Agenda packet — Silicon Valley Clean Energy Board of Directors, April 8, 2026

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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).

Larry Klein, Chair
City of Sunnyvale
Sally Meadows, Vice Chair
City of Los Altos
Elliot Scozzola
City of Campbell
R “Ray” Wang
City of Cupertino
Zach Hilton
City of Gilroy
George Tyson
Town of Los Altos Hills
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
Chuck Page
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, April 8, 2026
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/83294740360
Telephone (Audio Only):

US: +1 669-219-2599
Webinar ID: 832 9474 0360
Members of the public may also attend this meeting in person, or observe this meeting electronically by accessing the meeting via instructions above. Public Comments can be sent in advance of the meeting via email up to three hours before the meeting begins to Board Clerk Andrea Pizano at [email protected] and will be distributed to the Board of Directors. The public will also have an opportunity to provide comments during the meeting. Members of the public participating remotely and using Zoom may comment during public comment or the applicable agenda item by using the Raise Hand feature and you will be recognized by the Chair. Those using the telephone (audio only) feature should press star 9 on your phones to initiate the “Raise Hand” function in Zoom. You will then be announced, unmuted, and your time to speak will begin.

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

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

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Larry Klein, Chair
City of Sunnyvale
Sally Meadows, Vice Chair
City of Los Altos
Elliot Scozzola
City of Campbell
R “Ray” Wang
City of Cupertino
Zach Hilton
City of Gilroy
George Tyson
Town of Los Altos Hills
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
Chuck Page
City of Saratoga
Otto Lee
County of Santa Clara
svcleanenergy.org
333 W El Camino Real
Suite 330
Sunnyvale, CA 94087
AGENDA - Amended
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 March 11, 2026, Board of Directors Meeting 1b) Receive February 2026 Treasurer Report
1c) Adopt Resolution Amending SVCE Conflict of Interest Code to Add Human Resources Operations Manager and Senior Forecasting and Planning Analyst as Designated Positions for Filing Statements of Economic Interests
1d) Approve an Allocation of One Million Dollars from the Decarbonization Program Fund to Replenish the Programs Marketing Fund
1e) Authorize the Chief Executive Officer to Execute Agreement with The Collective in an Amount Not to Exceed $400460,000 for Furniture Design, Purchase, and Installation for Silicon Valley Clean Energy Headquarters
1f) Receive Executive Committee Report
1g) Receive 2026 Legislative Ad Hoc Committee Report
1h) Receive Additional Committees Report
1i) Receive California Community Power Report
Regular Calendar
2) CEO Report (Informational)
3) Integrated Decarbonization Roadmap: Barriers and Targets (Discussion)

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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, March 11, 2026
7:00 pm
Sunnyvale Civic Center
456 W. Olive Ave
Sunnyvale, CA

DRAFT MEETING MINUTES
Call to Order:

Vice Chair Meadows called the meeting to order at 7:03 p.m.

Roll Call

Present:

Sally Meadows (Vice Chair), Los Altos
J.R. Fruen, Cupertino
Zach Hilton, Gilroy (participated remotely under Gov Code Section 54953.8.3(c)(4)) Linda Swan, Los Altos Hills
Maria Ristow, Los Gatos
Garry Barbadillo, Milpitas
Bryan Mekechuk, Monte Sereno (arrived at 7:13 p.m.)
Pat Showalter, Mountain View
Chuck Page, Saratoga
Otto Lee, Santa Clara County
Murali Srinivasan, Sunnyvale

Absent:

Elliot Scozzola, Campbell
Yvonne Martinez Beltran, Morgan Hill
Director Hilton announced he would be participating remotely under the Just Cause provision of the Brown Act due to travel for official business of another local agency. Due to technical difficulties in the Board Chambers, Director Hilton repeated this announcement once audio was reestablished in the Board Chambers following the CEO Report.

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

Consent Calendar (Action)
Vice Chair Meadows proposed moving Item 4) Adopt Resolution Approving Changing SVCE’s Fiscal Year Period from October to September to a Calendar Year Period, Effective January 1, 2027, and Other Necessary Changes to Allow for the Implementation of the New Fiscal Year to the Consent Calendar; there were no objections from the Board.

Item 1a Draft Minutes: March 11, 2026 Board of Directors Meeting

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There were no questions or comments from the Board; there were no requests from the public to speak on any matter on the Consent Calendar or for Item 4.
1a) Approve Minutes of the February 11, 2026, Board of Directors Meeting 1b) Approve Minutes of the February 11, 2026, Board of Directors Special Meeting 1c) Receive January 2026 Treasurer Report
1d) Receive Just Cause and Multijurisdictional Bodies Remote Participation Report 1e) Approve an Allocation of Program Fund Dollars of $6 million to Expand the Home Rebates Program 1f) Authorize the Chief Executive Officer to Execute and Amend Agreements with Member Agencies to Administer City Rebates as Funded by Member Agencies for Building Electrification 1g) Approve Addition to 2026 Legislative Policy Platform on a Diablo Canyon Nuclear Power Plant Extension
1h) Adopt Resolution Authorizing the Chief Executive Officer to Finalize Negotiations and Execute Amended and Restated Agreement with Morgan Stanley Capital Group, Inc. to Update the Execution of Energy Transactions
1i) Adopt Resolution Modifying the Electric Schedule NEM-SVCE to Clarify Net Billing Tariff (NBT, NEM

3.0) Language to Ensure No Customer Collections at True Up 1j) Adopt Resolution Authorizing the Replacement of The Trustee for Certain California Community Choice Financing Authority Clean Energy Project Revenue Bonds; and Certain Other Actions in Connection Therewith
1k) Receive Executive Committee Report
1l) Receive Finance and Administration Committee Report 1m) Receive Audit Committee Report
1n) Receive 2026 Legislative Responses to Industry Transition Ad Hoc Committee Report 1o) Receive California Community Power Report
Item 4) Adopt Resolution Approving Changing SVCE’s Fiscal Year Period from October to September to a Calendar Year Period, Effective January 1, 2027, and Other Necessary Changes to Allow for the Implementation of the New Fiscal Year
MOTION: Alternate Director Fruen moved and Director Page seconded the motion to approve the Consent Calendar, Items 1a through 1o, and Item 4) Adopt Resolution Approving Changing SVCE’s Fiscal Year Period from October to September to a Calendar Year Period, Effective January 1, 2027, and Other Necessary Changes to Allow for the Implementation of the New Fiscal Year.

The motion carried by verbal roll call vote with Director Martinez Beltran, Director Mekechuk, and Director Scozzola absent.

Regular Calendar
2) CEO Report (Informational)
Monica Padilla, Chief Executive Officer (CEO), addressed the following in her report:
• Report from Pamela Leonard, Deputy Director of Marketing and Communications, regarding the upcoming Home Tours event on March 14, 2026; and
• A report on Silicon Valley Clean Energy’s (SVCE) Clean Power Position which included:
o Information on a recent SVCE request for offers (RFO) to solicit new renewable portfolio standard resources, carbon-free resources, and resources to meet SVCE’s reliability needs;
o A new procurement order from the California Public Utility Commission for clean, reliable resources;
o For calendar year 2025, SVCE expects to be 107% clean and is on track to meet 105% clean for 2026; and
o An overview of new projects.

Item 1a Draft Minutes: March 11, 2026 Board of Directors Meeting

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There were no questions or comments on the CEO Report.
3) Receive Financial Audit Results and Accept the Findings from the Independent Auditor (Action)
Director Mekechuk arrived at the start of Item 3.

Amrit Singh, Chief Financial Officer (CFO), introduced the item and independent external auditor Kellin Gilbert of Sorren CPAs P.C.

Mr. Gilbert provided a presentation which included the following information:
• Introduction to external auditor staff;
• The transition of Pisenti & Brinker to Sorren CPAs P.C.; • Results of the current year audit, which was a clean, unmodified opinion and no significant deficiencies or material weakness in internal control noted; • Roles and responsibilities related to the audit of the year ended September 30, 2025 financial statements;
• Risk assessment for the year ended September 30, 2025; and • Required Board communications.

Vice Chair Meadows opened Public Comment.

No speakers.

Vice Chair Meadows closed Public Comment.

Director Mekechuk provided comments as Chair of the Audit Committee and noted the committee unanimously voted to support staff’s recommendation.

MOTION: Director Showalter moved and Director Lee seconded the motion to receive the financial audit results and accept the findings from the Independent Auditor.

The motion carried by verbal roll call vote with Director Martinez Beltran and Director Scozzola absent.
4) Adopt Resolution Approving Changing SVCE’s Fiscal Year Period from October to September to a Calendar Year Period, Effective January 1, 2027, and Other Necessary Changes to Allow for the Implementation of the New Fiscal Year (Action) This item was moved to the Consent Calendar.
5) Adopt Resolution Approving the Fiscal Year 2025-2026 Mid-Year Adjusted Operating Budget (Action)
Following the vote on Item 3, the Board considered Item 5.

CFO Singh presented a request for the Board to adopt a resolution approving the mid-year 2025-2026 Adjusted Operating Budget. CFO Singh reviewed the following:
• Changes since the adoption of the adjusted budget in December, which included ending the 5- year Days Cash on Hand Forecast at 142, a $12.5 Million draw from reserves, and a fiscal year 2027 outlook of negative $131 Million;
• Comparison of the mid-year and adjusted budget key line items; • Comparison of the final 2026 PG&E Generation and Power Charge Indifference Adjustment (PCIA) rates with those forecasted in December and the impact on SVCE margins; and • Five-year reserve projections.

CFO Singh noted that although fiscal year 2026 improved, higher PCIA and lower PG&E generation rates Item 1a Draft Minutes: March 11, 2026 Board of Directors Meeting

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were anticipated for next year.

Staff responded to questions and comments on revenues as a result of load growth, changes in the budget since December, the five-year reserve projection, and SVCE’s reserves and days cash on hand.

Alternate Director Srinivasan, Chair of the Finance and Administration Committee, and Director Mekechuk, Vice Chair of the Finance and Administration Committee, provided comments on the committee’s vote to unanimously support staff’s recommendation. .

Vice Chair Meadows opened Public Comment.

No speakers.

Vice Chair Meadows closed Public Comment.

MOTION: Director Lee moved and Alternate Director Ristow seconded the motion to adopt Resolution 2026-09 Approving the Mid-year 2025-26 Adjusted Operating Budget that projects withdrawing $12.5 million from the reserves.

The motion carried by verbal roll call vote with Director Martinez Beltran and Director Scozzola absent.
6) Financial Levers Update – Additional Discussion and Scenario Review (Discussion) CEO Padilla introduced the item, noting the importance of the topic and thanking the Board and community for their input thus far. Justin Zagunis, Director of Customer Success, presented follow-up information on financial levers, which was last discussed with the Board of Directions in December 2025, and a request for additional feedback on scenario design and key datapoints. Dir. of Customer Success Zagunis provided information which included:
• A recap of the discussions from December, and the customer-facing value proposition (community reinvestment, local control and presence, clean power and the grid, competitive rates, and accelerating electric upgrades);
• A review of key numbers; and
• An example scenario which included a default clean product at a 4% premium, the creation of a new minimum compliance product that is a 1% discount to PG&E, reducing program spend by 10%, and having an option for customers to opt-down.

Vice Chair Meadows opened Public Comment.

No speakers.

Vice Chair Meadows closed Public Comment.

Staff responded to Board member questions on the example scenario assumptions, importance of community reinvestment through programs, differential in clean emissions between SVCE and PG&E, SVCE’s 107% clean calculation, how SVCE’s annual stress test integrates with the financial levers, if the rise in oil prices will have implications for energy prices, suggestion for advocacy and potential legislation to curb some of the levers mentioned, timing of when consideration of raising rates may happen and if SVCE’s prices would be higher than PG&E, if staff has incorporated in the forecast a scenario where rapid electrification work is being required from another entity (ex: Bay Area Air District), customer trust in SVCE from SVCE program participants, and in the event SVCE would need to increase rates, communicating that it may be a temporary increase based on the situation.

