & Bank Notes
27%
Certificate of Deposit
5%
Asset-Backed
Security
19%
SVCE PFM Portfolio Investments
Repurchase
Agreements,

36.7%
Certificates of
Deposit, 29.3%
Commercial
Paper, 30.4%
Bank Note,

0.7%
Money Market
Funds, 0.1%
Corporate
Notes, 2.9%
Camp Pool Composition (based on market value)
Item 1b September 2025 Treasurer Report
15 October November December January February March April May June July August September YTD Retail Sales Actual (GWh) 338.0 306.3 334.6 341.1 312.1 329.2 305.1 315.8 303.8 309.1 344.9 338.5 3,879 Retail Sales MY Budget (GWh) 338.0 306.3 334.6 363.3 341.8 326.0 310.5 310.3 323.6 342.9 348.8 344.1 3,990 Load deviation from the Budget (Right Y-Axes)0.0% 0.0% 0.0% -6.1% -8.7% 1.0% -1.7% 1.8% -6.1% -9.9% -1.1% -1.6% -2.8% Customer Participation Rate Res 96.1% 96.1% 96.2% 96.1% 96.2% 96.2% 96.2% 96.2% 96.2% 96.2% 96.2% 96.2% Customer Participation Rate Com 96.5% 96.5% 96.4% 96.5% 96.2% 96.4% 96.5% 96.5% 96.5% 96.5% 96.5% 96.5% Total Accounts 281,658 282,096 281,927 281,940 282,098 282,423 282,833 283,264 283,631 283,612 283,688 283,938 283,938 Opt-Out Accounts 41 25 31 66 42 40 50 24 21 31 28 44 443 Opt-Up Accounts -7 17 -23 -9 8 -11 -8 -11 -6 -18 -5 -7 -80

0.06 20.61
SVCE Arrearager Total for customers 31+ days late and 120+ days late Age Summary (as of 9/1/2025) Date Amount
<30 days $24,477,569 High 11/29/2021 $7.99M
<60 days $1,149,217 Low 4/17/2020 $2.54M
<90 days $468,651 Current 9/1/2025 $5.1 M
<120 days $345,641
Older $3,115,655

September 2025 FYTD
Accounts Receivable Days
21 Days
$29,556,733

SILICON VALLEY CLEAN ENERGY AUTHORITY

RETAIL SALES, CUSTOMER ACCOUNTS AND AGING REPORT
Bad Debt % (Actual)

0.33%

TOTAL DUE
Bad Debt % (Budget )

0.75%
• Green arrow indicates
receipt of $1.3M in Federal
CAPP funds.
• An additional $717K in CAPP
funding provided in Winter
2023.
• Growth at red arrow
indicates short-term PG&E
billing-hold issue in Fall 2022
that was quickly resolved.
'17-'18 '18-'19 '19-'20 '20-'21 21-'22 22-'23 23-'24 24-'25 Total (L Axes) $308,552 $417,275 $415,187 $639,455 $885,995 $1,484,752 $1,539,437 $1,573,837 % Revenue 0.12% 0.14% 0.14% 0.25% 0.23% 0.33% 0.29% 0.33% Av./Month (R Axes) $25,713 $34,773 $34,599 $53,288 $73,833 $123,729 $128,286 $131,153 $-
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
SVCE Write-offs By Fiscal Year
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
16 M
>120 Days 31+ Days
Item 1b September 2025 Treasurer Report
16 Item 1b September 2025 Treasurer Report
Silicon Valley Clean Energy September 30, 2025
Certificate of Compliance
During the reporting periodfor the month ended September 30, 2025,the account(s) managedby PFM Asset Management ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management, a divisionof U.S. Bancorp Asset Management, Inc.

Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM"). 17 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Method
BUY
09/02/25 09/05/25 US TREASURY N/B
DTD 08/15/2025 3.625% 08/15/2028
91282CNU1 2.800.000.00 (2,800.109.38) (5,792.12) (2.805,901.50) 09/02/25 09/09/25 MERCK 8c CO INC
DTD 09/09/2025 3.850% 09/15/2027
58933YBP9 1.000,000.00 (999,050.00) 0.00 (999,050.00)
09/05/25 09/09/25 NATIXIS NY BRANCH
DTD 06/10/2025 0.000% 03/06/2026
63873KC62 4.000,000.00 (3,920,097.78) 0.00 (3.920,097.78) 09/08/25 09/15/25 HOME DEPOT INC (CALLABLE)
DTD 09/15/2025 3.750% 09/15/2028
437076DH2 380,000.00 (379.753.00) 0.00 (379,753.00)
09/08/25 09/15/25 WELS FARGO 8. COMPANY
(CALLABLE)
DTD 09/15/2025 4.078% 09/15/2029
95000U4A8 1,000,000.00 (1,000,000.00) 0.00 (1.000,000.00) 09/09/25 09/16/25 COMET 2025-Al A
DTD 09/16/2025 3.820% 09/16/2030
14041NGF2 1,205.000.00 (1,204.771.53) 0.00 (1.204.771.53) 09/09/25 09/17/25 HART 2025-C A2A
DTD 09/17/2025 3.970% 07/17/2028
44935JAB2 2,490,000.00 (2,489.777.64) 0.00 (2.489,777.64) 09/10/25 09/11/25 BARCLAYS CAPITAL INC
DTD 09/10/2025 0.000% 06/05/2026
06743VF54 5,000,000.00 (4,853,150.00) 0.00 (4,853,150.00) 09/17/25 09/18/25 US TREASURY N/B
DTD 09/15/2025 3.375% 09/15/2028
91282CNY3 1,500,000.00 (1.495.546.88) (419.54) (1,495,966.42) 09/23/25 09/25/25 US TREASURY N/B
DTD 09/15/2025 3.375% 09/15/2028
91282CNY3 1.250,000.00 (1.242,968.75) (1,165.40) (1,244,134.15) Transaction TypeSub-Total 20,625,000.00 (20,385,224.96) (7,377.06) (20,392,602.02) CALL
09/22/25 09/22/25 COMCAST CORP (CALLABLE)
DTD 10/05/2018 3.950% 10/15/2025
20030NCS8 400,000.00 400,000.00 6,890.56 406,890.56 12,344.00 383.67 Transaction TypeSub-Total 400,000.00 400,000.00 6,890.56 406,890.56 12,344.00 383.67

INTEREST
09/01/25 09/01/25 MARS INC
DTD 03/12/2025 4.450% 03/01/2027
57167AW5 0.00 10,027.33 10,027.33
09/01/25 09/01/25 JOHNSON & JOHNSON
DTD 02/20/2025 4.500% 03/01/2027
478160DG6 0.00 47.272.50 47,272.50
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 44
17 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Trade Settle Security Description
Principal
CUSIP Par Proceeds
Accrued
Interest Total
Realized G/L Realized G/L Sale
Cost Amort Cost Method

INTEREST
DTD 04/01/2016 2.745% 01/01/2026
09/01/25 09/25/25 FHMS K059 A2
DTD 11/01/2016 3.120% 09/01/2026
3137BSRE5 0.00 1.820.00 1,820.00
09/01/25 09/25/25 FHMS K069 A2
DTD 11/01/2017 3.187% 09/01/2027
3137FBU79 0.00 1,948.01 1,948.01
09/01/25 09/25/25 FHMS K739 A2
DTD 11/01/2020 1.336% 09/01/2027
3137F64P9 0.00 2.631.01 2,631.01
09/01/25 09/25/25 FNA 2024-M6 A2
DTD 11/01/2024 3.001% 07/01/2027
3136BTGM9 0.00 5.001.62 5,001.62
09/01/25 09/25/25 FHMS K063 A2
DTD 03/01/2017 3.430% 01/01/2027
3137BVZ82 0.00 6,359.79 6,359.79
09/01/25 09/25/25 FHMS K079 A2
DTD 08/01/2018 3.926% 06/01/2028
3137FGZT5 0.00 4,907.50 4,907.50
09/01/25 09/25/25 FHMS K074 A2
DTD 03/01/2018 3.600% 01/01/2028
3137F4D41 0.00 3,000.00 3,000.00
09/01/25 09/25/25 FHMS K737 A2
DTD 01/01/2020 2.525% 10/01/2026
3137FOXJ7 0.00 2,209.37 2,209.37
09/01/25 09/25/25 FHMS KJ28 A2
DTD 02/01/2020 2.308% 10/01/2027
3137FREE7 0.00 2,741.50 2,741.50
09/01/25 09/25/25 FHMS K067 A2
DTD 09/01/2017 3.194% 07/01/2027
3137FAWS3 0.00 4,591.38 4,591.38
09/01/25 09/25/25 FHMS K076 A2
DTD 05/01/2018 3.900% 04/01/2028
3137FEZU7 0.00 3,900.00 3,900.00
09/01/25 09/25/25 FNA 2018-M2 A2
DTD 02/01/2018 3.002% 01/01/2028
3136B0YM2 0.00 3.256.72 3,256.72
09/01/25 09/25/25 FHMS K065 Al
DTD 07/01/2017 2.864% 10/01/2026
3137F1G36 0.00 797.15 797.15
09/01/25 09/25/25 FHMS K068 A2
DTD 10/01/2017 3.244% 08/01/2027
3137FBBX3 0.00 2,297.83 2,297.83
09/01/25 09/25/25 FHMS K058 Al
DTD 11/01/2016 2.340% 07/01/2026
3137BSP64 0.00 424.74 424.74
09/01/25 09/25/25 FHMS K057 A2
DTD 09/01/2016 2.570% 07/01/2026
3137BROJ7 0.00 2,316.79 2,316.79
09/01/25 09/25/25 FHMS K054 A2 3137BNGT5 0.00 2,203.96 2,203.96 PFM Asset Management, a division of
U.S. BancorpAsset Management, Inc.

Account 4025-002 Page 45
19 Item 1b September 2025 Treasurer Report
dj
&
Managed Account Security Transactions & 30, 2025 Interest ror me monm cnuing SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Aniort Cost Method 1 INTEREST
09/01/25 09/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2U3 0.00 2.727.38 2,727.38
09/01/25 09/25/25 FHMS K075 A2
DTD 04/01/2018 3.650% 02/01/2028
3137F4X72 0.00 4,486.46 4,486.46
09/01/25 09/25/25 FHMS K736 A2
DTD 09/01/2019 2.282% 07/01/2026
3137FNWX4 0.00 1,268.79 1,268.79
09/03/25 09/03/25 PACCAR FINANCIAL CORP
DTD 03/03/2025 4.550% 03/03/2028
69371RT63 0.00 34,125.00 34,125.00
09/04/25 09/04/25 AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.550% 03/04/2027
025816CS6 0.00 19.125.00 19,125.00
09/08/25 09/08/25 JOHN DEERE CAPITAL CORP
DTD 09/08/2023 5.300% 09/08/2025
24422EXC8 0.00 11,262.50 11,262.50
09/11/25 09/11/25 TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.600% 09/11/2025
89236TKZ7 0.00 15,400.00 15.400.00
09/12/25 09/12/25 AMERICAN HONDA FINANCE
DTD 03/13/2024 4.900% 03/12/2027
02665WFD8 0.00 7,472.50 7.472.50
09/12/25 09/12/25 COMMONWEALTH BK AUSTR NY
DTD 09/12/2023 5.499% 09/12/2025
2071RAS9 0.00 21,996.00 21.996.00
09/14/25 09/14/25 COMMONWEALTH BK AUSTR NY
DTD 03/14/2025 4.423% 03/14/2028
2071RAV2 0.00 8,624.85 8,624.85
09/15/25 09/15/25 USAOT 204-AA2
DTD 07/30/2024 5.250% 03/15/2027
90327VAB4 0.00 1.509.67 1,509.67
09/15/25 09/15/25 WFC1T 204-A2 A
DTD 10/24/2024 4.290% 10/15/2029
92970OAE5 0.00 2.341.63 2.341.63
09/15/25 09/15/25 HART 205-AA3
DTD 03/12/2025 4.320% 10/15/2029
4935CAD3 0.00 6,102.00 6.102.00
09/15/25 09/15/25 WOART204-BA2A
DTD 05/22/2024 5.480% 09/15/2027
98164HAB4 0.00 392.54 392.54
09/15/25 09/15/25 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 0.00 214.14 214.14
09/15/25 09/15/25 WOART205-CA2A
DTD 08/13/2025 4.190% 10/16/2028
98136AB3 0.00 3.054.04 3,054.04
09/15/25 09/15/25 FORDO 204-AA2A
DTD 03/19/2024 5.320% 01/15/2027
345EAB8 0.00 346.68 346.68
PPM Asset Management, a division of
U.S. Bancorp Asset Management. Inc.

Account 4025-002 Page 46
19 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

INTEREST
09/15/25 09/15/25 NAROT 204-AA2A
DTD 05/22/2024 5.470% 12/15/2026
65479UAB4 0.00 844.85 844.85
09/15/25 09/15/25 TAOT 204-AA3
DTD 01/30/2024 4.830% 10/16/2028
8923DAD0 0.00 1.348.38 1,348.38
09/15/25 09/15/25 HAROT 2024-4 A2
DTD 10/24/2024 4.560% 03/15/2027
43816DAB1 0.00 3.838.45 3,838.45
09/15/25 09/15/25 WOART 204-AA2A
DTD 02/14/2024 5.050% 04/15/2027
98164RAB2 0.00 120.90 120.90
09/15/25 09/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 0.00 3.595.62 3.595.62
09/15/25 09/15/25 FORDO204-DA2A
DTD 11/22/2024 4.590% 10/15/2027
345VABO 0.00 1,658.94 1,658.94
09/15/25 09/15/25 AMXCA 2025-2 A
DTD 05/13/2025 4.280% 04/15/2030
02582JKP4 0.00 3,727.17 3,727.17
09/15/25 09/15/25 KCOT 204-1AA2
DTD 02/21/2024 5.390% 01/15/2027
5017BAB6 0.00 1,345.76 1,345.76
09/15/25 09/15/25 TAOT204-CA2A
DTD 07/30/2024 5.160% 05/17/2027
89237OAB6 0.00 619.63 619.63
09/15/25 09/15/25 FORDO204-BA2A
DTD 06/24/2024 5.400% 04/15/2027
34531OAB5 0.00 3.067.63 3.067.63
09/15/25 09/15/25 WOART204-CA2A
DTD 08/20/2024 4.780% 01/18/2028
98164NAB1 0.00 1.931.98 1.931.98
09/15/25 09/15/25 AMXCA 2025-1 A
DTD 02/11/2025 4.560% 12/17/2029
025823KM1 0.00 6,137.00 6,137.00
09/15/25 09/15/25 KCOT 205-AA2
DTD 06/25/2025 4.480% 04/17/2028
50117LAB4 0.00 1,120.00 1.120.00
09/15/25 09/15/25 WFCIT 204-AlA
DTD 03/01/2024 4.940% 02/15/2029
929700AA3 0.00 3,807.92 3,807.92
09/15/25 09/15/25 FORDO203-CA3
DTD 11/21/2023 5.530% 09/15/2028
3490AD3 0.00 1,486.24 1,486.24
09/15/25 09/15/25 HART204-CA2A
DTD 10/16/2024 4.530% 09/15/2027
48976AB6 0.00 2,332.94 2,332.94
09/15/25 09/15/25 US TREASURY N/B
DTD 09/15/2023 4.625% 09/15/2026
91282CHY0 0.00 69.375.00 69,375.00
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 47
21 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Method

