Agenda packet — Silicon Valley Clean Energy Board of Directors, December 10, 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 Meeting
Wednesday, December 10, 2025
7:00 pm
Sunnyvale Civic Center
456 W. Olive Avenue
Sunnyvale, CA
Gilroy City Hall
Administration Conference Room
7351 Rosanna Street
Gilroy, CA
Teleconference Meeting
Webinar:
https://svcleanenergy-org.zoom.us/j/89998375343
Telephone (Audio Only):

US: +1 669-219-2599
Webinar ID: 899 9837 5343
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 SILICON VALLEY <3/ CLEAN ENERGY

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AGENDA
Call to Order
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 November 12, 2025, Board of Directors Meeting 1b) Approve Minutes of the November 14, 2025, Board of Directors Special Meeting
1c) Receive October 2025 Treasurer Report
1d) Approve Amendment No. 1 to Employment Agreement for Chief Executive Officer
1e) Authorize the Chief Executive Officer to Execute Agreements with the Cities of Sunnyvale and Los Altos to Administer City Rebates for Home Electrification
1f) Receive Closing Report of the 2025 Legislative Ad Hoc Committee of the Board
1g) Receive Finance and Administration Committee Report 1h) Receive Additional Committees Report
1i) Receive California Community Power Report
Regular Calendar
2) CEO Report (Informational)
3) Approve 2026 Silicon Valley Clean Energy Board of Directors Regular Board Meeting Schedule (Action)
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
4)
5)
6)
7)
8)
Approve 2026 Legislative Policy Platform and Identify Focus Areas for the 2026 Legislative Ad Hoc Committee (Action)
Approve Fiscal Year 2025-2026 Budget Update and 2026 Customer Rate Setting (Action)
Data Center Information (Discussion)
Financial Levers Overview and Introduction (Discussion) Integrated Decarbonization Roadmap (Discussion)
Board Member Announcements and Direction on Future Agenda Items Adjourn

SILICON VALLEY

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, November 12, 2025
7:00 pm
Sunnyvale Civic Center
456 W. Olive Ave
Sunnyvale, CA
Gilroy City Hall
Administration Conference Room
7351 Rosanna Street
Gilroy, CA
Avenida 7
Osa
Uvita, Costa Rica

DRAFT MEETING MINUTES
Call to Order:

Chair Tyson called the meeting to order at 7:05 p.m.

Roll Call

Present:

George Tyson (Chair), Los Altos Hills
Larry Klein (Vice Chair), Sunnyvale
J.R. Fruen, Cupertino
Zach Hilton, Gilroy (participated remotely)
Sally Meadows, Los Altos
Rob Rennie, Los Gatos
Garry Barbadillo, Milpitas (arrived during Closed Session) Bryan Mekechuk, Monte Sereno
Yvonne Martinez Beltran, Morgan Hill (participated remotely) Pat Showalter, Mountain View
Otto Lee, Santa Clara County
Tina Walia, Saratoga

Absent:

Garry Barbadillo, Milpitas
Elliot Scozzola, Campbell
A quorum was present.

Public Comment on Matters Not Listed on the Agenda
Bruce Karney, speaking on behalf of Carbon Free Mountain View and Carbon Free Silicon Valley, presented a certificate acknowledging the five-year tenure of Directors Walia and Hilton for their service on Silicon Valley Clean Energy’s (SVCE) Board.

Item 1a

AMENDED
SILICON VALLEY \3/ CLEAN ENERGY

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Public Comment on Closed Session
No speakers.

Closed Session
The Board of Directors convened to Closed Session at 7:08 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 7:30 p.m.

Director Barbadillo joined the meeting duringafter Closed Session.

Report from Closed Session
Chair Tyson announced that a location was noticed on the agenda for a board member who was not available, and in accordance with the Brown Act, the meeting would not continue if the noticed meeting location was not available to the public.

Chair Tyson and Michael Callahan, General Counsel, responded to questions and comments from the Board regarding Brown Act rules and the timeline for rescheduling the Board meeting to address the items that were not heard.

Consent Calendar (Action)
This item was not heard.
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 Amendment No. 1 to Employment Agreement for Chief Executive Officer 1e) Approve Increasing the Silicon Valley Clean Energy Employer Monthly Medical Contribution Amount for Calendar Year 2026
1f) Approve an Allocation of $10,000 from the Fiscal Year 2025-26 Operating Budget for the 2026 Youth Scholarship Competition
1g) Receive September 2025 Decarbonization Strategy and Programs Quarterly Report 1h) Receive Executive Committee Report
1i) Receive Audit Committee Report
1j) Receive Additional Committees Report
1k) Receive California Community Power Report
Regular Calendar
2) CEO Report (Informational)
This item was not heard.

Item 1a

AMENDED

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3) Approve Transportation Electrification Programs Budget Reallocation (Action) This item was not heard.
4) Receive Update on Net Billing Tariff (NBT, NEM 3.0) Following First Year of Customer Performance (Informational)
This item was not heard.
5) Receive Update on Communications and Marketing Strategy (Informational) This item was not heard.
6) Receive Update on the 2026 Silicon Valley Clean Energy Elections Process (Informational) This item was not heard.

Board Member Announcements and Future Agenda Items
This item was not heard.

Adjourn
Chair Tyson adjourned the meeting at 7:38 p.m.

ATTEST:
________________________
Andrea Pizano, Board Secretary
Item 1a

AMENDED

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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

DRAFT MEETING MINUTES
Call to Order:

Chair Tyson called the meeting to order at 2:01 pm.

Roll Call

Present:

George Tyson (Chair), Los Altos Hills
Larry Klein (Vice Chair), Sunnyvale
Sally Meadows, Los Altos
Rob Rennie, Los Gatos
Bryan Mekechuk, Monte Sereno
Pat Showalter, Mountain View
Otto Lee, Santa Clara County (arrived at 2:05 p.m.)
Tina Walia, Saratoga

Absent:

Garry Barbadillo, Milpitas
Elliot Scozzola, Campbell
J.R. Fruen, Cupertino
Zach Hilton, Gilroy
Yvonne Martinez Beltran, Morgan Hill
A quorum was present.

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

Consent Calendar
Director Lee arrived at 2:05 p.m. during discussion of the Consent Calendar.

Chair Tyson announced that the Consent Calendar items were the same as the adjourned Board of Directors regular meeting of November 12, 2025, less the item addressing the proposed Amendment to the CEO’s agreement as that would need to be approved at a regular meeting.

Chair Tyson opened Public Comment.

No speakers.

Chair Tyson closed Public Comment.

The Board addressed questions and comments on the Consent Calendar as follows:

Item 1b Draft Minutes: 11/14/25 Board of Directors Special Meeting SILICON VALLEY \3/ CLEAN ENERGY

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Item 1c) Approve Assignment of Auditor Contract to Sorren CPAs. P.C.

General Counsel Michael Callahan responded to a question from Director Showalter regarding if SVCE would continue to work with the same auditors, and Director Mekechuk, Audit Committee Chair, responded to a question from Director Rennie regarding the RFP process and length of service from the same auditing firm.

Item 1f) Receive September 2025 Decarbonization Strategy and Programs Quarterly Report Staff responded to questions and comments regarding the contractor training program, if funding allocations should shift for the program, and if contractors are familiar with both heat pump water heater and heat pump HVAC system installations.

MOTION: Director Mekechuk moved and Director Walia seconded the motion to approve the Consent Calendar, Items 1a through 1j.

The motion carried with Directors Barbadillo, Scozzola, Fruen, Hilton, and Martinez Beltran absent.
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
2) CEO Report (Discussion)
Chief Executive Officer (CEO) Monica Padilla addressed the following in her report:
1) Announcement of a Board of Directors Special Meeting on December 12, 2025 at 10:00 a.m., addressing SVCE’s financial levers and the Decarbonization Roadmap; 2) Announcement of guest speaker Severin Borenstein prior to the Board of Directors Special Meeting on December 12, 2025 at 8:30 a.m.; and
3) An update on member agency reach codes from Zoe Elizabeth, Director of Decarbonization Policy and Community Strategies.

Directors expressed their gratitude for SVCE’s support on reach code initiatives at member agencies.

Vice Chair Klein requested additional information relating to reach code actions adopted by member agencies.

Directors shared their experience on reach code adoption within their member agencies.

Chair Tyson opened Public Comments.

Item 1b Draft Minutes: 11/14/25 Board of Directors Special Meeting

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No speakers.

Chair Tyson closed Public Comments.

Board Member Announcements and Future Agenda Items
Director Meadows announced that she connected with a representative from Bay Area Clean Air on their efforts to get support on Bay Area Air District rules 9-6 and 9-4, and requested staff provide updates in the future on the strongest points that Directors could support.

Director Lee expressed gratitude to attendees and for CEO Padilla’s participation as a guest speaker at the Silicon Valley Youth Climate Action Roundtable event on October 30, 2025.

Director Showalter announced the following: 1) her attendance at Stanford University’s Policy Day event, noting she would pass along materials for the Board through Board Clerk Andrea Pizano; and 2) the City of Mountain View expended their rebate fund for heat pump installations and all of the rebates were claimed, and the plan to request additional funding from the Mountain View City Council.

Adjourn
Chair Tyson adjourned the meeting at 2:38 p.m.

ATTEST:
________________________
Andrea Pizano, Board Secretary
Item 1b Draft Minutes: 11/14/25 Board of Directors Special Meeting 1 TREASURER REPORT
Fiscal Year to Date
As of October 31, 2025
(Preliminary & Unaudited)
Issue Date: December 10, 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
©

SILICON VALLEY

CLEAN ENERGY
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
2

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Balance Sheet Highlights:
> SVCE operations resulted in a change in net position of $8.1 million for the month of October and fiscal-year-to-date (FYTD). > Total Net Position increased further to $515.2 million. > SVCE is investing ~95% of available funds, recognizing interest/dividend income of $428.7K for the month of October. *Does not yet recognize unspent program dollars
**For reconciliation purposes, budget numbers include actual program expenses and depreciation, excludes GASP 96 expenses.

SVCE Yield-bearing Accounts:

Combined Ending Balance* 568.5 M
Total Interest/Div. Earned FYTD 1.9 M
Average Return On Investments** 4.02%
* 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. *SVCE’s accountants are finalizing the financial statements for the fiscal year ended September 30, 2025, in preparation for the audit. *The completion of the materials for last fiscal year’s audit may result in some changes to the starting balance figures included in the October reports.

SILICON VALLEY CLEAN ENERGY AUTHORITY
Financial Statement Highlights* ($ in millions)
October 31, 2025
*** Displays the starting fiscal year net position on Oct. 1, 2025, of $506.9M. This number differs from the preliminary ending balance reported last month for the fiscal year ending September 30, 2025, because of the implementation of the GASB 62 rate stabilization fund. 506.9 M
515.2 M
-400 M
-300 M
-200 M
-100 M
0 M
100 M
200 M
300 M
400 M
500 M
600 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) Budget (Left Y-Axis)** Actual (Left Y-Axes) 516
419
500
350
120
0 50
100
150
200
250
300
350
400
450
500
550
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
$ 1,784.4 K $ 1,865.6 K $ 1,959.7 K

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
$ 4,000 K
Oct
Investment Income*
Budget Accounting Returns Actual and Accrued Cash Basis River City Bank
Accounts
7%
California Asset Management
Program (CAMP)
34%
PFM Asset Management Investment
Portfolio
59%
SVCE Accounts
* Earmarked funds are unspent SVCE program and the building funds.

DCOH Includes rate stabilisation funds.

DCOH is computed as Cash and cash equivalents plus investments divided by daily budgeted expenditures. * 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 1c
ADDED 12/10/25
October 2025 Treasurer Report
3

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Summary of Actual Results vs. Adopted Budget (includes allocated but unspent program dollars):
> October 2024 operating margin of $10.3 million (or 27%) is above the adopted budget expectations of $6.4 million (or 18%). > October Power Supply costs are -3% below adopted budget. > Retail GWh sales for October were 7% above the budget estimation.

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

Revenue 38.7 M 35.7 M 8.4% 38.7 M 35.7 M 8.4%
Power Supply Cost 28.4 M 29.3 M -3.2% 28.4 M 29.3 M -3.2% Operating Margin 10.3 M 6.4 M 61.5% 10.3 M 6.4 M 61.5%
Operating Expenses (ex Power) 2.5 M 3.6 M -29.6% 2.5 M 3.6 M -29.6% Other Non-Op. Expen. (Income) 5.4 M 5.5 M -2.3% 5.4 M 5.5 M -2.3% Net Increase in Available Fund
Balance 2.4 M -2.7 M -187.5% 2.4 M -2.7 M -187.5%
Customer Load Statistics:

Total Accounts 284,198
Opt-Out Accounts (Month) 44
Opt-Out Accounts (FYTD) 44
Opt-Up Accounts (Month) (7)
Opt-Up Accounts (FYTD) (7)
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. Any potential changes are not expected to be significant. Higher October customer demand
Beginning Balance End Balance
$ 8,214,310 $ 8,181,037 $ - $ -
$ 76,714,107 $ 82,437,354 $ 7,251,000 $ 1,527,753
$ 4,911,889 $ 4,881,679 $ - $ 30,210

SILICON VALLEY CLEAN ENERGY AUTHORITY
Financial Statement Highlights** ($ in millions)
October 31, 2025
October Fiscal YTD
October - customer demand and revenues exceeded SVCE's
forecast. Additionally, lower power supply costs and reduced operating expenses further improved the net position.
Lower YTD costs is mostly due to gradual decline in energy and attribute prices. Staffing vacancies, underrunning professional services, and lower marketing expenses Reflects budgetary transfers to program and other funds $ 7,691,455 $ 7,672,491 $ - $ 18,964
YTD Contributions YTD Expenditures
$ 8,740,312 $ 8,740,312 $ - $ -
5,116 K
0 M
1 M
2 M
3 M
4 M
5 M
6 M
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept
Net Increase in Available Fund Balance
Comparing Actuals to Adopted Budget
256,675
27,523

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%
270.0
280.0
290.0
300.0
310.0
320.0
330.0
340.0
350.0
360.0
370.0
Retail Sales - Actual vs Budget (GWh)
Retail Sales Actual (GWh) Retail Sales Budget (GWh)
Load deviation from the Budget (Right Y-Axes)
Power Supply

90.6%
Personnel

4.1% Contract
Services

4.1%
G & A

0.9%
Depreciation

0.3%
YTD Operating Expenses
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
4 Current Assets
Cash & Cash Equivalents* $ 255,320,539
Accounts Receivable, net of allowance 33,958,362
Investments** 98,777,892
Accrued Revenue 22,982,741
Other Receivables 19,954,715
Prepaid Expenses 4,808,380
Deposits 911,191
Restricted cash 1,244,425
Total Current Assets 437,958,245
Noncurrent assets
Capital assets, net of depreciation 13,787,019
Investments** 247,988,149
Total Noncurrent Assets 261,775,168
Total Assets 699,733,413
Current Liabilities
Accounts Payable 4,013,401
Accrued Cost of Electricity 64,501,568
Other accrued liabilities 6,198,781
User Taxes and Energy Surcharges due to other gov'ts 1,322,071 Total Current Liabilities 76,035,821
Noncurrent Liabilities
Supplier security deposits 8,478,125
Total noncurrent liabilities 8,478,125
Total Liabilities 84,513,946
Rate Stabilization Fund 100,000,000
Net investment in capital assets 13,787,019
Restricted for security collateral 1,244,425
Unrestricted (deficit) 500,188,023
Total Net Position $ 515,219,467
* 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 October 31, 2025
ASSETS

LIABILITIES

DEFERRED INFLOWS OF RESOURCES
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
5 OPERATING REVENUES
Electricity Sales, Net $ 38,508,886
GreenPrime electricity premium 204,210
Liquidated damages 5,750
TOTAL OPERATING REVENUES 38,718,846

OPERATING EXPENSES
Cost of Electricity 28,412,034
Contract services 1,300,772
Staff compensation and benefits 1,276,785
Program incentives 1,146,022
Other operating expenses 279,315
Depreciation 79,605
TOTAL OPERATING EXPENSES 32,494,533
OPERATING INCOME(LOSS) 6,224,313

NONOPERATING REVENUES (EXPENSES)
Interest Income 1,865,552
Interest expense (3,797)
TOTAL NONOPERATING REVENUES (EXPENSES) 1,861,755
CHANGE IN NET POSITION 8,086,068
Net Position at beginning of period 507,133,399
Net Position at end of period $ 515,219,467

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES
October 1, 2025 through October 31, 2025

AND CHANGES IN NET POSITION
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
6 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 37,428,715
Receipts of liquidated damages 5,750
Receipts of wholesale sales 1,146,127
Payments to suppliers for electricity (28,595,063)
Payments of security deposits (30,000)
Payments for other goods and services (1,967,203)
Payments for program incentives (1,441,507)
Payments for staff compensation and benefits (1,701,933) Tax and surcharge payments to other governments (1,838,978) Net cash provided (used) by operating activities 3,005,908

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Investment income received (3,797)
Net cash provided (used) by noncapital financing activities (3,797)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of subscription liability (104,344)
Acquisition of capital assets (11,885)
Net cash provided (used) by capital and related
financing activities (116,229)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 1,862,666
Proceeds from investment sales 6,118,832
Purchase of investments (70,039,462)
Net cash provided (used) by investing activities (62,057,964) Net change in cash and cash equivalents (59,172,082)
Cash and cash equivalents at beginning of year 315,737,046 Cash and cash equivalents at end of period $ 256,564,964 Reconciliation to the Statement of Net Position
Cash and cash equivalents (unrestricted) $ 255,320,539
Restricted cash $ 1,244,425
Cash and cash equivalents $ 256,564,964

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF CASH FLOWS
October 1, 2025 through October 31, 2025
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
7 Operating Income (loss) $ 6,224,313
Adjustments to reconcile operating income to net cash
provided (used) by operating activities
Depreciation expense 79,605
(Increase) decrease in accounts receivable (10,864,348) (Increase) decrease in accrued revenue 8,114,333
(Increase) decrease in other receivables 6,100,909
(Increase) decrease in prepaid expenses (3,962,373)
(Increase) decrease in current deposits (35,750)
Increase (decrease) in accrued cost of electricity
Increase (decrease) in accounts payable (2,446,172)
Increase (decrease) in other accrued liabilities 1,451,862 Increase (decrease) in taxes and surcharges due to other governments (373,332) Net cash provided (used) by operating activities $ 3,005,908

NONCASH INVESTING ACTIVITIES
Change in fair value of investments $ (78,764)
Change in interest receivable $ 81,650

CASH PROVIDED (USED) BY OPERATING ACTIVITIES

SILICON VALLEY CLEAN ENERGY AUTHORITY
STATEMENT OF CASH FLOWS (Continued)
October 1, 2025 through October 31, 2025

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
8 FYTD FYTD FY 2024-25 FY 2024-25
OPERATING REVENUES Actual Budget $ % Budget Remaining Budget Energy Sales $38,977,676 $35,980,998 $2,996,678 8% $360,057,000 $321,079,324 Green Prime Premium 204,210 193,634 $10,576 5% 2,469,000 2,264,790 Customer bill relief (existing CARE/FERA) (468,790) (453,000) -$15,790 n/a (4,110,000) - Other Income 5,750 - 5,750 - (5,750)
TOTAL OPERATING REVENUES 38,718,846 35,721,632 2,997,214 8.4% 358,416,000 323,338,364

ENERGY EXPENSES
Power Supply 28,412,034 29,339,437 (927,403) -3% 368,896,000 340,483,966 Operating Margin 10,306,812 6,382,195 3,924,617 61% (10,480,000) (17,145,602)

OPERATING EXPENSES
Data Management 301,259 313,635 (12,376) -4% 3,764,000 3,462,741 PG&E Fees 100,223 130,725 (30,502) -23% 1,569,000 1,468,777 Salaries & Benefits 1,276,785 1,572,531 (295,746) -19% 18,870,000 17,593,215 Professional Services 371,964 908,480 (536,516) -59% 10,902,000 10,530,036 Marketing & Promotions 96,421 195,563 (99,142) -51% 2,347,000 2,250,579 General & Administrative 387,456 478,503 (91,047) -19% 5,742,000 5,354,544 TOTAL OPERATING EXPENSES 2,534,108 3,599,437 (1,065,329) -30% 43,194,000 40,659,892 OPERATING INCOME/(LOSS) 7,772,704 2,782,758 4,989,946 179% (53,674,000) (61,446,704)

NON-OPERATING REVENUES
Investment Income 1,865,552 1,784,421 81,131 5% 21,413,000 19,547,448 TOTAL NON-OPERATING REVENUES 1,865,552 1,784,421 81,131 5% 21,413,000 19,547,448

NON-OPERATING EXPENSES
Financing - 2,383 (2,383) -100% 29,000 29,000

CAPITAL EXPENDITURES, TRANSFERS,
& OTHER
Capital Outlay 42,667 (42,667) -100% 512,000 512,000
Transfer to Programs Fund 7,251,000 7,251,000 - 0% 7,251,000 - Nuclear Allocation - - - n/a - -
Transfer to Hanford Emissions Mitigation Fund - - - n/a - Transfer to CRCR Fund - - - n/a - -
Transfer from Electrification Discount Fund - - - n/a - - Transfer from CRCR Fund - customer bill relief - - - n/a - - TOTAL OTHER USES 7,251,000 7,293,667 (42,667) -1% 7,763,000 512,000

NET INCREASE(DECREASE) IN AVAILABLE
FUND BALANCE $ 2,387,256 $ (2,728,871) $ 5,116,127 -187% -$40,053,000 Variance

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through October 31, 2025
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
9 Net Increase (decrease) in available fund balance
per budgetary comparison schedule $ 2,387,256
Adjustments needed to reconcile to the changes
in net position in the Statement of Revenues,
Expenses and Changes in Net Position
Subtract depreciation expense (79,605)
Subract program expense not in operating budget (1,576,927) Add back portion of lease payment applied to reduce lease liability 104,344 Add back transfer to Program fund 7,251,000
Add back capital asset acquisition -
Change in Net Position 8,086,068

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGET RECONCILIATION TO STATEMENT OF

REVENUES, EXPENSES AND CHANGES IN NET POSITION
October 1, 2025 through October 31, 2025

OPERATING FUND
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
10 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: ACTUAL REMAINING BUDGET
Transfers in - General Programs $ 7,251,000 $ 7,251,000 $ - 100.0% Transfers in - Nuclear Allocation $ - $ -
Transfer in - Hanford Emissions Mitigation Fund $ - $ - $ - n/a Total $ 7,251,000 $ 7,251,000 $ -
EXPENDITURES & OTHER USES:

Program expenditures 22,242,570 1,527,753 20,714,817 6.9% Net increase (decrease) in fund balance $ (14,991,570) $5,723,247 Fund balance at beginning of period 76,714,107
Fund balance at end of period $82,437,354

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

Customer bill relief credit - - - n/a
Other program expenditures 963,704 30,210 933,494 3.1%
Total Program expenditures 963,704 30,210 933,494
Net increase (decrease) in fund balance $ (963,704) (30,210) Fund balance at beginning of period 4,911,889
Fund balance at end of period $4,881,679

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through October 31, 2025

CUSTOMER RELIEF & COMMUNITY RESILIENCY FUND

GENERAL PROGRAM FUND
BUDGETARY COMPARISON SCHEDULE*
October 1, 2025 through October 31, 2025
BUDGET
BUDGET
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
11 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: BUDGET ACTUAL REMAINING BUDGET Transfer from Operating Fund $ - $ - $ - n/a
EXPENDITURES & OTHER USES:

Program expenditures 4,500,000 - 4,500,000 0.0%
Net increase (decrease) in fund balance $ (4,500,000) 0 Fund balance at beginning of period 8,740,312
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 8,421,000 33,273
Program expenditures * - - -
Net increase (decrease) in fund balance $ - (33,273)
Fund balance at beginning of period 8,214,310
Fund balance at end of period $8,181,037

ELECTRIFICATION DISCOUNT FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through October 31, 2025

BUILDING FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through October 31, 2025
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
12 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: ACTUAL REMAINING BUDGET
Transfers in - Nuclear Allocation $ - $ -
Transfer in - Hanford Emissions Mitigation Fund $ - $ - $ - n/a Total $ - $ - $ -
EXPENDITURES & OTHER USES:

Program expenditures 2,142,000 18,964 2,123,036
Net increase (decrease) in fund balance $ (2,142,000) -$18,964 Fund balance at beginning of period 7,691,455
Fund balance at end of period $7,672,491

NUCLEAR AND HANFORD PROGAM FUNDS

BUDGETARY COMPARISON SCHEDULE
BUDGET
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
13 October November December January February March April May June July August September YTD

OPERATING REVENUES
Electricity sales, net $ 38,508,886 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 38,508,886 Green electricity premium $ 204,210 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 204,210 Liquidated damages $ 5,750 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 5,750 Other Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - Total operating revenues 38,718,846 - - - - - - - - - - - 38,718,846

OPERATING EXPENSES
Cost of electricity 28,412,034 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 28,412,034 Staff compensation and benefits 1,276,785 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,276,785 Data manager 301,259 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 301,259 Service fees - PG&E 100,223 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 100,223 Consultants and other professional fees 899,290 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 899,290 Program incentives 1,146,022 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,146,022 Other operating expenses 279,315 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 279,315 Depreciation 79,605 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 79,605 Total operating expenses 32,494,533 - - - - - - - - - - - 32,494,533 Operating income (loss) 6,224,313 - - - - - - - - - - - 6,224,313

NONOPERATING REVENUES (EXPENSES)
Grant income - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - Interest income 1,865,552 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,865,552 Financing costs (3,797) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - (3,797) Total nonoperating revenues (expenses) 1,861,755 - - - - - - - - - - - 1,861,755 CHANGE IN NET POSITION $ 8,086,068 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 8,086,068

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
October 1, 2025 through October 31, 2025
Item 1c
ADDED 12/10/25
October 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 $ 40,453,602 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - California Asset Management Program (CAMP) $ 204,479,801 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - PFM Asset Management Investment Portfolio $ 361,652,377 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Total Ending Balance $ 606,585,779 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Return On Investments:

Annual % Yield Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts 3.92%
California Asset Management Program (CAMP) 4.26%
PFM Asset Management Investment Portfolio * 3.90%
Average Return On Investments: 4.02%
* Yield to Maturity at Market.

Accounting Returns Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts $ 20,457
California Asset Management Program (CAMP) $ 825,532
Other Interest Income $ 2,061
PFM Asset Management Investment Portfolio * $ 1,017,502 Total Interest and Investment Gains $ 1,865,552
* 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 $ 20,457
Camp Pool Composition (based on market value): $ 825,532 Other Interest Income $ 2,061
PFM Asset Management Investment Portfolio * $ 1,111,671 Total Interest and Investment Gains $ 1,959,721 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - * Includes interest/dividends/coupons received, net realized gains/losses and monthly change in accrued interest.