Board Member Announcements and Future Agenda Items
Vice Chair Meadows announced her tour attendance of a 90-unit all-electric, affordable housing development in Los Altos on 330 Distel.

Director Lee shared an invitation to the State of the County event on March 13, 2026 at 5:45 p.m. at the County of Santa Clara Government Center in San Jose.

Adjourn
Vice Chair Meadows adjourned the meeting at 8:46 p.m.

Item 1a Draft Minutes: March 11, 2026 Board of Directors Meeting

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ATTEST:
________________________
Andrea Pizano, Board Secretary
Item 1a Draft Minutes: March 11, 2026 Board of Directors Meeting 1 TREASURER REPORT
Fiscal Year to Date
As of February 28, 2026
(Preliminary & Unaudited)
Issue Date: April 8, 2026
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 17-29
Item 1b Treasurer Report: February 2026
2

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Balance Sheet Highlights:
> SVCE operations resulted in a decrease in net position of $2 million for the month of February or an increase of $21.1 million for the first five months of the fiscal year 2025-2026 (FYTD). > Total Net Position increased to $528.2 million from $527.4 million at the end of January 2026. > SVCE is investing ~99.6% of available funds, recognizing interest/dividend income of $10.2M FYTD. *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* 610.6 M
Total Interest/Div. Earned FYTD 10.2 M
Average Yield to Maturity** 3.75%
* Includes River Bank accounts - Money Market, Collateral and ICS; CAMP; PFMAM Portfolio ** Average annualized yield for the current month. Investment yields are measured to maturity at market.

SILICON VALLEY CLEAN ENERGY AUTHORITY
Financial Statement Highlights ($ in millions)
February 28, 2026
*** Displays the starting fiscal year net position on Oct. 1, 2025, of $506.9M. 506.9 M 528.2 M
-440 M
-330 M
-220 M
-110 M
0 M
110 M
220 M
330 M
440 M
550 M
-20 M
-15 M
-10 M
-5 M
0 M
5 M
10 M
15 M
20 M
25 M
30 M
Oct*** Nov Dec Jan Feb Mar Apr May June July Aug Sept Net Position Change in Net Position Change in Net Position*
Net Position (Right Y-Axes) Mid-Year Budget (Left Y-Axis)** Actual (Left Y-Axes) 585 580 582 593 597
474 464 468 481 487
500
350
120
0 50
100
150
200
250
300
350
400
450
500
550
600
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
$10.2 M

2.0 M 1.8 M 1.8 M 1.9 M

1.9 M 1.9 M

2.3 M 2.0 M

1.8 M

2.2 M

0.0 M

1.5 M

3.0 M

4.5 M

6.0 M

7.5 M

9.0 M

10.5 M

12.0 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 Nov Dec Jan Feb Mar Apr May June July Aug Sept
Investment Income*
Actual Cumulative Mid-Year Budget Actual and Accrued Cash Basis Accounting Returns River City Bank
Accounts
7%
California Asset Management
Program (CAMP)
33%
PFM Asset Management Investment
Portfolio
60%
SVCE Accounts
* Earmarked funds are unspent SVCE program and building funds. DCOH Includes rate stabilization funds. January 2026 reflects sizable collection of receivables and $780K of unsettled trades.

DCOH is computed as Cash and cash equivalents plus investments divided by daily budgeted expenditures.

DCOH for October, 2025 - January, 2026 are higher than previously reported because the daily budgeted expenditures are lower per the Mid-Year Budget adopted by the Board of Directors in March 2026. * Accounting returns investment of income includes unrealized mark-to-market gain or loss of the total investment portfolio as per US GAAP, Actual and Accrued Cash Basis excludes mark-to-market gains (losses).

Item 1b Treasurer Report: February 2026
3

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Summary of Actual Results vs. Adopted Budget (includes allocated but unspent program dollars):
> Operating margin of $30.8 million (or 20%) was significantly above the Mid-Year Budget expectations of $20.8M (13%) operating margin for the fiscal year to date. > FY 2025 Power Supply costs were -8% below Mid-Year Budget FYTD. > Retail GWh sales landed -8% below Mid-Year Budget for the month of February and -2% lower for the fiscal year to date.

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

Revenue 18.2 M 21.8 M -17% 157.5 M 158.2 M 0%
Power Supply Cost 18.6 M 23.9 M -22% 126.7 M 137.4 M -8% Operating Margin -0.4 M -2.1 M -80% 30.8 M 20.8 M 48%
Operating Expenses (ex Power) 2.2 M 3.9 M -43% 12.8 M 15.3 M -16% Other Non-Op. Expen. (Income) -2.2 M -1.5 M 48% 2.6 M 3.7 M -31% Net Increase in Available Fund
Balance -0.4 M -4.5 M -91% 15.4 M 1.8 M 774%
Customer Load Statistics:

Total Accounts 285,116
Opt-Out Accounts (Month) 23
Opt-Out Accounts (FYTD) 88
Opt-Up Accounts (Month) (2)
Opt-Up Accounts (FYTD) (21)
Program Funds:

General Program Fund
CRCR Fund*
Electrification Discount Fund
Nuclear Program Funds
Hanford Program Funds
Building Fund
* Customer Relief and Community Resilience Fund
** The financial results in this report are preliminary and subject to change pending the closing of the books for the fiscal year. $ 1,800,000 $ 1,745,464 $ - $ 54,536
October-December - Equalized to actuals during the Mid-Year budget recalibration.

January - higher revenues from improvement in SVCE margins and lower power supply cost.

February - lower customer load combined with reduced energy prices minimized anticipated net loss by $4M.
Contingencies in the budget, underrunning professional services, and lower marketing expenses. Reflects budgetary transfers to program and building funds offset by investment income. Lower January-February energy demand due to milder winter temperatures plus CARE/FERA bill credit catch-up in February $ 8,214,310 $ 13,065,874 $ 5,500,000 $ 648,436
Lower costs are mostly due to decline in energy/attribute prices and the timing of invoicing. $ 7,251,000 $ 6,318,510
$ 4,911,889 $ 4,393,754 $ -

SILICON VALLEY CLEAN ENERGY AUTHORITY
Financial Statement Highlights** ($ in millions)
February 28, 2026
February Fiscal YTD
Reflects budgetary transfers to program and building funds offset by higher investment income. $ 5,891,455 $ 5,891,455 $ - $ -
YTD Contributions YTD Expenditures
$ 8,740,312 $ 8,740,312 $ - $ -
$ 518,135
Beginning Balance End Balance
$ 76,714,107 $ 77,646,597

9.4 M

4.1 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept
Net Increase in Available Fund Balance
Comparing Actuals to Mid-Year Budget
Power Supply

89.2%
Personnel

5.0% Contract
Services

4.6%
G & A

1.0%
Depreciation

0.3%
YTD Operating Expenses
-12%
-9%
-6%
-3%
0%
3%
6%
9%
12%
270
290
310
330
350
370
Retail Sales - Actual vs Mid-Year Budget (GWh)
Retail Sales Budget (GWh) Retail Sales Actual (GWh)
Load deviation from the Budget (Right Y-Axes)
256,675
256,860
257,179
257,400
257,557
27,523
27,553
27,541
27,547
27,559

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) Item 1b Treasurer Report: February 2026
4 Current Assets
Cash & Cash Equivalents* $ 248,470,284
Accounts Receivable, net of allowance 21,939,591
Accrued Revenue 14,073,631
Other Receivables 14,869,769
Prepaid Expenses 5,887,640
Deposits 1,002,175
Investments 96,396,561
Cash equivalents - restricted 1,253,664
Total Current Assets 403,893,315
Noncurrent assets
Investments** 266,302,555
Capital assets, net of depreciation 14,127,833
Total Noncurrent Assets 280,430,388
Total Assets 684,323,703
Current Liabilities
Accrued Cost of Electricity 38,311,301
Accounts Payable 1,981,561
Other accrued liabilities 5,395,135
User Taxes and Energy Surcharges due to other gov'ts 987,922 Information technology subscription liability 401,066
Lease liability 33,000
Total Current Liabilities 47,109,985
Noncurrent Liabilities
Information technology subscription liability 511,779
Supplier security deposits 8,478,125
Total noncurrent liabilities 8,989,904
Total Liabilities 56,099,889
Rate Stabilization Fund 100,000,000
Net investment in capital assets 14,127,833
Restricted for security collateral 1,253,664
Unrestricted (deficit) 512,842,317
Total Net Position $ 528,223,814
* 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 February 28, 2026
ASSETS

LIABILITIES

DEFERRED INFLOWS OF RESOURCES
Item 1b Treasurer Report: February 2026
5 OPERATING REVENUES
Electricity Sales, Net $ 155,227,837
GreenPrime electricity premium 924,490
Liquidated damages 1,349,039
TOTAL OPERATING REVENUES 157,501,366

OPERATING EXPENSES
Cost of Electricity 126,705,496
Contract services 6,502,520
Staff compensation and benefits 7,090,782
Program incentives 4,514,156
Other operating expenses 1,350,423
Depreciation and amortization 398,024
TOTAL OPERATING EXPENSES 146,561,401
OPERATING INCOME(LOSS) 10,939,965

NONOPERATING REVENUES (EXPENSES)
Investment Income 10,180,365
Financing costs (29,920)
TOTAL NONOPERATING REVENUES (EXPENSES) 10,150,445
CHANGE IN NET POSITION 21,090,410
Net Position at beginning of period 507,133,404
Net Position at end of period $ 528,223,814

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES
October 1, 2025 through February 28, 2026

AND CHANGES IN NET POSITION
Item 1b Treasurer Report: February 2026
6 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 177,455,182
Receipts of liquidated damages 1,349,039
Receipts of wholesale sales 19,830,807
Receipts of deposits and collateral 33,000
Payments to suppliers for electricity (168,308,090)
Payments of security deposits (90,000)
Payments for other goods and services (9,426,214)
Payments for program incentives (4,805,317)
Payments for staff compensation and benefits (7,045,048) Tax and surcharge payments to other governments (3,832,460) Net cash provided (used) by operating activities 5,160,899

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of subscription liability and related interest (264,278) Acquisition of capital assets (514,541)
Net cash provided (used) by capital and related
financing activities (778,819)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 8,830,673
Proceeds from investment sales 53,764,159
Purchase of investments (132,990,010)
Net cash provided (used) by investing activities (70,395,178) Net change in cash and cash equivalents (66,013,098)
Cash and cash equivalents at beginning of year 315,737,046 Cash and cash equivalents at end of period $ 249,723,948 Reconciliation to the Statement of Net Position
Cash and cash equivalents - unrestricted 248,470,284
Cash equivalents - restricted 1,253,664
Total cash and cash equivalents $ 249,723,948

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF CASH FLOWS
October 1, 2025 through February 28, 2026
Item 1b Treasurer Report: February 2026
7 Operating Income (loss) $ 10,939,965
Adjustments to reconcile operating income to net cash
provided (used) by operating activities
Depreciation expense 398,024
(Increase) decrease in accounts receivable 1,154,430
(Increase) decrease in accrued revenue 17,023,443
(Increase) decrease in other receivables 11,349,426
(Increase) decrease in prepaid expenses (5,041,633)
(Increase) decrease in current deposits (119,000)
Increase (decrease) in accrued cost of electricity (28,636,439) Increase (decrease) in accounts payable (727,255)
Increase (decrease) in accrued liabilities (505,581)
Increase (decrease) in taxes and surcharges due to other governments (707,481) Increase (decrease) in supplier security deposits 33,000 Net cash provided (used) by operating activities $ 5,160,899