INTEREST
09/15/25 09/15/25 HAROT 2024-1 A2
DTD 02/21/2024 5.360% 09/15/2026
437918AB1 0.00 321.59 321.59
09/15/25 09/15/25 DCENT 2023-Al A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 0.00 4,669.17 4,669.17
09/15/25 09/15/25 FORDO 2024-C A2A
DTD 09/20/2024 4.320% 08/15/2027
34532UAB5 0.00 1,585.32 1,585.32
09/15/25 09/15/25 TAOT 2025-A A2A 89240JAB7 0.00 5,769.99 5,769.99 DTD 01/29/2025 4.480% 11/15/2027
09/15/25 09/15/25 US TREASURY N/B
DTD 03/17/2025 3.875% 03/15/2028
91282CMS7 0.00 48,437.50 48,437.50
09/15/25 09/15/25 CHAIT 2023-Al A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 0.00 3,461.50 3,461.50
09/15/25 09/15/25 ALLYA 2024-1 A3 02008FAC8 0.00 1,566.74 1,566.74 DTD 03/13/2024 5.080% 12/15/2028
09/15/25 09/15/25 HART 2024-B A2A
DTD 07/24/2024 5.150% 06/15/2027
44934OAB7 0.00 1,128.11 1,128.11
09/15/25 09/15/25 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
025823KV1 0.00 2,938.33 2,938.33
09/15/25 09/15/25 WOART 2025-A A2A
DTD 01/29/2025 4.490% 04/17/2028
98164YAB7 0.00 3,862.66 3,862.66
09/15/25 09/15/25 NAROT 2025-A A3
DTD 05/27/2025 4.490% 12/17/2029
65481GAD7 0.00 4,620.96 4,620.96
09/15/25 09/15/25 BAAT 2024-1A A3
DTD 05/22/2024 5.350% 11/15/2028
09709AAC6 0.00 557.29 557.29
09/15/25 09/15/25 KCOT 2025-1A A2
DTD 02/19/2025 4.610% 12/15/2027
50117FAB7 0.00 2,439.46 2,439.46
09/15/25 09/15/25 HART 2023-C A2A
DTD 11/13/2023 5.800% 01/15/2027
44918CAB8 0.00 60.63 60.63
09/15/25 09/15/25 BACCT 2024-Al A
DTD 06/13/2024 4.930% 05/15/2029
05522RDJ4 0.00 4,231.58 4,231.58
09/15/25 09/15/25 FORDO 2025-A A2A
DTD 03/25/2025 4.470% 12/15/2027
34535KAB4 0.00 7,748.00 7,748.00
09/15/25 09/15/25 MASTERCARD INC (CALLABLE)
DTD 02/27/2025 4.550% 03/15/2028
57636OBF0 0.00 15,015.00 15,015.00
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 48
22 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest
SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) For the Month Ending September 30, 2025
Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Irade Settle Method
1 INTEREST I
09/15/25 09/15/25 BAAT 203-AA3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 0.00 3.541.42 3,541.42
09/15/25 09/15/25 KCOT 204-AA2
DTD 06/25/2024 5.450% 04/15/2027
5O117DAB2 0.00 883.71 883.71
09/15/25 09/15/25 CHAIT 204-AlA
DTD 01/31/2024 4.600% 01/15/2029
1657HV9 0.00 2,664.17 2,664.17
09/15/25 09/15/25 HART20-CA3
DTD 11/09/2022 5.390% 06/15/2027
493DAD3 0.00 838.31 838.31
09/15/25 09/15/25 MBART 2025-1 A2A
DTD 01/23/2025 4.500% 02/15/2028
5873DAB0 0.00 5,846.53 5,846.53
09/15/25 09/15/25 HDMOT203-BA3
DTD 09/27/2023 5.690% 08/15/2028
41285YAC9 0.00 3,746.23 3,746.23
09/15/25 09/15/25 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 0.00 3.116.21 3,116.21
09/15/25 09/15/25 BACCT 203-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 0.00 1,473.25 1,473.25
09/15/25 09/15/25 TAOT204-BA2A
DTD 04/30/2024 5.410% 03/15/2027
89237NAB3 0.00 670.18 670.18
09/15/25 09/15/25 WFCIT 205-AlA
DTD 06/10/2025 4.340% 05/15/2030
92970OAJ4 0.00 4.068.75 4.068.75
09/15/25 09/15/25 ALLYA 2024-2 A3
DTD 09/27/2024 4.140% 07/16/2029
027NAC2 0.00 2.277.00 2.277.00
09/15/25 09/15/25 ALLYA 2023-1 A3
DTD 07/19/2023 5.460% 05/15/2028
02007WAC2 0.00 1,693.32 1.693.32
09/15/25 09/15/25 COPAR 2024-1 A2A
DTD 11/26/2024 4.610% 10/15/2027
14O43NAB5 0.00 966.21 966.21
09/15/25 09/15/25 COMET 204-AlA
DTD 09/24/2024 3.920% 09/15/2029
140NGE5 0.00 4,736.67 4,736.67
09/15/25 09/15/25 US TREASURY N/B
DTD 03/15/2024 4.250% 03/15/2027
91282CKE0 0.00 106,250.00 106.250.00
09/15/25 09/15/25 TAOT204-DA2A
DTD 10/17/2024 4.550% 08/16/2027
89239TAB8 0.00 1,392.02 1,392.02
09/15/25 09/15/25 NAROT204-BA2A
DTD 10/23/2024 4.510% 06/15/2027
65479WAB0 0.00 2.800.31 2.800.31
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 49
22 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Method

INTEREST
09/15/25 09/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 0.00 1,108.00 1,108.00
09/15/25 09/15/25 US TREASURY N/B
DTD 09/16/2024 3.375% 09/15/2027
91282CLL3 0.00 33,750.00 33,750.00
09/16/25 09/16/25 GMCAR 2024-4 A2A
DTD 10/16/2024 4.530% 10/18/2027
38014AAB7 0.00 1,505.65 1,505.65
09/16/25 09/16/25 GMCAR 2023-4 A3
DTD 10/11/2023 5.780% 08/16/2028
379930AD2 0.00 2,116.40 2,116.40
09/16/25 09/16/25 NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 09/16/2024 4.120% 09/16/2027
63743HFT4 0.00 9,682.00 9,682.00
09/16/25 09/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 0.00 444.58 444.58
09/16/25 09/16/25 GMCAR 2025-1 A2A
DTD 01/15/2025 4.440% 01/18/2028
362955AB2 0.00 4,282.56 4,282.56
09/16/25 09/16/25 GMCAR 2024-3 A2A
DTD 07/10/2024 5.350% 06/16/2027
38013KAB6 0.00 1,120.69 1,120.69
09/16/25 09/16/25 GMCAR 2024-2 A2A
DTD 04/10/2024 5.30% 03/16/2027
379931AB4 0.00 192.03 192.03
09/18/25 09/18/25 NATIXIS NY BRANCH
DTD 09/20/2023 5.610% 09/18/2026
63873OP65 0.00 46,925.31 46,925.31
09/18/25 09/18/25 STATE STREET CORP (CALLABLE)
DTD 03/18/2024 4.993% 03/18/2027
857477CL5 0.00 12,732.15 12,732.15
09/18/25 09/18/25 AUST & NZ BANKING GRP NY
DTD 03/18/2024 5.000% 03/18/2026
05253JB26 0.00 21,500.00 21,500.00
09/19/25 09/19/25 BMWUS CAPITAL LLC (CALLABLE)
DTD 03/21/2025 4.650% 03/19/2027
05565ECU7 0.00 13,105.25 13,105.25
09/20/25 09/20/25 TMUST 2025-2A A 87268MAA3 0.00 2,731.79 2,731.79 DTD 08/06/2025 4.340% 04/22/2030
09/20/25 09/20/25 VZMT 2025-3 A1A
DTD 03/1/2025 4.510% 03/20/2030
92348KDY6 0.00 5,675.08 5,675.08
09/20/25 09/20/25 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 0.00 1,383.00 1,383.00
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 50
23 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

INTEREST
09/20/25 09/20/25 VALET 2023-2 A2A
DTD 11/21/2023 5.720% 03/22/2027
92867YAB0 0.00 326.07 326.07
09/20/25 09/20/25 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 0.00 1,015.00 1,015.00
09/20/25 09/20/25 VALET 2024-1 A2A 92868RAB4 0.00 3,981.88 3,981.88 DTD 11/26/2024 4.650% 11/22/2027
09/20/25 09/20/25 VALET 2025-1 A2A
DTD 03/25/2025 4.510% 01/20/2028
92868MAB5 0.00 6,765.00 6,765.00
09/21/25 09/21/25 HAROT 2025-1 A2
DTD 02/11/2025 4.530% 08/23/2027
43814VAB3 0.00 10,192.50 10,192.50
09/21/25 09/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 0.00 863.48 863.48
09/21/25 09/21/25 HAROT 2024-3 A2
DTD 08/21/2024 4.890% 02/22/2027
43813YAB8 0.00 1,693.16 1,693.16
09/21/25 09/21/25 HAROT 2025-3 A2A
DTD 08/12/2025 4.190% 03/21/2028
43813OAB5 0.00 7,239.97 7,239.97
09/22/25 09/22/25 PFAST 2024-1A A2A
DTD 12/13/2024 4.450% 01/24/2028
73328EAB7 0.00 1,042.51 1,042.51
09/24/25 09/24/25 ADVANCED MICRO DEVICES
DTD 03/24/2025 4.212% 09/24/2026
007903BH9 0.00 38,645.10 38,645.10
09/25/25 09/25/25 CHAOT 2024-4A A2
DTD 07/30/2024 5.250% 09/27/2027
16144YAB4 0.00 791.51 791.51
09/25/25 09/25/25 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 0.00 2,717.00 2,717.00
09/25/25 09/25/25 CHAOT 2024-5A A2
DTD 09/24/2024 4.400% 11/26/2027
16144OAB1 0.00 531.57 531.57
09/25/25 09/25/25 CHAOT 2024-1A A2
DTD 03/27/2024 5.480% 04/26/2027
16144BAB4 0.00 46.75 46.75
09/25/25 09/25/25 BMWOT 2024-A A3
DTD 06/11/2024 5.180% 02/26/2029
096919AD7 0.00 3,086.42 3,086.42
09/25/25 09/25/25 BMWOT 2025-A A2A
DTD 02/12/2025 4.430% 10/25/2027
096924AB1 0.00 3,000.80 3,000.80
09/25/25 09/25/25 BMWLT 2025-1 A3
DTD 06/10/2025 4.430% 06/26/2028
096912AD2 0.00 1,827.38 1,827.38
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 51
24 Item 1b September 2025 Treasurer Report
SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 Transaction Type Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Security Description CUSIP Par Method

INTEREST
09/25/25 09/25/25 CHAOT 2024- 2A A2
DTD 04/25/2024 5.660% 05/26/2027
16144CAB2 0.00 412.21 412.21
09/25/25 09/25/25 CHAOT 2024-3A A2
DTD 06/27/2024 5.530% 09/27/2027
16144LAB2 0.00 1,100.28 1,100.28
09/30/25 09/30/25 AUST & NZ BANKING GRP NY
DTD 09/30/2024 3.919% 09/30/2027
05253JB42 0.00 8,523.83 8,523.83
09/30/25 09/30/25 HORMEL FOODS CORP (CALLABLE)
DTD 03/08/2024 4.800% 03/30/2027
440452AK6 0.00 5,760.00 5,760.00
09/30/25 09/30/25 US TREASURY N/B
DTD 09/30/2024 3.500% 09/30/2026
91282CLP4 0.00 122,500.00 122,500.00
09/30/25 09/30/25 HOME DEPOT INC (CALLABLE)
DTD 12/04/2023 4.950% 09/30/2026
437076CV2 0.00 5,816.25 5,816.25
Transaction TypeSub-Total 0.00 996,026.07 996,026.07

MATURITY
09/03/25 09/03/25 NATIXIS NY BRANCH
DTD 01/02/2025 0.000% 09/03/2025
6387JW30 2,000,000.00 2,000,000.00 0.00 2,000,000.00 58,860.00 0.00 09/08/25 09/08/25 JOHN DEERE CAPITAL CORP
DTD 09/08/2023 5.300% 09/08/2025
24422EXC8 425,000.00 425,000.00 0.00 425,000.00 157.25 0.00 09/09/25 09/09/25 JP MORGAN SECURITIES LLC
DTD 12/13/2024 0.000% 09/09/2025
46590DW97 4,500,000.00 4,500,000.00 0.00 4,500,000.00 147,150.00 0.00 09/11/25 09/11/25 TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.600% 09/11/2025
89236TKZ7 550,000.00 550,000.00 0.00 550,000.00 93.50 0.00 09/12/25 09/12/25 COMNWEALTH BK AUSTR NY
DTD 09/12/2023 5.499% 09/12/2025
20271RAS9 800,000.00 800,000.00 0.00 800,000.00 0.00 0.00 Transaction TypeSub-Total 8,275,000.00 8,275,000.00 0.00 8,275,000.00 206,260.75 0.00

PAYDOWNS
09/01/25 09/25/25 FHMS K069 A2
DTD 11/01/2017 3.187% 09/01/2027
3137FBU79 1,236.26 1,236.26 0.00 1,236.26 59.79 39.08
09/01/25 09/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 25,220.00 25,220.03 0.00 25,220.03 1,275.81 231.99 PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 52
26 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Method

PAYDOWNS
09/01/25 09/25/25 FHMS K739 A2
DTD 11/01/2020 1.336% 09/01/2027
3137F64P9 2,474.40 2,474.40 0.00 2,474.40 189.93 138.35 09/01/25 09/25/25 FHMS K065 Al
DTD 07/01/2017 2.864% 10/01/2026
3137F1G36 22,570.49 22,570.49 0.00 22,570.49 974.23 393.15 09/01/25 09/25/25 FNA 2018-M2 A2
DTD 02/01/2018 3.002% 01/01/2028
3136B0YM2 1,737.80 1,737.80 0.00 1,737.80 49.28 42.66
09/01/25 09/25/25 FHMS KJ28 A2
DTD 02/01/2020 2.308% 10/01/2027
3137FREE7 1,568.80 1,568.75 0.00 1,568.75 57.74 46.14
09/01/25 09/25/25 FHMS K059 A2
DTD 11/01/2016 3.120% 09/01/2026
3137BSRE5 234.42 234.42 0.00 234.42 12.39 4.90
09/01/25 09/25/25 FHMS K058 Al
DTD 11/01/2016 2.340% 07/01/2026
3137BSP64 13,971.29 13,971.29 0.00 13,971.29 716.03 222.22 09/01/25 09/25/25 FHMS K736 A2
DTD 09/01/2019 2.282% 07/01/2026
3137FNWX4 1,049.66 1,049.66 0.00 1,049.66 75.73 24.44
09/01/25 09/25/25 FHMS K057 A2
DTD 09/01/2016 2.570% 07/01/2026
3137BROJ7 1,971.00 1,971.04 0.00 1,971.04 128.39 42.91
09/15/25 09/15/25 NAROT 2024-B A2A
DTD 10/23/2024 4.510% 06/15/2027
65479WAB0 95,049.51 95,049.51 0.00 95,049.51 7.58 5.10
09/15/25 09/15/25 KCOT2024-1AA2
DTD 02/21/2024 5.390% 01/15/2027
50117BAB6 55,993.68 55,993.68 0.00 55,993.68 0.73 0.29
09/15/25 09/15/25 WOART 2024-A A2A
DTD 02/14/2024 5.050% 04/15/2027
98164RAB2 22,970.80 22,970.80 0.00 22,970.80 1.80 0.91
09/15/25 09/15/25 HART 2024-B A2A
DTD 07/24/2024 5.150% 06/15/2027
44934OAB7 40,115.36 40,115.36 0.00 40,115.36 1.62 1.00
09/15/25 09/15/25 ALLYA 2023-1 A3
DTD 07/19/2023 5.460% 05/15/2028
02007WAC2 27,436.40 27,436.40 0.00 27,436.40 197.20 115.50 09/15/25 09/15/25 MBART 2025-1 A2A
DTD 01/23/2025 4.500% 02/15/2028
58773DAB0 164,226.87 164,226.87 0.00 164,226.87 3.96 3.00 09/15/25 09/15/25 TAOT 2024-C A2A
DTD 07/30/2024 5.160% 05/17/2027
89237OAB6 23,201.29 23,201.29 0.00 23,201.29 0.22 0.12
09/15/25 09/15/25 HART 2023-C A2A
DTD 11/13/2023 5.800% 01/15/2027
44918CAB8 12,544.96 12,544.98 0.00 12,544.98 0.60 0.27
09/15/25 09/15/25 FORDO 2024-A A2A
DTD 03/19/2024 5.320% 01/15/2027
34535EAB8 26,800.62 26,800.62 0.00 26,800.62 0.94 0.45
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 53
26 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale DTD 07/30/2024 5.250% 03/15/2027
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