CAMP Portfolio Statistics
As of October 31, 2025
Beginning of the Month Market Value $ 288,654,269
Ending of The Month Market Value $ 204,479,801
Yield at Market 4.26% Weighted Average Maturity (days) 45 PFM Portfolio Statistics
As of October 31, 2025
Portfolio Par Value $ 359,830,126
Portfolio Market Value (icl. Accrued Interest) $ 361,652,377 Yield at Cost 4.21%
Yield at Market 3.90%
Benchmark Yield* 3.64%
Portfolio Effective Duration (years) 1.33 Weighted Average Maturity (days) 671 *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, 2025 through October 31, 2025

9.48%

21.51%

32.77%

24.74%

7.90%

3.60%

0.00%
0%
5%
10%
15%
20%
25%
30%
35%
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
37%
Commercial
Paper
9%
CAMP Pool
4%
Federal Agency
Commercial
6%
Supra-National Agency
0%
Corp. & Bank Notes
22% Certificate of Deposit
5%
Asset-Backed
Security
17%
SVCE PFM Portfolio Investments
Repurchase
Agreements,

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

0.7%
Money Market
Funds, 0.1%
Corporate
Notes, 2.9%
Camp Pool Composition (based on market value)
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
15 October November December January February March April May June July August September YTD Retail Sales Actual (GWh) 330.4 330
Retail Sales Budget (GWh) 309.2 327.3 344.7 357.5 333.2 319.6 304.4 302.5 315.6 336.5 342.9 338.2 309 Load deviation from the Budget (Right Y-Axes)6.8% 6.8%
Customer Participation Rate Res 96.3%
Customer Participation Rate Com 96.5%
Total Accounts 284,198 284,198
Opt-Out Accounts 44 44
Opt-Up Accounts -7 -7

0.11 40.03
SVCE Arrearager Total for customers 31+ days late and 120+ days late Age Summary (as of 11/1/2025) Date Amount
<30 days $33,113,968 High 11/29/2021 $7.99M
<60 days $1,828,801 Low 4/17/2020 $2.54M
<90 days $904,607 Current 7/31/2023 $6.2 M
<120 days $359,264
Older $3,098,220

October 2025 FYTD
Bad Debt % (Actual)

0.21%

TOTAL DUE
Bad Debt % (Budget )

0.75%
Accounts Receivable Days
40 Days
$39,304,859

SILICON VALLEY CLEAN ENERGY AUTHORITY

RETAIL SALES, CUSTOMER ACCOUNTS AND AGING REPORT
• 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 25-'26 Total (L Axes) $308,552 $417,275 $415,187 $639,455 $885,995 $1,484,75 $1,539,43 $1,573,83 $82,692 % Revenue 0.12% 0.14% 0.14% 0.25% 0.23% 0.33% 0.29% 0.33% 0.21% Av./Month (R Axes) $25,713 $34,773 $34,599 $53,288 $73,833 $123,729 $128,286 $131,153 $82,692 $-
$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 1c
ADDED 12/10/25
October 2025 Treasurer Report
16 Silicon Valley Clean Energy October 31, 2025
Certificate of Compliance
During the reporting period for the month ended October 31, 2025, the account(s) managed by PFM Asset Management ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management, a division of 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").

Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
17 \ D J
\ /\ 1 1 $
Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 silicon vaney uiean energy - svt_c investment romoiio - 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 1 BUY
10/02/25 10/09/25 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
90327HAC3 455,000.00 (454,960.05) 0.00 (454.960.05)
10/03/25 10/08/25 US TREASURY N/B
DTD 11/15/2018 3.125% 11/15/2028
9128285M8 2.750.000.00 (2.711,542.97) (34,094.77) (2.745.637.74) 10/07/25 10/15/25 WOART 2025-D A2A
DTD 10/15/2025 3.910% 02/15/2029
98165HAB3 2,000,000.00 (1,999,872.00) 0.00 (1,999.872.00) 10/09/25 10/17/25 COOPERAT RABOBANK UA/NY
DTD 10/17/2025 3.957% 10/17/2028
21688ABP6 1,235.000.00 (1.235.000.00) 0.00 (1.235.000.00) 10/14/25 10/21/25 GOLDMAN SACHS GROUP INC
(CALLABLE)
DTD 10/21/2025 4.153% 10/21/2029
38141GD27 1,750,000.00 (1,750,000.00) 0.00 (1,750,000.00) 10/15/25 10/23/25 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
89231GAD0 1,470,000.00 (1,469.830.95) 0.00 (1,469,830.95) 10/16/25 10/17/25 MUFG BANK LTD/NY
DTD 10/17/2025 0.000% 07/13/2026
62479MGD9 10,000,000.00 (9.716.055.56) 0.00 (9.716.055.56) 10/16/25 10/17/25 CREDIT AGRICOLE CIB NY
DTD 10/16/2025 0.000% 07/13/2026
22533UGD9 10,000,000.00 (9.717.550.00) 0.00 (9,717.550.00) 10/16/25 10/24/25 PFAST 2025-1A A2A
DTD 10/24/2025 3.910% 03/22/2029
732911AB8 2,720,000.00 (2.719.864.82) 0.00 (2,719.864.82) 10/17/25 10/22/25 MORGAN STANLEY (CALLABLE)
DTD 10/22/2025 4.133% 10/18/2029
61748UAK8 960.000.00 (960,000.00) 0.00 (960.000.00)
10/17/25 10/29/25 CHAOT 2O25-2A A2
DTD 10/29/2025 3.910% 12/26/2028
16144MAC8 2,015,000.00 (2,014.864.39) 0.00 (2,014.864.39) 10/20/25 10/21/25 US TREASURY N/B
DTD 09/30/2025 3.500% 09/30/2027
91282CPB1 14,000,000.00 (14,009,296.88) (28,269.23) (14.037.566.11) 10/20/25 10/23/25 TRUIST BANK (CALLABLE)
DTD 10/23/2025 4.136% 10/23/2029
89788JAH2 1,555,000.00 (1.555.000.00) 0.00 (1.555.000.00) 10/23/25 10/27/25 US TREASURY N/B
DTD 06/01/2021 1.250% 05/31/2028
91282CCE9 5,000,000.00 (4,727,734.38) (25,443.99) (4.753,178.37) 10/23/25 10/27/25 US TREASURY N/B
DTD 10/15/2025 3.500% 10/15/2028
91282CPC9 5,000,000.00 (5,004,687.50) (5,769.23) (5,010,456.73) 10/24/25 10/28/25 US TREASURY N/B
DTD 10/15/2025 3.500% 10/15/2028
91282CPC9 3,000,000.00 (2.999.882.81) (3,750.00) (3,003,632.81) PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 47
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
18 V 1 D
& Interest Managed Account Security Transactions For the Month Ending October 31, 2025 Silicon Valley 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 BUY
10/27/25 10/28/25 GOLDMAN SACHS BANK USA
DTD 10/28/2025 3.840% 10/27/2026
40054PJ09 4,000,000.00 (4.000,000.00) 0.00 (4,000,000.00) 10/28/25 11/05/25 GMCAR 2025-4 A2A
DTD 11/05/2025 3.880%
12/18/2028
36273EAB9 2.795,000.00 (2,794.905.25) 0.00 (2.794,905.25) 10/28/25 11/05/25 COPAR 2025-1 A3
DTD 11/05/2025 3.850%
07/15/2030
14043YAD7 820.000.00 (819.826.32) 0.00 (819.826.32)
10/30/25 10/31/25 US TREASURY N/B
DTD 10/31/2025 3.500% 10/31/2027
91282CPE5 3,000,000.00 (2.993.320.31) 0.00 (2.993,320.31) Transaction Type Sub-Total 74,525,000.00 (73,654,194.19) (97,327.22) (73,751,521.41)

INTEREST
10/01/25 10/01/25 MERCEDES-BENZ FIN NA
DTD 04/01/2025 4.650% 04/01/2027
58769JBC0 0.00 23,250.00 23,250.00
10/01/25 10/25/25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2U3 0.00 2.727.38 2,727.38
10/01/25 10/25/25 FHMS K079 A2
DTD 08/01/2018 3.926% 06/01/2028
3137FGZT5 0.00 4.907.50 4.907.50
10/01/25 10/25/25 FHMS K736 A2
DTD 09/01/2019 2.282% 07/01/2026
3137FNWX4 0.00 1.266.80 1.266.80
10/01/25 10/25/25 FHMS K075 A2
DTD 04/01/2018 3.650% 02/01/2028
3137F4X72 0.00 4,486.46 4,486.46
10/01/25 10/25/25 FHMS K063 A2
DTD 03/01/2017 3.430% 01/01/2027
3137BVZ82 0.00 6.359.79 6,359.79
10/01/25 10/25/25 FHMS K058 Al
DTD 11/01/2016 2.340% 07/01/2026
3137BSP64 0.00 397.50 397.50
10/01/25 10/25/25 FHMS K065 Al
DTD 07/01/2017 2.864% 10/01/2026
3137F1G36 0.00 743.28 743.28
10/01/25 10/25/25 FHMS K059 A2
DTD 11/01/2016 3.120% 09/01/2026
3137BSRE5 0.00 1,819.39 1.819.39
10/01/25 10/25/25 FHMS K069 A2
DTD 11/01/2017 3.187% 09/01/2027
3137FBU79 0.00 1.944.73 1.944.73
PPM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 48
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
19 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley 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
1 INTEREST
10/01/25 10/25/25 FHMS K737 A2
DTD 01/01/2020 2.525% 10/01/2026
3137FOXJ7 0.00 2.209.37 2.209.37
10/01/25 10/25/25 FHMS K068 A2
DTD 10/01/2017 3.244% 08/01/2027
3137FBBX3 0.00 2.297.83 2.297.83
10/01/25 10/25/25 FHMS K067 A2
DTD 09/01/2017 3.194% 07/01/2027
3137FAWS3 0.00 4,591.38 4,591.38
10/01/25 10/25/25 FHMS K057 A2
DTD 09/01/2016 2.570% 07/01/2026
3137BROJ7 0.00 2.312.57 2,312.57
10/01/25 10/25/25 FHMS KJ28 A2
DTD 02/01/2020 2.308% 10/01/2027
3137FREE7 0.00 2.738.49 2,738.49
10/01/25 10/25/25 FNA 2018-M2 A2
DTD 02/01/2018 2.905% 01/01/2028
3136B0YM2 0.00 3,147.49 3,147.49
10/01/25 10/25/25 FHMS K739 A2
DTD 11/01/2020 1.336% 09/01/2027
3137F64P9 0.00 2.628.25 2,628.25
10/01/25 10/25/25 FHMS K076 A2
DTD 05/01/2018 3.900% 04/01/2028
3137FEZU7 0.00 3.900.00 3.900.00
10/01/25 10/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 0.00 2.146.27 2.146.27
10/01/25 10/25/25 FNA 2024-M6 A2
DTD 11/01/2024 2.904% 07/01/2027
3136BTGM9 0.00 4,840.18 4,840.18
10/01/25 10/25/25 FHMS K074 A2
DTD 03/01/2018 3.600% 01/01/2028
3137F4D41 0.00 3,000.00 3,000.00
10/02/25 10/02/25 BMW US CAPITAL LLC
DTD 04/02/2024 5.050% 04/02/2026
05565ECG8 0.00 8.837.50 8,837.50
10/03/25 10/03/25 AMERICAN HONDA FINANCE
DTD 10/04/2023 5.800% 10/03/2025
02665WEO0 0.00 13.050.00 13,050.00
10/04/25 10/04/25 ACCENTURE CAPITAL INC (CALLABLE)
DTD 10/04/2024 3.900% 10/04/2027
0O440KAA1 0.00 6.337.50 6,337.50
10/04/25 10/04/25 ADOBE INC (CALLABLE)
DTD 04/04/2024 4.850% 04/04/2027
00724PAE9 0.00 8.487.50 8,487.50
10/08/25 10/08/25 TOYOTA MOTOR CREDIT CORP
DTD 10/10/2024 4.350% 10/08/2027
89236TMS1 0.00 15.116.25 15.116.25
10/15/25 10/15/25 TAOT 2025-A A2A
DTD 01/29/2025 4.480% 11/15/2027
89240JAB7 0.00 5.215.57 5.215.57
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 49
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
20 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley 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 1 INTEREST
10/15/25 10/15/25 TAOT 2024-B A2A
DTD 04/30/2024 5.410% 03/15/2027
89237NAB3 0.00 493.33 493.33
10/15/25 10/15/25 US TREASURY N/B
DTD 04/15/2024 4.500% 04/15/2027
91282009 0.00 22,500.00 22,500.00
10/15/25 10/15/25 FORDO 2024-A A2A
DTD 03/19/2024 5.320% 01/15/2027
34535EAB8 0.00 227.87 227.87
10/15/25 10/15/25 KCOT 2024-2A A2
DTD 06/25/2024 5.450% 04/15/2027
5O117DAB2 0.00 785.53 785.53
10/15/25 10/15/25 TAOT 2024-C A2A
DTD 07/30/2024 5.160% 05/17/2027
89237QAB6 0.00 519.87 519.87
10/15/25 10/15/25 TAOT 2024-D A2A
DTD 10/17/2024 4.550% 08/16/2027
89239TAB8 0.00 1,229.84 1,229.84
10/15/25 10/15/25 ALLYA 2024-1 A3
DTD 03/13/2024 5.080% 12/15/2028
02008FAC8 0.00 1,466.50 1,466.50
10/15/25 10/15/25 NAROT 2024-B A2A
DTD 10/23/2024 4.510% 06/15/2027
65479WAB0 0.00 2,443.09 2,443.09
10/15/25 10/15/25 CHAIT 2023-Al A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 0.00 3.461.50 3,461.50
10/15/25 10/15/25 WOART 2024-B A2A
DTD 05/22/2024 5.480% 09/15/2027
98164HAB4 0.00 266.48 266.48
10/15/25 10/15/25 USAOT 2024-A A2
DTD 07/30/2024 5.250% 03/15/2027
90327VAB4 0.00 1,072.07 1,072.07
10/15/25 10/15/25 FORDO 2024-C A2A
DTD 09/20/2024 4.320% 08/15/2027
34532UAB5 0.00 1,427.66 1,427.66
10/15/25 10/15/25 ALLYA 2023-1 A3
DTD 07/19/2023 5.460% 05/15/2028
02007WAC2 0.00 1,568.48 1,568.48
10/15/25 10/15/25 BAAT 2024-1A A3
DTD 05/22/2024 5.350% 11/15/2028
09709AAC6 0.00 557.29 557.29
10/15/25 10/15/25 US TREASURY N/B
DTD 10/15/2024 3.875% 10/15/2027
91282CLO2 0.00 145,312.50 145,312.50
10/15/25 10/15/25 COPAR 2024-1 A2A
DTD 11/26/2024 4.610% 10/15/2027
14O43NAB5 0.00 844.98 844.98
10/15/25 10/15/25 BACCT 2024-Al A
DTD 06/13/2024 4.930% 05/15/2029
05522RDJ4 0.00 4.231.58 4,231.58
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 50
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
21 ^7 Wai 0 VLud
Managed Account Security Transactions & 31, 2025 Interest ror uie monm cnamg ociouer Silicon Valley 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 1 INTEREST
10/15/25 10/15/25 FORDO 2025-A A2A
DTD 03/25/2025 4.470% 12/15/2027
34535KAB4 0.00 7,748.00 7,748.00
10/15/25 10/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 0.00 1,473.25 1,473.25
10/15/25 10/15/25 WOART 2024-C A2A
DTD 08/20/2024 4.780% 01/18/2028
98164NAB1 0.00 1,663.65 1,663.65
10/15/25 10/15/25 NAROT 2024-A A2A
DTD 05/22/2024 5.470% 12/15/2026
65479UAB4 0.00 612.63 612.63
10/15/25 10/15/25 MORGAN STANLEY BANK NA
(CALLABLE)
DTD 10/18/2024 4.447% 10/15/2027
61690U8G8 0.00 10,116.93 10,116.93
10/15/25 10/15/25 WFCIT 2024-Al A
DTD 03/01/2024 4.940% 02/15/2029
929700AA3 0.00 3,807.92 3,807.92
10/15/25 10/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 0.00 3,595.62 3,595.62
10/15/25 10/15/25 US TREASURY N/B
DTD 10/16/2023 4.625% 10/15/2026
91282CJC6 0.00 69,375.00 69.375.00
10/15/25 10/15/25 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 0.00 137.80 137.80
10/15/25 10/15/25 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
025823KV1 0.00 2,938.33 2,938.33
10/15/25 10/15/25 US TREASURY N/B
DTD 04/15/2025 3.750% 04/15/2028
91282CMW8 0.00 46,875.00 46,875.00
10/15/25 10/15/25 HART 2025-C A2A
DTD 09/17/2025 3.970% 07/17/2028
44935JAB2 0.00 7,688.57 7.688.57
10/15/25 10/15/25 FORDO 2024-D A2A
DTD 11/22/2024 4.590% 10/15/2027
34535VAB0 0.00 1,503.56 1,503.56
10/15/25 10/15/25 KCOT 2024-1A A2
DTD 02/21/2024 5.390% 01/15/2027
50117BAB6 0.00 1,094.25 1,094.25
10/15/25 10/15/25 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 0.00 6,102.00 6,102.00
10/15/25 10/15/25 COMET 2024-Al A
DTD 09/24/2024 3.920% 09/15/2029
14O41NGE5 0.00 4,736.67 4,736.67
PPM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 51
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
22 £)
LTs
Managed Account Security Transactions & 31, 2025 Interest ror me nonin cnaing vciouer rincon vaiiey uiean entsrgy - 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 1 INTEREST
10/15/25 10/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 0.00 3.296.79 3.296.79
10/15/25 10/15/25 ALIYA 2024-2 A3
DTD 09/27/2024 4.140% 07/16/2029
02007NAC2 0.00 2.277.00 2,277.00
10/15/25 10/15/25 WOART 2024-A A2A
DTD 02/14/2024 5.050% 04/15/2027
98164RAB2 0.00 24.24 24.24
10/15/25 10/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 0.00 1.101.08 1.101.08
10/15/25 10/15/25 WOART 2025-A A2A
DTD 01/29/2025 4.490% 04/17/2028
98164YAB7 0.00 3,485.94 3.485.94
10/15/25 10/15/25 DCENT 2023-Al A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 0.00 4,669.17 4,669.17
10/15/25 10/15/25 HAROT 2024-4 A2
DTD 10/24/2024 4.560% 03/15/2027
43816DAB1 0.00 3,299.92 3.299.92
10/15/25 10/15/25 KCOT 2025-2A A2
DTD 06/25/2025 4.480% 04/17/2028
5O117LAB4 0.00 1,120.00 1.120.00
10/15/25 10/15/25 AMXCA 2025-1 A
DTD 02/11/2025 4.560% 12/17/2029
02582JKM1 0.00 6,137.00 6,137.00
10/15/25 10/15/25 CHAIT 2024-Al A
DTD 01/31/2024 4.600% 01/15/2029
161571HV9 0.00 2.664.17 2.664.17
10/15/25 10/15/25 WFCIT 2025-Al A
DTD 06/10/2025 4.340% 05/15/2030
92970OAJ4 0.00 4,068.75 4.068.75
10/15/25 10/15/25 WFCIT 2024-A2 A
DTD 10/24/2024 4.290% 10/15/2029
92970OAE5 0.00 2.341.63 2.341.63
10/15/25 10/15/25 HART 2024-B A2A
DTD 07/24/2024 5.150% 06/15/2027
44934OAB7 0.00 955.94 955.94
10/15/25 10/15/25 FORDO 2023-C A3
DTD 11/21/2023 5.530% 09/15/2028
34494OAD3 0.00 1,395.49 1,395.49
10/15/25 10/15/25 MBART 2025-1 A2A
DTD 01/23/2025 4.500% 02/15/2028
58773DAB0 0.00 5.230.68 5.230.68
10/15/25 10/15/25 TAOT 2024-A A3
DTD 01/30/2024 4.830% 10/16/2028
89238DAD0 0.00 1.348.38 1.348.38
10/15/25 10/15/25 FORDO 2024-B A2A
DTD 06/24/2024 5.400% 04/15/2027
34531OAB5 0.00 2,578.67 2.578.67
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 52
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
23 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Trade Settle Security Description
Principal
CUSIP Par Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L Sale
Amort Cost Method

INTEREST
DTD 01/17/2024 4.850% 12/18/2028
10/15/25 10/15/25 HART 2024-C A2A
DTD 10/16/2024 4.530% 09/15/2027
448976AB6 0.00 2,082.70 2,082.70
10/15/25 10/15/25 UNITEDHEALTH GROUP INC
(CALLABLE)
DTD 03/21/2024 4.600% 04/15/2027
91324PEY4 0.00 17,250.00 17,250.00
10/15/25 10/15/25 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
025823KH2 0.00 3,116.21 3,116.21
10/15/25 10/15/25 KCOT2025-1AA2
DTD 02/19/2025 4.610% 12/15/2027
50117FAB7 0.00 2,439.46 2,439.46
10/15/25 10/15/25 AMXCA 2025-2 A
DTD 05/13/2025 4.280% 04/15/2030
025823KP4 0.00 3,727.17 3,727.17
10/15/25 10/15/25 HART 2022-C A3
DTD 11/09/2022 5.390% 06/15/2027
44933DAD3 0.00 712.29 712.29
10/15/25 10/15/25 WOART 2025-C A2A
DTD 08/13/2025 4.190% 10/16/2028
981936AB3 0.00 2,863.17 2,863.17
10/15/25 10/15/25 NAROT 2025-A A3
DTD 05/27/2025 4.490% 12/17/2029
65481GAD7 0.00 4,620.96 4,620.96
10/15/25 10/15/25 HDMOT 2023-B A3
DTD 09/27/2023 5.690% 08/15/2028
41285YAC9 0.00 3,479.77 3,479.77
10/16/25 10/16/25 GMCAR 2024-4 A2A
DTD 10/16/2024 4.530% 10/18/2027
38014AAB7 0.00 1,321.41 1,321.41
10/16/25 10/16/25 GMCAR 2023-4 A3
DTD 10/11/2023 5.780% 08/16/2028
379930AD2 0.00 1,979.09 1,979.09
10/16/25 10/16/25 CATERPILLAR FINL SERVICE
DTD 08/16/2024 4.450% 10/16/2026
14913UAN0 0.00 6,563.75 6,563.75
10/16/25 10/16/25 GMCAR 2025-1 A2A
DTD 01/15/2025 4.440% 01/18/2028
362955AB2 0.00 3,820.52 3,820.52
10/16/25 10/16/25 GMCAR 2024-2 A2A
DTD 04/10/2024 5.330% 03/16/2027
379931AB4 0.00 112.93 112.93
10/16/25 10/16/25 GMCAR 2024-3 A2A
DTD 07/10/2024 5.350% 06/16/2027
38O13KAB6 0.00 881.77 881.77
10/16/25 10/16/25 GMCAR 2024-1 A3 36268GAD7 0.00 444.58 444.58 PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 53
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
24 k/. \ 3 J
Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 oilicon vauey clean energy - ovuc investment rortrono - 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
10/20/25 10/20/25 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 0.00 1.383.00 1,383.00
10/20/25 10/20/25 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 0.00 1.015.00 1,015.00
10/20/25 10/20/25 BANK OF NEW YORK MELLON
(CALLABLE)
DTD 04/22/2025 4.587% 04/20/2027
06405LAF8 0.00 8,618.46 8,618.46
10/20/25 10/20/25 VALET 2024-1 A2A
DTD 11/26/2024 4.650% 11/22/2027
92868RAB4 0.00 3.631.00 3,631.00
10/20/25 10/20/25 TMUST 2025-2A A
DTD 08/06/2025 4.340% 04/22/2030
87268MAA3 0.00 1.862.58 1.862.58
10/20/25 10/20/25 VALET 2023-2 A2A
DTD 11/21/2023 5.720% 03/22/2027
92867YAB0 0.00 204.90 204.90
10/20/25 10/20/25 VALET 2025-1 A2A
DTD 03/25/2025 4.510% 01/20/2028
92868MAB5 0.00 6.510.70 6.510.70
10/20/25 10/20/25 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 0.00 5.675.08 5.675.08
10/21/25 10/21/25 CITIGROUP INC (CALLABLE)
DTD 10/21/2016 3.200% 10/21/2026
172967KY6 0.00 12,000.00 12,000.00
10/21/25 10/21/25 HAROT 2025-1 A2
DTD 02/11/2025 4.530% 08/23/2027
43814VAB3 0.00 9.745.77 9,745.77
10/21/25 10/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 0.00 806.46 806.46
10/21/25 10/21/25 BANK OF AMERICA CORP (CALLABLE)
DTD 10/21/2016 3.248% 10/21/2027
06051GGA1 0.00 28,420.00 28,420.00
10/21/25 10/21/25 HAROT 2024-3 A2
DTD 08/21/2024 4.890% 02/22/2027
43813YAB8 0.00 1.410.57 1,410.57
10/21/25 10/21/25 HAROT 2025-3 A2A
DTD 08/12/2025 4.190% 03/21/2028
43813OAB5 0.00 5.569.21 5,569.21
10/22/25 10/22/25 STATE STREET CORP (CALLABLE)
DTD 10/22/2024 4.330% 10/22/2027
857477CP6 0.00 16,237.50 16,237.50
10/22/25 10/22/25 PFAST 2024-1A A2A
DTD 12/13/2024 4.450% 01/24/2028
73328EAB7 0.00 791.94 791.94
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 54
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
25 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley 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
DTD 10/31/2024 4.125% 10/31/2026
10/22/25 10/22/25 JPMORGAN CHASE & CO (CALLABLE)
DTD 04/22/2021 1.578% 04/22/2027
46647PCB0 0.00 6,706.50 6,706.50
10/22/25 10/22/25 WELLS FARGO & COMPANY
DTD 04/22/2016 3.000% 04/22/2026
949746RW3 0.00 6,000.00 6,000.00
10/22/25 10/22/25 JPMORGAN CHASE & CO (CALLABLE)
DTD 10/23/2023 6.070% 10/22/2027
46647PDW3 0.00 9,105.00 9,105.00
10/23/25 10/23/25 WELLS FARGO & COMPANY
(CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 0.00 17,022.25 17,022.25
10/25/25 10/25/25 CHAOT 2024-4A A2
DTD 07/30/2024 5.250% 09/27/2027
16144YAB4 0.00 629.16 629.16
10/25/25 10/25/25 CHAOT 2024-5A A2
DTD 09/24/2024 4.400% 11/26/2027
16144OAB1 0.00 447.62 447.62
10/25/25 10/25/25 BMWOT 2025-A A2A
DTD 02/12/2025 4.430% 10/25/2027
096924AB1 0.00 2,691.87 2,691.87
10/25/25 10/25/25 BMWOT 2024-A A3
DTD 06/11/2024 5.180% 02/26/2029
096919AD7 0.00 3,086.42 3,086.42
10/25/25 10/25/25 BMWLT 2025-1 A3
DTD 06/10/2025 4.430% 06/26/2028
096912AD2 0.00 1,827.38 1,827.38
10/25/25 10/25/25 CHAOT 2024-3A A2
DTD 06/27/2024 5.530% 09/27/2027
16144LAB2 0.00 846.93 846.93
10/25/25 10/25/25 CHAOT 2024-2A A2
DTD 04/25/2024 5.660% 05/26/2027
16144CAB2 0.00 199.18 199.18
10/25/25 10/25/25 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 0.00 2,717.00 2,717.00
10/28/25 10/28/25 WALMART INC
DTD 04/28/2025 4.100% 04/28/2027
931142FL2 0.00 9,020.00 9,020.00
10/30/25 10/30/25 CITIBANK NA (CALLABLE)
DTD 04/30/2024 5.438% 04/30/2026
17325FBF4 0.00 7,885.10 7,885.10
10/31/25 10/31/25 US TREASURY N/B 91282CLS8 0.00 154,687.50 154,687.50 Transaction Type Sub-Total 0.00 924,801.44 924,801.44

MATURITY
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 55
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
26 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale DTD 07/19/2023 5.460% 05/15/2028
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

MATURITY
10/03/25 10/03/25 AMERICAN HONDA FINANCE
DTD 10/04/2023 5.800% 10/03/2025
02665WEO0 450,000.00 450,000.00 0.00 450,000.00 418.50 0.00 Transaction Type Sub-Total 450,000.00 450,000.00 0.00 450,000.00 418.50 0.00

PAYDOWNS
10/01/25 10/25/25 FHMS K058 Al
DTD 11/01/2016 2.340% 07/01/2026
3137BSP64 14,835.98 14,835.98 0.00 14,835.98 760.34 214.12 10/01/25 10/25/25 FHMS K736 A2
DTD 09/01/2019 2.282% 07/01/2026
3137FNWX4 1,121.56 1,121.56 0.00 1,121.56 80.92 23.70
10/01/25 10/25/25 FHMS K739 A2
DTD 11/01/2020 1.336% 09/01/2027
3137F64P9 4,322.28 4,322.28 0.00 4,322.28 331.77 232.40 10/01/25 10/25/25 FNA 2018-M2 A2
DTD 02/01/2018 2.905% 01/01/2028
3136B0YM2 146,358.63 146,358.63 0.00 146,358.63 4,150.64 3,474.80 10/01/25 10/25/25 FHMS K065 Al
DTD 07/01/2017 2.864% 10/01/2026
3137F1G36 24,287.30 24,287.30 0.00 24,287.30 1,048.33 393.54 10/01/25 10/25/25 FHMS K069 A2
DTD 11/01/2017 3.187% 09/01/2027
3137FBU79 1,320.82 1,320.82 0.00 1,320.82 63.88 40.16
10/01/25 10/25/25 FHMS K059 A2
DTD 11/01/2016 3.120% 09/01/2026
3137BSRE5 1,440.07 1,440.07 0.00 1,440.07 76.11 27.84
10/01/25 10/25/25 FHMS K057 A2
DTD 09/01/2016 2.570% 07/01/2026
3137BROJ7 2,103.09 2,103.09 0.00 2,103.09 136.95 41.51
10/01/25 10/25/25 FHMS KJ28 A2
DTD 02/01/2020 2.308% 10/01/2027
3137FREE7 110,810.48 110,810.48 0.00 110,810.48 4,081.77 3,142.16 10/01/25 10/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 159,454.50 159,454.50 0.00 159,454.50 8,066.15 1,161.03 10/15/25 10/15/25 COPAR 2024-1 A2A
DTD 11/26/2024 4.610% 10/15/2027
14043NAB5 29,645.59 29,645.59 0.00 29,645.59 1.25 0.85
10/15/25 10/15/25 TAOT 2024-B A2A
DTD 04/30/2024 5.410% 03/15/2027
89237NAB3 39,876.13 39,876.13 0.00 39,876.13 2.86 1.46
10/15/25 10/15/25 WOART 2025-A A2A
DTD 01/29/2025 4.490% 04/17/2028
98164YAB7 100,401.16 100,401.16 0.00 100,401.16 2.79 2.13 10/15/25 10/15/25 ALLYA 2023-1 A3 02007WAC2 25,740.26 25,740.26 0.00 25,740.26 185.01 104.98 PFM Asset Management, a division of
U.S. Bancorp Asset Management. Inc.