NONCASH INVESTING ACTIVITIES
Change in fair value of investments $ 1,104,470
Change in interest receivable $ 245,222

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

CASH PROVIDED (USED) BY OPERATING ACTIVITIES

SILICON VALLEY CLEAN ENERGY AUTHORITY
STATEMENT OF CASH FLOWS (Continued)
October 1, 2025 through February 28, 2026
Item 1b Treasurer Report: February 2026
8 FYTD FYTD FY 2024-25 FY 2024-25
OPERATING REVENUES Actual Mid-Year Budget $ % Mid-Year Budget Remaining Budget Energy Sales $157,508,647 $157,875,545 $ (366,898) 0% $335,858,000 $178,349,353 Green Prime Premium 924,490 $1,024,377 (99,887) -10% $2,439,000 1,514,510 Customer bill relief (existing CARE/FERA) (2,280,810) (1,998,200) (282,610) 14% (4,163,000) - Other Income 1,349,039 1,344,000 5,039 n/a 1,344,000 (5,039) TOTAL OPERATING REVENUES 157,501,366 158,245,722 (744,356) 0% 335,478,000 179,858,824

ENERGY EXPENSES
Power Supply 126,705,496 137,417,249 (10,711,753) -8% 311,996,000 185,290,504 Operating Margin 30,795,870 20,828,473 9,967,397 48% 23,482,000 (5,431,680)

OPERATING EXPENSES
Data Management 1,519,259 1,537,447 (18,188) -1% 3,764,000 2,244,741 PG&E Fees 505,176 582,744 (77,568) -13% 1,569,000 1,063,824 Salaries & Benefits 7,090,782 7,283,112 (192,330) -3% 18,870,000 11,779,218 Professional Services 1,666,225 3,120,154 (1,453,929) -47% 10,645,000 8,978,775 Marketing & Promotions 525,152 812,847 (287,695) -35% 2,189,000 1,663,848 General & Administrative 1,505,885 1,990,501 (484,616) -24% 5,647,000 4,141,115 TOTAL OPERATING EXPENSES 12,812,479 15,326,805 (2,514,326) -16% 42,684,000 29,871,521 OPERATING INCOME/(LOSS) 17,983,391 5,501,668 12,481,723 227% (19,202,000) (37,185,391)

NON-OPERATING REVENUES
Investment Income 10,180,365 9,317,197 863,168 9% 20,272,000 10,091,635 TOTAL NON-OPERATING REVENUES 10,180,365 9,317,197 863,168 9% 20,272,000 10,091,635

NON-OPERATING EXPENSES
Financing 18,499 51,291 (32,792) -64% 166,000 147,501

CAPITAL EXPENDITURES, TRANSFERS,
& OTHER
Capital Outlay - 254,583 (254,583) -100% 611,000 611,000 Building Fund 5,500,000 5,500,000 0% 5,500,000 -
Transfer to Programs Fund 7,251,000 7,251,000 - 0% 7,251,000 - TOTAL OTHER USES 12,751,000 13,005,583 (254,583) -2% 13,362,000 611,000

NET INCREASE(DECREASE) IN AVAILABLE
FUND BALANCE $ 15,394,257 $ 1,761,991 $ 13,632,266 774% -$12,458,000 -$27,852,257 Variance

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through February 28, 2026
Item 1b Treasurer Report: February 2026
9 Net Increase (decrease) in available fund balance
per budgetary comparison schedule $ 15,394,257
Adjustments needed to reconcile to the changes
in net position in the Statement of Revenues,
Expenses and Changes in Net Position
Subtract depreciation expense (398,024)
Subract program expense not in operating budget (6,891,181) Add back portion of lease payment applied to reduce lease liability 234,358 Add back transfer to Program funds 12,751,000
Add back capital asset acquisition -
Change in Net Position 21,090,410

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGET RECONCILIATION TO STATEMENT OF

REVENUES, EXPENSES AND CHANGES IN NET POSITION
October 1, 2025 through February 28, 2026

OPERATING FUND
Item 1b Treasurer Report: February 2026
10 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: ACTUAL REMAINING BUDGET
Transfers in - General Programs $ 7,251,000 $ 7,251,000 $ - 100.0% Total $ 7,251,000 $ 7,251,000 $ -
EXPENDITURES & OTHER USES:

Program expenditures 28,628,866 6,318,510 22,310,356 22.1% Net increase (decrease) in fund balance $ (21,377,866) $ 932,490 Fund balance at beginning of period 76,714,107
Fund balance at end of period $77,646,597

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

Other program expenditures 963,704 518,135 445,569 53.8% Total Program expenditures 963,704 518,135 445,569
Net increase (decrease) in fund balance $ (963,704) $ (518,135) Fund balance at beginning of period 4,911,889
Fund balance at end of period $4,393,754

SILICON VALLEY CLEAN ENERGY AUTHORITY

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through February 28, 2026

CUSTOMER RELIEF & COMMUNITY RESILIENCY FUND

GENERAL PROGRAM FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through February 28, 2026
BUDGET
BUDGET
Item 1b Treasurer Report: February 2026
11 BUDGET ACTUAL/
REVENUE & OTHER SOURCES: BUDGET ACTUAL REMAINING BUDGET Transfer from Operating Fund $ - $ - $ - n/a
EXPENDITURES & OTHER USES:

Program expenditures 500,000 - 500,000 0.0%
Net increase (decrease) in fund balance $ (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 in - Building Fund $ 5,500,000 $ 5,500,000 $ - 100.0% EXPENDITURES & OTHER USES:

Capital outlay 13,714,310 648,436
Other building expenditures - -
648,436
Net increase (decrease) in fund balance $ (8,214,310) 4,851,564 Fund balance at beginning of period 8,214,310
Fund balance at end of period $13,065,874

BUILDING FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through February 28, 2026

ELECTRIFICATION DISCOUNT FUND

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through February 28, 2026
Item 1b Treasurer Report: February 2026
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 1,692,000 - 1,692,000
Net increase (decrease) in fund balance $ (1,692,000) $0 Fund balance at beginning of period 5,891,455
Fund balance at end of period $5,891,455

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 450,000 54,536 395,464
Net increase (decrease) in fund balance $ (450,000) -$54,536 Fund balance at beginning of period 1,800,000
Fund balance at end of period $1,745,464

HANFORD PROGAM FUNDS

BUDGETARY COMPARISON SCHEDULE
0 BUDGET
BUDGET

NUCLEAR PROGAM FUNDS

BUDGETARY COMPARISON SCHEDULE
October 1, 2025 through February 28, 2026
Item 1b Treasurer Report: February 2026
13 October November December January February March April May June July August September YTD

OPERATING REVENUES
Electricity sales, net $ 38,508,886 $ 35,571,690 $ 39,479,027 $ 23,564,865 $ 18,103,369 $ - $ - $ - $ - $ - $ - $ - $ 155,227,837 Green electricity premium $ 204,210 $ 186,390 $ 198,040 $ 232,605 $ 103,245 $ - $ - $ - $ - $ - $ - $ - 924,490 Liquidated damages $ 5,750 $ 21,750 $ 1,316,832 $ 4,707 $ - $ - $ - $ - $ - $ - $ - $ - 1,349,039 Other Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - Total operating revenues 38,718,846 35,779,830 40,993,899 23,802,177 18,206,614 - - - - - - - 157,501,366

OPERATING EXPENSES
Cost of electricity 28,412,034 $ 27,405,294 $ 29,131,307 $ 23,128,183 $ 18,628,678 $ - $ - $ - $ - $ - $ - $ - 126,705,496 Staff compensation and benefits 1,276,785 $ 1,267,182 $ 1,428,500 $ 1,908,905 $ 1,209,410 $ - $ - $ - $ - $ - $ - $ - 7,090,782 Data manager 301,259 $ 299,868 $ 300,270 $ 300,775 $ 317,087 $ - $ - $ - $ - $ - $ - $ - 1,519,259 Service fees - PG&E 100,223 $ 100,352 $ 100,467 $ 100,683 $ 103,451 $ - $ - $ - $ - $ - $ - $ - 505,176 Consultants and other professional fees 899,290 $ 895,784 $ 816,525 $ 729,493 $ 1,136,993 $ - $ - $ - $ - $ - $ - $ - 4,478,085 Program incentives 1,146,022 $ 394,408 $ 1,199,900 $ 946,795 $ 827,031 $ - $ - $ - $ - $ - $ - $ - 4,514,156 Other operating expenses 279,315 $ 291,015 $ 298,184 $ 335,692 $ 146,217 $ - $ - $ - $ - $ - $ - $ - 1,350,423 Depreciation 79,605 $ 79,605 $ 79,605 $ 79,604 $ 79,605 $ - $ - $ - $ - $ - $ - $ - 398,024 Total operating expenses 32,494,533 30,733,508 33,354,758 27,530,130 22,448,472 - - - - - - - 146,561,401 Operating income (loss) 6,224,313 5,046,322 7,639,141 (3,727,953) (4,241,858) - - - - - - - 10,939,965

NONOPERATING REVENUES (EXPENSES)
Grant income - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - Interest income 1,865,552 $ 2,295,828 $ 2,025,849 $ 1,780,985 $ 2,212,151 $ - $ - $ - $ - $ - $ - $ - 10,180,365 Financing costs (3,797) $ (7,922) $ (5,626) $ (5,696) $ (6,879) $ - $ - $ - $ - $ - $ - $ - (29,920) Total nonoperating revenues (expenses) 1,861,755 2,287,906 2,020,223 1,775,289 2,205,272 - - - - - - - 10,150,445 CHANGE IN NET POSITION $ 8,086,068 $ 7,334,228 $ 9,659,364 $ (1,952,664) $ (2,036,586) $ - $ - $ - $ - $ - $ - $ - $ 21,090,410

SILICON VALLEY CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
October 1, 2025 through February 28, 2026
Item 1b Treasurer Report: February 2026
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 $ 39,908,498 $ 40,045,114 $ 49,361,301 $ 49,273,772 $ - $ - $ - $ - $ - $ - $ - California Asset Management Program (CAMP) $ 204,479,801 $ 198,168,622 $ 198,832,731 $ 199,483,109 $ 200,068,872 $ - $ - $ - $ - $ - $ - $ - PFM Asset Management Investment Portfolio $ 361,652,377 $ 359,561,190 $ 360,891,157 $ 362,655,540 $ 366,506,845 $ - $ - $ - $ - $ - $ - $ - Total Ending Balance $ 606,585,779 $ 597,638,310 $ 599,769,003 $ 611,499,950 $ 615,849,488 $ - $ - $ - $ - $ - $ - $ - Return On Investments:

Annual % Yield Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep River City Bank Accounts 3.92% 3.70% 4.07% 4.03% 3.98%
California Asset Management Program (CAMP) 4.26% 4.10% 3.95% 3.85% 3.83% PFM Asset Management Investment Portfolio * 3.90% 3.82% 3.74% 3.77% 3.67% Average Return On Investments: 4.02% 3.91% 3.83% 3.82% 3.75% * 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 $ 13,570 $ 56,716 $ 81,302 $ 94,616 $ - $ - $ - $ - $ - $ - $ - California Asset Management Program (CAMP) $ 825,532 $ 688,821 $ 664,109 $ 650,378 $ 585,763 $ - $ - $ - $ - $ - $ - $ - Other Interest Income $ 4,447 $ 3,138 $ 1,919 $ 1,907 $ 1,858 $ - $ - $ - $ - $ - $ - $ - PFM Asset Management Investment Portfolio * $ 1,017,502 $ 1,590,299 $ 1,303,104 $ 1,047,398 $ 1,529,914 $ - $ - $ - $ - $ - $ - $ - Total Interest and Investment Gains $ 1,867,938 $ 2,295,828 $ 2,025,848 $ 1,780,985 $ 2,212,151 $ - $ - $ - $ - $ - $ - $ - * 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 $ 13,570 $ 56,716 $ 81,302 $ 94,616 $ - $ - $ - $ - $ - $ - $ - Camp Pool Composition (based on market value): $ 825,532 $ 688,821 $ 664,109 $ 650,378 $ 585,763 $ - $ - $ - $ - $ - $ - $ - Other Interest Income $ 4,447 $ 3,138 $ 1,919 $ 1,907 $ 1,858 $ - $ - $ - $ - $ - $ - $ - PFM Asset Management Investment Portfolio * $ 1,111,671 $ 1,125,280 $ 1,086,434 $ 1,159,987 $ 1,171,497 $ - $ - $ - $ - $ - $ - $ - Total Interest and Investment Gains $ 1,962,107 $ 1,830,809 $ 1,809,178 $ 1,893,575 $ 1,853,734 $ - $ - $ - $ - $ - $ - $ - * Includes interest/dividends/coupons received, net realized gains/losses and monthly change in accrued interest.