PAYDOWNS
09/15/25 09/15/25 TAOT 2025-A A2A
DTD 01/29/2025 4.480% 11/15/2027
89240JAB7 148,505.97 148,505.97 0.00 148,505.97 6.89 5.20 09/15/25 09/15/25 ALLYA 2024-1 A3
DTD 03/13/2024 5.080% 12/15/2028
02008FAC8 23,679.64 23,679.64 0.00 23,679.64 3.44 2.40
09/15/25 09/15/25 WOART 2024-C A2A
DTD 08/20/2024 4.780% 01/18/2028
98164NAB1 67,362.92 67,362.92 0.00 67,362.92 1.44 0.90
09/15/25 09/15/25 KCOT 2024-2A A2
DTD 06/25/2024 5.450% 04/15/2027
50117DAB2 21,617.99 21,617.99 0.00 21,617.99 2.46 1.41
09/15/25 09/15/25 HAROT 2024-1 A2
DTD 02/21/2024 5.360% 09/15/2026
437918AB1 71,997.53 71,997.54 0.00 71,997.54 6.65 2.67
09/15/25 09/15/25 HART 2022-C A3
DTD 11/09/2022 5.390% 06/15/2027
44933DAD3 28,058.36 28,058.36 0.00 28,058.36 215.92 103.92 09/15/25 09/15/25 WOART 2025-A A2A
DTD 01/29/2025 4.490% 04/17/2028
98164YAB7 100,682.82 100,682.82 0.00 100,682.82 2.80 2.21 09/15/25 09/15/25 HART 2024-C A2A
DTD 10/16/2024 4.530% 09/15/2027
448976AB6 66,288.92 66,288.92 0.00 66,288.92 4.02 2.78
09/15/25 09/15/25 NAROT 2024-A A2A
DTD 05/22/2024 5.470% 12/15/2026
65479UAB4 50,944.09 50,944.09 0.00 50,944.09 0.53 0.24
09/15/25 09/15/25 FORDO 2024-D A2A
DTD 11/22/2024 4.590% 10/15/2027
34535VAB0 40,621.19 40,621.19 0.00 40,621.19 1.99 1.45
09/15/25 09/15/25 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 26,248.40 26,248.40 0.00 26,248.40 681.84 279.41 09/15/25 09/15/25 HAROT 2024-4 A2
DTD 10/24/2024 4.560% 03/15/2027
43816DAB1 141,719.25 141,719.25 0.00 141,719.25 9.67 6.16 09/15/25 09/15/25 BAAT 2023-2AA3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 51,140.97 51,140.97 0.00 51,140.97 0.93 0.52
09/15/25 09/15/25 COPAR 2024-1 A2A
DTD 11/26/2024 4.610% 10/15/2027
14043NAB5 31,556.80 31,556.80 0.00 31,556.80 1.32 0.93
09/15/25 09/15/25 FORDO 2023-C A3
DTD 11/21/2023 5.530% 09/15/2028
344940AD3 19,693.37 19,693.37 0.00 19,693.37 4.23 2.72
09/15/25 09/15/25 TAOT 2024-B A2A
DTD 04/30/2024 5.410% 03/15/2027
89237NAB3 39,228.05 39,228.05 0.00 39,228.05 2.82 1.52
09/15/25 09/15/25 USAOT 2024-A A2 90327VAB4 100,021.96 100,021.96 0.00 100,021.96 6.47 3.75 PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 54
28 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Method

PAYDOWNS
09/15/25 09/15/25 FORDO 2024-C A2A
DTD 09/20/2024 4.320% 08/15/2027
34532UAB5 43,793.93 43,793.93 0.00 43,793.93 1.75 1.12
09/15/25 09/15/25 HDMOT 2023-B A3
DTD 09/27/2023 5.690% 08/15/2028
41285YAC9 56,196.66 56,196.66 0.00 56,196.66 12.71 75.15 09/15/25 09/15/25 WOART 2024-B A2A
DTD 05/22/2024 5.480% 09/15/2027
98164HAB4 27,605.15 27,605.15 0.00 27,605.15 2.77 1.72
09/15/25 09/15/25 FORDO 2024-B A2A
DTD 06/24/2024 5.400% 04/15/2027
34531OAB5 108,656.64 108,656.64 0.00 108,656.64 8.13 4.61 09/15/25 09/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 1,497.94 1,497.94 0.00 1,497.94 0.16 0.10
09/15/25 09/15/25 TAOT 2024-D A2A
DTD 10/17/2024 4.550% 08/16/2027
89239TAB8 42,771.31 42,771.31 0.00 42,771.31 2.79 1.89
09/16/25 09/16/25 GMCAR 2023-4 A3
DTD 10/11/2023 5.780% 08/16/2028
379930AD2 28,507.82 28,507.82 0.00 28,507.82 5.86 3.67
09/16/25 09/16/25 GMCAR 2024-3 A2A
DTD 07/10/2024 5.350% 06/16/2027
38013KAB6 53,589.60 53,589.60 0.00 53,589.60 0.13 0.00
09/16/25 09/16/25 GMCAR 2024-4 A2A
DTD 10/16/2024 4.530% 10/18/2027
38014AAB7 48,805.95 48,805.95 0.00 48,805.95 2.04 1.36
09/16/25 09/16/25 GMCAR 2025-1 A2A
DTD 01/15/2025 4.440% 01/18/2028
362955AB2 124,874.87 124,874.87 0.00 124,874.87 11.90 9.14 09/16/25 09/16/25 GMCAR 2024-2 A2A
DTD 04/10/2024 5.30% 03/16/2027
379931AB4 17,809.64 17,809.64 0.00 17,809.64 1.17 0.61
09/20/25 09/20/25 VALET 2023-2 A2A
DTD 11/21/2023 5.720% 03/22/2027
92867YAB0 25,420.11 25,420.11 0.00 25,420.11 1.49 0.70
09/20/25 09/20/25 VALET 2025-1 A2A
DTD 03/25/2025 4.510% 01/20/2028
92868MAB5 67,661.60 67,661.60 0.00 67,661.60 2.14 1.65
09/20/25 09/20/25 VALET 2024-1 A2A
DTD 11/26/2024 4.650% 11/22/2027
92868RAB4 90,549.56 90,549.56 0.00 90,549.56 1.45 0.93
09/21/25 09/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 12,068.50 12,068.50 0.00 12,068.50 2.12 1.32
09/21/25 09/21/25 HAROT 2024-3 A2
DTD 08/21/2024 4.890% 02/22/2027
43813YAB8 69,347.76 69,347.76 0.00 69,347.76 5.43 3.13
09/21/25 09/21/25 HAROT 2025-1 A2
DTD 02/11/2025 4.530% 08/23/2027
43814VAB3 118,339.27 118,339.27 0.00 118,339.27 5.15 3.91 PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 55
29 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Trade Settle Method

PAYDOWNS
09/22/25 09/22/25 PFAST 2024- 1A A2A
DTD 12/13/2024 4.450% 01/24/2028
73328EAB7 67,568.24 67,568.24 0.00 67,568.24 5.76 4.35
09/25/25 09/25/25 CHAOT 2024- 3A A2
DTD 06/27/2024 5.530% 09/27/2027
16144LAB2 54,977.86 54,977.86 0.00 54,977.86 0.48 0.21
09/25/25 09/25/25 CHAOT 2024- 2A A2
DTD 04/25/2024 5.660% 05/26/2027
16144CAB2 45,166.25 45,166.25 0.00 45,166.25 1.63 1.63
09/25/25 09/25/25 CHAOT 2024-4A A2
DTD 07/30/2024 5.250% 09/27/2027
16144YAB4 37,109.41 37,109.41 0.00 37,109.41 3.47 2.25
09/25/25 09/25/25 CHAOT 2024-1 A A2
DTD 03/27/2024 5.480% 04/26/2027
16144BAB4 10,238.20 10,238.22 0.00 10,238.22 0.88 0.47
09/25/25 09/25/25 CHAOT 2024- 5A A2
DTD 09/24/2024 4.400% 11/26/2027
16144QAB1 22,894.94 22,894.94 0.00 22,894.94 2.03 1.42
09/25/25 09/25/25 BMWOT 2025-A A2A
DTD 02/12/2025 4.430% 10/25/2027
096924AB1 83,684.78 83,684.78 0.00 83,684.78 6.40 4.98
Transaction TypeSub-Total 2,828,877.83 2,828,877.90 0.00 2,828,877.90 4,795.23 1,856.99 SEL
09/04/25 09/05/25 US TREASURY N/B
DTD 04/01/2024 4.500% 03/31/2026
91282CKH3 250,000.00 250,761.72 4,856.56 255,618.28 2,802.74 1,410.98 FIFO 09/10/25 09/11/25 US TREASURY N/B
DTD 04/30/2024 4.875% 04/30/2026
91282CKK6 1,750,000.00 1,761,416.02 31,064.88 1,792,480.90 10,800.78 11,202.00 FIFO 09/10/25 09/11/25 US TREASURY N/B
DTD 04/01/2024 4.500% 03/31/2026
91282CKH3 2,775,000.00 2,784,864.26 55,954.92 2,840,819.18 32,519.53 16,867.56 FIFO 09/16/25 09/17/25 US TREASURY N/B
DTD 04/30/2024 4.875% 04/30/2026
91282CKK6 250,000.00 251,630.86 4,636.55 256,267.41 1,542.97 1,601.06 FIFO 09/16/25 09/17/25 VISAING (CALLABLE)
DTD 12/14/2015 3.150% 12/14/2025
92826CAD4 1,000,000.00 997,730.00 8,137.50 1,005,867.50 42,840.00 2,498.61 FIFO 09/16/25 09/17/25 US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 400,000.00 402,453.13 3,130.43 405,583.56 4,468.76 3,023.88 FIFO 09/17/25 09/18/25 US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 1,200,000.00 1,207,500.00 9,538.04 1,217,038.04 13,546.88 9,206.55 FIFO 09/18/25 09/18/25 US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 200,000.00 201,210.94 1,589.67 202,800.61 2,218.75 1,495.37 FIFO PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 56
29 Item 1b September 2025 Treasurer Report
Managed Account Security Transactions & Interest For the Month Ending September 30, 2025 SilconValey Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Trade Settle Security Description CUSIP Par
Principal
Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Amort Cost
Sale
Method
Transaction TypeSub-Total 7,825,000.00 7,857,566.93 118,908.55 7,976,475.48 110,740.41 47,306.01 Managed Account Sub-Total (1,023,780.13) 1,114,448.12 90,667.99 334,140.39 49,546.67 Total Security Transactions ($1,023,780.13) $1,114,448.12 $90,667.99 $334,140.39 $49,546.67 PPM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 57

Page 1 of 1 ends

Staff Report – Item 1c
Item 1c: Approve Assignment of Auditor Contract to Sorren CPAs, P.C.

From: Monica Padilla, CEO
Prepared by: Michael Callahan, General Counsel
Date: 11/14/2025

RECOMMENDATION
Staff requests that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) approve the assignment of the auditor contract from Kosmatka Donnelly & Co., LLP (KDP) to Sorren CPAs, P.C. (Sorren).

AUDIT COMMITTEE RECOMMENDATION
At the October 6, 2025 meeting of the Audit Committee, Committee members received an update that SVCE’s current auditor, Kosmatka Donnelly & Co., LLP, announced they have merged with Sorren CPAs, P.C. The current audit partner will remain the same for the remainder of the original contract, and the contract terms are not changing.

BACKGROUND
SVCE’s current auditor, KDP, announced their merger with Sorren. The Board is responsible for selecting the auditor and may determine whether to accept the assignment of the current contract to Sorren.

ANALYSIS & DISCUSSION
The Audit Committee and Board had previously selected auditor Pisenti & Brinker LLP (P&B), and on January 29, 2025, P&B informed SVCE that it has merged with KDP and intends to continue to perform under the agreement. On September 5, 2025, KDP informed SVCE of another merger with Sorren. Section 12 of SVCE’s agreement with P&B defines a change of ownership as an assignment and SVCE must consent to assign the agreement.

The audit of SVCE’s fiscal year 2024-2025 financials is set to start soon, necessitating an auditor. Staff has no concerns with the assignment as proposed. Staff recommends accepting the assignment and the continuance of the contract through its current term of September 30, 2027. The terms of the original contract will remain the same under the assignment.

STRATEGIC PLAN
N/A – SVCE is required by law to perform an audit.

ALTERNATIVE
An alternative would result in terminating the auditor agreement. Staff recommends against this alternative, as that would require staff to initiate a new search for an auditor for which staff does not have enough time given the audit schedule.

FISCAL IMPACT
No fiscal impact from accepting the assignment of the KDP contract to Sorren contract.

Item 1c
SILICON VALLEY \3/ CLEAN ENERGY

Page 1 of 2 ends

Staff Report – Item 1d
Item 1d: Approve Increasing the Silicon Valley Clean Energy Employer Monthly Medical Contribution Amount for Calendar Year 2026
From: Monica Padilla, CEO
Prepared by: Nik Zanotto, Director of Operations
Date: 11/14/2025

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) approve an increase in the employer's monthly contribution towards employees’ monthly medical premiums for the 2026 calendar year as follows:
• $1,500 for employees without dependents
• $3,000 for employees with dependents
The proposed increase will better align SVCE coverage with peer community choice aggregators and other regional employers, while also providing staff with more comprehensive medical plans and easing the financial burden of rising medical premiums. Attachment 2 includes updated benefits.

BACKGROUND
SVCE’s current staff healthcare benefit for the monthly medical premium employer contribution was updated in 2022 during the adoption of the fiscal year (FY) 2022-2023 annual budget, increasing from $1,200 to $1,500 per employee regardless of the number of dependents. SVCE has not increased medical premium contribution amounts since 2022. However, over the past few years, insurance premiums have risen roughly 10%-15% annually and the demographics of SVCE employee base have changed as the agency has grown to having more employees with dependents.

The fiscal year 2025-2026 Board-approved Operating Budget (FY25-26 Budget) includes expected budget for salaries and benefits. While the Board does not approve line-item expenses as part of the budget a summary of employee benefits (Attachment 1) was included and no changes to medical premium benefits were proposed as part of the FY 2025-2026 Budget. Under the Board-approved Personnel and Reimbursement Policy (HRP-01), the Personnel Officer (SVCE’s Chief Executive Officer) has certain delegated authorities related to personnel including preparing a schedule of salaries and benefits for all employees. It is not clear if such authority extends to implementing changes to benefits without explicit Board-approval. Such clarification will be included in future proposed revisions to policies.