Account 4025-002 Page 56
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
27 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale DTD 05/22/2024 5.480% 09/15/2027
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

PAYDOWNS
10/15/25 10/15/25 FORDO 2023-C A3
DTD 11/21/2023 5.530% 09/15/2028
344940AD3 20,401.69 20,401.69 0.00 20,401.69 4.38 2.74
10/15/25 10/15/25 BAAT 2024-1A A3
DTD 05/22/2024 5.350% 11/15/2028
09709AAC6 3,812.78 3,812.77 0.00 3,812.77 0.62 0.43
10/15/25 10/15/25 FORDO 2024-B A2A
DTD 06/24/2024 5.400% 04/15/2027
34531OAB5 116,646.72 116,646.72 0.00 116,646.72 8.72 4.69 10/15/25 10/15/25 FORDO 2024-D A2A
DTD 11/22/2024 4.590% 10/15/2027
34535VABO 42,527.40 42,527.40 0.00 42,527.40 2.08 1.46
10/15/25 10/15/25 TAOT 2024-A A3
DTD 01/30/2024 4.830% 10/16/2028
89238DAD0 19,344.39 19,344.39 0.00 19,344.39 3.87 2.54
10/15/25 10/15/25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 14,264.63 14,264.63 0.00 14,264.63 1.54 0.93
10/15/25 10/15/25 NAROT 2024-A A2A
DTD 05/22/2024 5.470% 12/15/2026
65479UAB4 52,535.77 52,535.77 0.00 52,535.77 0.55 0.24
10/15/25 10/15/25 HART 2024-B A2A
DTD 07/24/2024 5.150% 06/15/2027
44934OAB7 36,762.39 36,762.39 0.00 36,762.39 1.49 0.88
10/15/25 10/15/25 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 50,201.56 50,201.56 0.00 50,201.56 0.91 0.49
10/15/25 10/15/25 TAOT 2024-D A2A
DTD 10/17/2024 4.550% 08/16/2027
89239TAB8 43,804.04 43,804.04 0.00 43,804.04 2.85 1.85
10/15/25 10/15/25 KCOT 2024-2A A2
DTD 06/25/2024 5.450% 04/15/2027
50117DAB2 22,044.17 22,044.17 0.00 22,044.17 2.50 1.36
10/15/25 10/15/25 KCOT 2024-1A A2
DTD 02/21/2024 5.390% 01/15/2027
50117BAB6 57,197.02 57,197.02 0.00 57,197.02 0.74 0.27
10/15/25 10/15/25 FORDO 2024-C A2A
DTD 09/20/2024 4.320% 08/15/2027
34532UAB5 46,890.71 46,890.71 0.00 46,890.71 1.88 1.16
10/15/25 10/15/25 WOART 2024-A A2A
DTD 02/14/2024 5.050% 04/15/2027
98164RAB2 5,759.04 5,759.04 0.00 5,759.04 0.45 0.22
10/15/25 10/15/25 FORDO 2025-A A2A
DTD 03/25/2025 4.470% 12/15/2027
34535KAB4 134,669.04 134,669.04 0.00 134,669.04 7.97 6.38 10/15/25 10/15/25 TAOT 2025-A A2A
DTD 01/29/2025 4.480% 11/15/2027
89240JAB7 144,136.69 144,136.69 0.00 144,136.69 6.68 4.86 10/15/25 10/15/25 WOART 2024-B A2A 98164HAB4 27,363.39 27,363.39 0.00 27,363.39 2.75 1.64 PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 57
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
28 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale DTD 01/15/2025 4.440% 01/18/2028
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

PAYDOWNS
10/15/25 10/15/25 MBART 2025-1 A2A
DTD 01/23/2025 4.500% 02/15/2028
58773DAB0 152,088.72 152,088.72 0.00 152,088.72 3.67 2.69 10/15/25 10/15/25 HAROT 2024-4 A2
DTD 10/24/2024 4.560% 03/15/2027
43816DAB1 140,034.85 140,034.85 0.00 140,034.85 9.55 5.75 10/15/25 10/15/25 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 24,909.26 24,909.26 0.00 24,909.26 647.06 249.58 10/15/25 10/15/25 FORDO 2024-A A2A
DTD 03/19/2024 5.320% 01/15/2027
34535EAB8 26,997.28 26,997.28 0.00 26,997.28 0.95 0.42
10/15/25 10/15/25 HART 2024-C A2A
DTD 10/16/2024 4.530% 09/15/2027
448976AB6 62,000.76 62,000.75 0.00 62,000.75 3.76 2.49
10/15/25 10/15/25 TAOT 2024-C A2A
DTD 07/30/2024 5.160% 05/17/2027
89237QAB6 23,478.29 23,478.29 0.00 23,478.29 0.22 0.11
10/15/25 10/15/25 USAOT 2024-A A2
DTD 07/30/2024 5.250% 03/15/2027
90327VAB4 95,902.39 95,902.39 0.00 95,902.39 6.20 3.39
10/15/25 10/15/25 ALLYA 2024-1 A3
DTD 03/13/2024 5.080% 12/15/2028
02008FAC8 23,261.80 23,261.80 0.00 23,261.80 3.38 2.31
10/15/25 10/15/25 NAROT 2024-B A2A
DTD 10/23/2024 4.510% 06/15/2027
65479WAB0 97,231.09 97,231.09 0.00 97,231.09 7.76 4.99
10/15/25 10/15/25 HART 2022-C A3
DTD 11/09/2022 5.390% 06/15/2027
44933DAD3 25,246.45 25,246.45 0.00 25,246.45 194.28 89.05 10/15/25 10/15/25 HDMOT 2023-B A3
DTD 09/27/2023 5.690% 08/15/2028
41285YAC9 51,243.74 51,243.74 0.00 51,243.74 11.59 66.72 10/15/25 10/15/25 WOART 2024-C A2A
DTD 08/20/2024 4.780% 01/18/2028
98164NAB1 65,633.35 65,633.35 0.00 65,633.35 1.40 0.84
10/16/25 10/16/25 GMCAR 2024-2 A2A
DTD 04/10/2024 5.330% 03/16/2027
379931AB4 17,191.83 17,191.83 0.00 17,191.83 1.14 0.57
10/16/25 10/16/25 GMCAR 2023-4 A3
DTD 10/11/2023 5.780% 08/16/2028
379930AD2 27,722.81 27,722.81 0.00 27,722.81 5.69 3.47
10/16/25 10/16/25 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 6,412.15 6,412.15 0.00 6,412.15 1.29 0.87
10/16/25 10/16/25 GMCAR 2024-4 A2A
DTD 10/16/2024 4.530% 10/18/2027
38014AAB7 46,856.98 46,856.98 0.00 46,856.98 1.95 1.26
10/16/25 10/16/25 GMCAR 2025-1 A2A 362955AB2 116,445.13 116,445.13 0.00 116,445.13 11.10 8.23 PPM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 58
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
29 Managed Account Security Transactions & Interest For the Month Ending October 31, 2025 Silicon Valley Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type Principal Accrued Realized G/L Realized G/L Sale DTD 07/17/2023 4.500% 07/15/2026
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method

PAYDOWNS
10/16/25 10/16/25 GMCAR 2024-3 A2A
DTD 07/10/2024 5.350% 06/16/2027
38013KAB6 51,387.58 51,387.58 0.00 51,387.58 0.12 0.00
10/20/25 10/20/25 VALET 2023-2 A2A
DTD 11/21/2023 5.720% 03/22/2027
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10/20/25 10/20/25 VALET 2024-1 A2A
DTD 11/26/2024 4.650% 11/22/2027
92868RAB4 92,685.10 92,685.10 0.00 92,685.10 1.48 0.92
10/20/25 10/20/25 VALET 2025-1 A2A
DTD 03/25/2025 4.510% 01/20/2028
92868MAB5 152,846.78 152,846.78 0.00 152,846.78 4.83 3.59 10/21/25 10/21/25 HAROT 2025-1 A2
DTD 02/11/2025 4.530% 08/23/2027
43814VAB3 261,665.99 261,665.99 0.00 261,665.99 11.38 8.29 10/21/25 10/21/25 HAROT 2024-3 A2
DTD 08/21/2024 4.890% 02/22/2027
43813YAB8 67,954.24 67,954.24 0.00 67,954.24 5.32 2.90
10/21/25 10/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 11,432.93 11,432.93 0.00 11,432.93 2.01 1.21
10/22/25 10/22/25 PFAST 2024-1A A2A
DTD 12/13/2024 4.450% 01/24/2028
73328EAB7 55,628.29 55,628.29 0.00 55,628.29 4.74 3.45
10/25/25 10/25/25 BMWOT 2025-A A2A
DTD 02/12/2025 4.430% 10/25/2027
096924AB1 80,523.79 80,523.79 0.00 80,523.79 6.16 4.62
10/25/25 10/25/25 CHAOT 2024-2A A2
DTD 04/25/2024 5.660% 05/26/2027
16144CAB2 42,229.05 42,229.05 0.00 42,229.05 1.52 1.52
10/25/25 10/25/25 CHAOT 2024-3A A2
DTD 06/27/2024 5.530% 09/27/2027
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10/25/25 10/25/25 CHAOT 2024-4A A2
DTD 07/30/2024 5.250% 09/27/2027
16144YAB4 35,694.95 35,694.95 0.00 35,694.95 3.33 2.08
10/25/25 10/25/25 CHAOT 2024-5A A2
DTD 09/24/2024 4.400% 11/26/2027
16144OAB1 20,913.30 20,913.30 0.00 20,913.30 1.86 1.25
Transaction Type Sub-Total 3,456,530.94 3,456,530.92 0.00 3,456,530.92 19,994.50 9,366.28 SELL
10/07/25 10/08/25 US TREASURY N/B
DTD 07/17/2023 4.500% 07/15/2026
91282CHM6 700,000.00 704,019.53 7,275.82 711,295.35 7,546.87 4,948.65 FIFO 10/07/25 10/08/25 US TREASURY N/B 91282CHM6 1,000,000.00 1,005,742.19 10,394.02 1,016,136.21 8,828.13 6,780.73 FIFO PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.

Account 4025-002 Page 59
Item 1c
ADDED 12/10/25
October 2025 Treasurer Report
30 Managed Account Security Transactions & For the Month Ending October 31, 2025 Interest PFM Asset Management, a division of Account 4025-002 Page 60 U.S. Bancorp Asset Management, Inc.

Silicon Valley Clean Energy - SVCE Investment Portfolio - 4025-002 - (12517950) Transaction Type
Trade Settle Security Description CUSIP
Principal
Par Proceeds
Accrued
Interest Total
Realized G/L
Cost
Realized G/L
Ainort Cost
Sale
Method
1 SELL
10/07/25 10/08/25 US TREASURY N/B 91282CLB5
DTD 07/31/2024 4.375% 07/31/2026
500.000.00 502.539.06 4.101.56 506.640.62 351.56 1.623.69 FIFO Transaction Type Sub-Total 2,200,000.00 2,212,300.78 21,771.40 2,234,072.18 16,726.56 13,353.07 Managed Account Sub-Total (67,535,362.49) 849,245.62 (66,686,116.87) 37,139.56 22,719.35 Total Security Transactions ($67,535,362.49) $849,245.62 ($66,686,116.87) $37,139.56 $22,719.35 Bolded items are forward settling trades.

Item 1c
ADDED 12/10/25
October 2025 Treasurer Report

Page 1 of 1 ends

Staff Report – Item 1c
Item 1c: Receive October 2025 Treasurer Report
From: Monica Padilla, CEO
Prepared by: Amrit Singh, CFO
Date: 12/10/2025
Staff did not have enough time to prepare the Silicon Valley Clean Energy (SVCE) October 2025 Treasurer’s Report in its usual format, along with additional supporting analyses, by the posting deadline for the materials. SVCE’s accountants are finalizing the financial statements for the fiscal year ended September 30, 2025, in preparation for the audit. The delay is primarily due to the implementation of the Governmental Accounting Standards Board (GASB) Standards 62, Rate Stabilization Fund, and 96, Subscription-Based IT Arrangements (SBITAs). The implementation of these GASB standards was discussed with the Finance and Administration Committee at its meeting on November 24, 2025.

Attached are the Accountant's preliminary financial reports. Please note that the completion of the materials for last fiscal year’s audit may result in some changes to the starting balance figures included in the October reports.

Staff will update this posting once the complete reports are ready.

ATTACHMENT

1. Preliminary Financial Reports
Item 1c
SILICON VALLEY \3/ CLEAN ENERGY
1 ACCOUNTANTS’ COMPILATION REPORT

Board of Directors
Silicon Valley Clean Energy Authority
Management is responsible for the accompanying special purpose budgetary comparison schedules of Silicon Valley Clean Energy Authority (a California Joint Powers Authority) for the one month ending October 31, 2025, and for determining that the budgetary basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statement nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any assurance on this special purpose budgetary comparison statement.

The special purpose statement is prepared in accordance with the budgetary basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. This report is intended for the information of the Board of Directors of the Authority.

Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.

Silicon Valley Clean Energy Authority’s annual audited financial statements include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about the Authority’s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

We are not independent with respect to the Authority because we performed certain accounting services that impaired our independence.

Maher Accountancy
San Rafael, CA
December 3, 2025
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com Item 1c
Attachment 1
2025/26 YTD
Budget
2025/26 YTD
Actual
2025/26 YTD
Budget Variance
Over (Under)
2025/26 YTD
Actual/Budget
%
2025/26
Annual Budget
2025/26 Budget
Remaining

OPERATING REVENUES
Energy Sales 35,980,998 $ 38,977,676 $ 2,996,678 $ 108% 360,057,000 $ 321,079,324 $ Green Prime 193,634 204,210 10,576 105% 2,469,000 2,264,790 Customer bill relief (existing CARE/FERA) (453,000) (468,790) (15,790) 103% (4,110,000) (3,641,210) Other Income - 5,750 5,750 n/a - (5,750)
Total Operating Revenues 35,721,632 38,718,846 2,997,214 108% 358,416,000 319,697,154

ENERGY EXPENSES
Power Supply 29,339,437 28,412,034 (927,403) 97% 368,896,000 340,483,966 Operating Margin 6,382,195 10,306,812 3,924,617 161% (10,480,000) (20,786,812)

OPERATING EXPENSES
Data Management 313,635 301,259 (12,376) 96% 3,764,000 3,462,741 PG&E Fees 130,725 100,223 (30,502) 77% 1,569,000 1,468,777 Salaries and Retirement 1,572,531 1,276,785 (295,746) 81% 18,870,000 17,593,215 Professional Services 908,480 371,964 (536,516) 41% 10,902,000 10,530,036 Marketing & Promotions 195,563 96,421 (99,142) 49% 2,347,000 2,250,579 General & Administrative 478,503 387,456 (91,047) 81% 5,742,000 5,354,544 Total Operating Expenses 3,599,437 2,534,108 (1,065,329) 70% 43,194,000 40,659,892 Operating Income (Loss) 2,782,758 7,772,704 4,989,946 279% (53,674,000) (61,446,704)

NON-OPERATING REVENUES
Investment Income 1,784,421 1,865,552 81,131 105% 21,413,000 19,547,448 Total Non-Operating Revenues 1,784,421 1,865,552 81,131 105% 21,413,000 19,547,448

NON-OPERATING EXPENSES
Financing 2,383 - (2,383) 0% 29,000 29,000

CAPITAL EXPENDITURES, TRANSFERS OUT (IN), OTHER
Capital Outlay 42,667 - (42,667) 0% 512,000 512,000
Transfer to General Programs Fund - General Allocation 7,251,000 7,251,000 - 100% 7,251,000 - Total Other Uses 7,293,667 7,251,000 (42,667) 99% 7,763,000 #VALUE! Net Increase (Decrease) (2,728,871) $ 2,387,256 $ 5,116,127 $ -87% (40,053,000) $ (42,440,256) $

SILICON VALLEY CLEAN ENERGY AUTHORITY

OPERATING FUND

BUDGETARY COMPARISON SCHEDULES
One Month Ended October 31, 2025
See accountants' compilation report. 2
Item 1c
Attachment 1
Net increase (decrease) in available fund balance
per budgetary comparison schedule: 2,387,256 $
Adjustments needed to reconcile to the
changes in net position in the Statement of Revenues, Expenses and Changes in Net Position:

Subtract depreciation and amortization expense (79,605) Subtract program expenses not in operating budget (1,576,927) Add back portion of lease payment applied to reduce lease liability 104,344 Add back transfer to Program funds 7,251,000
Change in net position 8,086,068 $

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGET RECONCILIATION TO STATEMENT OF

OPERATING FUND
One Month Ended October 31, 2025

REVENUES, EXPENSES AND CHANGES IN NET POSITION
See accountants' compilation report. 3
Item 1c
Attachment 1
Budget Actual
Budget
Remaining
Actual/
Budget
REVENUE AND OTHER SOURCES:

Transfers in - General Programs 7,251,000 $ 7,251,000 $ - $ 100.00% Total 7,251,000 7,251,000 -
EXPENDITURES AND OTHER USES:

Program expenditures 22,242,570 1,527,753 20,714,817 6.87% Net increase (decrease) in fund balance $ (14,991,570) 5,723,247 Fund balance at beginning of period 76,714,107
Fund balance at end of period 82,437,354 $
Budget Actual
Budget
Remaining
Actual/
Budget
REVENUE AND OTHER SOURCES:

Transfer from Operating Fund - $ - $ - $ 0.00%
EXPENDITURES AND OTHER USES:

Other program expenditures 963,704 30,210 933,494 3.13% Total Program expenditures 963,704 30,210 933,494
Net increase (decrease) in fund balance (963,704) $ (30,210) Fund balance at beginning of period 4,911,889
Fund balance at end of period 4,881,679 $
Budget Actual
Budget
Remaining
Actual/
Budget
REVENUE AND OTHER SOURCES:

Transfer from Operating Fund - $ - $ - $ 0.00%
EXPENDITURES AND OTHER USES:

Discounts (Transfer to Operations Fund) 4,500,000 - 4,500,000 0.00% Net increase (decrease) in fund balance (4,500,000) $ - Fund balance at beginning of period 8,740,312
Fund balance at end of period 8,740,312 $
One Month Ended October 31, 2025

BUDGETARY COMPARISON SCHEDULES

SILICON VALLEY CLEAN ENERGY AUTHORITY

GENERAL PROGAMS FUND

ELECTRIFICATION DISCOUNT FUND

CUSTOMER RELIEF & COMMUNITY RESILIENCY FUND
See accountants' compilation report. 4
Item 1c
Attachment 1
Budget Actual
Budget
Remaining
Actual/
Budget
REVENUE AND OTHER SOURCES:

Transfer from Operating Fund - $ - $ - $ 0.00%
EXPENDITURES AND OTHER USES:

Capital outlay 8,421,000 33,273
Other program expenditures - - -
33,273 8,421,000 -
Net increase (decrease) in fund balance - $ (33,273)
Fund balance at beginning of period 8,214,310
Fund balance at end of period 8,181,037 $
Budget Actual
Budget
Remaining
Actual/
Budget
REVENUE AND OTHER SOURCES:

Transfers in - Nuclear Allocation - - - 0.00%
Transfer in - Hanford Emissions Mitigation Fund - - - 0.00% Total - - -
EXPENDITURES AND OTHER USES:

Program expenditures 2,142,000 18,964 2,123,036
Net increase (decrease) in fund balance $ (2,142,000) (18,964) Fund balance at beginning of period 7,691,455
Fund balance at end of period 7,672,491 $

NUCLEAR AND HANFORD PROGAM FUNDS

BUILDING FUND

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULES
One Month Ended October 31, 2025
See accountants' compilation report. 4
Item 1c
Attachment 1
1 ACCOUNTANTS’ COMPILATION REPORT
Board of Directors
Silicon Valley Clean Energy Authority
Management is responsible for the accompanying financial statements of Silicon Valley Clean Energy Authority (a California Joint Powers Authority) which comprise the statement of net position as of October 31, 2025, and the related statement of revenues, expenses, and changes in net position, and the statement of cash flows for the one month then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, conclusion, nor provide any assurance on these financial statements.

Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.

We are not independent with respect to the Authority because we performed certain accounting services that impaired our independence.

Maher Accountancy
San Rafael, CA
December 3, 2025
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com Item 1c
Attachment 1
Current assets
Cash and cash equivalents - unrestricted 255,320,539 $
Accounts receivable, net of allowance 33,958,362
Accrued revenue 22,982,741
Other receivables 19,954,715
Prepaid expenses 4,808,380
Deposits 911,191
Investments 98,777,892
Cash equivalents - restricted 1,244,425
Total current assets 437,958,245
Noncurrent assets
Investments 247,988,149
Capital assets, net of depreciation and amortization 13,787,019 Total noncurrent assets 261,775,168
Total assets 699,733,413
Current liabilities
Accrued cost of electricity 64,501,568
Accounts payable 4,013,401
Other accrued liabilities 6,198,781
User taxes and energy surcharges due to other governments 1,322,071 Total current liabilities 76,035,821
Noncurrent liabilities
Supplier security deposits 8,478,125
Total noncurrent liabilities 8,478,125
Total liabilities 84,513,946
Rate Stabilization Fund 100,000,000
Net investment in capital assets 13,787,019
Restricted for security collateral 1,244,425
Unrestricted 500,188,023
Total net position 515,219,467 $

NET POSITION

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF NET POSITION
As of October 31, 2025
ASSETS

LIABILITIES

DEFERRED INFLOWS OF RESOURCES
See accountants' compilation report. 2
Item 1c
Attachment 1

OPERATING REVENUES
Electricity sales, net 38,508,886 $
GreenPrime electricity premium 204,210
Liquidated damages 5,750
Total operating revenues 38,718,846

OPERATING EXPENSES
Cost of electricity 28,412,034
Contract services 1,300,772
Staff compensation and benefits 1,276,785
Program incentives 1,146,022
Other operating expenses 279,315
Depreciation and amortization 79,605
Total operating expenses 32,494,533
Operating income (loss) 6,224,313

NONOPERATING REVENUES (EXPENSES)
Investment income 1,865,552
Interest expense (3,797)
Nonoperating revenues (expenses), net 1,861,755
CHANGE IN NET POSITION 8,086,068
Net position at beginning of period 507,133,399
Net position at end of period 515,219,467 $
One Month Ended October 31, 2025

AND CHANGES IN NET POSITION

STATEMENT OF REVENUES, EXPENSES

SILICON VALLEY CLEAN ENERGY AUTHORITY
See accountants' compilation report. 3
Item 1c
Attachment 1

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 37,428,715 $
Receipts of liquidated damages 5,750
Receipts of wholesale sales 1,146,127
Payments to suppliers for electricity (28,595,063)
Payments of security deposits (30,000)
Payments for other goods and services (1,967,203)
Payments for program incentives (1,441,507)
Payments for staff compensation (1,701,933)
Payments of taxes and surcharges to other governments (1,838,978) Net cash provided (used) by operating activities 3,005,908

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Finance costs paid (3,797)
Net cash provided (used) by noncapital
financing activities (3,797)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of subscription liability (104,344)
Purchases of capital assets (11,885)
Net cash provided (used) by capital and related
financing activities (116,229)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 1,862,666
Proceeds from investment sales 6,118,832
Purchase of investments (70,039,462)
Net cash provided (used) by investing activities (62,057,964) Net change in cash and cash equivalents (59,172,082)
Cash and cash equivalents at beginning of year 315,737,046 Cash and cash equivalents at end of period 256,564,964 $ Reconciliation to the Statement of Net Position
Cash and cash equivalents - unrestricted 255,320,539 $
Cash equivalents - restricted 1,244,425
Total cash and cash equivalents 256,564,964 $

SILICON VALLEY CLEAN ENERGY AUTHORITY
One Month Ended October 31, 2025

STATEMENT OF CASH FLOWS
See accountants' compilation report. 4
Item 1c
Attachment 1
Operating income (loss) 6,224,313 $
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities
Depreciation and amortization expense 79,605
(Increase) decrease in:

Accounts receivable, net of allowance (10,864,348)
Accrued revenue 8,114,333
Other receivables 6,100,909
Prepaid expenses (3,962,373)
Deposits (35,750)
Increase (decrease) in:

Accrued cost of electricity (2,446,172)
Accounts payable 1,451,862
Other accrued liabilities (1,283,139)
User taxes and energy surcharges due to other governments (373,332) Net cash provided (used) by operating activities 3,005,908 $

NONCASH INVESTING ACTIVITIES
Change in fair value of investments (78,764) $
Change in interest receivable 81,650 $

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF CASH FLOWS
One Month Ended October 31, 2025

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(continued)
See accountants' compilation report. 5
Item 1c
Attachment 1

Page 1 of 2 ends

Staff Report – Item 1d
Item 1d: Approve Amendment No. 1 to Employment Agreement for Chief Executive Officer To: Silicon Valley Clean Energy Board of Directors
From: George Tyson, Chair
Date: 12/10/2025

RECOMMENDATION
The Silicon Valley Clean Energy (SVCE) Chief Executive Officer Employment Agreement Ad Hoc Committee recommends that the Board of Directors (“Board”) approve Amendment No. 1 to the Employment Agreement for Chief Executive Officer (“Agreement”).

BACKGROUND
Monica Padilla was hired as the Chief Executive Officer (“CEO”) on November 13, 2023, with a commencement date of April 1, 2024 pursuant to the Agreement. The Agreement provided for an annual salary of $403,000, a paid time off policy applicable to SVCE employees generally, and a performance evaluation to be conducted each year on or about the anniversary date of the contract. The Agreement also provided for a sixth month review of the CEO’s performance, which occurred in September 2024.