CAMP Portfolio Statistics
As of February 28, 2026
Beginning of the Month Market Value $ 199,483,109
Ending of The Month Market Value $ 200,068,872
Monthly Distribution Yield 3.83% Weighted Average Maturity (days) 48 PFM Portfolio Statistics
As of February 28, 2026
Portfolio Par Value $ 363,002,360
Portfolio Market Value (icl. Accrued Interest) $ 366,506,845 Yield to Maturity at Cost 4.10%
Yield to Maturity at Market 3.67%
Benchmark Yield* 3.41%
Portfolio Effective Duration (years) 1.34 Weighted Average Maturity (days) 665 *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 February 28, 2026

12.05%

14.73%

33.02%

28.70%

6.53%

4.97%

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
8%
CAMP Pool
0%
Federal Agency Com MBS
6%
Supra-National
Agency
0%
Corp. & Bank Notes
27% Certificate of Deposit
4%
Asset-Backed
Security
18%
SVCE PFM Portfolio Investments
Repurchase
Agreements,

35.5%
Certificates of
Deposit, 24.7%
Commercial
Paper, 34.1%
Bank Note,

0.8%
US Treasuries,

1.9%
Money Market
Funds, 0.6%
Federal Agency
Note, 0.2%
Corporate
Notes, 2.1%
Camp Pool Composition (based on market value)
Item 1b Treasurer Report: February 2026
15 October November December January February March April May June July August September YTD Retail Sales Actual (GWh) 330.4 320.7 354.3 349.2 310.5 1,665 Retail Sales Budget (GWh) 330.4 320.7 354.3 359.4 335.7 321.8 307.1 305.2 319.1 342.7 350.3 345.9 1,700 Load deviation from the Budget (Right Y-Axes)0.0% 0.0% 0.0% -2.8% -7.5% -2.1% Customer Participation Rate Res 96.3% 96.3% 96.3% 96.3% 96.3% Customer Participation Rate Com 96.5% 96.4% 96.5% 96.5% 96.3% Total Accounts 284,198 284,413 284,720 284,947 285,116 285,116 Opt-Out Accounts 14 17 15 19 23 88
Opt-Up Accounts -7 -6 -6 0 -2 -21

0.08 27.44
SVCE Arrearager Total for customers 31+ days late and 120+ days late Age Summary (as of 3/1/2026) Date Amount
<30 days $18,631,328 High 11/29/2021 $7.99M
<60 days $1,580,279 Low 4/17/2020 $2.54M
<90 days $853,817 Current 3/1/2026 $6.6 M
<120 days $511,245
Older $3,646,141

February 2026 FYTD
Bad Debt % (Budget )

0.75%
Bad Debt % (Actual)

0.39%

SILICON VALLEY CLEAN ENERGY AUTHORITY

RETAIL SALES, CUSTOMER ACCOUNTS AND AGING REPORT
Accounts Receivable Days
27 Days
$25,222,811

TOTAL DUE
• 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.
• Blue arrow marks the
distribution of SVCE One-Time
Customer Bill Credit
'17-'18 '18-'19 '19-'20 '20-'21 21-'22 22-'23 23-'24 24-'25 25-'26 Total (L Axes) 0.3 M 0.4 M 0.4 M 0.6 M 0.9 M 1.5 M 1.5 M 1.6 M 0.6 M % Revenue 0.12% 0.14% 0.14% 0.25% 0.23% 0.33% 0.29% 0.33% 0.39% Av./Month (R Axes) $25,713 $34,773 $34,599 $53,288 $73,833 $123,729 $128,286 $131,153 $121,641 $-
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000

0.0 M

0.2 M

0.4 M

0.6 M

0.8 M

1.0 M

1.2 M

1.4 M

1.6 M

1.8 M
SVCE Write-offs By Fiscal Year
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
16 M
>120 Days 31+ Days
Item 1b Treasurer Report: February 2026
16 Item 1b Treasurer Report: February 2026
17 Item 1b Treasurer Report: February 2026
18 Item 1b Treasurer Report: February 2026
19 Item 1b Treasurer Report: February 2026
20 Item 1b Treasurer Report: February 2026
21 Item 1b Treasurer Report: February 2026
22 Item 1b Treasurer Report: February 2026
23 Item 1b Treasurer Report: February 2026
24 Item 1b Treasurer Report: February 2026
25 Item 1b Treasurer Report: February 2026
26 Item 1b Treasurer Report: February 2026
27 Item 1b Treasurer Report: February 2026
28 Item 1b Treasurer Report: February 2026
29 Item 1b Treasurer Report: February 2026

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Staff Report – Item 1c
Item 1c: Adopt Resolution Amending SVCE Conflict of Interest Code to Add Human Resources Operations Manager and Senior Forecasting and Planning Analyst as Designated Positions for Filing Statements of Economic Interests
From: Monica Padilla, CEO
Prepared by: Nik Zanotto, Director of Operations
Michael Callahan, General Counsel
Andrea Pizano, Sr. Executive Assistant and Board Clerk
Date: 4/8/2026

RECOMMENDATION
Staff recommends the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) Adopt Resolution 2026- 10 amending the SVCE Conflict of Interest Code (Code) to add the following titles: “Human Resources and Operations Manager” and “Senior Forecasting and Planning Analyst”.

BACKGROUND
Shortly after the formation of SVCE, the Board of Directors adopted a Code as required by the Political Reform Act, commencing at Government Code Section 81000. The Code lists the positions within the Authority that are required to file statements of economic interests (Form 700). As a joint powers authority with members located entirely within Santa Clara County, the County Board of Supervisors is the conflict code reviewing body that is required to approve all changes to the conflict-of-interest code. County Counsel has advised that when positions are added or removed from the conflict code, a new resolution must be adopted approving a new conflict of interest code with the amended, added or removed position(s).

At the September 8, 2021 Board meeting, the Board of Directors adopted Resolution 2021-22 approving the creation of a personnel system to insure equitable and uniform policies and procedures for administering personnel matters in compliance with applicable laws; designating the Chief Executive Officer (CEO) as Personnel Officer; and delegating authority to the CEO to carry out all duties necessary to implement the personnel system.

The last Code amendment was approved at the January 2026 Board of Directors meeting to add the following titles: “Decarb Investments Lead”, “Decarbonization and Community Strategies Lead”, “Demand Flexibility Manager”, “Information Security Manager”, “Manager of Technical Decarb Strategy”, “Marketing Manager”, “Principal Regulatory Advisor”, and “Senior Finance and Data Analyst”, and change the titles of “Power Settlements and Compliance Analyst” to “Power Settlements Analyst” and “Regulatory and Compliance Manager” to “Compliance Manager”.

ANALYSIS & DISCUSSION
At the beginning of the year, Marlena Lopez was promoted from Human Resources Administrative Assistant to Human Resources Operations Manager. With this promotion came increased responsibility and tasks that would require the filing of a Form 700.

The Senior Forecasting and Planning Analyst role was hired at the end of January and performs functions that would also require a Form 700 filing.

Item 1c
Agenda Item: 1c Agenda Date: 4/8/2026

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In summary, SVCE staff feel the following positions should be added to SVCE’s existing Conflict of Interest Code:

Designated Position Assigned Disclosure Category
Human Resources Operations Manager 2
Senior Forecasting and Planning Analyst 1
In accordance with the requirements of the Political Reform Act and the County of Santa Clara, a new conflict of interest code must be adopted by resolution which includes the newly created or identified positions as well as any changes to the existing Conflict of Interest Code. The attached resolution amends Appendix A to SVCE’s Code to reflect the addition of “Human Resources and Operations Manager” and “Senior Forecasting and Planning Analyst”.

STRATEGIC PLAN
Not applicable.

ALTERNATIVES
None.

FISCAL IMPACT
There is no fiscal impact as a result of adding positions to SVCE’s Conflict of Interest Code.

ATTACHMENT

1. Resolution 2026-10 Amending SVCE Conflict of Interest Code to Add Human Resources Manager and Senior Forecasting and Planning Analyst as Designated Positions for Filing Statements of Economic Interests
Item 1c
Resolution 2026-10 -1-
RESOLUTION NO. 2026-10

A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SILICON VALLEY CLEAN ENERGY AUTHORITY AMENDING THE AUTHORITY’S CONFLICT OF INTEREST

CODE TO ADD HUMAN RESOURCES OPERATIONS MANAGER AND SENIOR

FORECASTING AND PLANNING ANALYST AS DESIGNATED POSITIONS FOR

FILING STATEMENTS OF ECONOMIC INTERESTS
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, the Political Reform Act, Government Code Section 81000, et seq., (the “Political Reform Act”) requires each public agency in California, including the Authority, to adopt and promulgate a conflict of interest code; and WHEREAS, Government Code Section 87306 requires each public agency in California to amend its conflict of interest code when change is necessitated by a change in circumstances, including the creation of new positions and relevant changes to the duties assigned to existing positions; and
WHEREAS, the Board of Directors of the Authority has adopted a conflict of interest code, and has amended this code as appropriate due to changed circumstances, with the most recent code adopted by Resolution 2026-02; and WHEREAS, the Board of Directors, after consultation with the County of Santa Clara as its code reviewing body, desires to amend the list of designated positions in Appendix A by adding Human Resources and Operations Manager, and Senior Forecasting and Planning Analyst.

NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the Authority rescinds Resolution No. 2026-02 and adopts the following attached Conflict of Interest Code including its Appendices of Designated Positions and Disclosure Categories.

BE IT FURTHER RESOLVED that The Board of Directors of the Authority hereby directs the Secretary of the Board to coordinate the preparation of a revised Conflict of Interest Code in succeeding even-numbered years following notice and instructions from the County of Santa Clara as the code-reviewing body for the Authority, in accordance with the requirements of Government Code Sections 87306 and 87306.5. Future revisions to the Conflict of Interest Code should reflect changes in employee or official designations. If no revisions to the Code are required, the Authority shall submit a response as indicated in the instructions provided by the County of Santa Clara no later than October 1st of the same year, stating that amendments to the Authority’s Conflict of Interest Code are not required.