ANALYSIS & DISCUSSION
Because medical premium coverage increases significantly as more individuals/dependents are added to the plan, instead of providing a fixed coverage for all employees, staff proposes increasing the coverage as more individuals and dependents are added. Based on current employee elections, individuals without dependents have an average monthly medical premium of approximately $1,100, which can be fully covered by current $1,500 per month employer contributions. However, the monthly medical premiums for individuals with dependents can increase to $2,600 on average. Currently, any overage after employer contributions are out-of-pocket costs from employees.

Item 1d
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 1d Agenda Date: 11/14/2025

Page 2 of 2 ends

As an example, in 2022, an employee with two or more dependents’ medical premium would be roughly $1,000 to $1,300 per month, which would’ve been fully covered by the $1,500 per month employer contribution.

However, with the current expected rate from 2026, the same family’s cost would be roughly $2,600 per month, or, $1,100 out-of-pocket if SVCE only covers $1,500 per month.

Based on the above, staff propose to increase SVCE’s contribution to help cover more out-of-pocket premiums especially for families with dependents. With the proposed monthly employer contribution increase, as noted below, SVCE will be able to provide full medical premium coverage for most of the employees, and employees will also be able to select more comprehensive medical plans:
• $1,500 for employees without dependents
• $3,000 for employees with dependents
Staff also conducted a survey to compare with other public agencies, which showed that with the proposed change, SVCE can remain competitive with peer agencies in terms of providing employer benefits coverage.

Public Agencies Health Premium Coverage Monthly Employer Contribution Per Employee (EE)
SVCE 100% covered EE* $1,500 (Current Coverage)
Agency A 100% covered – EE & Family ~$2,400
Agency B 100% covered – EE only
85% covered – EE & Family
~$2,300
Agency C 90% covered – EE & Family ~$3,500
Agency D 100% covered – EE & Family ~$3,000
Agency E 100% covered – EE & Family ~$1,500 - $3,600
SVCE’s benefits open enrollment period for calendar year 2026 is mid-November 2025 through mid-December 2025. Changes to benefits including the proposed premium changes would need be reflected in enrollment materials currently being developed.

STRATEGIC PLAN
This supports Strategic Focus Area 5 - Attract and Retain Employees.

ALTERNATIVE
The alternative would be to keep the current coverage, which is $1,500 per month per employee and wait until fiscal year 2026-2027 budget cycle to propose changes to be in effect in 2027.

FISCAL IMPACT
The FY25-26 Budget includes a contingency of about $2.1 million for operating expenses, excluding Power Supply costs. The expected cost for providing the proposed increased medical premium coverage is approximately $150,000 for January 2026 to September 2026 during FY25-26 or, $200,000 for calendar year 2026. This increase will be covered by the contingency fund, so no additional adjustments to operating expenses are necessary. As in previous years, during the mid-year budget update, staff will revise all operating expenses.

ATTACHMENT

1. FY 2025-2026 Existing Benefits Table

Medical Coverage is provided through the CalChoice marketplace, and currently includes the following options:

Kaiser – HMO plans
Sutter Health – HMO plans
Anthem Blue Cross – PPO plans
Cigna –EPO G
Dental Delta Dental PPO – 100% Employer Paid
Vision Vision PPO Plan – 100% Employer Paid
Retirement
401 (a) Plan Mandatory 10% employee contribution matched by 10% employer contribution in lieu of Social Security. Fully vested from date of hire. 457 (b) Deferred Compensation Voluntary pre-tax employee contributions up to annual IRS limits.

HRA -or- HSA
Health Reimbursement Account SVCE contributes $500 / month towards a Health Reimbursement Account that the employee can use for qualified health care expenses. Unused balances can be carried over to the next year.

Health Savings Account
(only with eligible High Deductible
Health Plans)
SVCE contributes up to $400 / month towards a Health Savings Account that the employee can use for qualified health care expenses. Balance can be invested and stays with employee after separation.

FSA – Health / Dependent Care / Transportation / Parking Employer Contribution SVCE contributes $200 / month towards flexible spending accounts that can be used for qualified expenses in the categories below. Employee can contribute additional funds up to the IRS limits.

Health Spending Account Employee can annually contribute up to $3,200 pre-tax to their Health FSA. A maximum of $660 rolls over for 2025.

Dependent (Child / Elder) Care
Assistance
Employee can annually contribute up to $5,000 pre-tax to their Dependent Care account. Funds do not roll over.

Transit / Parking Plan Non-taxable reimbursement of up to $315 per month for qualified transit and parking expenses, all funds roll over as long as you remain eligible Health / Wellness
Fitness Reimbursement Program SVCE will reimburse up to $600 / year for qualified fitness expenses (class / program / equipment) per year. This reimbursement will accrue annually up to $3000.

Professional Development
Tuition Reimbursement Program SVCE will reimburse up to $5,000 / year for qualified educational advancement that supports the organization’s mission.

Employee Rebate Reimbursement
SVCE Employees are eligible to
receive the same rebate benefits as
its customers
SVCE rebates are available for single-family homes, accessory dwelling units (ADUs), and multi-family homes (4 dwelling units or fewer) swapping out existing equipment, not for completely new building construction. Each dwelling unit is eligible for one rebate per appliance type.

Long Term Disability Insurance LTD provided at 60% of monthly earnings subject to terms of LTD insurance carrier and cap based on salary.

Term Life Insurance 100% Employer-paid for 1X base salary with minimum guarantee at $200,000 life and AD&D coverage.

Employee Assistance Program (EAP) 100% Employer-paid confidential counseling for you and your immediate family member and work/life services assistance.

Hybrid Work Set up One time $500 reimbursable for home office set up.

Technology Stipend $50 monthly stipend for phone and $70 internet connection costs Voluntary Term Life and AD&D Rates
Voluntary term life monthly rate Voluntary term life rates do not include the AD&D rate. The spouse is charged based upon his/her individual age.

Child(ren) monthly rate: $10,000 of coverage for $2.00 per family Voluntary Accidental Death and
Dismemberment (AD&D) monthly rate
Employee and spouse $.039
Leave
Vacation Leave SVCE offers 160 hours of Paid Time Off (PTO) that is accrued bi-weekly for the first year. PTO includes vacation, sick, etc.

After the first-year anniversary date, an additional 8 hours will be granted per year up to the tenth year of employment.

All unused PTO at the end of the year can be carried over to a maximum of twice the annual accrual.

Exempt employees receive an additional 40 hours of Management Leave at the beginning of each calendar year, which does not carry over to the next year.

Holidays 13 days (104 hours) per year.

New Year’s Day
Martin Luther King Jr.’s Birthday
Presidents’ Day
Cesar Chavez Day
Memorial Day
Juneteenth
Independence Day
Labor Day
Veteran’s Day
Thanksgiving (2 days)
Christmas Day
Floating Holiday (does not accrue, use annually)
Administrative Shut-Down Leave Christmas Day though New Year’s Day Bereavement Leave Up to 5 days paid bereavement leave in the event of a death in your immediate family.

Employee only – Employer covers 100% up to $1500 monthly.

Employee with Childrendependents - SVCEEmployer providescovers up to $1,5003,000 monthlyper month to cover the employee and
dependent medical insurance premiums.

Medical Coverage is provided through the CalChoice marketplace, and currently includes the following options: Kaiser –
HMO plans
Sutter Health – HMO plans Anthem Blue
Cross – PPO plans Cigna –EPO G
Dental Delta Dental PPO – 100% Employer Paid
Vision Vision PPO Plan – 100% Employer Paid
Retirement
401 (a) Plan Mandatory 10% employee contribution matched by 10% employer contribution in lieu of Social Security. Fully vested from date of hire. 457 (b) Deferred Compensation Voluntary pre-tax employee contributions up to annual IRS limits.

Health Spending Account Employee can annually contribute up to $3,200 pre-tax to their Health FSA. A maximum of $660 rolls over for 2025.

Dependent (Child / Elder) Care
Assistance
Employee can annually contribute up to $5,000 pre-tax to their Dependent Care account. Funds do not roll over.

Professional Development
Tuition Reimbursement Program SVCE will reimburse up to $5,000 / year for qualified educational advancement that supports the organization’s mission.

Item 1d
Attachment 2

SILICON VALLEY

Long Term Disability Insurance LTD provided at 60% of monthly earnings subject to terms of LTD insurance carrier and cap based on salary.

Term Life Insurance 100% Employer-paid for 1X base salary with minimum guarantee at $200,000 life and AD&D coverage.

Employee Assistance Program (EAP) 100% Employer-paid confidential counseling for you and your immediate family member and work/life services assistance.

Hybrid Work Set up One time $500 reimbursable for home office set up.

After the first-year anniversary date, an additional 8 hours will be granted per year up to the tenth year of employment.

All unused PTO at the end of the year can be carried over to a maximum of twice the annual accrual.

Exempt employees receive an additional 40 hours of Management Leave at the beginning of each calendar year, which does not carry over to the next year.

Holidays 13 days (104 hours) per year.

Parental Leave 240 hours of paid parental leave, eligibility at the CEOs discretion Item 1d
Attachment 2

SILICON VALLEY

CLEAN ENERGY

Page 1 of 2 ends

Staff Report – Item 1e
Item 1e: Approve an Allocation of $10,000 from the Fiscal Year 2025-26 Operating Budget for the 2026 Youth Scholarship Competition
From: Monica Padilla, CEO
Prepared by: Pamela Leonard, Deputy Director of Marking & Communications Danika Miller, Climate Corps Fellow
Date: 11/14/2025

RECOMMENDATION
Staff requests that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) approve an allocation of $10,000 from the operating budget for the annual SVCE 2026 Youth Scholarship Competition.

BACKGROUND
SVCE holds an annual scholarship competition to engage local youth in learning about climate solutions to benefit their community. In previous years, SVCE hosted a competition that challenged high school students in the SVCE service area to engineer an electric bike, encouraging the exploration of electrification and innovation.

Since 2020, this transitioned to a virtual short-film competition seeking to empower local middle and high school students to learn about and amplify climate change solutions through video. In the spring of 2025, the competition evolved to include a creative musical prompt with live performances. Due to the scholarship competition’s continued success, SVCE proposes to host a competition in 2026 with an emphasis on expanding diverse student involvement, accessibility, and wide range of skills and interests.

ANALYSIS & DISCUSSION
Elementary, middle and high school students in the SVCE service area, as individuals, will submit a piece of art, designated by age group, aligning with a specific, future-thinking electrification theme. The art prompts will be a sticker for elementary students, a poster for middle schoolers, and art that could be displayed at the future SVCE headquarters for high school participants. With this competition, students will be introduced to or familiarized with concepts of electrification, and SVCE will have more visibility into its communities’ strengths and contributions toward addressing climate change from the lens of the youth.

The scholarship competition’s shift to art submissions reflects an effort to increase current and future participation and support equitable representation of the entire SVCE service territory. By decreasing the competition’s barrier to entry, increasing the number of possible winners, and prioritizing outreach to previously underrepresented schools, SVCE hopes to increase participation from different schools. It will also provide a sustained marketing opportunity for SVCE’s education initiatives in the form of physical, student-made promotional material.

The proposed Youth Scholarship Competition will be open from February to May 2026. The competition will begin with an introduction to the SVCE mission and a description of the project’s theme. At the competition’s close, a panel of judges will select five winners within each of the participating age group categories.

Submissions will be showcased on the SVCE website, promoted through social media channels, and produced as promotional items for ongoing education programming.

Staff recommends an allocation of $10,000 for scholarships under this program. For each of the age groups, the prize amounts will be designated at $250, $500, and $1,250. Each category will have five winners to distribute the award equitably and recognize the diverse skillsets and interests of participants across the entire SVCE service area. Scholarship prizes have been successful in incentivizing student participation and Item 1e
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 1e Agenda Date: 11/14/2025

Page 2 of 2 ends

acknowledging the time and creative effort spent on developing projects.

The scholarship competition is a great opportunity to communicate SVCE’s dedication to reinvesting in the communities it serves. Furthermore, it serves to empower local youth to engage with SVCE and explore climate solutions to support their community.

STRATEGIC PLAN
The scholarship competition aligns with customer and community goals in the SVCE Board adopted Strategic Plan, specifically with Goal 8: “Engage customers and community stakeholders to build trust in SVCE and advance decarbonization.”

ALTERNATIVE
SVCE seeks the approval of a general allocation of $10,000 for a 2026 scholarship program. If the Youth Scholarship Competition is not approved by the SVCE Board for 2026, staff will explore other prize options, modify award categories, or explore alternative ideas.

FISCAL IMPACT
There is no incremental fiscal impact. The $10,000 in scholarship funds will be allocated from the board-approved Fiscal Year 2025-2026 operating budget.

Item 1e

Page 1 of 1 ends

Staff Report – Item 1f
Item 1f: Receive September 2025 Decarbonization Strategy and Programs Quarterly Report From: Monica Padilla, CEO
Prepared by: Justin Zagunis, Director of Customer Success Douglas Bernard, Decarbonization Management Analyst
Date: 11/14/2025

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) accept the current update of the Decarbonization Strategy and Programs quarterly report, reflecting project statuses as of the end of September 2025.

BACKGROUND
To achieve its mission to reduce dependence on fossil fuels by providing carbon-free, affordable and reliable electricity and innovative programs for the community, SVCE established a decarbonization strategy and programs roadmap (Roadmap), which can be found on SVCE’s website: SVCE Decarbonization Strategy and Programs Roadmap. In December 2018, the Board approved the Roadmap, and since that time, staff have been working on implementation of this Roadmap, as well as subsequent joint action plans and other additions to the programs portfolio as approved by the Board. The quarterly report included here presents a summary of all approved program activity to date.

ANALYSIS & DISCUSSION
Attachment 1, is an update of the Decarbonization Strategy and Programs quarterly report. The quarterly update includes a table with a summary of updates from last quarter and the target for next quarter.

STRATEGIC PLAN
This item supports SVCE’s 2025-2027 Strategic Plan Goals 7 and 8, to support “SVCE communities to decarbonize through local investments that reduce barriers and demonstrate sensible, scalable, and equitable solutions” and to “engage customers and community stakeholders to build trust of SVCE and advance decarbonization.”

FISCAL IMPACT
Accepting the September 2025 Update of the Decarbonization Strategy and Programs quarterly report has no fiscal impact.

ATTACHMENT

1. Decarbonization Strategy & Programs Quarterly Report – September 2025 Update Item 1f
SILICON VALLEY \3/ CLEAN ENERGY
$174 million
in lifetime bill savings

DECARBONIZATION PROGRAMS &

MARKETING HIGHLIGHTS
September 2025 Milestones
Quarterly Report
$138 million
in lifetime program
funding allocation
Item 1f
Attachment 1
f(f\ SILICON VALLEY <3/ CLEAN ENERGY

7.5x
increase in eHub website
traffic from Power Squad
campaign

DECARBONIZATION PROGRAMS
& MARKETING HIGHLIGHTS
September 2025 Milestones
Quarterly Report
2,300
customers engage
with Go Electric
Advisor service
$3.2M
in home rebates
distributed in 2025
Item 1f
Attachment 1
f(f\ SILICON VALLEY <3/ CLEAN ENERGY
Name Budget Potential Impact
Cumulative Impact To-Date
Last Quarter (Update) Next Quarter (Target)
Multifamily
Retrofits (TE and
BE)
$12.5M
300 to 1,000 MF AH
units electrified
3 multifamily sites enrolled
(250 units)
Started design and
engineering at 2 sites. 1 site
completed construction.

Start construction at 2 sites.

EV Charging
Incentives
$11.4M
80 MUDs with EVI
(720 ports)
4,000 L1/L2
chargers at
affordable housing
25 sites completed
(226 L1/L2 ports)
28 MUD active
reservations (284 ports)
Slowdown in applications.

Continued outreach to
technical assistance program
participants.

Expand program to include
workplace and public
charging (pending Board
approval).