ANALYSIS & DISCUSSION
Amendment No. 1 to the Agreement makes the following changes to the original agreement:

1. Extends the term of employment to September 30, 2028.

2. Increases the base salary from $403,000 to $450,000, effective October 1, 2025, and adds an annual cost of living adjustment (COLA) equal to the lesser of the Consumer Price Index or 3%. COLA is for subsequent years and not in addition to new base salary for 2025/2026.

3. Provides a contribution to the mandatory retirement account in a preset amount (outlined below), provided that CEO makes an employee contribution equal to (in the aggregate) the annual addition limit for the year under section 415(c) of the Internal Revenue Code (prorated for 2028 through September 30, 2028) (“Applicable 415(c) Limit”).

The contributions will be made as follows:

Employer contributions: SVCE will contribute the following amounts to CEO’s 401(a) account: (i) for 2026, $45,338; (ii) for 2027, $46,698; and (iii) for January 1–September 30, 2028, $35,805. The contributions below are calculated to be equivalent to 10% of base salary.

Mandatory employee contributions: For each such year, the CEO will contribute an amount equal to the excess of the Applicable 415(c) Limit over SVCE’s employer contributions for the year. These mandatory employee contributions will be deducted from CEO’s base salary, and CEO may not elect to receive cash or any other consideration in lieu of the contributions.

Item 1d
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 1d Agenda Date: 12/10/2025

Page 2 of 2 ends

4. Requires the Board to review salary and benefits as part of the annual evaluation process.

ATTACHMENTS

1. Amendment No. 1 to Employment Agreement for Chief Executive Officer

2. Employment Agreement for Chief Executive Officer
Item 1d
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT FOR

CHIEF EXECUTIVE OFFICER
The Employment Agreement (“Agreement”), dated November 13, 2023, by and between the Silicon Valley Clean Energy Authority (SVCE) and Monica Padilla (CEO), is amended by this Amendment No. 1, effective October 1, 2025.

A. SVCE and CEO entered the Agreement for the employment of CEO as Chief Executive Officer of SVCE, commencing on April 1, 2024.

B. The parties desire to amend the Agreement with this Amendment No. 1 (“Amendment’) to extend the term of the Agreement, provide a salary increase and revise other terms of employment.

NOW, THEREFORE, the parties desire to amend the Agreement as follows:

1. Section 2, titled “Term” is amended and restated in its entirety to read as follows:

Term. The term of this Agreement shall commence on April 1, 2024, (“Commencement Date”) and terminate on September 30, 2028 (“Term”). This Agreement will automatically renew on October 1 of each year, for additional one year renewal terms on the terms and conditions that are in force at the time of the renewal, unless either party gives the other party written notice of non-renewal at least 120 days prior to the end of the term of this Agreement.

2. Section 5, A., titled “Base Salary” is amended and restated in its entirety to read as follows:

Base Salary. SVCE shall pay CEO an annual base salary of $403,000 from the Commencement Date through September 30, 2025. Commencing on October 1, 2025, the annual base salary shall increase to $450,000, and commencing on October 1, 2026, the annual base salary shall be subject to an annual cost of living adjustment based on an amount that is the lesser of either (i) the increase in the Consumer Price Index for All Urban Consumers (CPI-U) for San Francisco-Oakland-Hayward, published by the U.S. Bureau of Labor Statistics (or such other similar index if that is not available) for the twelve-month period ending with the month for which the most current data is available, or (ii) three percent. The annual salary will be prorated and paid on SVCE’s normal paydays, subject to legally permissible or required withholding. CEO’s salary is compensation for all hours worked and for all services under this Agreement, including those involving any position, office or appointment associated with SVCE. CEO shall be exempt from the overtime pay provisions of California law (if any) and federal law..

3. Section 5.B(1), titled “SVCE Employee Benefits” is amended and restated in its entirety to read as follows:

Item 1d
Attachment 1
Draft Amendment No. 1 to Employment Agreement for CEO
-2-
12955-0001\3176001v2.doc
SVCE Employee Benefits. Unless stated otherwise in this Agreement, CEO shall be entitled to receive the benefits offered to all full-time SVCE employees (SVCE Benefit Programs). SVCE reserves the right to enhance, reduce, terminate, and amend, or to otherwise change its SVCE Benefit Programs at any time. Any such change to any benefit available shall apply to CEO, including any new or additional benefits, without the need to amend this Agreement.

Notwithstanding anything to the contrary, for each calendar year (or partial calendar year) within the Term beginning with 2026, employer contributions and mandatory employee contributions will be made to CEO’s account under SVCE’s 401(a) Plan equal to (in the aggregate) the annual addition limit for the year under section 415(c) of the Internal Revenue Code (prorated for 2028 through September 30, 2028) (“Applicable 415(c) Limit”). The contributions will be made as follows:
• Employer contributions: SVCE will contribute the following amounts to CEO’s 401(a) account: (i) for 2026, $45,338; (ii) for 2027, $46,698; and (iii) for January 1–September 30, 2028, $35,805. • Mandatory employee contributions: For each such year, the CEO will contribute an amount equal to the excess of the Applicable 415(c) Limit over SVCE’s employer contributions for the year. These mandatory employee contributions will be deducted from CEO’s base salary, and CEO may not elect to receive cash or any other consideration in lieu of the contributions.

Employer and employee contributions will be made on a prorated basis for each payroll period and will be deposited as soon as administratively practicable after the last day of each payroll period. If CEO’s employment terminates before the end of any calendar year (or, for 2028, before September 30, 2028), CEO will be entitled only to the employer and employee contributions allocated through the date of termination, and no additional contributions will be owed for the remainder of that year.

4. Section 6, titled “Evaluations” is amended and restated to read as follows:

Evaluations. SVCE Board of Directors shall conduct annual evaluations of CEO's performance before September 30 of each year. CEO will request and schedule such reviews, as appropriate, pursuant to SVCE Board of Directors agenda procedures or as otherwise directed by SVCE Board of Directors. On or before September 30, 2026, the SVCE Board of Directors shall review CEO’s salary and benefits as part of the evaluation process. In addition, SVCE Board of Directors may, but is not required to, review CEO's salary and benefits as part of the annual evaluation process or at any other time. Said review and evaluation shall be in accordance with specific criteria developed jointly by SVCE and CEO.

Said criteria may be added to or deleted from as SVCE Board of Directors may Item 1d
Attachment 1
Draft Amendment No. 1 to Employment Agreement for CEO
-3-
12955-0001\3176001v2.doc
from time-to-time determine in consultation with the CEO. Nothing in this paragraph is intended to limit additional interim evaluations or reviews or to limit the normal communications process between SVCE Board of Directors and CEO.

5. Except as expressly amended by this Amendment, all other provisions of the Agreement shall remain in full force and effect.

Item 1d
Attachment 1
Draft Amendment No. 1 to Employment Agreement for CEO
-4-
12955-0001\3176001v2.doc
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 Silicon Valley Clean Energy Authority:

George Tyson, Board of Directors Chair
CEO:

Monical Padilla
Approved as to form:

Michael Callahan, General Counsel
Attest:

Andrea Pizano, Board Clerk
Item 1d
Attachment 1
Draft Amendment No. 1 to Employment Agreement for CEO
- 1 - 12955-0001\2880891v3.doc

CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT BETWEEN

SILICON VALLEY CLEAN ENERGY AND MONICA PADILLA
This Employment Agreement (“Agreement”) is made as of and entered into as of _________, 2023 (the “Effective Date”) by and between the Silicon Valley Clean Energy Authority, an independent public agency (“SVCE”), and Monica Padilla, an individual (“CEO”).

RECITALS
A. SVCE desires to employ CEO as its Chief Executive Officer and CEO desires to accept appointment as Chief Executive Officer.

B. CEO represents that she has the requisite education, experience, specialized skills and training and is otherwise qualified to serve as the Chief Executive Officer.

NOW, THEREFORE, in consideration of these recitals and the performance by the parties of the promises, covenants, and conditions herein contained, SVCE and CEO agree as provided in this Agreement.

1. Appointment of Chief Executive Officer. As of the Commencement Date, defined in Section 2 below, SVCE does hereby appoint and employ CEO in the capacity of Chief Executive Officer and CEO does accept employment upon the terms and conditions set forth herein. This Agreement shall supersede and replace any and all prior agreements between SVCE and CEO.

2. Term.

A. Commencement Date. The term of this Agreement shall commence on April 1, 2024, (“Commencement Date”) and terminate on September 30, 2027 (“Term”).

This Agreement will automatically renew on October 1 of each year, for additional one year renewal terms on the terms and conditions that are in force at the time of the renewal, unless either party gives the other party written notice of non-renewal at least 120 days prior to the end of the term of this Agreement.

B. Transition Period. Notwithstanding anything to the contrary in paragraph A of this Section 2, in the event that there is an election to utilize the “Transition Period,” as such term is defined in that certain Employment Agreement, dated December 13, 2017, between SVCE and Girish Balachandran, as amended by that certain Amendment No. 6, effective September 14, 2023, the Commencement Date shall be the date on which the Transition Period commences.

3. Duties and Authority. CEO shall exercise the full powers and perform the duties of the position of Chief Executive Officer of SVCE, as set forth in Exhibit A attached hereto. CEO shall exercise such other powers and perform such other duties as SVCE Board of Directors may from time to time assign.

DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 11/13/2023
Item 1d
Attachment 2
- 2 - 12955-0001\2880891v3.doc

4. Obligations. CEO shall devote her full energies, interest, abilities and productive time to the performance of this Agreement, and utilize her best efforts to promote SVCE's interests. CEO shall not engage in any activity, consulting service or enterprise, for compensation or otherwise, which is actually or potentially in conflict with or inimical to, or which materially interferes with her duties and responsibilities to SVCE. As set forth in Section 5 of this Agreement, CEO shall be exempt from the overtime pay provisions of California law (if any) and federal law and as such is expected to engage in those hours of work that are necessary to fulfill the obligations of the Chief Executive Officer position.

5. Salary and Benefits.

A. Base Salary. SVCE shall pay CEO an annual base salary of $403,000 The annual salary will be prorated and paid on SVCE’s normal paydays, subject to legally permissible or required withholding. CEO’s salary is compensation for all hours worked and for all services under this Agreement, including those involving any position, office or appointment associated with SVCE. CEO shall be exempt from the overtime pay provisions of California law (if any) and federal law.

B. Benefits.
(1) SVCE Employee Benefits. Unless stated otherwise in this Agreement, CEO shall be entitled to receive the benefits offered to all full-time SVCE employees (SVCE Benefit Programs). SVCE reserves the right to enhance, reduce, terminate, and amend, or to otherwise change its SVCE Benefit Programs at any time. Any such change to any benefit available shall apply to CEO, including any new or additional benefits, without the need to amend this Agreement.
(2) Paid Time Off and Management Leave. CEO shall be subject to any PTO policy applicable to SVCE employees generally; provided, however, that on March 31, 2024, CEO may cash out up to eighty percent (80%) of the PTO that CEO accrued as of March 31, 2024. In addition to PTO, CEO shall receive forty (40) hours of management leave annually at the beginning of each fiscal year, commencing with the Commencement Date. Management leave time must be used within the fiscal year in which it is received. Any unused management leave shall not be carried over. (3) Business Expenses; Professional Development. SVCE recognizes that CEO may incur certain reasonable job-related expenses of a non-personal nature.

SVCE agrees to reimburse or to pay such business expenses incurred by the CEO in the course of her duties. CEO shall submit such expenses according to SVCE’s normal expense reimbursement procedures. All expenses must be supported by documentation meeting SVCE’s normal requirements and must be submitted within time limits established by SVCE. SVCE shall pay reasonable sums for professional dues and subscriptions for CEO necessary for CEO’s continued participation in associations and organizations, which memberships are necessary and desirable for the continued DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
- 3 - 12955-0001\2880891v3.doc
professional development of CEO and for the good of SVCE. Notwithstanding the foregoing, SVCE Board of Directors shall have discretion to establish appropriate amounts, in the annual SVCE budget or otherwise, for job-related and professional development expenses and travel costs.
(4) Office Equipment. SVCE shall provide CEO with a SVCE-issued cellular device and laptop device, including business-related software, to maintain communication with SVCE Board of Directors and SVCE staff. Such equipment and software shall remain the sole property of SVCE and SVCE reserves the right to monitor the use of its equipment. CEO agrees that CEO has no privacy rights in the use of such equipment and the equipment shall be returned upon termination or separation from employment. Alternatively, CEO may use SVCE Benefit Programs for office equipment, including, but not limited to electing compensation for use of personal cellular device. (5) Personal Vehicle Use. Any rules, policies or practices to the contrary notwithstanding, CEO shall be provided a monthly auto allowance of Four Hundred Dollars ($400) in exchange for making a vehicle available for the CEO’s use for SVCE-related business and/or functions during, before and after normal work hours.

CEO shall comply with all SVCE policies related to the use of her own vehicle, which includes providing SVCE with proof of current automobile insurance with liability limits in the amount set by SVCE. The allowance paid pursuant to this paragraph will be paid only upon receipt of evidence that the CEO’s vehicle is an electric vehicle that is powered by an electric motor that draws electricity from a battery (i.e., all-electric vehicle).

6. Evaluations. CEO’s performance of the duties and responsibilities shall be evaluated by the SVCE Board of Directors within 6 months of the Commencement Date; and thereafter, SVCE Board of Directors may conduct an evaluation of CEO's performance on or before the one year anniversary of the first evaluation. CEO will request and schedule such reviews, as appropriate, pursuant to SVCE Board of Directors agenda procedures or as otherwise directed by SVCE Board of Directors. In addition, SVCE Board of Directors may, but is not required to, review CEO's salary and benefits as part of the evaluation process or at any other time. Said review and evaluation shall be in accordance with specific criteria developed jointly by SVCE and CEO. Said criteria may be added to or deleted from as SVCE Board of Directors may from time-to-time determine in consultation with the CEO. Nothing in this paragraph is intended to limit additional interim evaluations or reviews or to limit the normal communications process between SVCE Board of Directors and CEO.

7. Indemnification. Except as otherwise permitted, provided, limited or required by law, including without limitation California Government Code Sections 825, 995, and 995.2 through 995.8, SVCE will defend and indemnify CEO, using legal counsel of SVCE’s choosing, against legal liability for acts or omissions by CEO occurring in the course and scope of employment under this Agreement. In the event SVCE provides funds for legal criminal defense pursuant to this section and the terms of the Government Code, CEO shall reimburse SVCE for such legal criminal defense funds if CEO is convicted of a crime involving an abuse of office or position, as provided by Government Code DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
- 4 - 12955-0001\2880891v3.doc
Sections 53243 – 53243.4. Further, in the event CEO is convicted of a crime involving an abuse of office or position, CEO shall reimburse SVCE for any paid leave or cash settlement, as provided by Government Code Sections 53243 – 53243.4.

8. At-Will Employment Relationship-Termination.

A. Under the terms of this appointment and California Government Code Section 36507, CEO is appointed by and serves at the pleasure of SVCE Board of Directors and is an “at-will” employee.

Nothing in this Agreement shall prevent, limit or otherwise interfere with the right of SVCE to terminate this Agreement and the employment of CEO at any time, with or without cause, as provided in this paragraph. Accordingly, CEO may be terminated: (i) with cause, at any time, upon written notice, and (ii) without cause, by giving thirty (30) calendar days advance written notice to the CEO, unless the parties mutually agree to waive or alter the time required for such notice. Upon termination, the employment relationship shall end.

B. In the event CEO is terminated by SVCE Board of Directors without “cause” before expiration of this Agreement, or any extension thereof, and during such time that CEO is willing and able to perform the duties of the Chief Executive Officer, SVCE agrees to pay CEO immediately upon termination a lump sum cash payment equal to her then monthly base salary for a period of Two (2) months.

C. Any other term of this Agreement notwithstanding, the maximum severance that CEO may receive under this Agreement shall not exceed the limitations provided in Government Code Sections 53260 – 53264, or other applicable law. Further, in the event CEO is convicted of a crime involving an abuse of office or position, CEO shall reimburse SVCE for any paid leave salary offered pending investigation or cash settlement (including severance), as provided by Government Code Sections 53243 – 53243.4.

D. In the event SVCE terminates CEO for cause, then SVCE may terminate this Agreement immediately, without providing CEO with any notice, opportunity to be heard, or right of appeal. CEO shall be entitled to only the compensation accrued up to the date of termination, payments for accrued unused vacation leave, and such other termination benefits and payments as may be required by law. CEO shall not be entitled to any severance benefits and payments. For purposes of this Agreement, for “cause” is defined to mean as follows:
(1) Conviction of a felony or any offense involving a violation of CEO’s official duties;
DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
- 5 - 12955-0001\2880891v3.doc
(2) If, during the term of this Agreement, CEO becomes mentally or physically incapable of performing the Chief Executive Officer’s functions and duties as set forth in this Agreement with reasonable accommodation, and it reasonably appears such incapacity will last for more than six (6) months; (3) Continued abuse or use of prescription or non-prescription drugs or alcohol that materially affects the performance of Chief Executive Officer’s duties; (4) Repeated and protracted unexcused absences from the Chief Executive Officer’s office and duties;
(5) Refusal to comply with a lawful order or instruction issued by a majority of SVCE Board of Directors at a lawfully convened meeting; (6) Deliberate falsification of SVCE records or official documents, or instructing a SVCE employee to commit an act which CEO knows or has reason to know is a crime;
(7) Failure and refusal to carry out the duties of the Chief Executive Officer as set forth in this Agreement;
E. CEO may terminate this Agreement by giving one hundred twenty (120) calendar days advance written notice to SVCE Board of Directors, unless the parties mutually agree to waive or alter the time required for such notice.

9. Integration of Agreement. This Agreement contains the entire agreement between the parties and supersedes all prior oral and written agreements, understandings, commitments, and practices between the parties concerning CEO’s employment with SVCE. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, oral or written, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding on either party.

10. Confidential Information. CEO acknowledges and agrees that in the performance of her duties, SVCE discloses and entrusts her with certain confidential proprietary information. CEO agrees not to directly or indirectly disclose or use at any time any such information, whether it be in the form of records, lists, data, personnel information, reports or otherwise, of a business or technical nature, which was acquired or viewed by CEO during CEO’s relationship with SVCE unless such disclosure is authorized by SVCE in writing, required by law, or required in the performance of the duties of the Chief Executive Officer. This provision shall survive the termination or expiration of this Agreement.

11. Method of Amendment. No amendments to this Agreement may be made except by a writing signed and dated by SVCE and CEO.

DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
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12. Notices. Any notice to SVCE under this Agreement shall be given in writing to SVCE, by personal service, by overnight delivery service providing confirmation of delivery, or by registered or certified mail, postage prepaid, addressed to the Clerk at SVCE's then principal place of business. Any such notice to CEO shall be given in a like manner and, if deposited with an overnight delivery service or mailed, shall be addressed to CEO at her home address then shown in SVCE's files. For the purpose of determining compliance with any time limit in this Agreement, a notice shall be deemed to have been duly given (a) on the date of delivery, if served personally on the party to whom notice is to be given, (b) on the next delivery day following deposit with an overnight delivery service or (c) on the third calendar day after mailing, if mailed to the party to whom the notice is to be given in the manner provided in this Section.

13. General Provisions.

A. Severability. If any provision of this Agreement is held invalid or unenforceable, the remainder of this Agreement shall nevertheless remain in full force and effect. If any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.

B. Entire Agreement. This Agreement sets forth the final, complete and exclusive agreement between SVCE and CEO relating to the employment of CEO as Chief Executive Officer by SVCE. Any prior discussions or representations by or between the parties are merged into and rendered null and void by this Agreement. The foregoing notwithstanding, CEO acknowledges that, except as expressly provided in this Agreement, her employment is subject to SVCE’s generally applicable rules and policies pertaining to employment matters, such as those addressing equal employment opportunity, sexual harassment and violence in the workplace.

C. Choice of Law and Venue. This Agreement shall be interpreted and construed pursuant to and in accordance with the local laws of the State of California and all applicable SVCE Codes, Ordinances and Resolutions. The parties agree that venue shall be in Santa Clara County, California.

D. Independent Review of Agreement. CEO acknowledges that she has had the opportunity and has conducted an independent review of the financial and legal effects of this Agreement. CEO acknowledges that she has made an independent judgment upon the financial and legal effects of this Agreement and has not relied upon any representation of SVCE, its officers, agents or employees other than those expressly set forth in this Agreement.

E. Drafting of Agreement. The Parties hereto acknowledge and agree that although this Agreement has been drafted by SVCE’s legal DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
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counsel, CEO has reviewed, or had an opportunity to review the terms of this Agreement with her legal counsel. Consequently, the doctrine that ambiguities in an agreement should be resolved against the drafting party shall not be employed in connection with this Agreement and this Agreement shall be interpreted in accordance with its fair meaning.

F. Voluntary Agreement. CEO represents and warrants that she has read carefully and fully understands all the provisions of this Agreement, that she is free to enter into this Agreement and to render the services described in it, that she entering into and performance of this Agreement will not breach or violate or conflict with any other agreement (written or oral) to which she is a party, and that she has had an opportunity to consult with her legal counsel prior to entering into this Agreement and has either done so or voluntarily chosen not to do so. CEO is voluntarily entering into this Agreement.

SVCE represents and warrants that it has the right and power to enter into this Agreement.

DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed and executed personally as the date and year first written above.

Monica Padilla, an individual:

SILICON VALLEY CLEAN ENERGY AUTHORITY:
_____________________________
George Tyson, Chair
ATTEST:
_____________________________
Andrea Pizano, SVCE Clerk
APPROVED AS TO FORM:
______________________________
Trisha Ortiz, Counsel for SVCE
DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2
x DocuSigned by:
573FC104110B4C0...
x DocuSigned by:
* 5289D831D3DL450...
—8BC3564AG£A8'18D...
x DocuSigned by:

J30CLDB7801084C2...
- 9 - 12955-0001\2880891v3.doc

EXHIBIT A

CHIEF EXECUTIVE OFFICER DUTIES
Silicon Valley Clean Energy (SVCE) is a not-for-profit, community-owned joint powers authority providing clean electricity from renewable and carbon-free sources to more than 288,000 residential and commercial customers in 13 Santa Clara County jurisdictions.

SVCE has investment grade credit ratings from S&P and Moody’s Investor Services.

The mission statement of SVCE is, “Reduce dependence on fossil fuels by providing carbon free, affordable, and reliable electricity and innovative programs for the SVCE community.”
SVCE provides electric service as a CCA under the CPUC Code Section 366.2. SVCE has the rights and powers to set rates for the electricity it furnishes, incur indebtedness, and issue bonds or other obligations. SVCE is governed by a board of directors consisting of elected representatives from each jurisdiction. SVCE has a local rate-setting process in which its board has authority to raise rates to grow annual revenues and reserves, if needed. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Silicon Valley Clean Energy is advancing innovative solutions to fight climate change by decarbonizing the grid, transportation, and buildings.

The Chief Executive Officer (CEO) reports to the Board of Directors and is responsible for strategic leadership of the organization, including management of power supply planning and procurement, finance and rates, local energy and decarbonization programs, energy services and customer relations, strategic development, administrative services, and regulatory and legislative affairs. CEO will plan, organize, direct, and coordinate all operations of the Silicon Valley Clean Energy Authority; supervise and direct staff and consultant and administrative services to the Board of Directors; support any committees established by the Board of Directors; and perform such other duties and services as directed by the Board of Directors to achieve its key milestones as updated by the Board from time to time via the Board-approved Strategic Plan. CEO will direct all activities of the SVCE, including operations, resource procurement and planning, organizational development, finance, regulatory and legislative affairs, external communications, and strategic planning.

The CEO represents SVCE to a variety of boards, committees, and commissions, and in public hearings and meetings. Additionally, the CEO provides frequent communication and maintains positive relationships with SVCE’s member agencies, customers, private businesses, regulatory agencies including the California Public Utilities Commission (CPUC), California Energy Commission (CEC), California Independent System Operator (CAISO), California Air Resources Board (CARB), California Community Choice Association (CalCCA), Pacific Gas & Electric company and other IOUs, and other key stakeholders.

DocuSignEnvelopeID:23FD9182-1310-4ACC-B093-EF96EA8B74C4 Item 1d
Attachment 2

Page 1 of 4 ends

Staff Report – Item 1e
Item 1e: Authorize the Chief Executive Officer to Execute Agreements with the Cities of Sunnyvale and Los Altos to Administer City Rebates for Home Electrification From: Monica Padilla, CEO
Prepared by: Justin Zagunis, Director of Decarbonization Programs and Policy Nupur Hiremath, Manager of Decarbonization Programs and Policy Oswaldo Martinez, Senior Programs Specialist
Date: 12/10/2025

RECOMMENDATION
Staff recommends the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) authorize the Chief Executive Officer (“CEO”) to execute the attached agreements with the cities of Sunnyvale and Los Altos (collectively the “Cities”) to administer building electrification rebate adders, as funded by the Cities, to SVCE customers residing in these member jurisdictions.

BACKGROUND
SVCE has been successfully administering building electrification rebates to customers in single-family residences since 2019 through its initial Heat Pump Water Heater (HPWH) programs and, currently, through its Home Rebates program. To date, SVCE has disbursed more than $7.8 million to upgrade various appliances from gas to electric, with significant participation growth in 2024 and 2025. The strong uptake of this program signifies a clear need for rebates as more customers make this transition in their homes.

In 2024, recognizing that rebates are critical in aiding the transition to all-electric appliances, the cities of Milpitas and Mountain View secured funding to provide rebates for their residents (hereafter “City Rebates”) that stack on top of SVCE’s rebates. Milpitas allocated $2.65 million from a grant and Mountain View allocated $249,999 for these rebates as a part of its “Year of the Water Heater” campaign. These member agencies worked out agreements with SVCE to administer the City Rebates on their behalf; these agreements were approved by the Board in March 2025. As of October 2025, SVCE has been administering this program and has reserved or paid out $278,000 in City Rebates to Milpitas customers and $249,999 to Mountain View customers1. With the City Rebates, Milpitas and Mountain View have seen an increase of 60% and 78%, respectively, in rebate applications in April-October 2025, compared to the same time frame in 20242. In comparison, SVCE territory-wide rebate applications increased only by 4% during April-October 2025, compared to the same time frame in 2024.

Recently, two new cities – Sunnyvale and Los Altos – approached SVCE with a request to offer City Rebates to their residents through a similar arrangement. The Cities have secured the following funding:
• The City of Sunnyvale allocated $350,000 from their Climate Action Playbook budget to provide rebates to residents for building electrification. Rebates will be provided to market-rate and income-qualified customers for heat pump heating, ventilation, and air conditioning (HP HVAC) systems in parallel with a city staff-led building electrification education campaign. Funds are intended to be expended by June 30, 2027.
1 As of November 5, 2025, the City of Mountain View Rebates are fully subscribed. 2 Some of the increased interest in rebates in fall 2025 might be due to federal tax credits for heat pumps ending on December 31, 2025.

Item 1e
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 1e Agenda Date: 12/10/2025

Page 2 of 4 ends

• In 2025, the City of Los Altos allocated $75,000 from its General Fund to provide building electrification rebates to its residents for HPWHs and HP HVAC systems. Funds allocated are intended to be expended by June 30, 2027.
• These City Rebates align with local agency climate action efforts to reduce greenhouse gas emissions from existing buildings.

ANALYSIS & DISCUSSION
SVCE and its member agencies support residential customers in transitioning from fossil fuel to all-electric appliances. However, the up-front cost of electric appliances is still higher than that of their fossil fuel counterparts. A large portion (51%) of customers making electrification upgrades through SVCE’s Home Rebates program are leveraging multiple programs to drive down the up-front capital cost, including TECH Clean California, Golden State Rebates, and federal tax credits.

The cities of Sunnyvale and Los Altos have each secured funding to augment rebates for their residents and help lower the out-of-pocket costs of transitioning to electric appliances. Customers in these member jurisdictions are likely to want to stack SVCE rebates, City Rebates, and other rebate programs that may apply. Stacking rebates from multiple sources can be a time-consuming and confusing process for customers and contractors, so minimizing this effort has great value for SVCE customers.