Item 1c
Attachment 1
Resolution 2026-10 -2-
ADOPTED AND APPROVED this 8
th day of April 2026, by the following vote:

JURISDICTION NAME AYE NO ABSTAIN ABSENT
City of Campbell Director Scozzola
City of Cupertino Director Wang
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
City of Morgan Hill Director Martinez Beltran
City of Mountain View Director Showalter
County of Santa Clara Director Lee
City of Saratoga Director Page
City of Sunnyvale Director Klein
Chair
ATTEST:

Clerk
Item 1c
Attachment 1
Resolution 2026-10 -3-

SILICON VALLEY CLEAN ENERGY AUTHORITY

CONFLICT OF INTEREST CODE
The Political Reform Act (Government Code § 81000, et seq., hereinafter referred to as the Act) requires state and local government agencies to adopt and promulgate conflict of interest codes. The Fair Political Practices Commission (“FPPC”) has adopted a regulation (2 California Code of Regulations § 18730) which contains the terms of a standard conflict of interest code, which can be incorporated by reference in an agency’s code. After public notice and hearing, the standard code may be amended by the FPPC to conform to amendments in the Act. Therefore, the terms of 2 California Code of Regulations § 18730 and any amendments to it duly adopted by the FPPC are hereby incorporated by reference.

This regulation and the text here designating positions and establishing disclosure categories shall constitute the conflict of interest code of the Silicon Valley Clean Energy Authority (“Authority”).

The most current version of 2 Cal. Code of Regs. Section 18730 is available on the website of the Fair Political Practices Commission (https://www.fppc.ca.gov).

Individuals holding a designated position shall file their Statements of Economic Interests with the Authority’s Filing Official, which will make the Statements available for public inspection and reproduction subject to Government Code section 81008. If Statements are received in signed paper format, the Authority’s Filing Official shall make and retain a copy and forward the original Statements to the Filing Officer, the County of Santa Clara Clerk of the Board of Supervisors. If Statements are electronically filed using the County of Santa Clara’s Form 700 e-filing system, both the Authority’s Filing Official and the County of Santa Clara Clerk of the Board of Supervisors will receive access to the e-filed Statements simultaneously.

Item 1c
Attachment 1
Resolution 2026-10 -4-

SILICON VALLEY CLEAN ENERGY AUTHORITY

CONFLICT OF INTEREST CODE
APPENDIX "A"

DESIGNATED POSITIONS
Designated Position Assigned Disclosure Category
Member of Board of Directors 1
Alternate Member of Board of Directors 1
Audit Committee Member 2
Chief Executive Officer 1
Chief Financial Officer 1
Finance and Administration Committee Member 2
General Counsel 1
Administrative Services Manager 2
Associate Financial Analyst 2
Associate Legislative Analyst 2
Associate Manager of Decarbonization Programs 2
Associate Power Analyst 1
Associate Power Resources Planner 1
Communications Manager 2
Compliance Manager 2
Decarb Investments Lead 2
Decarbonization and Community Strategies Lead 2
Demand Flexibility Manager 2
Deputy Director of Administrative Services 2
Item 1c
Attachment 1
Resolution 2026-10 -5-
Deputy Director of Marketing and Communications 2
Deputy Director of Power Resources 1
Director of Customer Success 2
Director of Decarbonization Policy and Community Strategies 2 Director of Energy Services & Community Relations 2
Director of Government and Legislative Affairs 2
Director of Human Resources 2
Director of Operations 2
Director of Power Resources 1
Director of Regulatory & Legislative Policy 2
Director of Regulatory, Policy and Planning 2
Director of Risk Management and Analytics 1
Director of Strategic Development 2
Energy Services Manager 2
Energy Trading Planner 1
Financial Analyst 2
Human Resources Generalist 2
Human Resources Operations Manager 2
Information Security Manager 2
Management Analyst 2
Manager of Data and Analytics 2
Manager of Decarbonization Programs 2
Manager of IT 2
Manager of Finance 2
Manager of Technical Decarb Strategy 2
Marketing Manager 2
Item 1c
Attachment 1
Resolution 2026-10 -6-
Policy Analyst 2
Power Analyst 1
Power Data Analyst 1
Power Resources Manager 1
Power Resources Planner 1
Power Contracts & Settlements Manager 1
Power Settlements Analyst 1
Power Settlements Planner 1
Principal Policy Analyst 2
Principal Power Analyst 1
Principal Regulatory Advisor 2
Programs Marketing Manager 2
Rates Manager 2
Regulatory Analyst 2
Risk Controls Project Manager 2
Senior Data Analyst 2
Senior Data Engineer 2
Senior Finance and Data Analyst 2
Senior Financial Analyst 2
Senior Forecasting and Planning Analyst 1
Senior Government Affairs Manager 2
Senior Management Analyst 2
Senior Manager of Communications 2
Senior Manager of Energy Policy and Regulatory Analysis 2 Senior Manager of Decarbonization Programs 2
Senior Manager of Power Resources 1
Item 1c
Attachment 1
Resolution 2026-10 -7-
Senior Manager of Public Sector Services 2
Senior Policy Analyst 2
Senior Power Analyst 1
Senior Power Resources Planner 1
Senior Quantitative Analyst 2
Senior Rates Analyst 2
Senior Regulatory Analyst 2
Senior Regulatory Analyst & Associate General Counsel 1 Senior Risk Manager 2
Wholesale Energy Markets Manager 1
Wholesale Energy Markets Planner 1
Consultant 3
Newly Created Position *
* Newly Created Position
A newly created position that makes or participates in the making of governmental decisions that may foreseeably have a material effect on any financial interest of the position-holder, and which specific position title is not yet listed in the Authority’s conflict of interest code is included in the list of designated positions and shall disclose pursuant to the broadest disclosure category in the code, subject to the following limitation: The Chief Executive Officer of the Authority may determine in writing that a particular newly created position, although a “designated position,” is hired to perform a range of duties that are limited in scope and thus is not required to fully comply with the broadest disclosure requirements, but instead must comply with more tailored disclosure requirements specific to that newly created position. Such written determination shall include a description of the newly created position's duties and, based upon that description, a statement of the extent of disclosure requirements. The Chief Executive Officer’s determination is a public record and shall be retained for public inspection in the same manner and location as this conflict-of-interest code. (Gov. Code Section 81008.) As soon as the Authority has a newly created position that must file Statements of Economic Interests, the Authority’s Filing Official shall contact the County of Santa Clara Clerk of the Board of Supervisors Form 700 division to notify it of the new position title to be added in the County’s electronic Form 700 record management system, known as eDisclosure. Upon this notification, the Clerk’s office shall enter the actual position title of the newly created position into eDisclosure and the Authority’s Filing Official shall Item 1c
Attachment 1
Resolution 2026-10 -8-
ensure that the name of any individual(s) holding the newly created position is entered under that position title in eDisclosure.

Additionally, within 90 days of the creation of a newly created position that must file Statements of Economic Interests, the Authority shall update this conflict-of-interest code to add the actual position title in its list of designated positions and submit the amended conflict of interest code to the County of Santa Clara Office of the County Counsel for code-reviewing body approval by the County Board of Supervisors. (Gov. Code Section 87306.)
Item 1c
Attachment 1
Resolution 2026-10 -9-

SILICON VALLEY CLEAN ENERGY AUTHORITY

CONFLICT OF INTEREST CODE
APPENDIX "B"

DISCLOSURE CATEGORIES
Designated positions must report financial interests in accordance with the assigned disclosure categories.

Category 1: Persons in this category shall disclose:
(a) investments and business positions in business entities, and income (including gifts, loans, and travel payments) from sources that contract with the Authority, or that provide, plan to provide, or have provided during the previous two years, facilities, goods, technology, equipment, vehicles, machinery, or services, including training or consulting services, of the type utilized by the Authority; and (b) all interests in real property located: in whole or in part within the jurisdiction of the Silicon Valley Clean Energy Authority, or within two miles of the borders of any of the parties to the Joint Powers Agreement for the Authority, or within two miles of any land owned or used by the Authority.

Category 2: Persons in this category shall disclose investments and business positions in business entities, and income (including gifts, loans, and travel payments) from sources that contract with the Authority, or that provide, plan to provide, or have provided during the previous two years, facilities, goods, technology, equipment, vehicles, machinery, or services, including training or consulting services, of the type utilized by the Authority.

Category 3: Each Consultant, as defined for purposes of the Political Reform Act and applicable regulations1, shall disclose pursuant to the broadest disclosure category in the Authority’s conflict of interest code subject to the following limitation: The Chief Executive Officer of the Authority may determine in writing that a particular consultant, although a "designated position," is hired to perform a range of duties that are limited in scope and thus is not required to comply fully with the disclosure requirements of the broadest disclosure category, but instead must comply with more tailored disclosure requirements 1 As defined in FPPC Regulation 18700.3, “consultant” means an individual who (1) makes governmental decisions, such as whether to approve a rate, rule, or regulation; to issue, deny, suspend, or revoke any permit, license, application, certificate or similar authorization; to adopt or approve a plan, design, report, study; or to adopt or approve policies, standards, or guidelines for the Authority; (2) serves in a staff capacity with the Authority, and in that capacity participates in making governmental decisions by providing information, an opinion, or a recommendation for the purpose of affecting the decision without significant intervening substantive review; or (3) performs the same or substantially all the same duties for the Authority that would otherwise be performed by an individual holding a designated position in this Code.

Item 1c
Attachment 1
Resolution 2026-10 -10-
specific to that consultant. Such a written determination shall include a description of the consultant's duties and, based upon that description, a statement of the extent of disclosure requirements. The Chief Executive Officer’s written determination is a public record and shall be retained for public inspection in the same manner and location as this Conflict of Interest Code.

Item 1c
Attachment 1

Page 1 of 5 ends

Staff Report – Item 1d
Item 1d: Approve an Allocation of One Million Dollars from the Decarbonization Program Fund to Replenish the Programs Marketing Fund
From: Monica Padilla, CEO
Prepared by: Justin Zagunis, Director of Customer Success Shawn Orgel-Olson, Marketing Manager
Date: 4/8/2026

RECOMMENDATION
Staff recommends the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) approve an allocation of one million dollars out of the already-authorized programs funding to replenish the Programs Marketing Fund and allow the continued promotion of key decarbonization programs, services, and initiatives.

BACKGROUND
Originally, SVCE funded all marketing, outreach, and communications out of general operating expenses. As the portfolio of decarbonization programs grew in number, complexity, and ambition, staff determined the need for a separate and centralized “Programs Marketing Fund” paid for out of the dollars allocated towards decarbonization programs. This centralization was intended to enable easier tracking of customer acquisition costs across the portfolio, better alignment of marketing activities to the specific programmatic outcomes they serve, and improved ability to make nimble adjustments. The creation of this fund also represented the acknowledgment that the large commitments made by SVCE for local decarbonization programs by necessity include a similarly scaled level of marketing investment to drive uptake.

The Board approved the establishment of a Programs Marketing Fund in March 2024 with a seed fund of $500,000, which was later increased by $500,000 in October of 2024 for a total of $1 million. The intent was for this budget to cover SVCE program marketing needs as they scaled up through the end of Fiscal Year 2025 (FY25). Since the fund's establishment in 2024, the fund has supported the marketing of 12 decarbonization programs to SVCE customers and has covered program marketing costs through the middle of Fiscal Year 2026 (FY26).

Table 1: Fund Background and Impact
Programs Marketing Fund
Objective Support marketing for all SVCE programs, community-based organization (CBO) partnerships that support outreach, and the eHub customer resource center to promote electrification education.