Full-Service
Home Upgrades
$11.4M
600 single-family
homes electrified
Completed installations in
15 homes
Completed 11 installations.

Adjusted program process
for smoother delivery based
on feedback from soft
launch.

Hard launch and start more
marketing.

Home Rebates $14.45M
2,800 homes
fully/partially
electrified
2,477 homes fully/partially
electrified
Exceeded target for the
quarter. Continued
Salesforce transition.

Finalized right-sizing panel
outreach plan.

Hit 2,700 claims. Finalize
panel website draft.

Develop new report for City
Rebates. Integrate
Salesforce improvements.

Electrification
Rate Discount
$9.5M
5,000 customers
enrolled
5,500 enrolled in pilot,
before SVCE closed v1 in
July 2025 (v2 coming in
2026)
E-ELEC 2.0 rate pilot
program approved by Board.

E-ELEC 1.0 pilot program
fully closed.

Continue pilot program
design and implementation
strategy.

Member Agency
Grants
$6.5M
13-18 member agency
projects focused on
community
engagement and
decarb projects
Selected 8 projects for
competitive grant
Executed 8 grant agreements
for competitive grant,
executed 1 noncompetitive
grant agreement, received 4
applications for
noncompetitive grant.

Receive noncompetitive
applications from remaining
agencies
Zero Interest
Financing Pilot
$5.2M
200 customers
finance electrification
Launched program
Contacted all target
customers and following up
to get first enrollments
Get first installs done.

Launch solar/storage
offering.

Community
Energy
Resilience
$5.15M
13 agencies complete
projects
7 completed agency
projects
5 projects in progress, 2
shelved
Closeout remaining
projects
C&I
Decarbonization
Program
$5M
8,000 metric tons of
CO2e removed
through carbon
saving measures
16 customers enrolled, 12
site assessments completed
Enrolled Google, Walmart,
Atorias
Complete M&V and energy
models for implemented
projects. Pay incentives.

Host workshop #3.

PROGRAMS PORTFOLIO
Active Programs
See Glossary for program descriptions. Title links to program homepage (if available).

Quarterly Report
View our active rebates here.
1 SEPT 25
Item 1f
Attachment 1
=

CLEAN ENERGY
Name Budget Potential Impact Cumulative Impact To-Date Last Quarter (Update) Next Quarter (Target) Decarbonization
Demonstration
Grants
$3.2M
7 local public facing
electric projects
2 projects complete 1 project shelved
Support remaining 5
projects.

Permit
Modernization
$3.2M
13 member agencies
improve
electrification
permitting
Permitting agencies have
action plans in place. All
agencies have reduced
barriers for heat pump water
heaters and many offer
expedited permitting.

All 13 agency action plans
in place. Work underway in
many agencies: expediting
permitting, training staff,
and educating customers
on prewiring.

Continue deploying
resources in all member
agencies. Begin laying
groundwork for a
contractor certification
program.

Emergency
Water Heater
Replacement
$2.6M
700 emergency
water heaters
upgraded
6 emergency water heater
installations completed
4 emergency water heater
installations completed.

Start planning for hard
launch.

CALeVIP 1.0 $2.5M
85 DCFC
installed
1,100 L2 installed
20 DCFC installed
337 L2 installed
Two reserved applications
remain. Program closes
December 2025.

Make payments for 2
projects as they are
completed. Final report.

Customer
Resource Center
(eHub)
$2.1M
800K email
opens
100K unique web
visits
1M email opens (52% open
rate)
330K unique web visits
29K Unique Visits, 296K
Unique Opens
64K Unique Visits, 100K
Unique Opens. Launch
Appliance Marketplace
promotion.

Fast Charger
Incentives
$1.875M
10 DCFC installations
near MUD hotspots
8 DCFC ports are active.

Determined last site not
feasible for program;
program is now closed.

Program closed.

Existing Building
Policy
Experiment
$1.9M
Spur action on building
electrification and
reduce building gas
combustion
Existing building policies are now
understood and momentum is
building for incorporation into 2025
building code adoption process.

Continued educating and
supporting agency staff on
model approaches. Developed
custom input for agencies - meeting them where they are.

Two agencies adopted codes.

Support four to six
additional agencies with
ordinances for adoption.

Contractor
Training
$1.7M
300 contractors
trained
500 graduate
incentives
346 contractors completed
training
342 approved graduate
incentive claims
Completed 25 more
trainings and gave out 62
bonuses.

Try new marketing
approaches to grow
enrollment.

EV Rebates $1.5M
600 EV purchase
incentives for
income qualified
customers
249 claims paid
Conducted joint-CCA EV
discount campaign with
SJCE, PCE, and Ride and
Drive Clean.

Continue EV education
campaigns and events.

Programs
Marketing Fund
$1M
4,500 new program
participants
Marketing for 12 programs.

Nearly 4,000 program
participants added. Analytics
refined.

Salesforce application
cross domain tracking
added. Nativa multilingual
campaign design. Tax
credit campaign.

Nativa campaign executed.

Citizen Group onboarding.

FSHU and ZIF merge.

PROGRAMS PORTFOLIO
Active Programs
View our active rebates here.
2 SEPT 25
Item 1f
Attachment 1
Name Budget Potential Impact
Cumulative Impact To-Date
Last Quarter (Update) Next Quarter (Target)
GridShift EV
Charging and
Rebates
$973K
Bill/emissions savings and
load shifting capacity
1,616 EVs enrolled
(incl. ChargeWise)
77 charger rebates
Finalized EM&V plan for
GridShift/ChargeWise. Extended
ChargeWise pilot to EOY 202.

Ran RFP for Managed EV
Charging Program Partner and
evaluated results. Decided to
sunset program by EOY 2025.

Kick off EM&V work. Sunset
GridShift program,
ChargeWise pilot, EV
charger rebate program.

Go Electric
Advisor
$892K
3,600 customers use
hotline, 1,200 use tech
assistance, 350 use
electrification plans
2,300 customers use
service
685 new contacts. 45 non-program inquiries.Add 600 new inquiries. Add 45 non-program contacts.

Business
Rebates
$750K 20-30 SMBs electrified
9 SMBs fully/partially
electrified
Launched the Site Assessment
Pilot Program and completed 9
Site Assessment. Awarded 2 new
rebates.

Complete 10 site
assessments and award 2-4
new rebates.

EV Charging
Planning
$725K
60 assessments,
36 projects done,
250 ports installed
126 applications
(112 reports completed)
Program closed 6/30/25. Determine program design
for TA 2.0.

EM&V $640K
Evaluate 80% of SVCE
programs within 2 years of
launch
11 reports completed
Began residential programs
EM&V. Continued scoping for
additional programs.

Define EM&V scope for 4
additional programs.

SV Building
Electrification
Stronger
Together
$600K
Educate stakeholders
about building
electrification
42 stakeholders
engaged to date
Hosted third contractor focus
group. Selected organizations for
program design bench will begin
participation in next quarter.

Host final contractor focus
group. Host first CBO
Program Design bench
meeting.

Decarbonization
Engagement
Grants
$442K
5 communities engage
residents on climate action
topics
3 projects complete Closeout of 1 project
Monitor and reimburse
agencies as projects move
to completion
Natural Gas
Phaseout
Feasibility
$300K
Complete 2 whitepapers
to inform local, regional,
and statewide policies
1 whitepaper (funding
requirements)
completed
Presented findings to Air District
to inform rule updates.

Finalize whitepaper
Fleet
Electrification
$300K
Complete fleet
electrification and charger
install planning for 15 fleets
14 fleets in progress
5 agencies have completed the
planning program. Remaining 9
agencies are actively proceeding.

Two more fleets complete
process.

Lights On Silicon
Valley
Power
Supply
Budget
750 SFH and 5 MF projects
657 enrolled SFH at
outset of delivery
period
Capacity from behind-the-meter
solar and storage projects was
delivered to SVCE.

Continued delivery and
adjustments to dispatch as
needed.

Assisted Home
Upgrades
(Rock Rabbit)
$190K
Pilot web app to help
homeowners/contractors
to apply for multiple
incentives simultaneously
88 projects created, 30
claims processed
Scaled enrollment. Integration is
operational with Salesforce but
being refined.

Reach 60 claims. Test the
new integration process.

PROGRAMS PORTFOLIO
Active Programs
View our active rebates here. 3
SEPT 25
Item 1f
Attachment 1
Name Budget Potential Impact Last Quarter (Update) Next Quarter (Target) Community Grants $3.5M
Fund resiliency, engagement, and
decarbonization projects for
schools, community groups, and
non-profits
Brought on fellow to design and
develop the schools grant and
community groups grant
Develop technical assistance to
incorporate into program
Neighborhood
Electrification
$1.5M
Test model to electrify buildings
within a community. Electrify 15
homes and set plans for 24 homes
Program design complete
Launch program and host first training
with residents
Workforce
Development
Partnerships
$1.3M
Increase capacity to coordinate
and train skilled workforce for
residential electrification jobs
Continued workforce stakeholder
engagement
Create new program design with
contractor focus group and
stakeholder input
Demand Flexibility
and Virtual Power
Plant programs
$1M
Connectivity to flexible, customer-sided loads to enable bill savings, avoided generation and capacity
costs, reliability and carbon
benefits
Negotiations with vendor multiple
scopes of work, contracts executed
Launch design of new batter energy
storage and C&I demand response
programs
Innovation Onramp
(EV Charging Pilot)
$1M
Demonstrate innovative and
scalable solutions to reduce the
cost of EV charging for MF
residents.

All three vendors identified
implementation sites. 1 site partially
completed EV charger installation.

Two vendors began MDMA
registration with PG&E.

Monitor installation progress for pilot
sites. Finalize MDMA registration with
PG&E.

E-Bike Rebates $500K 450 e-bikes
Program to be designed; progress
paused due to other priorities.

Begin program design process; target
launch in Q2-Q3 2026.

PROGRAMS PORTFOLIO
Planning
View our active rebates here. 4
SEPT 25
Item 1f
Attachment 1

SILICON VALLEY

CLEAN ENERGY
10/22
12/22
2/23
4/23
6/23
8/23
10/23
12/23
2/24
4/24
6/24
8/24
10/24
12/24
2/25
4/25
6/25
12/25
$0
$2,000
$4,000
$6,000
$8,000
Rebates claimed:

Current Level of $ Funds Reserved (in 000s)
0 20 40 60 80 100
Commercial business
Government
Multifamily
School/Nonprofit
Incentive program for L1 and L2 EV charging
infrastructure at multifamily properties
0 500 1000 1500 2000
HPWH

HP HVAC
Panel Upgrades
Induction Cooktop
Pre-wiring
Meter Removals
Funds Reserved:

Funds Claimed:

Ports Installed:

Home Rebates
Provide incentives to residents for heat pump
water heaters (HPWH), heat pump HVAC systems,
service panel upgrades, induction cooktops, and
pre-wiring to replace gas appliances.

EV Charging Planning
Assistance in site assessment, preliminary
design, and applying to rebates for charging at
multifamily housing and small and medium
workplace properties.

EV Charging Incentives
Number of Claims

PROGRAMS HIGHLIGHTS
5 $2.1M
$7.7M
$1.6M
226 L1/L2
Rebates reserved:
= 10 Installed EVSE Ports
Cumulative $ Funds Claimed to Date (in 000s)
Cumulative Applications
Completed Assessments
$953k
SEPT 25
Item 1f
Attachment 1
12/21
6/22
12/22
6/23
12/23
6/24
12/24
3/25
7/28
10/24
0 100
200
300
400
500
600
700
300 Participants Complete
the Course (Phase 2)
Goal:

Funding: $1.5M
Completions
Contractor Training
Provide financial relief to contractors by
expanding their knowledge of electrification
technologies.
= 10 Participants Complete Course
688
Registrations
346
6 PROGRAMS HIGHLIGHTS
SEPT 25
2/22
4/22
6/22
8/22
10/22
12/22
2/23
4/23
6/23
8/23
12/23
7/24
1/25
6/25
0 500
1000
1500
2000
GridShift EV Charging
Managed EV charging app that optimizes charging
to reduce associated costs and emissions.

Charger Rebates Issued: 77
Number of Enrolled EVs
1,616
Rebate Goal:
$30K
Goal:
120 EV Chargers
added to fleet
Item 1f
Attachment 1

AAAAAAAA
aaaaaaaa

AAAAAAAA

AAAAAAAA
AiA A A A A A

AAAAAAAA

A A A A
©aES'^
10/24 11/24 12/24 1/25 2/25 3/25 4/25 5/25 6/25 7/25 8/25 9/25 0 50,000
100,000
150,000
200,000
652 106
1,442 752
1,939 1,295 3,039 1,728 2,985 1,454 2,615
9,004 9,295
4,814 2,146 2,706 3,253 3,770 2,350
Web traffic increased

7.5x due to Power
Squad Ad Campaign
eHub 2.0 Report
Online customer resource center to enable
engagement, education and action related to clean
electricity, EVs and home electrification.

Unique Visits Return Visits
7 PROGRAMS HIGHLIGHTS
SEPT 25
Item 1f
Attachment 1
SILICON VALLEY <3/ CLEAN ENERGY

MARKETING HIGHLIGHTS
SEPT 25
EV Discount Campaign
Goal: Promote EV rebate, sunsetting tax
credits, and EV education
Tactics:

Regional campaign from August to
September
Partnered with PCE, SJCE, and
nonprofit Ride & Drive Clean
Results:
364 leads who signed up for EV
discount campaign
370+ customers reached in series of 4
webinars
122% increase in EV rebate claims
8 Home Upgrades Campaign Launch
We are thrilled to announce the launch of our first-ever Spanish-first marketing initiative, This campaign will serve as great learning experience for us to take the same approach in other languages soon.

Goal: Boost Home Rebate participants from October 7 to January 6 through an engaging ad campaign promoting Good Energy.

Tactics:
$100 Bill Credit Email Sign Up
Email Drip Campaign
Quiz Pathway
Google/Meta Ads
Univision
Item 1f
Attachment 1

LENA TU CASA

SILICON VALLEY

CLEAN ENERGY
Built Environment
Community Energy Resilience: Resources (grants) and tools for member agencies to increase individual and collective capacity to adapt to future power outages.

Electric Showcase Awards 2.0: Award program to recognize residential, commercial, and non-profits who are early adopters of existing building electrification.

Decarbonization Demonstration Grants: Grants to encourage member agencies and other key groups an opportunity to electrify their facilities. Focus on projects with public visibility for education/awareness purposes.

Decarbonization Engagement Grants: Grants for member agencies and other key groups to work on smaller electrification engagement initiatives to engage their communities.

Electrification Rate Discount: Custom rate to promote building electrification.

Existing Building Policy Experimentation: Assess and support potential policy levers that member agencies can explore to mitigate emissions from existing buildings.

Feasibility Assessment of Natural Gas Phase Out by 2045: Feasibility study to identify technical, legal, and economic barriers and opportunities for phasing out natural gas service by 2045 in SVCE's service territory.

Contractor Training: Training and financial incentive program for contractors to expand their knowledge and installation of electrification technologies.

Go Electric Advisor: Comprehensive one-on-one phone or web assistance to SVCE customers to assist them in applying for electrification incentives, technical assistance, or developing a whole-home electrification plan.

Home Rebates: Incentives for various building electrification technologies for single- and small multi-family residential customers. Includes major appliances as well as eventual gas meter removal.

Business Rebates: Incentives for projects at a handful of small and medium business properties.

Multifamily Retrofits (BE Direct Install): Comprehensive building electrification retrofits with a direct installer for multifamily affordable housing sites.

Permit Modernization: Benchmark and streamline member agency permitting and inspection processes to identify barriers and opportunities to electrification.