Given its long-running Home Rebates program, SVCE has significant experience in providing residential building electrification rebates to customers. This well-established program administration process has led to the successful deployment of program funds and a positive customer experience, as evidenced by the recent growth in participation as well as customer surveys showing an overall satisfaction rating of 92%.

Given the common goal of helping customers transition from fossil fuel to all-electric appliances, SVCE has interest in leveraging its current Home Rebates program’s structure to also provide the City Rebates to customers in these jurisdictions. Partnering with additional cities on rebate administration offers the following benefits for customers:
• Creates a simple process for customers. SVCE will automatically add the City Rebate based on the customer’s residential address and will issue a single rebate check when the project is completed, reducing customer effort.
• Leverages economies of scale to help funds go further: Leveraging SVCE’s program administration structure avoids the burden of each jurisdiction setting up its own administrative process. This enables most or all of the funding from each City to be distributed as incentives, thereby improving efficiency and benefiting customers directly.
• Helps SVCE learn how to thread external funds through its existing program: This may be relevant for the future if SVCE has an opportunity to leverage grant funding from external programs. • Uses an established process for City Rebates: SVCE has already been administering City Rebates for Milpitas and Mountain View for six months and has worked to refine the administration process for improved efficiency. This increased efficiency will be applied to Sunnyvale and Los Altos City Rebates, and any other member agencies that may follow.
• Lowers out-of-pocket costs: The City Rebates may further lower out-of-pocket costs for customers, which may be relevant as federal tax credits for heat pumps will no longer be available in 2026.

Impact to Customers
The City Rebates rebate amounts will be set by mutual agreement between SVCE and the Cities. Table 1 shows planned City Rebate amounts. These are subject to adjustment by the Cities and SVCE no more frequently than six months. City Rebates will be additive to SVCE’s rebates and total rebates paid to a customer will not exceed the project cost. Program eligibility and equipment specifications for administering rebates will be aligned with SVCE’s existing Home Rebates program. SVCE will also collaborate with each agency on marketing these rebates to their residents. Milpitas and Mountain View rebates are included in Table 1 for reference.

Item 1e
Agenda Item: 1e Agenda Date: 12/10/2025

Page 3 of 4 ends

Table 1. SVCE and City Rebates by Appliance
Appliance Upgrade SVCE Sunnyvale
(new)
Los Altos
(new)
Milpitas
(existing)
Mountain
View
(existing)
Market-Rate Customers
HPWH (replacing gas) $2,000 -- +$1,000 +$850 +$2,000
HPWH (replacing electric resistance) $500 -- -- -- +$500 HP HVAC (replacing gas) $2,500 +$1,000 +$1,000 +$2,000 -- Induction cooktop (replacing gas) $500 -- -- +$500 --
Panel Upgrade* $1,000 -- -- +$250 --
Income-Qualified Customers
HP HVAC (replacing gas) $1,000 +$1,500 -- -- --
Total Budget for City Rebates $350,000 $75,000 $2,655,000 $249,999 City Rebate Availability** Mar 2026 –
Jun 2027
Mar 2026 –
Jun 2027
Apr 2025 –
Jan 2027
Apr 2025 –
Dec 2025
City rebate amounts are shown as the added amount on top of SVCE’s rebate.

City rebates amounts are subject to change and may be modified by mutual agreement between SVCE and the Cities. *Panel upgrades or replacements are provided a rebate if within 100A capacity. Higher capacity may be rebated if justified. **Rebates will be available for this period or until funds remain available, whichever comes first.

Impact to SVCE
Staff currently estimates that it adds approximately 30 minutes per customer of total administrative time to process City Rebates, based on the experience with Milpitas and Mountain View rebates. This is not significant for SVCE and still saves customers and the Cities many hours of work. SVCE anticipates that the City Rebates will add no more than an estimated $13,000 per month in added costs for all four cities or a 16.5% increase in administrative costs per month, which is not significant compared to the estimated $470,000 in rebates that will be paid out between SVCE and the four cities. Actual costs will largely depend on the rate of uptake of the rebates in each City and any additional questions from these customers beyond what they would normally have asked SVCE.

Initially, all (100%) of total funds contributed by each agency will be spent on customer rebates, as SVCE plans to absorb the added administrative costs of providing City Rebates. Staff will monitor administrative costs closely. If, after the first 100 rebates are paid out for each city, SVCE’s administrative costs are found to significantly increase, then SVCE has reserved the right in the Agreements to charge the Cities a mutually agreed-upon administrative fee that will not exceed more than 3.7% of the total incentive funds available in each City’s program. This structure maximizes the value a city can see when layering onto SVCE’s existing rebates while also protecting SVCE if this coordination unexpectedly increases the administrative burden.

SVCE’s support of City Rebate administration will facilitate an accelerated transition away from fossil fuels in the Cities, thereby enabling progress towards local climate action goals.

STRATEGIC PLAN
The Innovation Onramp program supports SVCE’s Strategic Plan goals as follows:
• Goal 7: Support all SVCE communities to decarbonize through local investments that reduce barriers and demonstrate sensible, scalable, and equitable solutions. • Goal 8: Engage customers and community stakeholders to build trust of SVCE and advance decarbonization.

ALTERNATIVE
The proposed approach offers benefits to achieving SVCE’s and the Cities’ climate and programmatic goals.

Alternatively, the Board may direct staff to:

1. Not partner with the Cities of Sunnyvale and Los Altos to administer City Rebates.

2. Charge an administrative fee to the Cities of Sunnyvale and Los Altos from the outset for administering City Rebates.

Item 1e
Agenda Item: 1e Agenda Date: 12/10/2025

Page 4 of 4 ends

If either of these alternatives is selected, then for consistency, SVCE would need to apply the same approach to the cities of Milpitas and Mountain View.

FISCAL IMPACT
The Home Rebates total program budget is $14.45 million as reflected in the total Board-approved programs allocation. To date, $7.8 million has been expended on incentives and an additional $1.2 million has been expended on administrative costs (15.6% of the expended budget). The proposed effort will be absorbed within the remaining Board-approved allocation for this program. SVCE will pay the value of the City Rebates up-front to customers and be reimbursed by the Cities monthly for the total cost of the City Rebates provided to customers within their respective jurisdictions. As such, there is no net impact on the rebate totals paid out by SVCE, though there is expected to be a slight increase in admin expenses. Further, staff anticipates that the increased cumulative incentives will drive additional interest and reserve the remaining SVCE Home Rebates program budget more quickly than would otherwise have occurred.

ATTACHMENTS

1. Reimbursement Agreement between SVCE and City of Sunnyvale

2. Reimbursement Agreement between SVCE and City of Los Altos Item 1e
11086.0004/2576337v2

REIMBURSEMENT AGREEMENT

BETWEEN SILICON VALLEY CLEAN ENERGY
AND

CITY OF SUNNYVALE
THIS AGREEMENT is made and entered into as of ___________, 202_, (“Effective Date”) between Silicon Valley Clean Energy (“SVCE”) and City of Sunnyvale (“City”). SVCE and City are referred to below individually as a “Party” and collectively as the “Parties”. In consideration of the mutual promises and covenants contained herein, the Parties hereto mutually agree as follows:

1. Purpose of the Agreement. The City has allocated $350,000 in funds to provide rebates (“City Rebates”) to City residents who purchase appliances to electrify their homes. The Parties have determined that it will be mutually beneficial for SVCE and City to include the City Rebates with the rebates SVCE provides to its customers (“SVCE Rebates”) residing within the City’s jurisdiction through its Home Rebates Program (“SVCE Program”). The Parties desire to take advantage of the economies to the Parties and convenience to SVCE customers of providing both City Rebates and SVCE Rebates to SVCE customers in one transaction. The purpose of this Agreement is to set forth the terms by which SVCE will provide the City Rebate to its customers, and by which City will reimburse SVCE for the payment of the City Rebate to the customers.

2. Term and Termination. This Agreement shall commence on the Effective Date and terminate on October 31, 2027 unless earlier terminated (“Term”). Either Party may terminate the Agreement without cause upon 30 days’ written notice to the other Party. Upon termination, City shall remit payment to SVCE for any Reimbursable Expenses (defined in Section 5 below) incurred by SVCE prior to notice of the termination.

3. Administrative Fee. The Parties do not anticipate that there will be a measurable cost to SVCE to administer the City Reimbursements and agrees to charge no fee to the City for administering the City Rebates (“Administrative Fee”) for the first 100 rebate payments. SVCE may charge an Administrative Fee of 3.7% of direct rebates being paid out by City after the first 100 customers, over the Term of this Agreement.

4. SVCE Responsibilities.

A. SVCE shall provide City Rebates to its customers who receive SVCE Rebates through the Program and are also eligible for City Rebates. SVCE’s published program rules, eligibility criteria, and standard operating practices will apply to all City Rebates.

B. The amount of the City Rebates a customer is eligible for shall be set forth in Exhibit A, attached hereto and incorporated by this reference (“City Rebate Schedule”). The City Rebate Schedule may be revised not more than once every 180 days by mutual agreement of City and SVCE, without amending this Agreement. SVCE shall use the most recent City Rebates Schedule provided by the City to issue City Rebates to customers.

C. SVCE shall not provide any rebates that exceed the total individual project cost for a customer.

If the sum of the SVCE Rebate and City Rebate exceeds the customer’s total project cost, the SVCE Rebates will be provided in full and the City Rebate will be discounted accordingly, such that the maximum rebate amount provided does not exceed the total individual project cost of the customer.

D. SVCE shall provide an invoice to the City on a monthly basis, which documents the City Rebates paid in the previous month and any Administrative Fee.

Item 1e
Attachment 1
Draft Reimbursement Agreement with City of Sunnyvale
11086.0004/2576337v2

5. Reimbursement by City. SVCE will invoice the City monthly for any Administrative Fees, if approved, and the City Rebates (together known as “Reimbursable Expenses”) paid by SVCE. City shall make payments within thirty (30) days of receiving an invoice from SVCE. SVCE will incur the Reimbursable Expenses in reliance on City’s representation that it will reimburse SVCE for such Reimbursable Expenses as set forth in this Agreement. The total rebates issued to customers from SVCE on City’s behalf, plus administrative fees paid by City to SVCE, shall not exceed the value of this Agreement (defined in Section 1 above).

6. Indemnification. SVCE shall defend, indemnify and hold harmless City including its officers, employees and agents against any claim, loss or liability arising out of its negligence or misconduct in the performance of this Agreement. City shall defend, indemnify and hold harmless SVCE (including its officers, employees and agents) against any claim, loss or liability arising out of City’s negligence or misconduct in City’s administration of City Rebates outside of this Agreement.

7. Miscellaneous.

A. Notices. Any notices which either Party may desire to give to the other Party under this Agreement must be in writing and may be given either by (i) personal service with return receipt or affidavit of delivery, (ii) delivery by a reputable document delivery service, such as, but not limited to, FedEx, that provides a receipt showing date and time of delivery, or (iii) mailing in the United States Mail, certified mail, postage prepaid, return receipt requested, addressed to the address of the Party as set forth below or at any other address as that Party may later designate by a written notice provided in accordance with this Section. Notice shall be effective upon delivery to the addresses specified below or on the third business day following deposit with the document delivery service or United States Mail as provided above.

SVCE: Silicon Valley Clean Energy
333 W. El Camino Real, Suite 330
Sunnyvale, CA 94087
Attn:

Nupur Hiremath, Manager of Decarbonization Programs
[email protected]
City: City of Sunnyvale
456 W. Olive Ave
Sunnyvale, CA 94086
Attn:

Madeline Khair, Environmental Programs Manager
[email protected]
Either Party may change its address for notices by notifying the other Party.

B. Applicable Law/Venue. This Agreement shall be deemed to have been entered into and shall, in all respects, be interpreted, construed, enforced and governed by and under the laws of the State of California. The venue of any legal action relating to this Agreement shall be the Superior Court of California, County of Santa Clara.

C. Entire Agreement, Modifications. This Agreement and the documents referenced herein contain the complete expression of the whole agreement between the Parties with respect to the obligations set forth herein, and there are no promises, representations, agreements, warranties or inducements, either expressed verbally or implied, except as are fully set forth herein. No alteration, supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both Parties.

D. Independent Advice of Legal Counsel. Each Party acknowledges that it has retained independent legal counsel of its own choice to review this Agreement and that prior to the execution hereof Item 1e
Attachment 1
Draft Reimbursement Agreement with City of Sunnyvale
11086.0004/2576337v2
each Party has had the opportunity to review the terms of this Agreement with its counsel and is entering into this Agreement after such review.

E. Authority to Execute Agreement. The person or persons executing this Agreement on behalf of a Party warrants and represents that he or she has the authority to execute this Agreement on behalf of the Party and has the authority to bind that Party to the performance of its obligations hereunder.

F. Validity of Agreement. All Parties agree that this Agreement is legal, valid and binding on each Party and enforceable in accordance with its terms.

G. Binding on Successors. Except as further provided in this paragraph, this Agreement shall be binding on and inure to the benefit of the Parties hereto and their respective heirs, legal representatives, successors, assigns, executors and administrators.

H. Attorneys’ Fees. In the event of any dispute between City and SVCE in any way related to this Agreement, and whether involving contract and/or tort claims, the non-prevailing party shall pay to the prevailing party all reasonable attorneys’ fees and costs and expenses of any type, without restriction by statute, court rule or otherwise, incurred by the prevailing party in connection with any action or proceeding (including any appeal and the enforcement of any judgment or award), whether or not the dispute is litigated or prosecuted to final judgment (collectively, “Fees”). The “prevailing party” shall be determined based upon an assessment of which party’s major arguments or positions taken in the action or proceeding could fairly be said to have prevailed (whether by compromise, settlement, abandonment by the other party of its claim or defense, final decision, after any appeals, or otherwise) over the other party’s major arguments or positions on major disputed issues. Any Fees incurred in enforcing a judgment shall be recoverable separately from any other amount included in the judgment and shall survive and not be merged in the judgment. The Fees shall be deemed an “actual pecuniary loss” within the meaning of Bankruptcy Code Section 365(b)(1)(B), and notwithstanding the foregoing, all Fees incurred by either party in any bankruptcy case filed by or against the other party, from and after the order for relief until this Agreement is rejected or assumed in such bankruptcy case, will be “obligations of the debtor” as that phrase is used in Bankruptcy Code Section 365(d)(3).

I. No Third-Party Rights. This Agreement shall not create or be construed to create any rights in, or inure to the benefit of, any third party.

J. Ambiguity. This Agreement is deemed to have been prepared by all of the Parties hereto, and any uncertainty or ambiguity herein shall not be interpreted against the drafter, but rather, if such ambiguity or uncertainty exists, shall be interpreted according to applicable rules of interpretation of contracts under the laws of the State of California.

K. Assignment. This Agreement shall not be assignable by either Party in whole or in part without the prior written consent of the other Party. The assigning Party shall provide to the other Party thirty (30) days’ advanced notice of any such proposed assignment.

L. Severability. If any provision or portion of this Agreement shall be adjudged invalid or unenforceable by a court or tribunal of competent jurisdiction or by operation of any applicable laws, such provision or portion of this Agreement shall be deemed omitted and the remaining provisions and portions shall remain in full force and effect.

M. Counterparts/Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

Moreover, electronic, scanned or facsimile copies of signatures shall be accepted as valid and binding.

N. Waiver. No term or provision hereof will be considered waived by either Party, and no breach is excused or consented to by either Party, unless such waiver or consent is in writing and signed on behalf of the Party against whom the waiver is asserted. No express or implied consent by either Party to, Item 1e
Attachment 1
Draft Reimbursement Agreement with City of Sunnyvale
11086.0004/2576337v2
waiver of, or failure of a Party to enforce its rights with respect to a breach by the other Party shall constitute consent to or, waiver of any subsequent or other breach by the other Party.

IN WITNESS WHEREOF, the Parties have executed this Agreement below on the date first written above.

SILICON VALLEY CLEAN ENERGY
RECOMMENDED FOR APPROVAL:

By:

Justin Zagunis, Director of Customer Success
Date: _________________________________
By: __________________________________
Monica Padilla, Chief Executive Officer
Date: _________________________________
APPROVED AS TO FORM BY COUNSEL FOR SVCE:

By:

Michael Callahan, General Counsel
Date: _________________________________

CITY OF SUNNYVALE
RECOMMENDED FOR APPROVAL:

By:

Tim Kirby, City Manager
Date: _________________________________
APPROVED AS TO FORM BY COUNSEL FOR CITY OF SUNNYVALE:

By: __________________________________
Rebecca Moon, City Attorney
Date: _________________________________
Item 1e
Attachment 1
Draft Reimbursement Agreement with City of Sunnyvale
11086.0004/2576337v2

EXHIBIT A

CITY REBATE SCHEDULE
SVCE will provide City Rebates to SVCE customers who are residents of the City in the following amounts:

Customer
Category
Appliance Type Value of City
Rebate (per
appliance)
Market-rate
customers
Heat Pump Heating
Ventilation, and Air
Conditioning (HP HVAC)
Replacing gas furnace $1,000
Replacing electric resistance
heating
$0
Income-qualified1
customers
Heat Pump Heating
Ventilation, and Air
Conditioning (HP HVAC)
Replacing gas furnace $1,500
Replacing electric resistance
heating
$0
City Rebates will be provided in alignment with the terms, conditions, and eligibility specifications listed for SVCE’s Home Rebates Program: https://svcleanenergy.org/home-rebates/.

This exhibit may be updated no more than once every 180 days by mutual agreement of City and SVCE, without amending this Agreement.
1 Latest income-qualifications from May 2025 (Home-Rebates-Income-Qualifications-5.13.2025.pdf). These are updated annually in May.

Item 1e
Attachment 1
Draft Reimbursement Agreement with City of Sunnyvale
11086.0004/2576337v2

REIMBURSEMENT AGREEMENT

BETWEEN SILICON VALLEY CLEAN ENERGY
AND

CITY OF LOS ALTOS
THIS AGREEMENT is made and entered into as of ___________, 202_, (“Effective Date”) between Silicon Valley Clean Energy (“SVCE”) and City of Los Altos(“City”). SVCE and City are referred to below individually as a “Party” and collectively as the “Parties”. In consideration of the mutual promises and covenants contained herein, the Parties hereto mutually agree as follows:

1. Purpose of the Agreement. The City has allocated $75,000 in funds to provide rebates (“City Rebates”) to City residents who purchase appliances to electrify their homes. The Parties have determined that it will be mutually beneficial for SVCE and City to include the City Rebates with the rebates SVCE provides to its customers (“SVCE Rebates”) residing within the City’s jurisdiction through its Home Rebates Program (“SVCE Program”). The Parties desire to take advantage of the economies to the Parties and convenience to SVCE customers of providing both City Rebates and SVCE Rebates to SVCE customers in one transaction. The purpose of this Agreement is to set forth the terms by which SVCE will provide the City Rebate to its customers, and by which City will reimburse SVCE for the payment of the City Rebate to the customers.

2. Term and Termination. This Agreement shall commence on the Effective Date and terminate on January 1, 2026 – May 31, 2027 unless earlier terminated (“Term”). Either Party may terminate the Agreement without cause upon 30 days’ written notice to the other Party. Upon termination, City shall remit payment to SVCE for any Reimbursable Expenses (defined in Section 5 below) incurred by SVCE prior to notice of the termination.

4. SVCE Responsibilities.

C. SVCE shall not provide any rebates that exceed the total individual project cost for a customer. If the sum of the SVCE Rebate and City Rebate exceeds the customer’s total project cost, the SVCE Rebates will be provided in full and the City Rebate will be discounted accordingly, such that the maximum rebate amount provided does not exceed the total individual project cost of the customer.

D. SVCE shall provide an invoice to the City on a monthly basis, which documents the City Rebates paid in the previous month and any Administrative Fee.

Item 1e
Attachment 2
Draft Reimbursement Agreement with City of Los Altos
11086.0004/2576337v2

7. Miscellaneous.

SVCE: Silicon Valley Clean Energy
333 W. El Camino Real, Suite 330
Sunnyvale, CA 94087
Attn:

Nupur Hiremath, Manager of Decarbonization Programs
[email protected]
City: City of Los Altos
1 North San Antonio Road, Los Altos CA 94022
Attn:

Tania Katbi, Sustainability Management Analyst II
[email protected]
Either Party may change its address for notices by notifying the other Party.

D. Independent Advice of Legal Counsel. Each Party acknowledges that it has retained independent legal counsel of its own choice to review this Agreement and that prior to the execution hereof each Party has had the opportunity to review the terms of this Agreement with its counsel and is entering into this Agreement after such review.

Item 1e
Attachment 2
Draft Reimbursement Agreement with City of Los Altos
11086.0004/2576337v2
E. Authority to Execute Agreement. The person or persons executing this Agreement on behalf of a Party warrants and represents that he or she has the authority to execute this Agreement on behalf of the Party and has the authority to bind that Party to the performance of its obligations hereunder.

F. Validity of Agreement. All Parties agree that this Agreement is legal, valid and binding on each Party and enforceable in accordance with its terms.

H. Attorneys’ Fees. . In the event of any dispute between City and SVCE in any way related to this Agreement, and whether involving contract and/or tort claims, the non-prevailing party shall pay to the prevailing party all reasonable attorneys’ fees and costs and expenses of any type, without restriction by statute, court rule or otherwise, incurred by the prevailing party in connection with any action or proceeding (including any appeal and the enforcement of any judgment or award), whether or not the dispute is litigated or prosecuted to final judgment (collectively, “Fees”). The “prevailing party” shall be determined based upon an assessment of which party’s major arguments or positions taken in the action or proceeding could fairly be said to have prevailed (whether by compromise, settlement, abandonment by the other party of its claim or defense, final decision, after any appeals, or otherwise) over the other party’s major arguments or positions on major disputed issues. Any Fees incurred in enforcing a judgment shall be recoverable separately from any other amount included in the judgment and shall survive and not be merged in the judgment. The Fees shall be deemed an “actual pecuniary loss” within the meaning of Bankruptcy Code Section 365(b)(1)(B), and notwithstanding the foregoing, all Fees incurred by either party in any bankruptcy case filed by or against the other party, from and after the order for relief until this Agreement is rejected or assumed in such bankruptcy case, will be “obligations of the debtor” as that phrase is used in Bankruptcy Code Section 365(d)(3).

I. No Third-Party Rights. This Agreement shall not create or be construed to create any rights in, or inure to the benefit of, any third party.

M. Counterparts/Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

Moreover, electronic, scanned or facsimile copies of signatures shall be accepted as valid and binding.

N. Waiver. No term or provision hereof will be considered waived by either Party, and no breach is excused or consented to by either Party, unless such waiver or consent is in writing and signed on behalf of the Party against whom the waiver is asserted. No express or implied consent by either Party to, waiver of, or failure of a Party to enforce its rights with respect to a breach by the other Party shall constitute consent to or, waiver of any subsequent or other breach by the other Party.

Item 1e
Attachment 2
Draft Reimbursement Agreement with City of Los Altos
11086.0004/2576337v2
IN WITNESS WHEREOF, the Parties have executed this Agreement below on the date first written above.

SILICON VALLEY CLEAN ENERGY
RECOMMENDED FOR APPROVAL:

By:

Michael Callahan, General Counsel
Date: _________________________________

CITY OF LOS ALTOS
RECOMMENDED FOR APPROVAL:

By:

Gabriel Engeland City Manager
Date: _________________________________
APPROVED AS TO FORM BY COUNSEL FOR CITY OF Los Altos:

By: __________________________________
Jolie Houston, City Attorney
Date: _________________________________
Item 1e
Attachment 2
Draft Reimbursement Agreement with City of Los Altos
11086.0004/2576337v2

EXHIBIT A

CITY REBATE SCHEDULE
SVCE will provide City Rebates to SVCE customers who are residents of the City in the following amounts:

Customer
Category
Appliance Type Value of City
Rebate (per
appliance)
Market-rate
customers
Heat Pump Water Heater
(HPWH)
Replacing gas water heater $1,000
Heat Pump Heating
Ventilation, and Air
Conditioning (HP HVAC)
Replacing gas furnace $1,000
City Rebates will be provided in alignment with the terms, conditions, and eligibility specifications listed for SVCE’s Home Rebates Program: https://svcleanenergy.org/home-rebates/.

This exhibit may be updated no more than once every 180 days by mutual agreement of City and SVCE, without amending this Agreement.

Item 1e
Attachment 2
Draft Reimbursement Agreement with City of Los Altos

Page 1 of 1 ends

Staff Report – Item 1f
Item 1f: Receive Closing Report of the 2025 Legislative Ad Hoc Committee of the Board From: Monica Padilla, CEO
Prepared by: Bena Chang, Director of Government and Legislative Affairs Date: 12/10/2025

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) receive the closing report of the 2025 Board Legislative Ad Hoc Committee (“Ad Hoc Committee”).

BACKGROUND
The Ad Hoc Committee was convened at the December 2024 SVCE Board of Directors Meeting and expires at the end of 2025. The Closing Report contains documentation of the Ad Hoc Committee’s operations and activities during its tenure and is the required final product of the Ad Hoc Committee upon its expiration.

ANALYSIS & DISCUSSION
The Closing Report provides documentation of the Ad Hoc Committee’s activities as well as an update on each of the six policy areas defined as the scope of the Ad Hoc Committee upon its formation.

STRATEGIC PLAN
The activities of the Ad Hoc Committee, including presentation of this Closing Report, supports Goal 1 of the Strategic Plan to “advance policies which support SVCE’s mission to reduce dependence on fossil fuels.”

ALTERNATIVE
If the Board wishes to see any changes to the Closing Report, SVCE can update the Closing Report and place it on the agenda for a future Board of Directors meeting.

FISCAL IMPACT
None.

ATTACHMENTS

1. Closing Report of the Ad Hoc Committee

2. 2025 Legislative Bill Tracker
Item 1f
SILICON VALLEY \3/ CLEAN ENERGY
Attachment 1
Closing Report of the
Legislative Ad Hoc Committee of the Board
I. Committee Operations
Formation
Formation of the Silicon Valley Clean Energy (SVCE) Legislative Ad Hoc Committee of the Board to Address Legislative Responses to Industry Transition (“Ad Hoc Committee”) was authorized by the SVCE Board of Directors at its December 2024 meeting with the following legislative platform policies:
• Affordability and Rates
• Climate Mitigation/Fuel Switching
• Clean, Reliable Grid
• Competitive Equity/Do No Harm
• Health Impact/Safety
• Equity
Members of the Ad Hoc Committee were selected at the February 2025 Board of Directors Meeting.

Membership consisted of: Chair Elliot Scozzola, Vice Chair Bryan Mekechuk, Director Zach Hilton, Director Yvonne Martínez Beltrán, Director Pat Showalter, and Director Tina Walia.

Committee Activities
The Ad Hoc Committee held its inaugural meeting on May 16, 2025. At the meeting, the Committee elected Director Elliot Scozzola as Chair and Director Bryan Mekechuk as Vice Chair. The committee discussed federal updates and state legislation around affordability, building electrification, demand flexibility, and data centers.

The Ad Hoc Committee held its second meeting on August 25, 2025. The committee received an update on federal activities and state legislation around building electrification, affordability, and Cap and Invest.

The Ad Hoc Committee held its final meeting on November 7, 2025, and received a recap on the 2025 legislative session and a forecast for the 2026 legislative session. The Committee provided input on the draft 2026 Legislative Policy Platform.

II. Legislative Platform Policies
The Ad Hoc Committee provides the following updates to the Board on each of the Legislative Platform policies:

Affordability and Rates
Affordability, including energy affordability, was a major topic in the state legislature this year. SVCE supported two electricity affordability bills this session:
• AB 825 (Petrie-Norris) to create a governance structure for regional energy markets. A California Energy Commission study showed potential ratepayer savings of up to $1 billion annually with regional energy markets.
• SVCE supported SB 254 (Becker), the energy affordability omnibus bill, which includes several policies designed to put downward pressure on rates including additional wildfire mitigation spending oversight and a state/public transmission financing authority.