Current Budget $1M ($756,670 amount spent)
Impact • Over 8,000 customers participated in
SVCE programs that received active
promotion from the Marketing Team
and Programs Marketing Fund
• Over 620,000 clicks on links from
marketing campaigns targeted at
customers since March 2024
• Since the Program Marketing Fund’s
inception:
o Supported the marketing of 12
programs
o Drove 1.7 million website visits
o Funding 21 ad campaigns on
Google Ads, Meta, and
AudioGo
o Delivering 3,932,723 emails to
customers
Item 1d
Agenda Item: 1d Agenda Date: 4/8/2026

Page 2 of 5 ends

Over the past two years, this fund has supported the marketing of the following programs:
• Home Rebates • Multifamily Direct Installation Retrofit • Assisted Home Upgrades • EV Rebate
• Full-Service Home Upgrades + Emergency
Water Heater
• Go Electric Advisor
• eHub (Incentives Finder, Solar + Battery, EV
Finder)
• Zero Interest Financing
• EV Charging Incentives and Planning • Contractor Training • Electric Vehicle Charging for Multifamily • Business Rebates Sample campaign materials:

ANALYSIS & DISCUSSION
The Programs Marketing Fund has been essential for launching, deploying, and marketing initiatives to key target audiences, and inspiring and educating SVCE customers about electrification. As the program portfolio has expanded, SVCE has added new initiatives that reach a wider range of audiences, including low-income Item 1d
Agenda Item: 1d Agenda Date: 4/8/2026

Page 3 of 5 ends

customers. Encouraging customers to act requires innovative marketing and effective customer engagement.

Additional funding for innovative campaigns, effective marketing strategies, and comprehensive planning across the portfolio is crucial for maximizing the impact of program funds in SVCE communities.

Some marketing campaigns run year-round; for example, the Emergency Water Heater campaign is always live and ads are shown to customers experiencing a water heater failure (based on searches). The work SVCE is doing to market Zero-Interest Financing (on-bill tariff field study) and Full-Service Home Upgrades (a direct install program) is highly involved. These last two programs need significant effort to get the word out and attract customers who are a good fit for the services. Given the project completion timelines and the duration of the program contracts, the ideal time to increase participation is this fiscal year and the beginning of the next.

The previously approved funds allowed SVCE to significantly increase engagement. Allocating the recommended additional funding of $1 million will ensure there are adequate resources to meet program marketing needs through 2027. As with the previous allocation, if the funds are not needed to drive uptake or the program targets are adjusted, then the funding could extend beyond 2027.

Table 2: Program Budget Allocations and Anticipated Impact Programs Marketing Fund
Current Budget $1M
Budget Remaining (as of 3/31/26) $243,330
Additional Funding Allocation
(requested in this report)
+$1M for an estimated 18 months of additional marketing support for all key programs.

Program elements covered by
additional funding
Additional marketing activities designed to drive engagement and action, including meeting enrollment goals for 10-12 SVCE programs, through multiple multi-channel campaigns:
• 4-8 large-scale marketing campaigns to support key programs • 5-10 medium-sized marketing campaigns to support additional programs
• Structuring ongoing “always-on” campaigns to capture users during related searches
• 75 distinct, targeted marketing emails to reach a goal of 2M+ emails delivered
• 1M+ website visitors
• CBO outreach and engagement
These continued marketing efforts will be in support of the expanded range of programs available to both residential and commercial customers, reflecting the large portfolio of incentives and offers currently accessible to customers through these initiatives, as illustrated in Figure 1 below.

Item 1d
Agenda Item: 1d Agenda Date: 4/8/2026

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Figure 1

STRATEGIC PLAN
The Programs Marketing Fund is aligned with the SVCE 2025-2027 Strategic Plan 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 in SVCE and advance decarbonization.

ALTERNATIVE
In the absence of additional funds, staff would reduce program marketing activities to the bare minimum (phase out) and continue until funds are fully utilized. This would result in reaching significantly fewer customers regarding SVCE and its available offers and would most likely lead to significantly undershooting current program enrollment targets.

If additional funds are not added, staff will instead focus on organic methods of outreach and engagement, such as email and social media. There are other tactics to continue building awareness, but they would be severely limited in reach compared with paid advertising. Staff would continue to innovate and try to build as much momentum around programs as possible. These organic methods do involve a trade-off as they require more staff time to conduct.

The Board could allocate a lower amount than the recommended $1 million, and staff would work to reprioritize and adjust program targets and associated marketing efforts. This may mean fewer programs Item 1d
Agenda Item: 1d Agenda Date: 4/8/2026

Page 5 of 5 ends

receive active marketing support. Alternatively, staff would maintain aggressive marketing goals for a shorter period, then either return to ask for additional budget or toggle to the organic outreach.

FISCAL IMPACT
The Board has authorized funding on an annual basis, or more frequently, to be used for decarbonization program efforts. The majority of the authorized funds have been allocated towards specific programs. Staff’s recommendation to allocate an additional $1 million to the Programs Marketing Fund will not have an impact on the current FY26 Operating Budget. The allocation will come from remaining decarbonization program funds of approximately $9.9 million, that have been authorized for programs but not yet allocated to a specific effort. The expenditure of the funds was estimated as part of the current fiscal year budget and will be appropriately reflected in future budgets.

Item 1d

Page 1 of 2 ends

Staff Report – Item 1e
Item 1e:

From:

Prepared by:

Date:

Authorize the Chief Executive Officer to Execute Purchase Order with The Collective in an Amount Not to Exceed $400460,000 for Furniture Design, Purchase, and Installation for Silicon Valley Clean Energy Headquarters Monica Padilla, CEO
Zoe Elizabeth, Director of Decarbonization Policy & Community Strategies 4/8/2026

RECOMMENDATION
Staff recommend that the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) delegate authority to the Chief Executive Officer (CEO) to execute, and administer changes to utilize the Omnia Partners (Omnia) platform for one or more purchase orders and related documentation for office furniture and the necessary associated insurance, labor for design and installation with the vendor The Collective in an amount of $400,000 with a 15% contingency for a maximum of $460,000 should essential cost changes arise.

The purchase order is not provided as an attachment, however, will be approved as to form by general counsel before execution.

BACKGROUND
In February 2025, SVCE purchased a 28,000-square-foot, two-story building that will serve as the agency’s new headquarters. The building was renovated in 2019, but was a shell, and SVCE needs to complete the interior build-out prior to occupying the building. The building is phased into two parts: Phase 1) the office space and Board Chamber and Phase 2) the community space.

Construction began in early March, and staff have been working diligently to prioritize the office space and Board Chamber with the goal of relocating operations by July 2026. Furniture is a key piece to ensure the building is an operational and comfortable space for staff, the Board and the community.

SVCE is part of the government agency platform, Omnia, which offers group purchasing contracts with leading national suppliers, delivers volume discounts, and streamlines the procurement process for office products and services. With the free membership, staff utilized the platform to search for furniture vendors. Staff, along with the project manager, Cumming Group, and architect designers, SERA, interviewed three firms between January and February 2026. Key evaluation criteria included:
• Overall cost
• Consistency with current office furniture
• Product inventory
Staff identified The Collective as the vendor to provide furniture design services, purchase products, move some existing furniture, and install new and existing furniture in the new building. The proposal includes prevailing wage and a prevailing wage bond as required for public works contracts.

All three vendors had relevant experience, but The Collective’s proposal offered greater flexibility in its services. Key features of their proposal included competitive product pricing through Omnia and a partnership Item 1e
Amended
Agenda Item: 1e Agenda Date: 4/8/2026

Page 2 of 2 ends

with Technion, our current office furniture manufacturer. The partnership allows them to match new furniture with the existing office furniture and, through warranty, replace any Technion parts as needed. The Collective was the only bidder with the Technion partnership, and staff, Cumming Group, and SERA felt this was highly aligned with the need to reuse as much of the current office furniture as possible. In addition, they were the lowest bidder, thus the most cost-effective, and SVCE would be able to seamlessly contract them through Omnia.

ANALYSIS & DISCUSSION
The majority of the proposed budget will go towards purchasing new furniture. To reduce costs, minimize environmental impact, and support SVCE’s mission, most furniture from the current office will be reused, including office chairs, shared workstations, conference room tables, and other miscellaneous items. In addition, other items will be purchased second-hand, such as seating arrangements and side tables for shared spaces. Staff ensured to only purchase new if an item was a high-need, needed to be code compliant, or had size and quantity considerations like the workstations and conference tables. Second-hand furniture will be purchased separately.

Th proposal addresses furniture design services, purchasing new products, moving some existing furniture, and installation of new products. It also includes prevailing wage for the installation work. Selected new pieces were considered either “medium” or “medium-low” in terms of price and features. The cost overview is:
• Furniture: $257,607
• Prevailing Wage Labor: $82,824
• Taxes: $32,355
• Prevailing Wage Bond: $11,608
• Furniture Design & Project Management: $8,800
• Freight Charges: $5,343
• TOTAL: $398,537
Once the vendor is selected and the contract is executed, staff will pay the 50% post installation deposit of $199,268 and the remaining balance post installation of furniture, which is targeted for July 2026.

STRATEGIC PLAN
Expanding the office falls under Strategic Focus Area #5, Attract & Retain Employees.

ALTERNATIVE
The Board may elect not to execute a contract with The Collective or request a further reduction in the proposal. Staff does not recommend this as it will delay project completion, staff move-in, and Board move-in by a few months, resulting in additional costs to SVCE and an inability to move into the new headquarters as planned in July 2026.

FISCAL IMPACT
At the September 2025 Board of Directors meeting (2025-0910-SVCE-SVCE Board of Directors meeting, September 10, 2025, Item 4), the Board approved the 2025 – 2026 budget, which included the Capital Outlay which dedicated ~$460,000 for the HQ furniture budget. In the March 2026 Board of Directors meeting (SVCE Board of Directors meeting, March 11, 2026, Item 5), the Board approved the 2025 – 2026 mid-year budget, which included an update in Capital Outlay, increasing the HQ’s furniture budget to ~$560,000. This contract is a part of the existing approved budget and the newly adopted increased Capital Outlay.

Item 1e
Amended

Page 1 of 1 ends

Staff Report – Item 1f
Item 1f: Receive Executive Committee Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Andrea Pizano, Sr. Executive Assistant and Board Clerk Date: 4/8/2026
The Executive Committee (Committee) meeting scheduled for March 27, 2026 did not take place due to lack of quorum. The only action item on the agenda, approval of the meeting minutes from the February 27, 2026 meeting, will be addressed at the next regularly scheduled meeting.

The next meeting of the Executive Committee will be held April 24, 2026 at 10:00 a.m.; materials will be posted no later than 72 hours in advance of the meeting.

Item 1f

Page 1 of 1 ends

Staff Report – Item 1g
Item 1g: Receive 2026 Legislative Ad Hoc Committee Report To: Silicon Valley Clean Energy Board of Directors
Prepared by: Pat Showalter, Committee Chair
Date: 4/8/2026
The 2026 Legislative Ad Hoc Committee (Committee) held its first meeting on March 23, 2026 with the following members present:

Director Garry Barbadillo
Director Yvonne Martinez Beltran
Director Zach Hilton
Director Bryan Mekechuk
Director Pat Showalter
Alternate Director Tina Walia
The Committee selected me, Pat Showalter, to serve as Chair, and Director Zach Hilton was selected to serve as Vice Chair of the Committee for the year.

The Committee received information from staff on the state and federal legislative landscape and discussed priority legislation aligned with SVCE’s 2026 Legislative Policy Platform and focus areas.

The next meeting of the Committee is expected to be held in June and will be scheduled based on member availability.

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: 4/8/2026
There are no reports for the Finance and Administration Committee and the Audit Committee, as they have not met since the last report. The Finance and Administration Committee is expected to meet in May 2026 based on member availability; the Audit Committee will meet in September 2026.

Materials for these meetings will be posted 72 hours in advance of the meeting dates.

Item 1h

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: 4/8/2026
Per direction from the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) on December 9, 2020 for the Chief Executive Officer to provide a report of the ongoing activities of California Community Power (CC Power) after each of its meetings, this is to report CC Power’s March 18, 2026 meeting was canceled.