Reach Codes 2.0: Provide model building energy codes supportive of all-electric design and EV infrastructure to member agencies along with consultant support. 10 GLOSSARY
SEPT 25
Item 1f
Attachment 1
©

SILICON VALLEY

CLEAN ENERGY
CALeVIP: Incentives for L2 and DCFC publicly-accessible EV chargers funded by California Energy Commission and SVCE as part of a regional collaboration.

EV Charging Incentives: Incentive program for L1 and L2 EV charging at hard-to-reach multifamily properties.

Fleet Electrification Program: Competitive application for SVCE’s fleet electrification planning support and funding for site upgrades targeting a broad set of fleet types.

EV Charging Planning: Technical assistance for preliminary site design and pertinent rebates for charging at multifamily housing and small and medium workplace properties.

Multifamily Retrofits (TE Direct Install): Comprehensive transportation electrification retrofits with a direct installer for multifamily affordable housing sites.

Fast Charger Incentives: Competitive grant application for DCFC installations in “priority zones” that support designated multifamily housing clusters.

SVTEC: Regional stakeholder meetings focused on information sharing, solving critical issues, and attracting external funding to the SVCE community in support of EV infrastructure deployment.

GLOSSARY
Lights On Silicon Valley: Provide incentives for enrolling solar and battery systems in the SVCE grid services program.

Medical Battery Program: Pilot program to deploy ~50 portable batteries to qualified customers who rely on power for medical equipment.

Customer Resource Center (eHub): Online customer resource center and marketplace to enable engagement, education, and action related to clean electricity, EVs, and home electrification.

Mobility
Power Supply
Education & Outreach
Built Environment
SVBEST: Regular regional stakeholder convenings to coordinate program alignment across building decarbonization workstreams.

Tariffed On Bill (TOB) Financing: Equitable financing pilot program for electrification for low- moderate income residents focusing cost recovery through on-bill charges that are lower than bill savings.

GridShift EV Charging: Managed EV charging phone app that optimizes charging to reduce associated costs and emissions. Includes incentives for reducing grid peak demand.

SILICON VALLEY

CLEAN ENERGY

Page 1 of 1 ends

Staff Report – Item 1g
Item 1g: Receive Executive Committee Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Yvonne Martinez Beltran, Executive Committee Chair Date: 11/14/2025
The Executive Committee met October 24, 2025 and heard the following: a request to recommend that the SVCE Board approve the Transportation Electrification Program plans and budget reallocation, overview and analysis of the financial levers framework, and received information on the joint CCA Outreach campaign that addresses EV rebates, education and tax credits.

Hannah Gustafson, Programs Lead, presented a request to recommend that the SVCE Board approve the transportation electrification program plan and budget reallocation of $7.2 million unspent budget funds for the purpose of scaling core electrification programs. Programs Lead Gustafson reviewed background information of SVCE’s transportation electrification programs and provided information on future EV program plans which include rebates and assistance support programs and increased EV charging installations. The Executive Committee voted unanimously to support recommending the SVCE Board of Directors approve the reallocation of $7.2 million unspent budget funds to core transportation electrification programs. This item will be presented at the December Board of Directors meeting for a vote.

Justin Zagunis, Director of Customer Success, presented an item requesting input on the key levers impacting SVCE’s financial position that staff plans to model for future Board discussion. Director of Customer Success Zagunis presented the proposed following levers: 1) Rate Setting, 2) Clean Product, 3) Programs Funds, and 4) Other levers, including operating expenses and revenue opportunities. The Committee provided feedback on the proposed levers, agreeing what staff had identified was important and should be modeled, and also noted the importance of data to assist in establishing a priority order. A similar item will be presented to the Board in December for continued discussion with the full Board.

The Committee received an informational overview of SVCE’s Electric Vehicle Rebate and Education Program from Marketing Specialist, Sunny Zhang.

Materials from this meeting can be found on SVCE’s website: SVCE Executive Committee Meeting, October 24, 2025
The next meeting of the Executive Committee will be December 5, 2025 at 9:30 a.m.; materials will be posted no later than 72 hours in advance of the meeting.

Item 1g
SILICON VALLEY \3/ CLEAN ENERGY

Page 1 of 2 ends

Staff Report – Item 1h
Item 1h: Receive Audit Committee Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Bryan Mekechuk, Chair, Audit Committee
Date: 11/14/2025
The Audit Committee met on Monday October 6, 2025 with three of four members present and considered the following: an update on the implementation of Governmental Accounting Standards Board (GASB) 96, kick-off of the annual SVCE financial audit, a recommendation on the assignment of the auditor contract to Sorren CPAs, P.C., and an Information Technology and Cybersecurity Assessment update.

Amrit Singh, CFO, started the meeting with his CFO report, outlining the implementation of GASB 62, which would defer certain amounts of revenue to future periods and recognize those revenues in periods when expenditures that the Board of Directors has already earmarked would occur. He explained that staff will discuss the implementation of GASB 62 for the fiscal year ending September 30, 2025, with the Finance Committee.

Bryan Mekechuk, Chair, requested that future agendas for the Audit Committee include a CFO report, which would be beneficial for the Audit Committee.

Michael Maher of Maher Accountancy, SVCE’s external accounting services provider, presented information to the Audit Committee on GASB 96, which covers Subscription-Based IT Arrangements (SBITAs) and their opinion on its application to SVCE. Mr. Maher reviewed his measure of materiality with the estimated impact for the fiscal year ending September 30, 2025. He proposed next steps, which included continuing analyze software contracts annually to determine if his threshold of materiality is reached, and to consider formalizing an accounting policy with explicit thresholds for recognition.

Mr. Mekechuk acknowledged Mr. Maher’s opinion and recommendations, and explained that the cumulative effect of SBITAs should be understood as the impact of not accounting for SBITAs in any one year may not be considered material, yet the cumulative impact over several years may be material. Further, he noted that accounting for other items, such as leases (GASB 87) implies a level of precision (materiality) in the financial statements that readers may expect and other disclosures, such as those for leases (GASB 87) should be considered when accounting for SBITAs in SVCE’s financial statements. Further, he opined that SVCE could consider disclosing SBITAs in fiscal 2025 as a change in accounting estimate, allowing prospective (no retroactive) treatment of such a change.

He asked that Maher Accountancy review SBITAs again before completing the draft financial statements for September 30, 2025 and offered to review the accounting for SBITAs again.

Kellin Gilbert, Audit Partner from Sorren CPAs P.C., introduced the audit team that would be supporting SVCE’s upcoming audit for the year ended September 30, 2025. Mr. Gilbert outlined the merger with various practices and Kosmatka Donnelly & Co., LLP to form Sorren CPAs P.C., the audit timeline, roles and responsibilities of management and the auditor, risk assessment procedures, and planned audit procedures. Mr. Gilbert noted a letter communicating planned timing, significant risk identified and planned audit response would be sent from Sorren CPAs P.C. to the Audit Committee in early November.

Item 1h
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 1h Agenda Date: 11/14/2025

Page 2 of 2 ends

The next item discussed at the Audit Committee meeting was presented by Michael Callahan, General Counsel, regarding the assignment of the auditor contract from Kosmatka Donnelly & Co., LLP to Sorren CPAs, P.C.

General Counsel Callahan requested the Audit Committee support a recommendation to the Board of Directors to approve the assignment, with the services and term to remain unchanged from the original contract since the change was a result of the merger mentioned by Mr. Gilbert in the previous item. The Audit Committee voted to unanimously support this recommendation.

The last item discussed at the Audit Committee meeting was presented by Nik Zanotto, Director of Operations, on IT audits and cybersecurity posture.

Materials from this meeting can be found at the following link: SVCE Audit Committee Meeting, 10/6/25 The next meeting of the Audit Committee will likely be in February 2026 and determined by Audit Committee member availability. Materials will be posted no later than 72 hours in advance of the meeting.

Item 1h

Page 1 of 1 ends

Staff Report – Item 1i
Item 1i: Receive Additional Committees Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Andrea Pizano, Sr. Executive Assistant and Board Clerk Date: 11/14/2025
There are no reports for the Finance and Administration Committee, and 2025 Legislative Response to Industry Transition Ad Hoc Committee as they have not met since the last report.

The Finance and Administration Committee is scheduled to meet Monday, November 24, 2025 at 1:00 p.m.; the 2025 Legislative Response to Industry Transition Ad Hoc Committee will meet in early November. Materials for SVCE’s Brown Act meetings will be posted 72 hours in advance of the meeting dates.

Item 1i
SILICON VALLEY \3/ CLEAN ENERGY

Page 1 of 1 ends

Staff Report – Item 1j
Item 1j: Receive California Community Power Report
To: Silicon Valley Clean Energy Board of Directors
From: Monica Padilla, CEO
Date: 11/14/2025
Per direction from the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) on December 9, 2020 for the Chief Executive Officer to provide a report of the ongoing activities of California Community Power (CC Power) after each of its meetings, this is to report CC Power’s regularly scheduled meeting on October 15, 2025 was cancelled. CC Power’s Board of Directors met the following week October 21 –22 for a special meeting in Groveland, CA to focus on strategic discussions around CC Power’s future direction and maturation.

The next regular meeting of the CC Power Board is scheduled for November 19, 2025 at 1:00 p.m.; meeting materials can be found on the CC Power website: https://cacommunitypower.org/meetings/ Item 1j
SILICON VALLEY \3/ CLEAN ENERGY

Page 1 of 7 ends

Staff Report – Item 2
Item 2: CEO Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Monica Padilla, CEO
Date: 11/14/2025
REPORT
Personnel Officer Update
SVCE desires to develop and retain employees key employees. As such, as part of its annual employee performance review process, promotions of deserving individuals are identified. The following employees have been promoted:
• Raul Hernandez is promoted from Marketing Lead to Marketing Manager • Colleen McCamy is promoted from Associate Data Scientist to Data Scientist • Brett Sirianni is promoted from Senior IT Analyst to Information Security Manager • Citlalli Sandoval is promoted from Senior Regulatory Advisor to Principal Regulatory Advisor • Willy Wang is promoted from Power Resources Planner to a Contracts and Settlements Manager • Sunny Zhang is promoted from Marketing Specialist to Senior Marketing Specialist • Jessica Cornejo is promoted from Senior Community Strategies Specialist to Decarbonization & Community Strategies Lead
SVCE is currently recruiting for a Forecasting and Planning Analyst and an IT Manager. Job descriptions and applications for the above positions can be found on SVCE’s website: Current Job Openings Power Resources & Clean Energy Update
On October 9th, 2025, SVCE executed a master agreement with TotalEnergies Gas & Power North America, Inc. (“TGPNA”) to enable the execution of energy transactions. This master agreement is based on the industry standard Edison Electric Institute (EEI) master power purchase and sale agreement. Executing the master agreement with TGPNA adds a new counterparty to SVCE’s list of approved master agreements which supports risk diversification consistent with the Energy Risk Management Policy. The EEI was approved by the board at the October 8th board meeting (item 1f).

The original SunZia contract for 100MW has now been bifurcated according to its North and South sites, with no other material changes to contractual parameters.

On October 23rd, 2025, executed a Power Purchase Agreement (PPA) with Intersect Power, LLC for IP Darden III, LLC. The SVCE Board of Directors authorized the execution of this PPA with non-substantive changes at the August 13th, 2025, board meeting. IP Darden III is a solar plus storage facility in Fresno County with the following attributes.

• Up to 93.01 megawatt (MW) or approximately 250,000-270,000 megawatt hours (MWh) per year of renewable and clean energy;
• 91.48 MW or 365.92 MWh 4-hour lithium-ion BESS;
• 10-Year term PPA with expected commercial operation dates (COD) and term from June 1, 2028, through May 31, 2038; and
• Total amount not-to-exceed $330,000,000
Item 2
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 2 Agenda Date: 11/14/2025

Page 2 of 7 ends

SVCE maintains an expected clean position at or above 105% through 2027. Attachment 1 provides the highlights of SVCE’s clean energy efforts.

Customer Success Department Updates
SVCE Hits Record High Home Rebates
Home Rebates is the longest-running SVCE building electrification program, providing rebates to enable single-family residents to switch from gas to electric appliances. In the first nine months of 2025, SVCE has paid out $3.2 million in rebates, which has already exceeded rebates paid out in the 2024 calendar year. The two most popular rebates are for heat pump HVAC (1,896 claimed) and prewiring for future electrification (1,285 claimed).

Staff anticipates an even greater uptick in the final quarter of 2025, given that federal tax credits are sunsetting on December 31, 2025.

SVCE Helps Catalyze Utility Allowances now Favor Electrification of Affordable Housing Since 2023, SVCE has been working with affordable housing property managers on building electrification and adding electric vehicle charging at existing properties. Through stakeholder engagement sessions with affordable property owners, SVCE identified that outdated utility allowance schedules were a key barrier to electrification in affordable housing. Electric heating allowance schedules, which are based on inefficient electric resistance systems, reduced allowable rent and discourage property owners from adopting heat pumps despite their efficiency benefits. Recognizing this gap, SVCE engaged with the Santa Clara County Housing Authority and encouraged them to explore solutions to ensure that actual energy savings from electrification are accurately reflected in rent calculations at affordable properties. This collaboration recently led to the creation of a dedicated electric heat pump utility allowance by the Santa Clara County Housing Authority in its 2026 Utility Allowance Schedule. This schedule favors electrification and applies countywide to all affordable housing properties, facilitating greater interest and support for affordable housing properties to electrify.

Active Marketing and Awareness Campaigns
4 to 9 is Not the Time Awareness Campaign
The rate awareness campaign is live, targeting all residential customers. The playful campaign will run through fall, and will utilize digital, video, print, and out of home advertising to remind customers that shifting electricity use out of the 4 - 9 p.m. window can help them save on their bill.

Good Energy Rebates Campaign
SVCE launched its first-ever Spanish-first marketing initiative, known as the Buena Energia (Good Energy) campaign. This is part of a broader campaign to support the Home Rebates program and drive awareness – with a particular emphasis on Spanish applications and reach. What SVCE learns from this campaign will inform how to do other language-first marketing initiatives in the future. Ads are currently running digitally via Google and Meta in both Spanish and English, and Univision (Spanish only).

Press and Media
Press Releases
• Peninsula Clean Energy, Silicon Valley Clean Energy Jointly Launch Demand Flexibility Initiatives, Press Release, 11-03-25
• $20,000 in Scholarships Awarded to Students in SV Clean Energy Music & Art Competition, Press Release, 9-30-25
• Peninsula Clean Energy and Silicon Valley Clean Energy Recognized at Climate Week NYC for Championing Electric Reach Codes, Press Release, 9-26-25 Media Mentions
• Energy agencies sue Origis, claim $200 million solar scheme, Daily Journal, 10-17-25 • The future of optimized EV charging, Latitude Media, 10-10-25 • Come together for Gilroy’s La Ofrenda Festival, Gilroy Dispatch, 10-6-25 • The Insatiable Energy Demands of Data Centers Could Increase Fossil Fuel Emissions in California, Capital & Main, 10-1-25
• Top Heat Pump Water Heater Rebates Available Nationally, CleanTechnica, 9-24-25 Item 2
Agenda Item: 2 Agenda Date: 11/14/2025

Page 3 of 7 ends

Recent & Upcoming Events
Oct. 28 – 30 – VERGE
- Sponsorship, staff attendance, tabling
- San Jose Convention Center, 150 W San
Carlos St, San Jose, CA 95113
Oct. 30 – Converging for a Sustainable
Future: Federal Impacts & Local Climate
Solutions Roundtable
- Panelist
- 4:30 – 7 p.m. (Panel runs from 5:30-6:00
p.m.)
- Orchard City Banquet Hall, Campbell
Community Center, 1 W Campbell Ave,
Campbell, CA 95008
Nov. 1 – La Ofrenda Festival
- Sponsorship and tabling
- 1 – 7 p.m.
- Downtown Gilroy
Nov. 2 – St. Simon’s Parish Electrification
Event
- Tabling
- Morning, TBA
- 1860 Grant Rd, Los Altos, CA 94024
Nov. 8 – Peninsula and South Bay
Green@Home Tour 2025
- Sponsor
- 11 a.m. - 3 p.m.
- Various locations
Nov. 13 – Gilroy Chamber After Hours Mixer
- Attendance
- 5:30 – 7 p.m.
- Location TBA
Regulatory & Legislative Update
Regulatory:

Integrated Resource Planning: On September 30th the CPUC issued a ruling which included a “Need Determination” which found a need for an additional 6,000 MW of net qualifying capacity for the system by 2032.