Climate Mitigation/Fuel Switching
• SVCE supported a “clean” reauthorization of the Cap and Trade program, now called the Cap and Invest program through AB 1207 (Irwin), which extends the program to 2045 and includes a provision for the state to examine transitioning the gas climate credit to an electric climate credit, and SB 840 (Limon) on allocating auction revenues from the Cap and Invest program.
• SVCE engaged with the Santa Clara County Housing Authority to create 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 Item 1f
Attachment 1
SILICON VALLEY <3/ CLEAN ENERGY
affordable housing properties, facilitating greater interest and support for affordable housing properties to electrify.
• SVCE adopted an Oppose Unless Amended position on AB 130, which included a six-year pause on state and local residential building code updates. While the final bill did not include the amendments that SVCE was advocating for, the bill provided additional time before implementation and included an exception that allows local governments to adopt reach codes under certain conditions.

Clean, Reliable Grid
• As mentioned above, SVCE supported AB 825 (Petrie-Norris) on regional energy markets.

Allowing California to better share resources across western states will help not only with affordability but also help share renewable resources and maintain reliability.

Competitive Equity/Do No Harm
• Through CalCCA, the statewide Community Choice Aggregation trade association, SVCE worked to successfully remove problematic language in the energy affordability omnibus bill that would have imposed broad and inappropriate state jurisdiction over local CCA programs.

Health Impact/Safety
• SVCE engaged in legislation that would remove barriers to building decarbonization and improve health as noted in the climate mitigation section above.

Equity
• SVCE worked on affordability-related legislation as mentioned in the affordability and rates section above.

Item 1f
Attachment 1
SILICON VALLEY <3/ CLEAN ENERGY
2025 SVCE Legislative Bill Tracker
Bill
Number Author Bill Summary SVCE Position
CalCCA
Position Bill Status
Red = Two-year or vetoed bill
Green = Signed bill
Clean Energy/Power Supply
AB 303 Addis
Changes the permitting approval from the
CA Energy Commission to local
governments for siting of battery storage
facilities. Does not allow facilities to be
placed within 3,200 feet of a sensitive
receptor or in an environmentally
sensitive site.

Watch Oppose Two-year bill
AB 526 Pappan
Requires the CEC to develop geothermal
strategic plan for the state, which
includes identifying suitable state and
federal land for geothermal development.

Watch Support Two-year bill
AB 527 Pappan
Would allow geothermal exploratory
projects to be conclusively presumed to
have satisfied CEQA requirements.

Watch Support Vetoed by
Governor
SB 302 Padilla
Exempts renewable developers from state
taxes on Inflation Reduction Act tax
credits.

Watch Support Signed by
Governor
AB 531 Rogers
Adds geothermal field and development
projects to AB 205 opt-in permit process
at CEC.

Watch Support Signed by
Governor
AB 740 Harabedian
Directs CPUC to model impact of Virtual
Power Plants and submit an
implementation plan that includes goals
and milestones. IOUs would report
progress towards goals annually.

Watch Support Vetoed by
Governor
SB 283 Laird
Mandates that battery energy storage
systems are built to the National Fire
Protection Association Stationary Energy
Storage Systems Standards. Developers
have to meet and confer with local fire
departments and projects have to pass a
fire inspection before operations start.

Watch Support if
Amended
Signed by
Governor
Grid Infrastructure
SB 330 Padilla
Allows Governor to establish pilot
projects to develop, finance or operate
transmission with pubic agencies.

Watch Support Two-year bill
AB 1404 Ortega
Would institute a 60-day shot clock for
energization of affordable housing
developments.

Watch Watch Two-year bill
Item 1f
Attachment 2
Building Decarbonization
AB 306/AB
130
Schultz and
Rivas
Would prevent local governments from
adopting reach codes for 6-years unless
they were needed for emergency
health/safety or home hardening.

Oppose
Unless
Amended
Oppose
Unless
Amended
Signed by
Governor
SB 282 Wiener Permit streamlining for residential heat
pumps.

Watch Watch Two-year bill
AB 1238 DeMaio
Prohibits local governments from
adopting an ordinance that prohibits gas
in new buildings that "directly or
indirectly" bans gas stoves.

Watch Watch Two-year bill
AB 806 Connolly
Prohibits mobilehome parks from
preventing or putting in barriers for
residents to put in cooling systems.

Watch Watch Signed by
Governor
Demand Flexibility
AB 44 Schultz
Directs CEC to develop a set of technical
guidance and load modification protocols
to enable state to reduce its demand
forecast.

Watch Watch Vetoed by
Governor
SB 541 Becker Directs the CEC to establish load-shifting goals for retail suppliers. Watch Oppose Vetoed by Governor AB 1117 Schultz
Requires large IOUs to develop optional
dynamic rate tariffs for C&I customers
before July 1, 2028 and for residential
customers by 2030.

Watch Watch Two-year bill
Zero Emission Vehicles
AB 39 Zbur
Requires local governments to
prepare/adopt an electrification plan,
decarbonization plan, or community
energy plan on EV charging stations,
electrification of buildings, DERs, and
identification of needed infrastructure,
including working with LSEs on grid
infrastructure upgrades.

Watch Watch Signed by
Governor
AB 12 Wallis
Voids CARB's changes to the Low-Carbon
Fuel Standard that were adopted
November 8, 2024.

Watch Watch Two-year bill
SB 496 Hurtado Creates an Advanced Clean Fleets
Regulation Appeals Advisory Committee Watch Watch Two-year bill AB 819 Macedo
Would exempt churches and non-profit
parking facilities from EV building
standards
Watch Watch Two-year bill
Item 1f
Attachment 2
Affordability Related Bills
AB 61 Pacheco
Requires the Public Advocates Office to
analyze legislation that requires a
mandated requirement or program on
electric/gas ratepayers.

Watch Watch Two-year bill
AB 441 Hadwick
Extends sunset date of the Office of
Wildfire Tech R&D and work around
wildfire mitigation assistance program.

Watch Watch Two-year bill
SB 375 Grove
Provides CEQA exemption for vegetation
management for wildfire mitigation
projects in moderate and high fire
severity zones.

Watch Watch Two-year bill
SB 332 Wahab
Ties IOU executive compensation to
safety and ratepayer affordability, and
requires CEC report to compare IOU
model to nonprofit public benefit
corporation or mutual benefit
corporations.

Watch Watch Two-year bill
AB 825 Petrie-Norris
Would create a Regional Organization to
operate two west-wide energy markets. Support Support Signed by Governor AB 286 Gallagher
Requires CPUC to reduce rates by 30%.

Incorporates ideas from CPUC's
affordability report to the legislature
including looking at cost effectiveness of
programs, climate credits, and wildfire
mitigation costs.

Watch Watch Two-year bill
SB 254 Becker Omnibus electricity affordability bill. Support Support Signed by Governor
AB 942 Calderon
Eliminates climate credit for rooftop solar
customers who are not CARE/FERA
customers and who have annual bills
under $300.

Watch Watch Two-year bill
Brown Act Bills
SB 239 Arreguin
Allows advisory bodies of Boards to
teleconference with a 2/3 vote of the
Board every 12 months.

Watch Watch Two-year bill
SB 707 Durazo
Requires translation of agendas and
accomodation of translation services at
meetings. Allows subsidiary bodies of
Boards to meet remotely with annual
vote of Board.

Watch Watch Signed by
Governor
Cap and Invest
Item 1f
Attachment 2
AB 1207 Irwin Extension of Cap and Invest program to
2045. Support Watch Signed by Governor
SB 840 Limon Allocation of Cap and Invest revenue in
the Greenhouse Gas Reduction Fund. Support Watch Signed by Governor Data Center Bills
SB 57 Padilla
Optional CPUC report on potential cost
shifting due to data centers and new large
loads.

Watch Watch Signed by
Governor
SB 58 Padilla
Would provide a lower state sales tax
rate for data centers that meet a variety
of criteria including using energy that is at
least 70% clean and generating at least
50% of energy on-site.

Watch Watch Two-year bill
AB 222 Bauer-Kahan
Reporting bill on data center/AI energy
usage. Directs CPUC to create energy
efficiency performance standards for data
centers and to minimize cost shifting on
data center costs to ratepayers that do
not benefit from the data center.

Watch Watch Two-year bill
Miscellaneous
AB 1167 Berman
Prohibits IOUs from using ratepayer
money on promotional advertising unless
the messages are related to safety
measures, emergency conditions or
service interruptions.

Watch Watch Signed by
Governor
SB 222 Wiener
Allows insurance companies to seek
damages from a responsible party for a
climate disaster.

Watch Watch Two-year bill
SB 684 Menjivar Polluters Pay Climate Superfund Act Watch Watch Two-year bill AB 1372 Pappan
Would allow Caltrain to receive a tariff
that compensates them for the energy
generated by regenerative braking of the
electric trains.

Watch Watch Two-year bill
AB 259 Rubio
Extends the sunset on AB 2449
teleconference provisions from January 1,
2026 to January 1, 2030.

Watch Watch Two-year bill
SB 239 Arreguin
Allows subsidiary bodies to meet
remotely pending 2/3 vote of the primary
body.

Watch Watch Two-year bill
Item 1f
Attachment 2

Page 1 of 2 ends

Staff Report – Item 1g
Item 1g: Receive Finance and Administration Committee Report To: Silicon Valley Clean Energy Board of Directors
Prepared by: Murali Srinivasan, Finance and Administration Committee Chair Date: 12/10/2025
The Finance and Administration Committee (Committee) met on November 24, 2025 and addressed the following agenda items:

1. Request from staff to recommend that the SVCE Board of Directors approve the proposed updated fiscal year 2025-2026 budget and 2026 rate changes;

2. Receive information on the implementation of Government Accounting Standard Board (GASB) 62 Rate Stabilization Fund;

3. Receive information on the treatment of GASB 96; and

4. Receive an informational update on SVCE’s fourth power Prepay transaction.

Amrit Singh, SVCE’s Chief Financial Officer (CFO), opened the meeting with a CFO Update, which included a statement that staff is currently exploring a change in SVCE’s fiscal year and will share more information with the Committee as analysis is performed.

CFO Singh presented a request for the Committee’s recommendation that the Board of Directors approve the proposed updated fiscal year 2025-2026 budget, which would increase the withdrawal from reserves from the adopted budget to $60.1 million after updating for revenues, power supply expenses, investment-earning forecasts, and an additional transfer of $5.5 million to the building fund. CFO Singh reviewed the staff recommendation to set generation rates at a 1% discount to comparable PG&E generation rates and providing a monthly bill credit of $12 to California Alternate Rates for Energy (CARE) and Family Electric Rate Assistance (FERA) customers. Staff also recommended the Committee support a new GreenPrime rate premium of $0.0074/kWh starting in January 2026. The Committee inquired what the financial outlook would be if SVCE’s discount were zeroor if SVCE’s rates, inclusive of PCIA, equally matched PG&E’s rates; staff responded that based on analysis, the delay in reaching SVCE’s proposed financial target over the five-year forecast period is not significant, and the impact would be small if SVCE’s rates were the same as PG&E’s. Following discussion, the Committee voted unanimously to recommend that the Board approve staff’s recommendation to approve the proposed budget and rate changes which will be considered at the December Board meeting.

CFO Singh presented staff’s plan for implementation of GASB Standard 62 Rate Stabilization Fund for the fiscal year that ended September 30, 2025, which includes deferring $100 million of revenues to the GASB 62 Rate Stabilization Fund. Staff also reviewed a recap of GASB 62, and the Board-approved criteria for implementing GASB 62.

CFO Singh reviewed GASB 96, which covers Subscription-Based IT Arrangements (SBITAs) such as cloud software and certain IT services. For years ended 9/30/2023 and 9/30/2024, contracts were reviewed that might qualify as SBITAs and it was determined that no recognition was required; this information was shared with SVCE’s auditors who concluded that historical results are immaterial. For fiscal year 2025, management intends to recognize applicable SBITAs and going forward to formalize a policy with specific thresholds for recognition and to present the policy to the Finance and Administration Committee.

Item 1g
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 1g Agenda Date: 12/10/2025

Page 2 of 2 ends

Zak Liske, Deputy Director of Power Resources, provided a report out of the completed fourth prepay transaction which included a recap of the goals of the prepay, the Board’s authorized execution parameters, and a summary of the transaction. The transaction amounted to a $4.6 million average savings through 2033.

Next steps include working with the California Community Choice Financing Authority (CCCFA) on ongoing annual disclosure requirements and to assign existing or new Power Purchase Agreements into the Prepay before the end of 2027.

Materials from this meeting can be found at the following link: SVCE Finance and Administration Committee Meeting, 11/24/25. The next Finance and Administration Committee meeting is expected to be held in February 2026 and will be determined by Finance and Administration Committee member availability; materials will be posted 72 hours before the meeting.

Item 1g

Page 1 of 1 ends

Staff Report – Item 1h
Item 1h: Receive Additional Committees Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Andrea Pizano, Sr. Executive Assistant and Board Clerk Date: 12/10/2025
There are no reports for the Executive Committee, as they are scheduled to meet on December 5, 2025, and the Audit Committee, as they have not met since the last report.

Materials for SVCE’s Brown Act meetings will be posted 72 hours in advance of the meeting dates.

Item 1h
SILICON VALLEY \3/ CLEAN ENERGY

Page 1 of 1 ends

Staff Report – Item 1i
Item 1i: Receive California Community Power Report
To: Silicon Valley Clean Energy Board of Directors
From: Monica Padilla, CEO
Date: 12/10/2025
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 held a regular board meeting on Wednesday, November 19, 2025.

Attached is a November summary report from General Manager Alex Morris; materials from the November board meeting can be found here on the CC Power website: CC Power Meeting, 11/19/25 The next meeting of the board will be December 17, 2025 at 1:00 p.m.; meeting materials can be found on the CC Power website: https://cacommunitypower.org/meetings/

ATTACHMENT

1. CA Community Power Board Meeting Summary from General Manager Alex Morris, November 19, 2025 Item 1i
SILICON VALLEY \3/ CLEAN ENERGY
California Community Power
901 H St, Ste 120 PMB 157, Sacramento, CA 95814 | cacommunitypower.org A Joint Powers Agency whose members are:

Ava Community Energy | Central Coast Community Energy | CleanPowerSF | Peninsula Clean Energy | Redwood Coast Energy Authority | San José Clean Energy | Silicon Valley Clean Energy | Sonoma Clean Power | Valley Clean Energy
TO: Board of Directors and Alternates DATE: 12/1/25
FROM: Alex Morris – General Manager
SUBJECT: Report on Regular Board of Directors Meeting – November 19, 2025 The California Community Power (CC Power) Board of Directors held a meeting on November 19, 2025, via Zoom. Details on the Board packet, presentation materials, and public comment letters can be found under the Meetings tab at the CC Power website: Meetings and Agendas – ca community power
Highlights of the meeting included the following:
• Matters subsequent to posting the Agenda. None.
• Public Comment.
▪ CCA Workforce & Environmental Justice Alliance
• Consent Agenda - The Board approved the following items:
o Minutes of the Regular Board Meeting held on August 20, 2025 o Minutes of the In Person Strategic Planning Session held on October 21, 2025 o 2024-2025 Year-End Financials (unaudited)
• Regular Agenda Items:
o Strategic Plan Refresh – Draft Strategic Priorities (Discussion Item): The Board reviewed and discussed strategic priorities. Based on Board discussion, these priorities will be updated and may be adopted by the Board. Following any adoption of new strategic priorities, the strategic plan will be updated to reflect the updated priorities. The draft strategic priorities include:
▪ Successfully administer existing power contracts
▪ Procure and manage contracts for specific cases of wholesale power resources;
▪ Assess and procure emerging, higher risk, and unusual technologies or projects; and
▪ Lead member-CCA power asset ownership efforts.

Discussion focused on the scope of each priority.
o Resolution 25-11-01 – Authorization for Purchase of Price Forecast and Valuation Tool for 2025-2026 CC Power Solicitation(s) (Voting Item) – the Board unanimously authorized a purchase of data and software for use in the CC Power solicitation for clean energy projects, in an amount not-to-exceed $150,000.

The adopted 2025-2026 budget included funds for these purposes. All members are Item 1i
Attachment 1
2 participating in the currently open CC Power solicitation, with bids due from developers on December 5, 2025. Bid-evaluation and short-listing efforts will use the price forecast data and valuation software in order to identify optimal project opportunities for members.
o Resolution 25-11-02 –Non-project Working Capital Policy (Voting Item) – the Board unanimously adopted a policy to define and cap the amount of working capital that CC Power should hold for General and Administrative or other “non-project” functions. The policy establishes a target for working capital that ensures CC Power’s administrative operations can occur during foreseeable business conditions. The policy does not consider the working capital needs for power projects because such projects have their own contractually based working capital or funding requirements and so are excluded from the policy. Based on the adopted policy, CC Power is on pace to achieve its working capital needs in the coming year(s) and is directed to accrue working capital prudently to reduce cost-impacts to members.
o Update on Geothermal Strategic Origination Phase 2 (Discussion Item): The Board was briefed on progress to date to secure additional geothermal project offtake opportunities. This effort began in Q2 2025 due to high member interest in geothermal projects coupled with the low number of geothermal projects being offered into competitive solicitations. “Phase 2” refers to the phase of CC Power’s process in which CC Power, on behalf of members, identifies and negotiates for viable opportunities for power procurement. This Phase 2 seeks to yield right-of-first refusals (ROFRs) or exclusivity opportunities on several geothermal projects, with a focus on projects and technologies that may be viable in California. The maturity of various geothermal technologies being considered and the timelines for development may require collaborative approaches that position members to access opportunities at reasonable costs. The Board provided feedback on the contractual methods being developed to establish these opportunities. o General Manager Report:
▪ The Tumbleweed Energy Storage contract is scheduled to start June 1, 2026.

A ribbon-cutting will be scheduled. This project will be one of the first 8- hour lithium-ion batteries operating in California.
▪ CC Power is posting to its website a final report regarding the cost savings available to members through ‘load-obligation trading’ amongst members’ portfolios for the purpose of Resource Adequacy (RA) compliance. The report uses actual portfolio information and shows that material cost-savings could be available to ratepayers if the CPUC changes some rules in Resource Adequacy.
▪ Project Account balance Statements (PABS) were issued to members to show spending over the 2024-2025 fiscal year period as well as revenues held in project accounts. For 2025-2026, invoices will be issued for specific project accounts based on contract agreements and the amount of ‘carryover’ funds left from 2024-2025.
▪ CC Power signed a contract for transmission and education services to support members.

Item 1i
Attachment 1

Page 1 of 6 ends

Staff Report – Item 2
Item 2: CEO Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Monica Padilla, CEO
Date: 12/10/2025
REPORT
Personnel Officer Update
Silicon Valley Clean Energy is currently interviewing for a Power Resources Forecast/Planner position on the Regulatory, Policy, Planning, Legislative (RPPL) team. A Manager of IT has been hired and will join the SVCE Operations team later this month.

Power Resources & Clean Energy Update
SVCE held a solicitation to buy and sell 2026 Resource Adequacy (RA). The solicitation was launched on Monday, November 3rd, and closed on Thursday, November 6. The agency sought to buy RA to fill its open position for the months of March, June, and September 2026, and to sell excess RA in January, February, April, May, July, October, November, and December. The agency received offers and is contracting with the successful counterparties.

For 2025, SVCE currently expects to have a 105% clean position. In 2026, SVCE is expecting a 104% clean position. Several resources are expected to come during 2026, including SunZia wind, Aratina solar + storage and Angela solar+ storage. Please see Attachment 1 for the Clean Energy Update.

Customer Success Department Updates
Billing Update
Starting in January 2026, residential customers will begin to receive notifications from PG&E about the introduction of the Base Service Charge, which will take effect on bills in March 2026. This was formerly known as the Income Graduated Fixed Charge. The Base Service Charge is not a new fee; instead, it is made up of costs currently billed through volumetric T&D rates on the PG&E side of customer bills. These are costs associated with infrastructure, maintenance, energy programs, PG&E call center services and billing. The introduction of the Base Service Charge recategorizes these costs into a flat fee instead of the current volumetric fee. Most residential customers will see a monthly Base Service Charge of $24, customers enrolled in CARE $6 and FERA $12. Updates will be made to the SVCE website to reflect this billing change and educate customers.

Press and Media
Press Releases
• SV Clean Energy Closes Fourth Prepay Deal with Clean Energy Project Bonds Valued at $845 Million, Press Release, 11-05-25
• Peninsula Clean Energy, Silicon Valley Clean Energy Jointly Launch Demand Flexibility Initiatives, Press Release, 11-03-25
Item 2
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 2 Agenda Date: 12/10/2025

Page 2 of 6 ends

Media Mentions
• Campbell Library opening delayed to early next year, San Jose Spotlight, 11-19-25 • Data center set for construction in east Gilroy, Gilroy Dispatch, 11-13-25 • New building codes in Los Gatos support electrification, East Bay Times, 11-12-25 • Silicon Valley Clean Energy Closes Fourth Prepay Deal with Clean Energy Project Bonds Valued at $845 Million, American Public Power Association, 11-11-25
• Peninsula Clean Energy, Silicon Valley Clean Energy contract with Lunar Energy for demand flexibility, 11-06-25
• Surging Electricity Use at Data Centers Spikes Fossil Fuel Use, Metro Silicon Valley, 11-05-25 Recent & Upcoming Events
November 30 – Festival of Lights
- 4pm - 8pm
- Powering KMVT truck with agency vehicle
- Downtown Los Altos
December 5 – 7 – Campbell Holiday Event
(tentative)
- Time TBA
- Dream Home
- Downtown Campbell
December 4 – Celebrating the Big Green
Valley
- 1:30pm – 5:30pm
- Hosted by SVCE
December 6 - Sunnyvale Holiday Market &
26th Annual Tree Lighting
- 3pm – 8:30pm
- Photo booth sponsorship
- Downtown Sunnyvale
December 5 – Los Altos Holiday Tree Lighting
- 6pm - 8pm
- Tree lighting sponsorship
- Downtown Los Altos
December 7 – Cities Association Annual
Holiday Party
- Doors open at 5:30pm
- Sponsorship and attendance
- Treehouse Hotel, 1100 North Mathilda
Avenue, Sunnyvale, CA 94089
Regulatory & Legislative Update
Regulatory:

On December 1st CalCCA filed a Petition for Writ of Review with the California Court of Appeal to challenge a recent CPUC decision regarding the Power Charge Indifference Adjustment (PCIA). CalCCA’s petition argues that the decision, which altered the methodology for developing the 2025 RA market price benchmark (MPB), resulted in retroactive ratemaking for the PCIA which is unlawful and harmful to affordability. This petition follows the CPUC denying CalCCA’s Application for Rehearing filed at the Commission earlier this year.

The California Energy Commission will approve SVCE’s Revised 2024 Load Management Standards Compliance Plan as a consent item at their December 8, 2025 Business Meeting.

Legislative:

California’s state legislature remains in recess this month and will reconvene on January 5, 2026.

On November 12, 2025, the federal government shutdown ended when the President signed legislation that provides funding for most federal agencies until January 30, 2026. Federal agencies are working to release funding for programs, including the Low-Income Home Energy Assistance Program (LIHEAP) which funds one-time bill assistance, energy crisis prevention services, and home weatherization programs.

Local Policy Updates
Local Energy Code Enhancements
Six member agencies have completed second readings of their 2025 local energy code enhancements: Los Altos, Item 2
Agenda Item: 2 Agenda Date: 12/10/2025

Page 3 of 6 ends

Los Altos Hills, Los Gatos, Mountain View Saratoga, Sunnyvale. Staff is now working to support agencies with the state approval process and implementation preparation. Additional agencies may elect to bring code enhancements to their governing bodies in 2026. SVCE staff is available to support.

Bay Area Air District
Staff at the Bay Area Air District (the Air District) released a concept paper recommending flexibility in implementation of the rules regulating heat pump water heaters. The concept paper outlines options that would allow for flexibility of the most difficult and expensive circumstances for replacing a gas water heater with a heatpump water heaters, including: old homes with knob and tub wiring, space constrained spaces, and business with high water heating demands (e.g. nursing facilities). SVCE staff strongly supports these measures that would allow the rules to be implemented on time, but with flexibility to reduce cost and burden. SVCE and four other Bay Area CCAs submitted a comment letter supporting the Air District’s continued development and evaluation of these measures. SVCE staff continues to coordinate. The Air District’s Stationary Source committee meets on December 10th to discuss the concept paper.

New SVCE Headquarters
Staff released a request for bids for construction of the new headquarters on Monday, November 24th. The request was sent to four previously pre-qualified bidders. Bids are due on Thursday, December 18th. Staff remains on track to bring a contract to the Board for approval in January and anticipates moving into the new office space in July 2026.

Staff worked with the architecture firm SERA to develop a cost-conscious design of the space that reflects the SVCE mission and enables productivity and flexibility. To keep costs down, SVCE will reuse existing materials as much as possible and reuse existing furniture. Initial estimates for the construction, however, came in above the existing allocated budget. Staff is requesting additional budget allocation in Item 5 Approve FY 2025-26 Budget Update and 2026 Customer Rate Setting.

Board Look Ahead Update
Staff continues to plan for Board and committee meetings into the new year.

A Special Board Meeting (Study Session) is scheduled for December 12, 2025, at 10 am at the Juniper Hotel in Cupertino. The purpose of the Study Session is to discuss financial levers and/or trade-offs, SVCE’s decarbonization road map and SVCE’s possible future value proposition. The Board is also invited to attend a presentation by Severin Borenstein about Data Centers, AI and the Uncertainty of Load Growth at 8:30 am that same day at the same location.

Below is a preview of what’s ahead for the Board from January through March 2026:

Item 2
Agenda Item: 2 Agenda Date: 12/10/2025

Page 4 of 6 ends

ATTACHMENTS

1. Clean Power Update, December 2025

2. SVCE Regulatory and Legislative Update, December 2025 Item 2
Agenda Look Ahead: January - March 2026
January
14th: BOD Meeting
• Chair and Vice Chair Appointment- Action
• Executive Committee Appointment -
Action
• Approve Transportation Electrification
Programs Budget Reallocation -Action
• Receive Update on Communications and
Marketing Strategy -Informational
• Receive Update on Net Billing Tariff
Following the First Year of Customer
Performance -Informational
February March
11th: BOD Meeting
2026 Committee Selections- Action
11th: BOD Meeting
Adopt Resolution Approving the Mid¬
Year 2025-26 Adjusted Operating
Budget -Action
Receive Audited Financial Statements-Action
*Please note the items on this schedule may change
depending on priorities
Agenda Item: 2 Agenda Date: 12/10/2025

Page 5 of 6 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 San Jose
Conservation
Corps
Demonstration
Home Trailer
Transportation
and Storage
No Change Extends
term to
12/31/2025
CEO Spending
Authority
Agreement Stradling Yokka
Carlson & Routh
LLP
Legal Services NTE - $7,500 11/04/2025 CEO Spending
Authority
Amendment Environmental
Innovations
Commercial
Customer
Outreach Services
No Change Extends
term to
3/31/2026
CEO Spending
Authority
Amendment DataSpaceDigital Website Analytics
Improvements
NTE - $25,000 Extends
term to
12/31/2026
CEO Spending
Authority
Amendment to
task order
SMUD Contractor
Training Program
Support
Increased NTE -
$368,970
Extends
term to
12/31/2027
Board
Approved
(12/13/2023)
Cost Share Peninsula Clean
Energy
Professional
Services Cost
Reimbursement
NTE - $100,000 10/31/2025-
12/31/2025
CEO Spending
Authority
Agreement San Francisco
Elevator
Services, LLC
HQ Elevator
Modernization
Project
NTE - $372,000 11/17/25 Board
Approved
(8/13/2025)
Amendment Energy Integrity
Inc. DBA Home
Energy Academy
Technical
Electrification
Advising Services
No Change Extends
term to
12/31/2026
CEO Spending
Authority
Amendment Quit Carbon Technical
Electrification
Advising Services
No Change Extends
term to
12/31/2026
CEO Spending
Authority
Amendment Efficient Modern
Heat Pump
Technical
Electrification
Advising Services
No Change Extends
term to
12/21/2026
CEO Spending
Authority
Item 2

Page 6 of 6 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
Central Coast Community
Energy
11/20/2025 Purchase Resource Adequacy 9/1/2026 9/30/2026 $87,000 3Phases Renewables 11/13/2025 Sale Resource Adequacy 1/1/2026 2/28/2026 $6,000 Peninsula Clean Energy 11/13/2025 Purchase Resource Adequacy 3/1/2026 6/30/2026 $41,000 San Diego Community Power 11/20/2025 Sale Resource Adequacy 1/1/2026 12/31/2026 $395,000 Item 2

SILICON VALLEY

CLEAN ENERGY
• Subtitle
New SV Clean Energy
PowerPoint Template
CEO Report
Clean Power Update
SVCE Board Meeting
December 10, 2025
Item 2
Attachment 1
Clean Power Update, December 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, December 2025
3 SVCE is On Track to Meet SB100 and Agency Goals
for Clean and RPS…
Item 2
Attachment 1
Clean Power Update, December 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, December 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, December 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, December 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, December 2025
Clean Energy Resources Online Progress
as of November 26, 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, December 2025
THANK YOU!
9 Item 2
Attachment 1
Clean Power Update, December 2025
1 • Subtitle
New SV Clean Energy
PowerPoint Template
SVCE Legislative and
Regulatory Update
December 10, 2025
Item 2
Attachment 2
SVCE Leg/Reg Update, December 2025
SILICON VALLEY <3/ CLEAN ENERGY
£ *F Laniclativa and
Regulatory Update
December 10, 2025
2 Policy Updates
Regulatory Update:

1. High Distributed Energy Resources - Flexible
Service Connections
Legislative Update:

1. State Legislation

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

1. High Distributed Energy Resources - Flexible
Service Connections
Legislative Update:

1. State Legislation

2. 2025 Legislative Calendar
2 3
Regulatory
Update
3 Item 2
Attachment 2
SVCE Leg/Reg Update, December 2025
Regulatory
Update
4 Key Regulatory Activities
Activity Purpose Status
R. 21-06 -017 High
Distributed Energy
Resources
To modernize the grid for
a high distributed energy
resources future.