The next meeting of the board will be April 22, 2026 at 1:00 p.m.; meeting materials can be found on the CC Power website: https://cacommunitypower.org/meetings/
Item 1i

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Staff Report – Item 2
Item 2: CEO Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Monica Padilla, CEO
Date: 4/8/2026
REPORT
Personnel Officer Update
Silicon Valley Clean Energy (SVCE) is currently interviewing for a Senior Manager of Human Resources, and has two other active job postings: Key Accounts Manager, and Senior Administrative Assistant. The job postings can be found on SVCE’s website: Current Job Openings
Power Resources & Clean Energy Update
SVCE held two short-term solicitations in March-April. A solicitation for 2027 Resource Adequacy (RA) and fixed-price CAISO energy to hedge cost of energy for 2026 & 2027. Executed transactions resulting from these solicitations will be included in next month’s CEO report.

SVCE is currently reviewing and shortlisting offers for new long-term projects under its 2026 Request for Offers for New Build Carbon Free Energy and Storage Projects.

As projected, SVCE ends 2025 above its agency target at 107% and currently SVCE is at 103% for 2026. The four projects anticipated to come online in the first half of 2026 are tracking, however SunZia [125MW of wind] is pushed back a few weeks to May 2026. The other online dates remain the same: Angela [20/10MW solar+storage] early May 2026; Aratina [80/50MW solar+storage] in June 2026; and Tumbleweed [15.9MW long duration storage via CC Power] also in June 2026.

Attachment 1 provides a summary of clean energy procurement and development progress.

Budget and Financial Outlook Update
Treasurer’s Report: The Board packet includes the Treasurer’s report (Item 1b), which shows the Total Net Position increased to $528.2 million from $527.4 million reported in last month’s report, despite the net monthly loss of $2 million, reflecting $3 million of unsettled trades (executed at the end of February but settled in March).

Staff reviewed the mid-year budget update with the Finance and Administration Committee last week and will present it to the Board on March 11, 2026.

Customer Success Department Updates
Sunnyvale and Los Altos City Rebates Go Live
On March 16, 2026, SVCE launched city rebates for the Cities of Sunnyvale and Los Altos. These city rebates provide additional financial assistance for homeowners to switch from gas to electric appliances, layering on top of SVCE’s rebates. The rebates will be administered by SVCE and customers can take advantage of these rebates without any additional steps during the rebate application process. Two other member agencies (Mountain View and Milpitas) have been offering city rebates administered by SVCE, coupled with active marketing, since 2025 Item 2
Agenda Item: 2 Agenda Date: 4/8/2026

Page 2 of 6 ends

and have seen significant increases in application traffic. SVCE expects to resume administering City of Mountain View’s city rebates using additional funding starting in late March or early April.

Full-Service Program Offers Limited-Time $500 Bill Credit for Enrollment Through April 15, 2026, SVCE is offering single-family homeowners who schedule a free home assessment with the Full-Service Home Upgrades program a chance to win a $500 credit on their energy bill. After the assessment, customers will receive a custom proposal with recommended energy upgrades to electrify gas appliances and increase their home's energy efficiency and indoor air quality. The proposal also includes standardized pricing with upfront rebates as well as support throughout the electrification process. Customers can learn more at https://svcleanenergy.org/full-service/.

Press and Media
Press Releases
• $3.2 Million in Grant Funds Available for Energy Resilience, Facility and Fleet Electrification, 4-1-26 Media Mentions
• An electrifying experience, Los Altos Town Crier, 3-31-26 • Electrification rebates for Los Altos residents live, Los Altos Town Crier, 3-24-26 • Electrification rebates live for Los Altos residents, Los Altos Town Crier, 3-18-26 • Ormat signs amended PPA for Casa Diablo IV geothermal power plant in California, ThinkGeoEnergy, 3-12-26
• New Campbell Library set to open on May 9 after construction delays, The Mercury News, 3-8-26 o Correction issued for above story: Campbell Scramble, The Mercury News, 3-10-26 • Groups hope Green @ Home tour sparks interest in clean energy, The Mercury News, 3-8-26 Recent & Upcoming Events
April 4 – Cupertino Earth Day
- Sponsorship and tabling
- 11 a.m. – 3 p.m.
- Cupertino Civic Center, 10350 Torre Ave,
Cupertino, CA 95014
April 11 – Sunnyvale Earth Day
- Tabling
- 11 a.m. – 2 p.m.
- Sunnyvale City Hall, 456 W Olive Ave,
Sunnyvale, CA 94086
April 13 – Climate Center Policy Summit
- Sponsorship and staff attendance
- 9 a.m. – 5 p.m.
- Sheraton Grand Sacramento Hotel, 1230 J
St, Sacramento, CA 95814
April 18 – Milpitas Earth Day
- Tabling
- 10 a.m. - 12 p.m.
- 1567 Yellowstone Ave, Milpitas, CA 95035
April 18 – Mountain View Earth Day
- Tabling
- 12 - 3 p.m.
- 500 Castro St, Mountain View, CA 94041
April 19 – St. Simon’s Parish Earth Day Event
- Tabling
- 9 a.m. - 1 p.m.
- 1860 Grant Road, Los Altos, CA 94024
April 20 - Electrification Without Upsizing,
Climate Tech Showcase
- Sponsorship
- 5 - 7 p.m.
- San Francisco, location provided upon
registration
April 24 – Saratoga Elementary Earth Day
- Presentations and tabling
- 8 a.m. - 12 p.m.
- 14592 Oak St, Saratoga, CA 95070
Item 2
Agenda Item: 2 Agenda Date: 4/8/2026

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April 24 – The Forum Earth Day
- Tabling
- 1 p.m. - 3 p.m.
- 23500 Cristo Rey Dr, Cupertino, CA 95014
- April 25 – Morgan Hill Earth Day
- Tabling
- 9 a.m. - 2 p.m.
- 17000 Monterey Rd, Morgan Hill, CA
95037
April 26 – Los Gatos Spring Into Green
- Tabling
- 10 a.m. - 2 p.m.
- Town Plaza Park, Montebello Way, Los Gatos, CA 95030
Local Policy Update
The Building Standards Commission (BSC) has begun reviewing local code enhancements that local jurisdictions adopted in 2025. This is a standard part of the state approval process for local code enhancements, but it its the first time since AB 130 was passed, which limits local authority and only allows local jurisdictions to adopt codes if they meet certain exemption requirements. Thus far, the local jurisdictions that have received comments from BSC have received the same set of comments simply asking for more details on how the code enhancement meets the exemption requirements. SVCE staff and consultants are providing technical support as needed.

Regulatory & Legislative Update
Regulatory:

On February 28th, 2026 Governor Gavin Newsom appointed CPUC President Alice Reynolds to the CAISO Board of Governors, effectively ending her tenure at the CPUC. Commissioner John Reynolds has been appointed the new CPUC president and Christin Harada was appointed as a new CPUC Commissioner. As a result of these changes a significant number of the active proceedings at the CPUC have been reassigned to new Commissioners. SVCE, along with CalCCA, is monitoring these changes.

PG&E’s 2025 ERRA Compliance Application: On February 27th, PG&E filed its application for the Commission to find that PG&E complied with its bundled procurement plan, reasonably managed its utility-owned generation facilities management, and that expenditures in various balancing accounts were consistent with applicable tariffs.

Protests are due April 2, for which SVCE is working with joint-CCA counsel.

Power Charge Indifference Account – Track 2: On March 23th, Reply Testimony was filed, responding to Opening Testimonies regarding the issue of valuing pre-2019 banked renewable energy credits (RECs). The parties submitting Replies were the joint IOUs, CalAdvocates, and CalCCA. Evidentiary hearings, if needed, will occur on 4/28.

Legislative:

CalCCA, SVCE’s state trade association, is sponsoring two bills this legislative session: AB 1761 (Rogers) to provide data transparency around the Power Charge Indifference Adjustment and SB 1138 (Padilla) to allow Resource Adequacy obligation trading. AB 1761 (Rogers) passed out of the Assembly Committee on Utilities and Energy on March 18, 2026. SB 1138 (Padilla) will be heard in the Senate Committee of Energy, Utilities, and Communications in April. SVCE is working closely with CalCCA to ensure the passage of the bills.

In the United States Congress, Senators Whitehouse and Heinrich, the ranking members of the Senate Committee on Environment and Public Works and the Senate Energy and Natural Resources Committee announced they will resume negotiation on permitting reform for energy projects. Negotiations had stalled at the end of 2025 due to Democratic opposition to the Administration’s efforts to slow or stop wind and solar projects.

Attachment 2 contains a summary of current regulatory proceedings and legislative initiatives SVCE staff is either participating in or monitoring.

New SVCE Headquarters
Construction on the new SVCE Headquarters began in the last week of February. The current estimate is that Item 2
Agenda Item: 2 Agenda Date: 4/8/2026

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construction will be complete in early July and staff will move in at the start of July 2026. Staff is in the process of assessing furniture and equipment needs. A consent item is included on the agenda for authority to contract with The Collective for furniture and related services.

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

Upcoming Events
April 21 – 24, 2026: Economics of Energy and the Environment Virtual Course May 12 – 14, 2026: CalCCA Conference & 10-year Anniversary Celebration, Sacramento June 18, 2026: CC Power Ribbon Cutting for Tumbleweed Long Duration Storage Project, Kern County

ATTACHMENTS

1. SVCE Clean Power Update, April 2026

2. Regulatory and Legislative Update, April 2026
Item 2
Agenda Item: 2 Agenda Date: 4/8/2026

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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 Agreement KBI Benefits Benefits Broker Services NTE - $0 2/28/2026 -
2/27/2027
CEO Spending
Authority
Agreement Pyxis Partners Commissioning Services NTE - $52,840 2/17/2026 -
9/30/2027
CEO Spending
Authority
Agreement
SJECCD
Foundation
Scholarship
Establishment
Agreement NTE - $45,000
2/11/2026 -
12/31/2026
BOD approved
3/2024
Agreement
IMS Legal
Strategies Legal Services NTE- $250,000
3/10/2026 -
3/9/2027
CEO Spending
Authority
Amendment
San Francisco
Elevator Services elevator maintenance No new money
5/1/2026 -
4/30/2027
CEO Spending
Authority
Agreement Lisa Wentz QPID Speaker NTE - $5200
3/16/2026 -
3/17/2026
CEO Spending
Authority
Agreement City of Saratoga Member Agency Grant NTE - $184,537 3/13/2026 -
12/31/2028
BOD approved
3/2024
Agreement John Scott Speaking Engagement $5,000
3/16/2026 -
3/16/2026
CEO Spending
Authority
Agreement LCG CONSULTING
Consulting Support in
Grid Analytics and
Advisory Services NTE - $105,000
4/7/2026 -
4/6/2027
CEO Spending
Authority
Amendment
Flynn Resources
Consultant
General Consulting
Services No new money
extends term
to 3/31/2027
CEO Spending
Authority
Agreement
Sustainable
Energy Solutions
Community Based
Organization
Electrification Program
Design Partnership NTE - $3,600
3/20/2026 -
3/1/2027
CEO Spending
Authority
Agreement Reach Strategies
Demo Home support,
transportation and
storage NTE - $94,500
3/24/2026 -
3/23/2027
CEO Spending
Authority
Item 2