This ruling suggests we will likely see another procurement order for 6,000 MW in either Q4 2025 or Q1 2026. It is expected that this order will be broadly similar to past procurement orders in both how resources are counted and how the need is allocated. If the full 6,000 MW is ordered, SVCE’s expected share would be approximately 120 MW (30 MW per year 2029-2032). In opening comments filed on October 22nd numerous parties, including CalCCA, pushed back on ordering the total amount now, citing significant uncertainty in the load forecast, largely due to Data Center loads, as well as the pending release of the Reliable Clean Power Procurement Program (“RCPPP”) which is ultimately intended to replace “order based” procurement.

ERRA 2026 Forecast: On October 1, the CPUC issued market price benchmarks (“MPBs”), including final MPBs for 2025 and forecast MPBs for 2026. As expected, in light of the CPUC’s Decision earlier this year in Phase 1 of the Power Charge Indifference Adjustment (“PCIA”) proceeding, the MPBs for resource adequacy (“RA”) were lower than they would have been under the previous methodology. Also contributing to the decrease in value of the RA MPBs is the softening of the RA market over the past year. Due to the lower MPBs, CCA customers, including SVCE’s, will pay a higher rate of PCIA than last year.

Legislative: On October 13, 2025, Governor Newsom signed or vetoed all bills on his desk. Results of the bills that SVCE supported or opposed are included in the CEO Report slides, Attachment 2.

As of October 22, 2025, the federal government remains shut down due to Congress not being able to pass a budget. SVCE continues to monitor potential impacts to federal permitting of renewable and transmission projects.

Attachment 2 contains a summary of key regulatory proceedings and legislative initiatives.

New SVCE Headquarters
Staff have submitted a building permit application for the new SVCE Headquarters building. In addition, staff are working through a Special Development Planning Permit which is required to build out the portions of the building that will be accessible by the public, namely the Board Chambers. Staff worked with SERA architect to design the space to be highly functional for staff and the Board and also reflective of our mission, while remaining cost-Item 2 Agenda Item: 2 Agenda Date: 11/14/2025

Page 4 of 7 ends

conscious. Staff plans to reuse as much of the existing resources as possible, for example the existing carpet and furniture from the current office will be used in the new office. As part of the design process, the cost estimating team will provide estimates at each stage of the budget. Initial estimates are coming in higher than anticipated.

Staff anticipates bringing a proposed contract to the Board for review in January along with a request for additional budget, if necessary.

The project is currently on track to allow for a July 2026 move-in date.

Strategic Plan – FY 2024/2025 Q4 Update
At the September 11, 2024 meeting, the SVCE Board of Directors adopted the five Strategic Focus Areas and Strategic Plan for fiscal year 2024-25. Attachment 3 provides the highlights of the accomplishments and progress on the Strategic Focus Areas and Strategic Plan for the last quarter, July – September 2025.

Staff will continue to provide quarterly updates on the Strategic Focus Areas and Strategic Plan for Fiscal Years 2025-2027, as adopted by the Board in September 2025.

Look Ahead Update
Staff continues to plan for Board and committee meetings into the new year. Below is a preview of what’s ahead for the Board from December 2025 through February 2026:

Special Board Workshop
Staff is preparing a Special Board Workshop for Friday, December 12, 2025 from 10 am to noon to provide the Board and community an opportunity to hear from industry leaders and provide input on key SVCE initiatives.

The location and other details will follow.

ATTACHMENTS

1. Clean Power Update, November 2025

2. Regulatory and Legislative Update, November 2025

3. Q4 Strategic Focus Area and Strategic Plan Update
Item 2
Agenda Look Ahead: December 2025 - February 2026
December
10th: BOD Meeting
• Approve FY 2025-26 Budget Update and
2026 Customer Rate Setting-Action
• Approve 2026 LegislativePolicy Platform-Action
• Financial Levers-Discussion
• Local Agency Action Planning -
Informational
• Approve Regular Board Meeting Schedule
-Action
January
14th: BOD Meeting
• Chair and Vice Chair Appointment-Action
• Executive Committee Appointment -
Action
February
11th: BOD Meeting
• 2026 Committee Selections- Action
12th: BOD Special Meeting, 10am
• StudySession:Financial Levers and
Integrated Decarbonization Roadmap
Please note the items on this schedule may change
depending on priorities
Agenda Item: 2 Agenda Date: 11/14/2025

Page 5 of 7 ends

Exhibit 1 - CEO Agreements Executed Under Delegated Authority The following agreements have been executed by the CEO or their delegate, consistent with the authority delegated by the Board:

Type Consultant Description Compensation Term Authority Amendment Marsh and
McLennan
Agency, LLC
Health Benefits
Consulting
Services
No change Extended
term to
3/31/2026
CEO Spending
Authority
Amendment Wilson Sonsini
Goodrich and
Rosati
Legal Services No Change Extended
term to
9/30/2026
CEO Spending
Authority
Task Order Evergreen
Economics
Task Order
Scoping
NTE - $30,000 9/10/2025-
12/13/2028
Board
Approved
(12/13/2023)
Amendment Sunnyvale Village
Associates
Standard Multi-Tenant Office
Lease
Adds $284,868 to
NTE
Extends
term to
7/31/2026
Board
Approved
(9/10/2025)
Amendment EcoMetricx Cloud
Infrastructure
Implementation
Service
No Change Changed
Insurance
Board
Approved
(08/13/2025)
Amendment SMUD Charging
Installation
Incentives
Program (CHIIP)
Support
NTE - $392,610 End Date –
1/31/2028
Board
Approved
(12/13/2023)
Grant
Agreement
City of Morgan
Hill
Member Agency
Grant Program
Agreement
NTE - $224,990 9/11/2025 -
12/31/2028
Board
Approved
(3/2025)
Member
Agency
Competitive
Grants
Program
Agreement US Bancorp Financial Advisory
Services
NTE- $0 10/15/2025-
10/30/2025
CEO Spending
Authority
Type Consultant Description Compensation Term Authority Task Order Evergreen
Economics
Decarbonization
Grants
Evaluation
NTE - $135,297 10/2025 -
1/2028
Board Approved
(12/13/2023)
Amendment Rock Rabbit,
INC
Master
Agreement-SAAS
No Change Extends term to
12/31/2026
CEO Spending
Authority
Main Services
Agreement
Lunar Energy
Limited
Main Services
Agreement
NTE - $971,238 10/21/2025-
10/20/2030
Board Approved
(5/14/2025)
SOW Lunar Energy
Limited
Scope 1-
Distributed
Energy Resource
Paid through
MSA
10/21/2025-
10/20/2030
Board Approved
(5/14/2025)
Item 2
Agenda Item: 2 Agenda Date: 11/14/2025

Page 6 of 7 ends

Management
System
SOW Lunar Energy
Limited
Scope 2- SVCE
Administered
Programs
Paid through
MSA
10/21/2025-
10/20/2030
Board Approved
(5/14/2025)
SOW Lunar Energy
Limited
Scope 4-
Residential
Energy Storage
System Program
Design
Paid through
MSA
10/21/2025-
10/20/2030
Board Approved
(5/14/2025)
Task Order 5 Opinion
Dynamics
Task Order
Scoping
NTE - $30,000 10/22/2025-
12/13/2028
Board Approved
(12/13/2023)
Item 2

Page 7 of 7 ends

Exhibit 2 - CEO Power Supply Agreements Executed Under Delegated Authority Counterparty Name Execution/Effective Date Transaction Type Product Start Date End Date Notional Value The Energy Authority 9/24/2025 Purchase Import Allocation Rights 5/1/2026 10/31/2026 $93,600 High Desert Power Project, LLC 10/3/2025 Sale Resource Adequacy 3/1/2026 3/31/2026 $118,501.62 BP Energy Company 10/8/2025 Purchase Hedge Energy 1/1/2026 1/31/2026 $1,653,540.00 BP Energy Company 10/8/2025 Purchase Hedge Energy 2/1/2026 2/28/2026 $1,098,720.00 J. Aron & Company, LLC 10/8/2025 Purchase Hedge Energy 6/1/2025 6/30/2025 $0 J.Aron & Company, LLC 10/8/2025 Sale Hedge Energy 6/1/2025 6/30/2025 $0 Karbone Energy, LLC 10/17/2025 Sale Resource Adequacy 12/1/2025 12/30/2025 $71,250.00 Pacific Gas & Electric Company 10/24/2025 Purchase Import Allocation Rights 1/1/2026 12/31/2026 $2,643,840.00 Pacific Gas & Electric Company 10/24/2025 Purchase Resource Adequacy 3/1/2026 3/31/2026 $94,000.00 Pacific Gas & Electric Company 10/24/2025 Sale Resource Adequacy 11/1/2026 11/30/2026 $220,500.00 Southern California Edison 10/27/2025 Purchase Import Allocation Rights 1/1/2026 12/31/2026 $3,731,400.00 Southern California Edison 10/27/2025 Sale Resource Adequacy 8/1/2026 8/31/2026 $492,000.00 Item 2

SILICON VALLEY

CLEAN ENERGY
• Subtitle
New SV Clean Energy
PowerPoint Template
CEO Report
Clean Power Update
SVCE Board Meeting
November 12, 2025
Item 2
Attachment 1
Clean Power Update, November 2025

SILICON VALLEY

CLEAN ENERGY
2 California’s Clean Energy Goals
SVCE’s
procurement
targets are
primarily driven
by regulatory
requirements
and Board goals
• 60% Renewable Energy by 2030 SB100 • 100% Carbon Free by 2045 • 65% of Renewable Energy must be from Long-Term SB350 (10yr or more) contracts • Mid-Term Reliability
• Established by the CPUC to focus on securing
sufficient online resources to meet expected demand
in the coming few years
MTR
• 100% Clean – annually, with line losses
• 75% Renewable by 2030
• 100% Renewable by 2035 (adopted late 2024)
SVCE
BOD
Item 2
Attachment 1
Clean Power Update, November 2025
3 SVCE is On Track to Meet SB100 and Agency Goals
for Clean and RPS…
Item 2
Attachment 1
Clean Power Update, November 2025 Clean Volumes (MWhs)
4M
3M
2M
1M
OM
2025 2026 2027 2028 2029 2030
Compliance Year
•
RPS Volumes GHG Free Volumes •SVCE RPS Position •SVCE Clean Position •SB100 Target •SVCE Clean Target 120%
100%
80%
60%
40%
20%
0%
Percent of Retail Load
4 And Making Significant Progress Toward Meeting
Long-Term RPS Targets
SB350 is a multi-year compliance
period obligation,
which has interim
annual targets
9%
7%
1%
3%
3%
5%
4%
8%
5% 45%
31%
% of Retail Sales
CY 2025 Expected Long-Term RPS
• Currently in Compliance Period 5: 2025-2027
Item 2
Attachment 1
Clean Power Update, November 2025
Long-Term Power Purchase Agreements
• $4.1B+ in commitments
• 26 PPAs signed
• 23 new build projects
• 1,000+ MW of Renewable Power
• 2,000+ MWh of Battery Storage
10 Projects now delivering to SVCE:
• COSO geothermal - January 2022
• Slate Solar + Storage – January 2022
• Casa Diablo geothermal – July 2022
• Mountain View wind – July 2022
• Rabbitbrush Solar + Storage – October 2022
• Terra-Gen Wind – January 2023
• Yellow Pine Solar + Storage – July 2023
• Victory Pass Solar + Storage – March 2024
• Baldy Mesa Storage (RA-only) – June 2024
• Hanford BESS – August 2025
Item 2
Attachment 1
Clean Power Update, November 2025
Long-Term Contracts: Online
Victory Pass Solar + Storage
Casa Diablo Geothermal
Seller Project Name Technology Generation MW Storage MW Storage MWh Term
(years)
SVCE Board
Approval
1 MN8 Slate Solar + Storage 93 46.5 186 17 Oct-18
2 Ormat Casa Diablo Geothermal 7 10 Feb-20
3 Atlantica Coso Geothermal 43.8 15 Mar-20
4 Leeward Rabbitbrush Solar + Storage 40 8 20 15 Apr-20 5 NextEra Yellow Pine Solar + Storage 50 26 104 20 May-20 6 AES Mountain View Wind 33.3 20 Apr-21
7 Clearway Victory Pass Solar + Storage 100 25 100 15 May-21 8 Terra-Gen Cameron Crest Wind 77.7 15 May-21
9 AES Baldy Mesa (RA-only) Storage 0 75 300 10 Sep-22
10 Middle River
Power Hanford Thermal + BESS 99.4 131.4 131.4 12 Apr-23 Item 2
Attachment 1
Clean Power Update, November 2025
Long-Term Contracts: In Development
SunZia Wind & Transmission
Seller Project Name Technology
Generation
MW Storage MW Storage MWh
Term
(years)
SVCE Board
Approval Status
1 Avantus Aratina Solar + Storage 80 50 200 20 Jun-20 Construction 2 SB Energy Angela Solar + Storage 20 10 40 15 Mar-21 Construction 3 Origis San Luis West Solar + Storage 62.5 15.625 62.5 15 Apr-21 Pre-construction 4 Rev
Renewables Tumbleed
Long Duration
Storage 0 15.9375 127.5 15 Feb-22 Construction
5 Ormat
Geothermal
Portfolio Geothermal 16.75 20 Jun-22 Pre-construction
6 OME Fish Lake Geothermal 1.82 20 Jun-22 Pre-construction 8 NextEra Grace Solar 120 15 Aug-23 Pre-construction
9 NextEra Yellow Pine III Storage 0 24 96 15 Aug-23 Pre-construction 10 NextEra Yellow Pine III
Long Duration
Storage 0 9 72 15 Apr-25 Pre-construction
11 Pattern SunZia South Wind 70.2 15 Nov-23 Construction 12 Pattern SunZia North Wind 29.8 15 Nov-23 Construction 13 VCI Energy
Garden Green
Solar Solar + Storage 50 50 200 10 Oct-24 Pre-construction 14 Pattern
SunZia South
Incremental Wind 17.54 10 May-25 Construction
15 Pattern
SunZia North
Incremental Wind 7.46 10 May-25 Construction
16 Intersect
Power Darden III Solar + Storage 91.48 91.48 365.92 10 Sep-25 Pre-construction Item 2
Attachment 1
Clean Power Update, November 2025
Clean Energy Resources Online Progress
as of October 29, 2025
2025 • San Luis West Solar + Storage: Pre-construction - delayed • Tumbleweed LDS: Construction mode
• Aratina Solar + Storage: Construction mode
• SunZia N/S Wind and SunZia Incremental N/S Wind: Construction mode • Angela Solar + Storage: Construction mode
2026
• Fish Lake Geothermal: Pre-construction
• Grace Solar: Pre-construction
• Ormat Geothermal Portfolio: Pre-construction
2027
• Yellow Pine III Storage: Pre-construction
• Yellow Pine III LDS: Pre-construction
• Darden: Pre-construction
• Garden Green Solar: Pre-construction
2028+
Item 2
Attachment 1
Clean Power Update, November 2025
THANK YOU!
9 Item 2
Attachment 1
Clean Power Update, November 2025
1 • Subtitle
New SV Clean Energy
PowerPoint Template
SVCE Legislative and
Regulatory Update
November 12, 2025
Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025

SILICON VALLEY

CLEAN ENERGY
£ *F Laniclativa and
Regulatory Update
November 12, 2025
2 Policy Updates
Regulatory Update:

1. Integrated Resource Planning

2. Energy Resource Recovery Account

3. Demand Response
Legislative Update:

1. State Legislation

2. 2025 Legislative Calendar
Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
CD Policy Updates
Regulatory Update:

1. Integrated Resource Planning

2. Energy Resource Recovery Account

3. Demand Response
Legislative Update

1. State Legislation

2. 2025 LegislativeCalendar
2 3
Regulatory
Update
3 Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
Regulatory
Update
4 Key Regulatory Activities
Activity Purpose Status
R.25 -06 -019
Integrated Resource
Planning
CPUC proceeding to provide
oversight to the long -term
development of the California
electricity grid; to ensure reliability
and clean targets are on track to
be met.