A Ruling has been issued on Flexible Service Connections requesting stakeholder feedback on several technical questions related to grid operations to support the implementation of Flexible Service Connections as well as policy questions surrounding how the Flexible Service Connections should be operated and for which types of customers they should be made available.

Flexible Service Connections are a means of connecting a customer to a utility’s distribution system under specific capacity limits that vary over time.

SVCE is working with its trade association, CalCCA , to provide input.

Item 2
Attachment 2
SVCE Leg/Reg Update, December 2025
Key Regulatory Activities
Activity Purpose Status
R. 21-06-017 High
Distributed Energy
Resources
To modernize the grid for
a high distributed energy
resources future.

Flexible Service Connections are a means of connecting a customer to a utility’s distribution system under specific capacity limits that vary over time.

SVCE is working with its trade association, CaICCA, to provide input. 4 5
Legislative Update
Item 2
Attachment 2
SVCE Leg/Reg Update, December 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, December 2025
0 SVCE Bill Positions
Bill Number Summary 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 affordability 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 Signed by Governor
Affordability and
Rates
Signed by 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, December 2025
0 SVCE Bill Positions
Bill Number Summary 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 Taken Under
which Board-Adopted
Legislative Platform
Policy
Status
Climate Change
Mitigation/Fuel Switching
Signed by Governor
Climate Change
Mitigation/Fuel Switching
Signed by Governor
Climate Change Signed by 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, December 2025
1 Key 2025 State Legislative Milestones
January 6—Legislature 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

Page 1 of 2 ends

Staff Report – Item 3
Item 3: Approve 2026 Silicon Valley Clean Energy Board of Directors Regular Board Meeting Schedule
From: Monica Padilla, CEO
Prepared by: Andrea Pizano, Sr. Executive Assistant and Board Clerk Date: 12/10/2025

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) approve the proposed 2026 Board regular meeting schedule.

BACKGROUND
SVCE’s regular Board meeting schedule has been the second Wednesdays of the month at 7:00 p.m. since inception. Starting in 2018, the Board approved a one-month summer hiatus from meetings; in 2018 it was August, and, based on feedback from the Board that a July recess would be preferable, it has been July since 2019.

ANALYSIS & DISCUSSION
Due to varying Council/County meeting dates and for continuity, it is preferable to keep the regular meeting schedule the same. Staff suggests July be selected for the summer hiatus, as this has worked well in the past.

With this approval, the month of July will not have a regularly scheduled SVCE Board meeting, however if the need for Board action arises in July, a special meeting of the Board will be called.

In 2026, the only conflict identified is in November when SVCE’s regular meeting would fall on the Veterans Day holiday (November 11). Given other commitments that Board members have, staff would like feedback on when the November meeting should take place. Potential options are:
• Thursday, November 12, 7pm
• Friday, November 13, 3pm
• Friday, November 13, 5pm
• Friday, November 13, 7pm
The proposed schedule for 2026 is reflected in Attachment 1, pending a November date.

STRATEGIC PLAN
Not applicable.

ALTERNATIVES
The Board may select an alternative month for a summer hiatus; the Board could also choose not to cancel the regularly scheduled July meeting. The Board may also choose to select a different meeting date in November.

Item 3
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 3 Agenda Date: 12/10/2025

Page 2 of 2 ends

FISCAL IMPACT
None.

ATTACHMENT

1. Proposed 2026 SVCE Board of Directors Regular Meeting Schedule Item 3
Proposed: 12/10/25
2026 Board Meeting Schedule
All Board of Directors meetings occur at 7:00 p.m. and will be held at the Sunnyvale Civic Center, 456 West Olive Avenue, in Sunnyvale, CA, with an option to participate virtually unless noted otherwise on the SVCE website January 14, 2026
February 11, 2026
March 11, 2026
April 8, 2026
May 13, 2026
June 10, 2026
No meeting in July
August 12, 2026
September 9, 2026
October 14, 2026
TBD
December 9, 2026
Item 3
Attachment 1

SILICON VALLEY

CLEAN ENERGY

Page 1 of 2 ends

Staff Report – Item 4
Item 4: Approve 2026 Legislative Policy Platform and Identify Focus Areas for the 2026 Legislative Ad Hoc Committee
From: Monica Padilla, CEO
Prepared by: Bena Chang, Director of Government and Legislative Affairs Date: 12/10/2025

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) approve:

1. A Legislative Policy Platform for 2026; and

2. Create an Ad Hoc Committee of the Board to Address Legislative Responses to Industry Transition (“Ad Hoc Committee”) for 2026 and adopt specific focus areas for the Committee.

BACKGROUND
Policy Platform
In December 2024, the Board approved SVCE’s 2025 Legislative Policy Platform. The Legislative Policy Platform contains policy principles. After Board approval, staff then implement the policies through weighing in on legislation that aligns with the principles in the Policy Platform. This process allows SVCE to advocate in a timely manner on state and federal legislation.

Ad Hoc Committee of the Board to Address Legislative Responses to Industry Transition In 2018, SVCE established an Ad Hoc Committee to improve SVCE’s advocacy and outcomes by increasing engagement between staff and the Board members most interested in legislative matters. Subsequent Ad Hoc Committees were established every year to review legislative matters. In 2025, the Ad Hoc Committee met in May, August and November, and the Committee expires at the end of 2025.

Staff requests that an Ad Hoc Committee be established to review legislative matters in 2026.

ANALYSIS & DISCUSSION
Policy Platform
The United States and California’s energy landscape continues to evolve rapidly. As a result, it is critical that SVCE actively engage legislators to ensure policies support SVCE customers and allow SVCE to meet short and long-term goals. The Policy Platform presents a framework for focusing SVCE resources on the policies and issues that most impact the agency and its member communities and customers. The 2026 Policy Platform includes guiding principles and example policies. The key principles include: 1) Affordability and Rates, 2) Climate Mitigation/Fuel Switching, 3) Clean, Reliable Grid, and 4) Competitiveness/Do No Harm, 5) Health Impact/Safety, 6) Low-income and Vulnerable Communities, and 7) Customer Accessibility. Details on principles can be found in the attached draft 2026 Legislative Policy Platform.

Ad Hoc Committee of the Board to Address Legislative and Regulatory Responses to Industry Transition Item 4
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 4 Agenda Date: 12/10/2025

Page 2 of 2 ends

In 2026, anticipated activities of the Committee include:
➢ General advocacy strategy development for state and federal activities. ➢ Feedback on priorities for legislation and the state budget. ➢ Advocacy on key legislation.

Staff recommends the following policy areas for 2026:

1. Affordability & Rates,

2. Climate Change Mitigation/Fuel Switching,

3. Clean, Reliable Grid,

4. Competitiveness/Do No Harm,

5. Health Impact/Safety,

6. Low-income and Vulnerable Communities, and

7. Customer Accessibility
Staff encourages all Board members with an interest in legislative activities to consider joining the Committee, with the understanding that Committee membership involves additional time on top of regular Board duties.

STRATEGIC PLAN
Approving the Policy Platform, renewing the Ad Hoc Committee and approving the Committee Focus Areas for 2026 directly supports Goal 1 of the Strategic Plan to “advance policies which support SVCE’s mission to reduce dependence on fossil fuels.”

ALTERNATIVE
The Board could choose to reject or modify the 2026 Legislative Policy Platform.

If the Board does not establish an Ad Hoc Committee for 2026, SVCE staff will need to a) find alternative ways of including the Board in SVCE’s policy advocacy, or b) conduct SVCE’s 2026 legislative activities with less involvement of the Board. The former is likely to be more logistically complicated than establishing an Ad Hoc Committee and may slow down the ability of SVCE to act nimbly to respond to legislative proposals. The latter, given the high regard for local elected voices in Sacramento, is likely to make SVCE’s advocacy less effective.

FISCAL IMPACT
Approval of the 2026 Policy Platform and establishing an Ad Hoc Committee for 2026 is not expected to have any fiscal impact on SVCE.

ATTACHMENTS

1. 2026 Legislative Policy Platform
Item 4
1 2026 Silicon Valley Clean Energy Legislative Policy Platform Purpose
Active participation in the state and federal legislative processes is an important tool for ensuring that SVCE can continue to serve our customers and uphold our commitment to decarbonization. When Congress and the California legislature are in session, it is crucial that SVCE staff be able to quickly and efficiently determine SVCE’s positions on bills or amendments, communicate those positions to legislators, and advocate as appropriate. This platform is therefore designed to:
• Articulate SVCE’s legislative priorities for the 2026 legislative session and beyond;
• Allow SVCE staff to take positions on bills for SVCE without explicit Board approval as long as they are consistent with this platform; and • Guide optimal use of SVCE advocacy time and resources.

Process
SVCE will review the policy platform at the conclusion of the previous year’s legislative session. The purpose of the review will be to discuss the outcomes of that year’s legislative session, develop goals and priorities for the upcoming session for the following year, and identify any desired updates to this policy platform.

Updates to the platform will be drafted by SVCE staff and formally presented for a vote of the Board.

Policy Platform
Affordability & Rates
SVCE supports affordable rates that do not place an undue total energy burden on customers or discourage electrification, with consideration for the customer’s socio-economic status. SVCE is interested in lowering the overall customer energy bill while still recovering sufficient funds to operate the electricity system reliably. - Policy Examples:
o Advocate for protections for low-income customers to ensure reasonable rates and to increase access to decarbonization programs that may otherwise be inaccessible.
o Advocate for and pursue, as appropriate, alternative funding sources to help minimize ratepayer costs associated with the clean energy transition and look for ways to make accessing these funds easy.

Examples include supporting alternative transmission and distribution financing mechanisms and alternative sources for needs like wildfire mitigation and offshore wind port infrastructure.

Item 4
Attachment 1
2 o Advocate for policies that support the development of the least cost system including reducing time and costs of bringing distribution and transmission system improvements online, efforts to make the distribution planning process and preparations for an increase in distributed energy resources more transparent, options for wildfire mitigation that provide best cost to benefit ratios, and municipalization.
o Support rate structures that encourage electrification while balancing need to use energy efficiently.
o Advocate for transparent and affordable pricing for EV charging. o Advocate for continued use of clean energy prepay mechanisms to achieve cost savings for customers.
o Advocate for the evaluation of affordability impacts of policies.

Climate Change Mitigation/Fuel Switching
SVCE supports funding, projects, and programs to decarbonize the economy, especially in the electric, building, and transportation sectors. SVCE seeks opportunities to amplify the learnings from our programs through regional, state, and federal levels both through policy and funding. SVCE supports efforts to remove barriers to fuel switching/decarbonization.
- Policy Examples:
o Advocate for funding opportunities to support clean energy and climate change mitigation. Support local administration/control of program dollars and for CCAs to be eligible recipients of grant funding as appropriate.
o Support efforts to transition buildings to electric, including removing the obligation to serve gas requirement, efforts to modernize permitting, optimizing utility allowance schedules, streamlining processes and timelines to energize projects, financing models, and supporting requirements to replace air conditioning with bidirectional heat pumps.
o Support efforts to encourage overall energy efficiency and energy conservation.
o Support funding for EV charging infrastructure, maintenance, and reliability. Ensure EV policies are technology neutral and advocate for affordable EV charging access.
o Advocate for increased funding for clean energy workforce training and investments.
o Support efforts to decarbonize industrial uses and processes, including reducing the use of baseload fuel cells that use methane gas.

Item 4
Attachment 1
3 o Support industry practices in evolving to develop robust supply chains for all-electric technologies to prepare for future widespread electrification.
o Increased customer access to sub-hourly smart meter data to avoid unnecessary service upsizing.
o Advocate for modernization of CPUC Public Purpose Programs to better align funding to the state’s decarbonization and affordability goals.

Clean, Reliable Grid
SVCE supports investments in, and removal of barriers to, building transmission to connect renewable projects that enable the transition to a cleaner grid. SVCE supports a reliable electric system, including the smart build out of the distribution grid to enable increased electrification and a large number of distributed energy resources to operate without straining the grid.
- Policy Examples:
o Support investments in transmission and distribution grid upgrades and efforts to reduce interconnection and energization barriers and distribution grid failures, including modernization of the California Environmental Quality Act for renewable energy projects. . o Support efforts to ease supply chain constraints and get renewable projects online faster.
o Advocate for investments and policies that increase the reliability of the electric system through the encouragement and fair treatment of carbon-free sources like nuclear, wind, and geothermal while recognizing the role of fossil fuels with the transition to renewables. o Ensure that penalties appropriately incentivize the production of renewables and clean capacity instead of inadvertently raising the price floor of electric resources in the market.
o Support efforts to strengthen the market for Virtual Power Plants by providing more regulatory certainty and aligning incentive structures.

Competitiveness/Do No Harm
SVCE supports the CCA model of local government governance, while acknowledging system-wide needs. Any system needs should have maximum flexibility to allow local authority and discretion to meet goals and ensure a level-playing field. - Policy Examples:
o Advocate to maintain CCA program autonomy.

Item 4
Attachment 1
4 o Advocate for Power Charge Indifference Adjustment (PCIA) to maintain indifference between bundled and unbundled customers.
o Ensure that the role of a Central Procurement Entity preserves CCA’s responsibility to procure energy while finding a system that maximizes cost efficiency and reliability. Limit the Central Procurement Entity’s role to emerging technologies.
o Advocate for flexible Brown Act requirements that allow remote access for board members.
o Advocate for sound long-term integrated resource planning which moves away from procurement orders. However, if orders are necessary, advocate for flexibility and goal-based procurement based on individual load serving entities’ needs, instead of prescriptive, technology-specific mandates and allocated regardless of need. o Advocate for IOU restructuring to more closely align business interests and incentives with customer interests, including potential IOU exit from generation services.
o Advocate for streamlined reporting standards that minimize administrative burdens while maintaining local control and transparency for self-funded CCA programs.
o Support policies that help CCAs accurately forecast and appropriately serve load growth from data centers.

Health Impact/Safety
SVCE supports policies that increase the safety of the electric infrastructure and the community.
- Policy Examples:
o SVCE recognizes the harmful health impacts of methane gas and gasoline and seeks to decarbonize buildings and transportation to address these impacts.
o Support efforts to increase the safety of the distribution and transmission infrastructure.

Low-income and Vulnerable Communities
SVCE supports policies that support low-income and historically underserved communities through affordable electricity rates and priority access to decarbonization and climate mitigation programs.
- Policy Examples:
o Support programs that invest in low-income and historically disadvantaged communities either through separate tracks that Item 4
Attachment 1
5 dedicate funding to or that give larger amounts of subsidies for these groups.
o Support tenant access to the benefits of decarbonization programs and tenant protections.
o Support efforts to repeal Proposition 209, which limits public agencies’ ability to engage in equity efforts.
o Support inclusive definitions of low-income and historically underserved communities that capture all communities and not just certain census tracts.

Customer Accessibility
SVCE supports increasing accessibility and removing barriers around energy and climate mitigation initiatives.
- Policy examples:
o Support efforts to make billing simple to understand. o Support efforts to streamline and remove barriers to accessing electrification programs.

Item 4
Attachment 1

Page 1 of 7 ends

Staff Report – Item 5
Item 5: Approve Fiscal Year 2025-2026 Budget Update and 2026 Customer Rate Setting From: Monica Padilla, CEO
Prepared by: Amrit Singh, CFO
Date: 12/10/2025

RECOMMENDATION
Adopt Resolution 2025-24:

1. Authorizing the Chief Executive Officer (CEO) to implement SVCE generation rate changes to apply a one-percent (1%) discount to PG&E’s applicable generation rates, provide a $12 monthly bill credit to California Alternate Rates for Energy1 (CARE) and Family Electric Rate Assistance (FERA)2 customers, and update the GreenPrime rate premium to $0.0074/kWh ($7.40/MWh), when PG&E’s updated rates are implemented, expected to be January 1, 2026, or after, allocation of sufficient time window for implementing new generation rates in SVCE’s billing system, expected to be within three weeks of PG&E’s release of the new 2026 rates.

2. Updating the fiscal year 2025-2026 (FY 2026) operating budget that projects a withdrawal of $60.5 million from the reserves, considering updated revenues, power supply expenses, investment-earning forecasts, and allocation of $5.5 million to the building fund.

FINANCE AND ADMINISTRATION COMMITTEE RECOMMENDATION
At the November 24th, 2025, Finance and Administration Committee meeting, staff presented the updated budget and customer rate recommendations. The Committee engaged in a thorough discussion to understand the proposed budget, staff’s presentation of the 5-year financial outlook, and staff’s analyses supporting the customer rate recommendations. Staff noted that its analysis, discussed later in this report, demonstrates that even if the current customer rate methodology were to continue in 2026, where rates are set at a competitive advantage relative to Pacific Gas and Electric (PG&E) rates, the delay in reaching SVCE’s proposed financial target over the 5-year forecast period is not significant. Staff explained that delaying, at least until 2027, allows time for implementing a better-optimized customer rate and product strategy. The Committee also inquired about the potential impact on SVCE’s finances and future customer rates if rates in 2026 are set at the same level as PG&E’s rates. Staff estimated (and later confirmed) that the impact would be small. For these reasons, the Committee unanimously recommended that the Board adopt the proposed budget update and customer rate recommendations.
1 Eligible low-income customers who are enrolled in the CARE program receive a 30-35% discount (not including additional SVCE discount and bill credits) on their total electric bills and a 20% discount on their natural gas bills. Eligible customers are those whose total household income is at or below certain income limits that vary depending on household size. For example, the income limit for households of 4 is $64,300. 2 The FERA program offers an 18% discount (not including additional SVCE discount and bill credits) on customers' total electricity bills if the household income slightly exceeds the CARE allowances. For example, the income limit for households of 4 is $80,375.

Item 5
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 5 Agenda Date: 12/10/2025

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EXECUTIVE COMMITTEE REVIEW
The Executive Committee will review this item on December 5, 2025. Staff will present the Committee's recommendations to the Board at the meeting, as Board materials will have been posted before Staff can incorporate the Committee’s recommendations.

BACKGROUND
When the Board adopted the FY 2026 budget at the September 2025 meeting, staff explained that the prices set by the California Public Utilities Commission (CPUC) for Market Price Benchmarks (MPBs), issued in the fall and used to determine Power Charge Indifference Adjustment (PCIA) rates, will significantly impact the budget. Staff discussed the high volatility in energy market prices, Resource Adequacy (RA) prices, and Renewable Portfolio Standard (RPS) prices, which make financial projections highly uncertain. Lower MPBs decrease generation rates and raise the PCIA, reducing SVCE’s competitive margin. In developing the September budget, staff used its estimates of MPBs in calculating SVCE revenues with the NewGen Strategies model. These estimates, which also reflect the new CPUC methodology for calculating RA MPBs, led staff to estimate that revenues could decrease by $165 million compared to FY 2024-25 if CPUC’s fall MPBs align with staff’s estimates.

The adopted budget showed a withdrawal from reserves of $40.1 million. When adopting the budget at the September 2025 meeting, the Board maintained the 4% customer discount rate and the $17.50 monthly bill credit for low-income customers through December 2025. It then reduced the customer discount to 1% and the low-income monthly bill credit to $12, starting January 2026. The Board also agreed to revisit the budget, the proposed customer discount rate, and the low-income monthly bill credit in December 2025, when there would be more certainty regarding PCIA and PG&E generation rates.

The recently issued CPUC MPBs reflect significantly lower RA, energy, and RPS prices, which collectively weaken SVCE’s financial projections, assuming SVCE desires to maintain a discount to PG&E’s rates. System RA MPB prices for 2025/2026 are down by 72%/71%, and RPS prices are down 10%/12%, respectively, compared to 2025 MPB forecast levels published a year ago. Using the updated MPBs, PG&E issued its initial revised Energy Resource Recovery Account (ERRA)
3 forecast in October and another revised forecast – Fall Update ERRATA in November.

Based on PG&E’s latest revised ERRA forecast and rate update, the average PG&E generation rate in January 2026 is expected to decrease by ~31 percent from the average 2025 rates, and PCIA, on average, is expected to increase from about 1.02 to 3.37 cents per kWh, or about 230 percent4. Relative to the September adopted budget, SVCE’s margins are estimated to decrease further by approximately 15 percent, which reduces revenue projections by about $40 million. The most significant contributors to lower revenues are the overall softening of wholesale energy, RA, and RPS prices, which reduced the final 2025 and forecast 2026 MPBs.

These changes are depicted in the chart below.
3 ERRA, the Energy Resource Recovery Account, is a balancing account utilized by PG&E to record and recover power costs associated with PG&E’s authorized procurement plan. ERRA proceedings are used to determine fuel and purchased power costs that can be recovered in rates. 4 The final 2026 PCIA and PG&E generation rates are unknown until the end of December after PG&E updates ERRA account balances, the CPUC issues its decision, which will likely occur at its December 18, 2025, meeting, and PG&E files its Annual Electric True-up advice letter. Usually, after CPUC’s Energy Division issues the MPBs in October, PG&E updates the ERRA forecasts, NewGen Consultants updates their rate models, and staff updates the budget and financial outlook using PG&E's ERRA update and the updated NewGen models.

Item 5
Agenda Item: 5 Agenda Date: 12/10/2025

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ANALYSIS & DISCUSSION
The FY 26 Proposed Operating Budget update, shown in Attachment 1, is balanced and presents SVCE in a stable financial condition.

Based on the updated budget, the projected withdrawal from reserves increases from the adopted budget forecast of $40.1 million to $60.5 million, as illustrated in the table below.

The primary reason for the increased draw on reserves is the decline in SVCE’s margin, which was caused by a higher PCIA than the one used by staff in creating the September-adopted budget.

Power Supply Update
The forecast also updates power supply costs. Since the Board approved the budget in September 2025, forward market prices for energy, resource adequacy (RA), and RPS attributes have decreased, while carbon-Item 5 2025 Rate * Adopted Budget Updated Budget
PG&E Gen Rate:

Forecast 2026 Rate*

15.17 C/kWh
4% SVCE discount
PG&E Gen Rate:

10.50 c/kWh
Forecast 2026
Rate***
PG&E Gen Rate:

10.50 C/kWh
^^VC^scounT
PCIA 3.37 «/kWh
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• Source: CaiCCA NewGen Modelanalysis using market data as of 6/27/2025 and estimated CPUCattribute benchmarks for CY2025-2026(Weighted for SVCEPortfolio Load) “PG&E 2025Average Rate, effective January 1, 2025(Weighted for SVCEPortfolio Load) •"Estimated2026rates, based onPG&E Fall Update Errata, effective January 1, 2026(Weighted for SVCEPortfolio Load) Above margin analyses ignores minor reductions for franchise fees (0.1<t/kWh) in thousands)
FY25-26

ADOPTED
BUDGET
FY25-26

ADJUSTED
BUDGET
Change
$ %
Energy Revenues 358,416 319,324 ^(39 092^ -10.9%
Power Supply Expense 368,896 344,221 (24,675) -6.7%
Operating Margin (10.480) (24,897) (14,417) 137.6%
Operating Expenses 43,193 43,193 0 0.0%
Non-Operating Revenue (Expense) 21,384 20,854 (531) -2.5% Annual Transfers and Other Expenses
Capital Outlay 512 512 0 0.0%
Additional Transfer to Building Fund 0 5,500 5,500 100.0% Program Fund 7,251 7,251 0 0.0%

TOTAL CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER 7,763 13,263 5,500 70.8%
BALANCE AVAILABLE FOR RESERVES (40,052) (60,500) (20,448) 51.1% Agenda Item: 5 Agenda Date: 12/10/2025

Page 4 of 7 ends

free attributes have increased5. These changes are the main factors that have led to lower projected supply costs for FY25-26 overall. The decline in energy costs is also due to the updated Energy Risk Management Policy, which considers the PCIA’s financial hedge impact on an estimated basis, thereby reducing further deterioration of SVCE’s financial position that would otherwise occur in a falling market price environment. The adopted budget assumed power supply costs at $368.8 million, but this updated forecast projects costs of $344.2 million, a reduction of $24.6 million. The revised costs also reflect changes in the power supply portfolio positions, including a favorable regulatory outcome that lowers RA costs by about $5 million in complying with CPUC’s Mid-Term Reliability order, where any annual shortfalls do not need to be bridged with import RA if SVCE can comply by 2028.

Transfer to Building Fund
As part of the FY23–24 budget, the Board approved allocating $20 million to the Building Fund for the purchase of a new office facility. Staff completed the acquisition in February 2025 and have since been working with designers and architects to develop plans for the headquarters renovation and build-out.

In September, staff received the initial cost estimate for the construction of the new headquarters. After factoring in renovation, construction, permits, consultant fees, project management, and related costs, the projected total now exceeds the remaining balance in the originally approved $20 million Building Fund, requiring an additional allocation of $5.5 million. This estimate represents the best available information at this stage plus a contingency for added expenses; more precise figures will be available once formal project bids are received in late December. Staff intends to return to the Board in January with a proposed construction contract.

Because the contract requires Board approval before March 2026, and the mid-year budget update is not scheduled until then, staff is bringing this funding request forward as part of this budget update. Staff was unable to present this request during the September Board meeting for budget approval, as the necessary cost information was not available at that time. However, the timing cannot be delayed until March 2026 because contract execution and construction must begin in January 2026 in order to move in by July 2026.

Staff is therefore requesting Board approval to allocate an additional $5.5M in this budget update to fund the projected costs for the new office building renovation and related fees. 5-yr Financial Outlook Update and Recommended 2026 Customer Rate Proposal The 5-year margins remain negative under the business-as-usual scenario. This scenario is defined as all SVCE rates set at a competitive advantage to comparable PG&E rates. The 5-year financial outlook is similar to the one provided in the September adopted budget. Based on discussions with credit rating agencies and considering the current financial outlook, Staff recommends that SVCE manage its finances such that the Days Cash on Hand (DCOH) does not fall below 250. Under this scenario, reserves are forecasted to remain above 250 through the end of fiscal year 2027-2028 and then start declining below 250 in fiscal year 2028-2029, reaching 151 by the end of the 5-year forecast period.
5 The September approved budget anchored market prices to the end of June 2025. This proposed budget update anchors market prices to the end of October 2025.