On September 30th the CPUC issued a ruling which included a “Need Determination” which found a need for an additional 6,000 MW of net qualifying capacity for the system by 2032. This ruling suggests we will likely see another procurement order for 6,000 MW in either Q4 2025 or Q1 2026. While the ruling asked numerous questions of stakeholders regarding both the assessment and how the CPUC should carry out an order if it is issued, it is expected that this order will be broadly similar to past procurement orders in both how resources are counted and how the need is allocated.

If the full 6,000 MW is ordered, SVCE’s expected share would be approximately 120 MW (30 MW per year 2029- 2032). At this time it appears the order will likely be for 'generic' capacity, allowing LSEs to procure any clean, incremental capacity. However some parties are advocating for a cap on standalone battery procurement, citing a potential energy insufficiency on the grid.

In opening comments filed on October 22nd numerous parties, including CalCCA, pushed back on ordering the total amount now, citing significant uncertainty in the load forecast, largely due to Data Center loads, as well as the pending release of the Reliable Clean Power Procurement Program (“RCPPP”) which is ultimately intended to replace “order based” procurement.

A.25 -05 -015
PG&E's 2026 ERRA Forecast
Application of PG&E for adoption
of its 2026 Energy Resource
Recovery Account (ERRA)
On October 1, the CPUC issued market price benchmarks (“MPBs”), including final MPBs for 2025 and forecast MPBs for 2026. As expected, in light of the CPUC’s Decision earlier this year in Phase 1 of the Power Charge Indifference Adjustment (“PCIA”) proceeding, the MPBs for resource adequacy (“RA”) were lower than they would have been under the previous methodology. Also contributing to the decrease in value of the RA MPBs is the softening of the RA market over the past year. Due to the lower MPBs, CCA customers, including SVCE’s, will pay a higher rate of PCIA than last year.

R.25 -09 -004
Demand Response
To enhance demand response in
California.

The CPUC has opened up a new rulemaking to evaluate and enhance the consistency, predictability, reliability, and cost-effectiveness of demand response resources. In the proceeding, the CPUC plans to update the demand response guiding principles, policies, and data system and process requirements to facilitate the implementation of demand response. The CPUC is also including dynamic rates, otherwise known as real time pricing, in the definition of demand response (i.e., it is being classified as a type of demand response) and actions taken in this proceeding will impact dynamic rate implementation. SVCE plans to engage in this proceeding because it is a continuation of the Demand Flexibility proceeding and has a large scope that could affect SVCE's demand response-related activities.

Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
Key Regulatory Activities
Activity Purpose Status
R.25-06-019
Integrated Resource
Planning
CPUC proceeding to provide
oversight to the long-term
development of the California
electricty grid; to ensure reliabilty
and cleantargets are on track to
be met.

A.25-05-015
PG&E's 2026 ERRA Forecast
Application of PG&E for adoption
of its 2026 Energy Resource
Recovery Account (ERRA)
R.25-09-004
Demand Response
To enhance demand response in
California.
5 Legislative Update
Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
6 SVCE Bill Positions
Bill Number Summary SVCE
Position
Position Taken
Under which Board -
Adopted Legislative
Platform Policy
Status
AB 825
(Petrie-Norris)
Allows the formation of a
new Regional Organization
to enable California to
participate in energy markets
with other western states.

Support Clean, Reliable Grid Signed by Governor
SB 254
(Becker)
Omnibus affordability bill that
includes public transmission
financing, replenishment of
the wildfire insurance fund,
wildfire mitigation oversight,
and permitting streamlining.

Support Affordability and
Rates
Signed by Governor
Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
0 SVCE Bill Positions
Bill Number Sumary SVCE
Position
AB 825
(Petrie-Norris)
SB 254
(Becker)
Allows the formation of a
new Regional Organization
to enable California to
participate in energy markets
with other western states.

Omnibus afordabilty bill that
includes public transmission
financing, replenishment of
the wildfire insurance fund,
wildfire mitigation oversight,
and permitting streamlining.

Support
Support
Position Taken
Under which Board-Adopted Legislative
Platform Policy
Status
Clean,Reliable Grid Signedby Governor
Afordabilty and
Rates
Signedby Governor
6 7
SVCE Bill Positions
Bill Number Summary SVCE Position Position Taken Under
which Board -Adopted
Legislative Platform
Policy
Status
AB 130 Establishes a moratorium
on state building codes and
local reach codes from
October 1, 2025 – June 1,
2031, with limited
exemptions.

Oppose Unless
Amended
Climate Change
Mitigation/Fuel Switching
Signed by Governor
AB 1207 (Irwin) Renames Cap and Trade to
Cap and Invest and
extends the program from
2030 to 2045.

Support Climate Change
Mitigation/Fuel Switching
Signed by Governor
SB 840 (Limon) Introduces new allocation
structure for the Cap and
Invest Program.

Support Climate Change
Mitigation/Fuel Switching
Signed by Governor
Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
0 SVCE Bill Positions
Bill Number Sumary SVCE Position
AB 130 Establishes a moratorium Oppose Unless
on state building codes andAmended
local reach codes from
October 1, 2025 -June 1,
2031, with limited
exemptions.

AB 1207 (Irwin) Renames Cap and Trade to Support
Cap and Invest and
extends the program from
2030 to 2045.

SB 840 (Limon) Introduces new allocation Support
structure for the Cap and
Invest Program.

Position TakenUnder
which Board-Adopted
Legislative Platform
Policy
Status
Climate Change
Mitigation/Fuel Switching
Signedby Governor
Climate Change
Mitigation/Fuel Switching
Signedby Governor
Climate Change Signedby Governor
Mitigation/Fuel Switching
7 8
• January 6 – Legislature Reconvenes
• February 21 – Last day for bills to be introduced
• May 2 – Last day for policy committees to hear fiscal bills • May 23 – Last day for fiscal committees to hear bills introduced in that house • June 6 – Last day for each house to pass bills introduced in that house • June 15 – Budget bill must pass by midnight
• July 18 – Last day for policy committees to vote on bills • August 29 – Last day for fiscal committees to vote on bills • September 12 – Last day for each house to pass bills
• October 13 – Last day for Governor to sign bills
Key 2025 State Legislative Milestones
Item 2
Attachment 2
SVCE Leg/Reg Update, November 2025
1 Key 2025 State Legislative Milestones
January 6—Legis lature Reconvenes
February 21—Last day for bills to bo introduced
May 2—Last day for policy committees to hoar fiscal bills May 23—Last day for fiscal committees to hoar bills introduced in that house Juno 6—Last day for each house to pass bills introduced in that house Juno 15—Budget bill must pass by midnight
July 18—Last day for policy committees to vote on bills August 29—Last day for fiscal committees to vote on bills September 12—Last day for each house to pass bills
October 13—Last day for Governor to sign bills
8 Silicon Valley Clean Energy

STRATEGIC PLAN
FY 24/25 Q4 Progress Update
July - September 2025
Strategic Focus Areas
SFA 1: Expand Affordability Efforts
Staff launched a new rate awareness campaign for all customers about avoiding high energy use during peak times. Staff is in the process of developing a rate tool (coming this year) to support customers understanding the benefits of picking the right rate, electrifying, and using energy at cheaper times. SVCE advocated for several affordability-related bills in the legislature, including SB 254 (Becker), an omnibus energy affordability bill that addresses several key cost drivers, and AB 825 (Petrie-Norris), which allows for a new governance structure for regional energy markets that will help bring down energy prices. The Governor signed both bills into law. SVCE issued the one-time bill credit totaling approximately $34M to all customers on their bills for August usage.

SFA 2: Expand Clean & Reliable Grid Actions
SVCE received approval for the Darden III a solar plus storage resource in Fresno county which should be online in the middle of 2028. SVCE continues to meet all its compliance and policy obligations as a Load Serving Entity for 2025. SVCE added a counterparty supplier for wholesale purchases by executing a Master Agreement, providing additional depth to SVCE's power procurement activities.

SFA 3: Expand Offerings and C/I Customers
SVCE's Commercial and Industrial (C&I) decarbonization program continues with more participants signed up and active site visits to identify novel projects. Staff continue to work on expanded C&I engagement. Active discussions with expected large loads, including data centers, and exploring custom agreements.

Item 2
Attachment 3
SFA 4: Prepare Region for Electrification at
Scale
Five local code enhancements have passed, and cross-CCA collaboration is underway.

Ongoing decarbonization program support through increased marketing and promotions is leading to some record-high participation this last quarter (and this year). SVCE has educated customers about the closure of EV and heat pump tax credits to help inform customers to take advantage before they are gone (though SVCE's rebates will continue).

SFA 5: Attract & Retain Employees
SVCE welcomed three full time employees, two additional summer interns, and three fellows in Q4. Learning and development opportunities continued for staff to focus on the Continuous Learning core competency. Q4 ended strong with only one employee retiring from the organization. September's quarterly in-person days, focused on employee appreciation, were well received.

Item 2
Attachment 3
Silicon Valley Clean Energy

STRATEGIC PLAN
FY 24/25 Q4 Progress Update
Goal Accomplishments
Goal 1 - Advance policies
which support SVCE’s
mission to reduce
dependence on fossil
fuels. (SFA1, SFA4)
Staff implemented the Board-adopted 2025 Legislative
Policy Platform through advocacy on bills including SB
254 (Becker), the omnibus affordability bill, and AB 825 (Petrie-Norris), on regional energy markets. Both bills passed and were signed by the Governor. Staff expects
these bills to put downward pressure on energy rates.

Five local code enhancements have passed.

At the state level, SVCE worked with CalCCA to
support legislation that would advance clean energy
including a battery storage safety bill, SB 283 (Laird) and AB 531 (Rogers) to enable geothermal projects to
go through the CEC's opt-in permitting process.

Goal 2 - Long-term, target
for 100% clean energy
annually by building a
balanced portfolio with
consideration for both
affordability and reliability
while exploring long-term
pathways to clean power
supply. (SFA1, SFA2)
Staff has been tracking IEPR workshops on load
modifiers; input assumptions for 2026 forecast largely
complete (pending additional policy changes).

Model largely calibrated for 2026 IRP compliance filing; continuing work on demand flexibility and roadmap.

Goal 3 - Create a long-term decarbonization
plan that integrates
supply and demand
changes, opportunities,
and challenges. (SFA1,
SFA2)
Staff have developed a process to integrate supply
and demand side forecasting and are now updating
the GHG forecast to reflect this integration.

Staff is developing strategies and will report to the
Board in December on progress as part of the
Integrated Decarbonization Roadmap update.

Item 2
Attachment 3
Goal 4 - Acquire power
supply resources in a
cost-effective manner to
meet legislative and
regulatory obligations,
Board directives and
customer specific
products. (SFA2, SFA3)
Ongoing internal analysis has been performed to
determine the value to SVCE of specific customer-owned
VPP resources as SVCE launches the VPP program to
maximize the incentive value SVCE can offer.

In August 2025, the Board authorized the Chief Executive Officer to execute a 10-year PPA with IP Darden III, LLC for up to 93.01 MW of solar photovoltaic energy and a

91.48 MW co-located, 4hr battery energy storage system.

Goal 5 - Manage and
optimize load and power
resources to meet
affordability, GHG
reduction and reliability
objectives. (SFA1, SFA2)
Revised Load Management Standards Compliance Plan
adopted in August 2025 to comply with request from
California Energy Commission.

Six contracts anticipated to come online in 2026; 14 short term deals signed.

Amended agreement for scheduling agent and energy
management services to include battery storage
optimization services.

The Board approved a contract in May 2025 for
Distributed Energy Resources Management System
(DERMS) and related customer demand flexibility
services.

Goal 6 - Maintain healthy
financial position; avoid
failures in management of
market risk, credit risk,
liquidity risk, operational
risks, and enterprise risks.

Fiscal Year 2025-26 Recommended Operating Budget
approved, in addition to maintaining the current financial reserves targets and policy.

Received authorization to execute agreements to enable
SVCE to enter into SVCE's fourth prepayment
transaction.

Goal 7: Support all SVCE
communities to
decarbonize through
local investments that
reduce barriers and
demonstrate sensible,
scalable, and equitable
solutions. (SFA1, SFA2,
SFA3, SFA4)
Staff held two webinars in September focused on
stacking tax credits with SVCE rebates, which had high
registration and were well attended. SVCE saw the
highest number of EV rebates claimed in September
ahead of the federal EV tax credit going away (141 total last quarter).
62 L1/L2 ports and 10 DCFC were installed through SVCE
rebates in Q4.

Distributed $1.4M in rebates for heat pumps, induction, and electrical infrastructure in homes in Q4 - a record high for the Home Rebates program.

Eleven single-family direct installation projects completed last quarter (market-rate and income-qualified).

Item 2
Attachment 3
Goal 8 - Engage
customers and
community stakeholders
to build trust of SVCE
and advance
decarbonization. (SFA1,
SFA3, SFA4)
SVCE continued to send out customer emails and mailers
about SVCE programs and the electrification education,
particularly the bill credit postcard and email
communications.

Staff contracted with and began developing animated
explainer videos and published a blog series about SVCE role and power supply goals.

SVCE also continues to have a presence in the
community at local events to engage customers and
stakeholders.

Successfully deployed the one-time bill credit to all
customers - an SVCE first.

Goal 9 - Implement
industry best practices to
enable data-driven
decision making across
the organization;
enhance systems,
standards and
procedures to streamline
business processes and
improve operational
effectiveness and
reliability (aka SVCE 3.0).

Agreement approved in August 2025 for Cloud
Infrastructure Implementation services to build a
centralized cloud-based data analytics platform in-house.

In September 2025, Resolution 2025-19 was adopted for
SVCE to become subject to the Uniform Public.

Construction Cost Accounting Act and adopting informal
bid procedures for public projects to move forward with the work on SVCE's new headquarters.

Created road map to remediate vulnerabilities that were identified through the Security Assessment, Audits and
daily vulnerability scans.

SVCE Operating Rules and Regulations were amended to
update and expand the bylaws of the agency.

Goal 10 - Hire, retain and
develop high-performing
talent via competitive
benefits and rewarding
work culture. (SFA5)
Complied with Gov Code 3502.3 with presentation on
rates, recruitment and retention efforts to the Board in August 2025.

Office lease extension approved to July 2026 to allow for ample time and smooth transition to SVCE's new
headquarters.

Benefits researched for improved medical benefit options in anticipation of open enrollment.

Item 2
Attachment 3
SILICON VALLEY \3/CLEAN ENERGY
The Power of Community

Silicon Valley Clean Energy Board of DirectorsNovember 14, 2025

Silicon Valley Clean Energy Board of Directors
November 14, 2025