Item 5
Agenda Item: 5 Agenda Date: 12/10/2025

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In planning the 5-year forecast, staff recommends including extra financial reserves or liquidity to account for some contingencies built into the creation of the budgets and the natural delay in customer adoption of program incentives.

In creating budgets, operating expenses, excluding power supply, are built with contingencies to provide operational flexibility and avoid the need for frequent budget amendments. For example, staff salaries are generally budgeted at a higher percentile of the salary band to account for adjustments, such as promotions, that may occur during the fiscal year. Similarly, other expenses are budgeted with contingencies to ensure necessary expenditures do not exceed the budget. While such contingencies are reasonable for seeking approval of a budget, over a 5-year forecast period, it is appropriate to account for the expected level of expenditure when projecting DCOH. Examining historical budget variances and considering forward expenditures, staff estimates that the costs required for budget flexibility are approximately $6.5 million per year. While remaining in the budget, these costs can be assumed to be unspent when assessing the agency’s financial liquidity over a 5-year forecast period.

Another liquidity buffer that can be included is the lag in customer uptake of program incentives. For example, at the beginning of FY 2026, the budgeted but unspent program funds are close to $100 million. The above 5- year forecast assumes that by the end of the forecast period, the remaining program fund balance is zero.

Staff recommends a reasonable scenario that assumes a remaining balance of $25 million. Under this scenario, if the program spending exceeds the levels that place a significant strain on finances, staff will propose any adjustments to the Board.

Incorporating the above adjustments to the reserve outlook improves the reserves as shown in the chart below:
458
357
284
218
151
387
309
254
203
151
(50)
50 150
250
350
450
550
FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 DCOH Days Cash on Hand (DCOH)
DCOH (Inc. Unspent Earmarked Funds)* DCOH (Excl. Unspent Earmarked Funds)* Max Reserves (500 DCOH) Target Reserves (350 DCOH)
Min Reserves (120 DCOH)
* Earmarked funds are unspent SVCE Program Funds and Building Funds.

Item 5
Agenda Item: 5 Agenda Date: 12/10/2025

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The resulting 5-year DCOH on hand improves to 200. Under the business-as-usual scenario, SVCE rates would need to be 1.8% higher than PG&E’s forecasted comparable rates (starting in 2026) to reach the recommended DCOH level of 250. However, if SVCE continues the business-as-usual scenario for at least one year and sets rates for 2026 according to staff's proposal—offering a 1% discount to PG&E’s rates plus a $12 monthly bill credit for low-income customers—and then adjusts rates in 2027 to reach an ending DCOH of 250, then SVCE rates would need to be 2.7% higher than the forecasted PG&E rates. From this analysis, the rate difference is 0.9% when charging the premium is delayed by one year, assuming continued operation under the business-as-usual scenario.

SVCE is already evaluating different operating scenarios referred to as the “Financial Levers” analyses.

Suppose the current, uncertain financial forecasts, as explained in prior staff reports, including the June 2025 stress test report and presentation, were to prevail. In that case, SVCE will make adjustments as needed to the operating model as informed by the Financial Levers analyses. However, before completing the Financial Levers analyses and reviewing and discussing the analyses with the Finance and Administration Committee, the Executive Committee, and the Board, staff does not recommend making any abrupt changes at this time.

SVCE has built reserves to ensure the agency can withstand such financial outcomes. As the above analysis demonstrates, even under the business-as-usual scenario, the impact of a one-year delay is not significant.

Additionally, it is worth noting that SVCE customer rates are expected to drop by approximately 30% in 2026 compared to 2025 levels.

Planned Timing and Approach for 2026 Rate Updates
The SVCE rate tables will be updated during the first three weeks of the month when PG&E’s new rates become effective, which is expected to be January 2026. The exact timing will depend upon when PG&E’s updated rates are received and the required time window for implementing new generation rates in SVCE’s billing system.
100% Renewable Energy Option
The GreenPrime rate for 2026, SVCE’s 100% renewable energy option, will reflect the January 2026 default GreenStart rates plus a premium of $0.0074 per kWh, as computed according to the Board-adopted 469
380
316
258
200
393
322
273
228
181
(50)
50 150
250
350
450
550
FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 DCOH Days Cash on Hand (DCOH)
DCOH (Inc. Unspent Earmarked Funds)* DCOH (Excl. Unspent Earmarked Funds)* Max Reserves (500 DCOH) Target Reserves (350 DCOH)
Min Reserves (120 DCOH)
* Earmarked funds are unspent SVCE Program Funds and Building Funds.

Item 5
Agenda Item: 5 Agenda Date: 12/10/2025

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methodology at the November 2024 Board meeting. The proposed premium represents a decrease of $0.0096 per kWh, reflecting the lower cost of purchasing renewable energy for 2026.

STRATEGIC PLAN
Rate setting is directly supported by SVCE Strategic Plan Goal 6 – “Maintain healthy financial position; avoid failures in the management of market risk, credit risk, liquidity risk, operational risks, and enterprise risks.”

ALTERNATIVE
Staff is open to feedback and suggestions from the Board. At a strategic level, the Board can adjust the discount to PG&E, reduce the carbon-free and/or renewable percentages in the power supply portfolio, and cut expenditures on decarbonization programs.

FISCAL IMPACT
The updated budget reflects an increase in the withdrawal from reserves from the adopted budget level of $40.1 million to $60.5 million.

ATTACHMENT

1. Resolution 2025-24, approving customer generation rates, bill credits for CARE/FERA customers, GreenPrime rate premium, and updating the fiscal year 2025-2026 (FY 26)

2. FY 26 Updated Budget

3. 5-year Financial Forecast
Item 5
RESOLUTION 2025-24
1 SILICON VALLEY CLEAN ENERGY AUTHORITY
RESOLUTION NO. 2025-24

A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SILICON

VALLEY CLEAN ENERGY AUTHORITY APPROVING CUSTOMER
GENERATION RATES AND THE FISCAL YEAR 2025-2026

UPDATED BUDGET
WHEREAS, the Silicon Valley Clean Energy Authority (“Authority”) was formed on March 31, 2016, pursuant to a Joint Powers Agreement to study, promote, develop, conduct, operate, and manage energy programs in Santa Clara County; and WHEREAS, at the June 8, 2016, Board of Directors Meeting, the Board adopted the policy that the Authority’s customer generation rates for the default service will be 1% lower than Pacific Gas & Electric’s generation rates in place as of January 2017; and the policy allows reexamination of the rates, provided significant deviations in market prices or other extraordinary circumstances mandate an adjustment to the rates; and
WHEREAS, on December 11, 2024, the Board of Directors adopted Resolution No. 2024-16, which approved customer discount rate that is currently in effect of 4% to PG&E’s generation rates; and
WHEREAS, on September 10, 2025, the Board of Directors adopted Resolution No. 2025-20 approving the fiscal year 2025-2026 operating budget, maintaining the generation rate discount of 4% through December 2025, and reducing it to 1% in January 2026; providing a $17.50 monthly bill credit to California Alternate Rates for Energy (CARE)/Family Electric Rate Assistance (FERA) customers through December 2025 and reducing it to $12 in January 2026; and
WHEREAS, in December 2025, due to a new updated 2026 PG&E Generation and PCIA rate projections, the Board of Directors desires to apply the generation rate discount of 1%, provide a $12 monthly bill credit to CARE/FERA customers, and update the GreenPrime rate premium to $0.0074/kWh, effective when new PG&E rates are implemented, expected to be in January 2026, and amend the fiscal year 2025-2026 budget, as set forth in Exhibit A (the Updated Budget), which also allocates $5.5 million to the building fund; and
WHEREAS, since PG&E is expected to issue its final customer generation rates later in December 2025, and may update them from time to time, the Board of Directors desires to grant the Chief Executive Officer the authority to adjust the Authority’s current electric generation rates for its customers upon receiving PG&E’s updated rates and with a sufficient time window for implementing new generation rates in SVCE’s billing system, expected to be within the first 3 weeks of when PG&E issues its new rates; and Item 5
Attachment 1
RESOLUTION 2025-24
2 NOW THEREFORE, the Board of Directors of the Silicon Valley Clean Energy Authority does hereby resolve, determine, and order as follows:

Section 1. Upon the release of PG&E’s 2026 customer generation rates or any subsequent updates, the Chief Executive Officer is hereby authorized to amend the Authority’s generation rates to establish a discount of 1% to PG&E’s applicable generation rates.

Section 2. The Authority shall adopt the Updated Budget, as set forth in Exhibit A, as the Authority’s fiscal year 2025-2026 budget.

Section 3. The Authority’s electric generation rates, as adjusted by the Chief Executive Officer pursuant to Section 1 above, shall become effective when PG&E’s updated rates are implemented, initially expected to be on January 1, 2026, or after the allocation of sufficient time window for implementing new generation rates in SVCE’s billing system, expected to be within three weeks after PG&E releases or updates its customer generation rates, whichever is later.

The Authority’s adjusted electric generation rates shall be set forth in an updated 2026 Electric Generation Rates Schedule. The Chief Executive Officer shall provide a copy of the updated 2026 Electric Generation Rates Schedule to the Board of Directors at its first meeting after the 2026 SVCE electric generation rates are finalized or updated.

PASSED AND ADOPTED this 10th day of December 2025 by the following vote:

JURISDICTION NAME AYE NO ABSTAIN ABSENT
City of Campbell Director Scozzola
City of Cupertino Director Fruen
City of Gilroy Director Hilton
City of Los Altos Director Meadows
Town of Los Altos Hills Director Tyson
Town of Los Gatos Director Rennie
City of Milpitas Director Barbadillo
City of Monte Sereno Director Mekechuk
Item 5
Attachment 1
RESOLUTION 2025-24
3 City of Morgan Hill Director Martinez Beltran
City of Mountain View Director Showalter
County of Santa Clara Director Lee
City of Saratoga Director Walia
City of Sunnyvale Director Klein

Chair
ATTEST:

Andrea Pizano, Board Secretary
Item 5
Attachment 1

SILICON VALLEY CLEAN ENERGY
FY25-26 OPERATING BUDGET
($ in thousands)

DESCRIPTION
FY25-26

UPDATED
BUDGET

ENERGY REVENUES
Energy Sales 321,123
Green Prime 2,469
Customer Bill Relief (Existing CARE/FERA) (4,268)
Other Income 0
TOTAL ENERGY REVENUES 319,324

ENERGY EXPENSES
Power Supply 344,221
OPERATING MARGIN (24,897)

OPERATING EXPENSES
Data Management 3,764
PG&E Fees 1,569
Salaries and Retirement 18,870
Professional Services 10,902
Marketing & Promotions 2,347
General & Administrative 5,742
TOTAL OPERATING EXPENSES 43,193
OPERATING INCOME (LOSS) (68,091)

NON-OPERATING REVENUES
Interest Income 20,882
TOTAL NON-OPERATING REVENUES 20,882

NON-OPERATING EXPENSES
Financing 29
TOTAL NON-OPERATING EXPENSES 29
TOTAL NON-OPERATING INCOME (EXPENSES) 20,854
CHANGE IN NET POSITION (47,237)

CAPITAL EXPENDITURES, INTERFUND

TRANSFERS & OTHER
Capital Outlay 512
Additional Transfer to Building Fund 5,500
Program Fund 7,251

TOTAL CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER 13,263
BALANCE AVAILABLE FOR RESERVES (60,500)
Exhibit A
Item 5
Attachment 1
($ in Thousands)
FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30
Operating Revenue (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) Electricity Sales, Net1 $321,123 $301,154 $357,822 $385,564 $402,578 GreenPrime Electricity Premium $2,469 $2,510 $2,336 $2,309 $2,361 Reduction in Revenue1
$(4,268) $(957) $0 $0 $0
Other Income $0 $0 $0 $0 $0
Total Operating Revenues $319,324 $302,706 $360,158 $387,872 $404,939 Operating Expense
Power Supply $344,221 $347,583 $363,375 $384,686 $406,000 Operating Margin $(24,897) $(44,877) $(3,218) $3,186 $(1,061) Data Management $3,764 $3,952 $4,149 $4,357 $4,575
PG&E Service Fees $1,569 $1,647 $1,729 $1,816 $1,907
Salaries and Retirement $18,870 $19,814 $20,805 $21,845 $22,937 Professional Services $10,902 $11,447 $12,019 $12,620 $13,251 Marketing & Promotions $2,347 $2,464 $2,587 $2,717 $2,852 General and Administration $5,742 $5,526 $5,803 $6,093 $6,397 Transfers to Programs Fund $7,251 $6,054 $7,203 $7,757 $8,099 Total Operating Expenses $394,665 $398,487 $417,671 $441,890 $466,018 Operating Income $(75,342) $(95,781) $(57,513) $(54,018) $(61,079) Nonoperating Revenue
Investment Income $20,882 $15,222 $10,803 $9,477 $7,405 Grant Income $0 $0 $0 $0 $0
Total Non-Operating Revenues $20,882 $15,222 $10,803 $9,477 $7,405 Nonoperating Expense
Financing Cost $29 $29 $29 $29 $29
Capital Outlay $512 $50 $50 $50 $50
Total Non-Operating Expense $541 $79 $79 $79 $79
Non-Operating Income $20,342 $15,144 $10,724 $9,399 $7,327 Change in Net Position/Available for Reserves $(60,500) $(80,637) $(46,789) $(44,619) $(53,752) Begin, Net Financial Position $585,328 $495,287 $389,499 $324,886 $263,808 Adjustment for Program Expenditure and Building Fund2
$(29,542) $(25,151) $(17,824) $(16,459) $(17,368)
End, Net Financial Position $495,287 $389,499 $324,886 $263,808 $192,687

1. Assumptions: 4% discount relative to comparable PG&E rates for CY 2025 and 1% discount for CY 2026-30. FY 2025-26 includes additional discount in the form of CARE/FERA bill credit estimates to low-income customers for $4.3 million and FY 2026-27 for $1 million (through Dec 2026 only). No CARE/FERA bill credit is assumed for CY 2027-30.

2. Each year the Board transfers funds from the Operating Budget to the Decarbonization Programs Fund as shown in the above forecast under line item Transfers to Programs Fund. The line item Adjustment for Program Expenditure accounts for the difference between forecasted spend for programs versus the amount transferred to the fund. This adjustment is needed because program spending to date has been less than the amount transferred to the programs fund. The $20 million in Building Fund and the additional $5.5 million to be allocated in FY25-26 are expected to be spent by end of FY25-26.

Item 5
Attachment 2

SILICON VALLEY CLEAN ENERGY
FY25-26 OPERATING BUDGET
($ in thousands)
FY25-26 FY25-26

ADOPTED ADJUSTED
DESCRIPTION BUDGET BUDGET $ %

ENERGY REVENUES
Energy Sales 360,057 321,123 (38,934) -10.8%
Green Prime 2,469 2,469 0 0.0%
Customer Bill Relief (Existing CARE/FERA) (4,110) (4,268) (158) 3.9% Other Income 0 0 0 0.0%
TOTAL ENERGY REVENUES 358,416 319,324 (39,092) -10.9%

ENERGY EXPENSES
Power Supply 368,896 344,221 (24,675) -6.7%
OPERATING MARGIN (10,480) (24,897) (14,417) 137.6%

OPERATING EXPENSES
Data Management 3,764 3,764 0 0.0%
PG&E Fees 1,569 1,569 0 0.0%
Salaries and Retirement 18,870 18,870 0 0.0%
Professional Services 10,902 10,902 0 0.0%
Marketing & Promotions 2,347 2,347 0 0.0%
General & Administrative 5,742 5,742 0 0.0%
TOTAL OPERATING EXPENSES 43,193 43,193 0 0.0%
OPERATING INCOME (LOSS) (53,673) (68,091) (14,417) 26.9%

NON-OPERATING REVENUES
Interest Income 21,413 20,882 (531) -2.5%
TOTAL NON-OPERATING REVENUES 21,413 20,882 (531) -2.5%

NON-OPERATING EXPENSES
Financing 29 29 0 0.0%
TOTAL NON-OPERATING EXPENSES 29 29 0 0.0%
TOTAL NON-OPERATING INCOME (EXPENSES) 21,384 20,854 (531) -2.5% CHANGE IN NET POSITION (32,289) (47,237) (14,948) 46.3%

CAPITAL EXPENDITURES, INTERFUND

TRANSFERS & OTHER
Capital Outlay 512 512 0 0.0%
Additional Transfer to Building Fund 0 5,500 5,500 100.0% Program Fund 7,251 7,251 0 0.0%

TOTAL CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER 7,763 13,263 5,500 70.8%
BALANCE AVAILABLE FOR RESERVES (40,052) (60,500) (20,448) 51.1% Change
Item 5
Attachment 3

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Staff Report – Item 6
Item 6: Data Center Information
From: Monica Padilla, CEO
Prepared by: Maren Wenzel, Director of Regulatory, Policy and Planning Date: 12/10/2025

BACKGROUND
Staff will provide a presentation to the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) regarding large loads, especially data centers, and how they are impacting SVCE’s planning efforts.

STRATEGIC PLAN
Due to the potential size and unique nature of these loads, this item has implications for at least two of SVCE’s Strategic Focus Areas. First, large loads may impact SVCE’s ability to “Expand Clean and Reliable Grid Actions” if the agency can not properly forecast and prepare for such loads. Due to the nature of the customers this item also will impact SVCE’s Strategic Focus Area of “Expand Offerings to C&I Customers”.

ATTACHMENT

1. The presentation for this item is posted to SVCE’s website Item 6
SILICON VALLEY \3/ CLEAN ENERGY

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Staff Report – Item 7
Item 7: Financial Levers Overview and Introduction
From: Monica Padilla, CEO
Prepared by: Justin Zagunis, Director of Customer Success Date: 12/10/2025

RECOMMENDATION
Receive the overview presentation on financial levers. No action requested at this time.

EXECUTIVE COMMITTEE REVIEW
This topic was presented to the Executive Committee at its October 24, 2025, meeting for initial questions and discussion. The Executive Committee members provided feedback on what elements of this topic staff should bring to the full Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”), the timeline, and some specific parts of the analysis that were then updated for this item.

BACKGROUND
Financial Outlook and Planning
In September 2025, the Board adopted the Fiscal Year 2025-2026 budget. The presentation and discussion highlighted the projection of negative margins over the 5-year outlook. Staff shared that they would return with a discussion on ‘financial levers’ that could mitigate the forecasted draw on reserves over this forecast.

The main drivers of the forecast are reflected in the budget updates from staff, included in Item 5 earlier in this meeting’s agenda.

In the near term, SVCE’s existing reserves allow for a measured response to this forecast. The Board has some time to discuss and evaluate the relative merits of different financial levers and ultimately decide on preferred scenarios if the negative forecast proceeds as projected.

In the longer term, there is uncertainty as to what trends will continue. But staff’s best current estimate shows these negative margins over the next five years. The key levers available to SVCE to address a structural annual deficit are as follows: rate setting, clean procurement goals, and decarbonization program investments.

Recap of SVCE’s Mission and Value Proposition Delivery
SVCE’s mission is to “Reduce dependence on fossil fuels by providing carbon free, affordable, and reliable electricity and innovative programs for the SVCE community.” This also represents the value proposition that SVCE offers to the local communities – a focus on fighting climate change through fossil fuel independence along with local control, local reinvestment, and local presence. This mission requires a balance of its key components, as represented below.

Item 7
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 7 Agenda Date: 12/10/2025

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As of today, SVCE has largely been able to deliver on all aspects of its mission and value proposition for customers. Note that clean energy and innovative programs can be combined into an overarching “clean” objective as they both deal with emissions in different ways. Also note that affordability has usually been defined as “competitive to alternative rates from Pacific Gas and Electric (PG&E),” as rates have gone up over time and SVCE only controls the generation portion of the rates (not the delivery side, which is currently two-thirds of a customer’s electricity bill).

Some specific accomplishments across SVCE’s mission include: $205 million in lifetime bill savings for customers compared to PG&E, 2,500 heat pump water heaters and space heating/cooling systems installed, 600 EV chargers installed (Level 1, 2, and DCFC), hundreds of contractors trained and supported, hundreds of local events attended and supported, and tens of millions of dollars reinvested into local communities.

SVCE continues to deliver on its mission and help support the local communities reduce dependence on fossil fuels with many ongoing initiatives and efforts across the organization.

DISCUSSION
Staff will provide an informational presentation on the overall SVCE mission and value proposition to date, how using different financial levers do and don’t affect those moving forward, and some risks and mitigations.

The presentation will include rough, initial impact estimates for each financial lever. This presentation is intended to be an initial information item to elicit questions and level-set for Board members and the public.

There will be a special Board meeting on December 12, 2025, to have a longer discussion about the levers and get more in-depth input. Staff will follow up in the coming months with specific scenarios and options using these financial levers, along with specific, modeled financial impact estimates along with other expected impacts, to allow a comprehensive comparison of options.

This item is a key strategic bridge across several other SVCE activities, as decisions around the core value proposition and how to balance the reliability, affordability, clean energy, and innovative program parts of the mission will affect every part of SVCE’s work. SVCE will still be able to deliver on its mission even if certain elements of the value proposition must be adjusted using some of these levers due to financial needs.

STRATEGIC PLAN
This item will eventually affect the entirety of SVCE’s Strategic Plan, as it touches on all elements of SVCE’s business and mission. Decisions in the coming months, driven by discussions around the financial levers described in this item, will affect future budgets, resource plans, decarbonization initiatives, and strategic plan updates. This item itself, as an informational item, does not make any adjustments right now.

FISCAL IMPACT
The eventual decisions made around financial levers will have a significant fiscal impact on SVCE. This item, as an information item, does not itself have any fiscal impact. Once strategic decisions are made in 2026 around the financial levers, the fiscal impacts will be modeled and incorporated into future budgets and plans.

Item 7

RELIABILITY
CLEAN

CLEAN ENERGY

INNOVATIVE

PROGRAMS
_ _ j

AFFORDABILITY COMPETITIVE
+ LOCAL CONTROL + LOCAL REINVESTMENT +HERE IN YOUR COMMUNITY +FOR OUR CUSTOMERS

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Staff Report – Item 8
Item 8: Integrated Decarbonization Roadmap
From: Monica Padilla, CEO
Prepared by: Peter Mustacich, Technical Manager of Decarbonization Planning and Strategy Zoe Elizabeth, Director of Decarbonization Policy and Community Strategies Date: 12/10/2025

RECOMMENDATION
Staff recommends the Silicon Valley Clean Energy (SVCE) Board of Directors (“Board”) receive an update on the Integrated Decarbonization Roadmap.

BACKGROUND
In 2018, SVCE published the “Decarbonization Strategy & Programs Roadmap”, a public-facing document outlining SVCE’s goals, strategic framework, decarbonization strategy, programs roadmap, and reporting and review structure (http://svcleanenergy.org/plans-policies-reports/#flipbook-df_39881/1/.) This guiding document was created with input from the Board, Member Agency Working Group (MAWG), stakeholders, and consultants, and came together in a public-facing document. Core to this document was the identification of the following greenhouse gas (GHG) reduction targets on our pathway to statewide carbon neutrality:
• 2021: 30% below 2015 annual greenhouse gas emissions levels • 2025: 40% below 2015 levels
• 2030: 50% below 2015 levels
A three-part strategic framework was developed through stakeholder engagement which formed the basis of the Decarbonization Roadmap. This framework was based on the following three elements:

1. Core services: retail products and services; market transformation; education and outreach; and public policy.

2. Primary levers: innovation; partnerships; and data.

3. Guiding priorities: customer and community value; core role for SVCE; equity in service; emissions impact; and scalable and transferable.

Using this framework, the Decarbonization Roadmap included specific programs across six key areas: power supply; built environment; mobility; energy efficiency and grid integration; education and outreach; and innovation. This strategic roadmap formed the basis of the programs SVCE has designed and implemented between 2019 to present.

Since 2018, the landscape SVCE operates within has changed – California has accelerated its emissions reduction target from 80% below 1990 emissions levels in 2050 to carbon neutrality in 2045. Additionally, new technology has matured and come to market, and statewide regulatory requirements for Load Serving Entities (LSEs) have evolved. Further, SVCE itself has grown and changed as an organization, from increased staff and enhanced analytic capabilities to focused strategic programmatic efforts on scaling to reach widespread community decarbonization.

Item 8
SILICON VALLEY \3/ CLEAN ENERGY

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Executive Committee and Board of Directors Previews
On August 29th, 2025, staff presented a preview of the Integrated Decarbonization Roadmap to the Executive Committee as an informational item. This same informational preview was presented to the Board of Directors on September 10th, 2025. There was no discussion of the item, however staff informed both the Executive Committee and Board of Directors that they would be returning for input from Board members beginning in December 2025.

ANALYSIS & DISCUSSION
Overview
The Integrated Decarbonization Roadmap effort will serve as an update to the original 2018 Decarbonization Strategy & Programs Roadmap (“Decarbonization Roadmap”) by refining goals, milestones, and strategic recommendations that help ensure SVCE’s decarbonization investments are put to the highest and best use.

To inform the development of strategic recommendations, a study session will be held for the Board of Directors on Friday December 12th, 2025. The goal of the study session is to discuss and collect Board feedback on community decarbonization values, priorities, and trade-offs. This is the first of multiple conversations with Board members to gather feedback on framing and strategies. Additionally, SVCE staff will be meeting with other stakeholders throughout the Integrated Decarbonization Roadmap development process, including community advocates, CCA partners, and industry thought leaders.

To set the stage for the Board study session, staff are making an informational presentation focusing on three primary topics:

1. Greenhouse gas emissions trends and progress towards 2045 • Territory-wide emissions have leveled off since the COVID rebound; however, the region has a long way to go to reach carbon neutrality in 2045.
• Transportation emissions remain flat despite an increase in vehicle miles traveled due to electric vehicle adoption and increasing fuel efficiency. • Building emissions have remained relatively flat since 2017 and are mostly dependent on weather and electricity emissions.

2. Machines and the people who use them
• Today’s emissions come from roughly one million machines comprised primarily of cars, furnaces, water heaters, stoves, and clothes dryers.
• Residential emissions come predominantly from space and water heating, regardless of housing type. However, multifamily renters need very different support in terms of decarbonization compared to single-family homeowners.
• Commercial buildings are unique, and all configured differently. Business types can vary widely in terms of equipment and use and require different approaches for decarbonization programs.

3. SVCE’s role in community decarbonization
• SVCE has invested in and deployed community decarbonization programs according to the 2019-2020 Building and EV Joint Action Plans.
• Reach codes have expanded regional electrification and accelerated state policy. • As part of the Integrated Decarbonization Roadmap, SVCE will develop a step-by-step plan to continue to catalyze regional decarbonization.

The Integrated Decarbonization Roadmap is scheduled for completion by Q3 2026. Major milestones include:
• Aug 2025: Presentation to Executive Committee as informational item • Sept 2025: Present to Board of Directors as informational item • Dec 2025: Board of Directors Study Sessions
• Jan-Feb 2026: Community input and priorities
• Feb-Apr 2026: Stakeholder review and feedback
• Apr 2026: Board input on strategies and metrics
Item 8

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• Aug 2026: Draft of final strategic recommendations for adoption

STRATEGIC PLAN
This effort is directly supported by SVCE Strategic Plan Goal 3 – “Create a long-term decarbonization plan that integrates supply and demand changes, opportunities, and challenges”. Additionally, this effort is supported by Goal 8 – “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”.

FISCAL IMPACT
None.

Item 8

Silicon Valley Clean Energy Board of DirectorsDecember 10, 2025

Silicon Valley Clean Energy Board of Directors
December 10, 2025