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Exhibit 2 - CEO Power Supply Agreements Executed Under Delegated Authority Counterparty Name Execution/Effective
Date
Transaction
Type Product Start Date End Date Notional Value
Morgan Stanley Capital Group 2/20/2026 Purchase Carbon-Free Energy 2/20/2026 12/31/2026 $407,200 Chevron Power Holdings Inc. 3/3/2026 Purchase Resource Adequacy 1/1/2027 12/31/2027 $367,500 Morgan Stanley Capital Group 3/6/2026 Purchase Resource Adequacy 8/1/2026 9/30/2026 $372,500 Morgan Stanley Capital Group 3/6/2026 Purchase Carbon-Free Energy 8/1/2026 9/30/2026 $31,875 Karbone Energy, LLC 3/19/2026 Purchase Resource Adequacy 9/1/2027 9/30/2027 $600,000 Item 2
• Subtitle
New SV Clean Energy
PowerPoint Template
CEO Report
Clean Power Update
SVCE Board Meeting
April 8, 2026
Item 2
Attachment 1
Clean Power Update, April 2026
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, April 2026
3 SVCE is On Track to Meet SB100 and Agency Goals
for Clean and RPS…
Item 2
Attachment 1
Clean Power Update, April 2026
4 And Making Significant Progress Toward Meeting
Long-Term RPS Targets
SB350 is a multi-year compliance
period obligation,
which has interim
annual targets
• Currently in Compliance Period 5: 2025-2027
9%
6%
1%
3%
3%
4%
4%
7%
7% 45%
31%
% of Retail Sales
CY 2026 Expected Long-Term RPS
Item 2
Attachment 1
Clean Power Update, April 2026
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, April 2026
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, April 2026
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 15 Sep-25 Pre-construction Item 2
Attachment 1
Clean Power Update, April 2026
Clean Energy Resources Online Progress
as of March 27, 2026
2025 • San Luis West Solar + Storage: Pre-construction - delayed • SunZia N/S Wind and Incremental N/S Wind: Construction mode; possible COD in May • Angela Solar + Storage: Construction mode; possible COD in May • Tumbleweed LDS: Construction mode; possible COD in June • Aratina Solar + Storage: Construction mode; possible COD in June 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, April 2026
THANK YOU!
9 Item 2
Attachment 1
Clean Power Update, April 2026
1 • Subtitle
New SV Clean Energy
PowerPoint Template
SVCE Legislative and
Regulatory Update
April 8, 2026
Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
2 Policy Updates
Regulatory Update:

1. Integrated Resource Planning

2. Resource Adequacy

3. Energy Resource Recovery Account

4. Power Charge Indifference Adjustment

5. Timely Energization

6. Billing Modernization
Legislative Update:

1. SVCE’s Bill Positions

2. 2026 Legislative Calendar
Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
3 Regulatory
Update
3 Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
4 Key Regulatory Activities
Activity Purpose Status
Integrated Resource
Planning
(R.25-06-019)
Order Instituting Rulemaking
to Continue Oversight of
Electric Integrated Resource
Planning and Procurement
Processes
On March 9th, Administrative Law Judge Julie Fitch issued an order revising the 2026 individual LSE IRP filing date to August 10th, 2026 (previously June 1st). Final materials for the IRPs were provided on March 20th. SVCE staff intends to bring the 2026 SVCE IRP to the board for approval at the June board meeting.

Resource Adequacy
(R.25-10-003)
Order Instituting Rulemaking
to Oversee the Resource
Adequacy Program, Consider
Program Reforms and
Refinements, and Establish
Forward Resource Adequacy
Procurement Obligations
On March 9th, the CPUC held a workshop to discuss CalCCA's RA Transactability proposal.

Both CalCCA and Energy Division staff presented at the workshop. Comments on the workshop and party proposals were filed March 16th with reply comments due March 30th.

In addition to transactability, the Commission is also currently considering other refinements to the RA program in Track 1 of the proceeding. These include accounting rules for long duration energy storage as well as refinement to outage counting rules for gas and battery units.

PG&E's 2025 Energy
Resource Recovery
Account Compliance
Application
(A.26-02-019)
Application of PG&E for
Compliance Review of UOG
Operations, Portfolio
Allocation Balancing Account
Entries, and Other Activities
On February 27th, PG&E filed its application for the Commission to find that PG&E complied with its bundled procurement plan, reasonably managed its utility-owned generation facilities management, and that expenditures in various balancing accounts were consistent with applicable tariffs. Protests are due April 2, for which SVCE is working with joint-CCA counsel.

Power Charge
Indifference Account –
Track 2
(R.25-02-005)
Order Instituting Rulemaking
to Update and Reform Energy
Resource Recovery Account
and Power Charge
Indifference Adjustment
Policies and Processes
On March 23th, Reply Testimony was filed, responding to Opening Testimonies regarding the issue of valuing pre-2019 banked renewable energy credits (RECs). The parties submitting Replies were the joint IOUs, CalAdvocates, and CalCCA. Evidentiary hearings, if needed, will occur on 4/28.

Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
5 Key Regulatory Activities
Activity Purpose Status
Timely Energization
(R. 24-01-018)
To establish energization
timelines.

A Ruling setting the scope for Phase 2 of the proceeding has been issued. Phase 2 of the Timely Energization proceeding will decide how the CPUC should determine remedial action is needed when investor owned utility energization timelines do not improve and what the remedial action should be. This phase of the proceeding will also examine the enforcement policy for the energization timelines that the CPUC adopted in Phase 1 of the proceeding, whether further action should be taken to standardize energization processes, and whether the CPUC needs to take action beyond what was required by the legislature to improve energization timelines. SVCE plans to engage in the case and continue to advocate for improved energization timelines and processes.

Billing Modernization
(R. 24-10-014)
To review PG&E's application
for approval of its Billing
Modernization Initiative.

PG&E filed supplemental testimony in mid-March, asking for more time to launch the final end-state of their new billing system. The original system was originally planned to launch December 2029. In the supplemental testimony, PG&E proposes launching the new billing system June 2030 due to delays with the finalizing early stages of the modernization initiative and due to the complexity of trying to launch a new billing system the same quarter as end-of-year financial statements must be produced. SVCE is working with other CCAs in PG&E's territory to negotiate a settlement in the case. Settlement negotiations continue and the new final end-state launch date will inform continued negotiations between CCAs and PG&E.

Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
6 Legislative Update
Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
7 SVCE Bill Positions
Bill Number Summary SVCE
Position
Position Taken
Under which Board -
Adopted Legislative
Platform Policy
Status
AB 1761
(Rogers)
Requires CPUC to share all
data used in calculation of
the Power Charge
Indifference Adjustments to
CCAs and other
stakeholders.

Support Affordability and
Rates
Assembly
Appropriations
Committee
SB 1138
(Padilla)
Requires CPUC to allow
load -serving entities to trade
Resource Adequacy
compliance obligations.

Support Affordability and
Rates
Senate Energy
Committee
Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026
8 • January 5 – Legislature Reconvenes
• January 31 – Last day for each house to pass bills introduced in that house in 2025 • February 20 – Last day for bills to be introduced
• April 24 – Last day for policy committees to hear fiscal bills • May 15 – Last day for fiscal committees to hear bills introduced in that house • May 29 – Last day for each house to pass bills introduced in that house • June 15 – Budget bill must pass by midnight
• July 2 – Last day for policy committees to vote on bills • August 14 – Last day for fiscal committees to vote on bills • August 31 – Last day for each house to pass bills
• September 30 – Last day for Governor to sign bills
• November 3 – Statewide General Election
Key 2026 State Legislative Milestones
Item 2
Attachment 2
SVCE Leg and Reg Update, April 2026

Page 1 of 3 ends

Staff Report – Item 3
Item 3: Integrated Decarbonization Roadmap: Barriers and Targets 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: 4/8/2026

RECOMMENDATION
Staff requests the Silicon Valley Clean Energy (SVCE) Board of Directors receive an update on the Integrated Decarbonization Roadmap and provide feedback on program priorities and tradeoffs.

BACKGROUND
In 2018 SVCE published the “Decarbonization Strategy & Programs Roadmap” ((located on SVCE’s website:
2018 Decarbonization Strategy & Programs Roadmap) a public-facing document outlining SVCE’s goals, strategic framework, decarbonization strategy, programs roadmap, and reporting and review structure. This guiding document was created with input from the Board of Directors, Member Agency Working Group (MAWG), stakeholders, and consultants and came together in a public-facing document. Core to this document was the identification of GHG reduction targets on our pathway to statewide carbon neutrality by 2045 in alignment with the legislative mandate established by Assembly Bill 1279 (2022). Additionally, core program initiatives were identified to help us reach these ambitious GHG reduction targets.

In August and September of 2025 staff brought an informational presentation to the Executive Committee and Board of Directors, respectively, describing the need to revisit the original document and outlining the goals of the Integrated Decarbonization Roadmap effort, including the following three key deliverables:

1. Updated roadmap document
This document will include refined decarbonization targets, strategic guidelines around key focus areas, and program milestones to evaluate progress toward our goals over time.

2. Program evaluation framework
SVCE will develop a customized set of metrics to guide investment and track performance of programs toward our goals. This will also provide opportunity to prepare for potential future reporting requirements passed down through state legislation.

3. Reporting guidelines
An established cadence and protocol for evaluating and reporting program performance.

Executive Committee Discussion
In March of 2026 staff presented the Integrated Decarbonization Roadmap barriers and targets to the Executive Committee for discussion. Key feedback included the following points:
• Supported content and level of detail presented as appropriate for Board of Directors discussion. • Noted importance of diversifying SVCE program investments to hedge for uncertainty in regulatory landscape.

Item 3
Agenda Item: 3 Agenda Date: 4/8/2026

Page 2 of 3 ends

ANALYSIS & DISCUSSION
Overview
To meet California’s target of statewide carbon neutrality by 2045, all fossil-gas consuming appliances and passenger vehicles will need to be converted to zero-emission technology. Across SVCE service territory this equates to slightly over one million residential machines, as illustrated in Figure 1 below plus tens of thousands of non-residential machines.

Figure 1. 2024 SVCE service territory emissions by source. (Sources: SVCE 2024 Greenhouse Gas Inventory; SVCE’s Vehicles dashboard; and SVCE 2022 Market Segmentation Study.) SVCE does not have the budget, nor the level of influence needed to electrify all one million machines directly by 2045 – for example, providing rebates for every residential gas water heater changeout would cost $30M annually, not including additional costs to administer the rebates. Many customer decisions are outside of SVCE’s influence, such as type the variety, cost, and type of EVs manufactures build and sell. And some technologies, including many industrial heat applications, currently do not have feasible zero-emissions replacement options. Strategic tradeoffs and prioritization must be made to best allocate SVCE’s resources towards supporting decarbonization at scale throughout our service territory.

SVCE operates in an environment with high budget uncertainty, with expansion and contraction revenue from year to year. To maximize return on future program investments, staff have developed general strategic program portfolio investment examples corresponding to different budget scenario levels (high, medium, and low annual program budgets). To guide and inform this discussion, SVCE staff have established the following programmatic categories, which all SVCE programs can be attributed:
• Rebates and Incentives
• Ecosystem Investment
• Research and Innovation
• Community Reinvestment
• Education and Engagement
These program categories are described in more detail in Table 1 below, including example programs and benefits of each program category.

Item 3
Agenda Item: 3 Agenda Date: 4/8/2026

Page 3 of 3 ends

SVCE Program
Category Example Programs Benefits
Rebates and
Incentives
Home Rebates, Full-Service Home UpgradesDirect reduction in upfront cost of electrification
Community
Investments
Member Agency Grants,
Affordable Housing DI
Delivers investments into community
priority areas, creates tangible
Ecosystem
Improvement
Reach Codes, Contractor
Training, Permit
Streamlining
Reduces friction, improves cost
effectiveness, transforms the market
Research and
Innovation
Innovation Onramp, Rate
Pilot Programs, Demand
Flex pilots
Identifies and test solutions to key
barriers to catalyze adoption;
sometimes big win, sometimes no win
Unallocated
Funds committed to
program budget, but not
yet to a specific program
-
Education and
Engagement Dream Home, eHub Spreads the word about electrification, clarifies misconception, builds energy Table 1. SVCE program categories, including example programs and benefits of each category.

Based on feedback from stakeholder workshops and staff working groups, program allocation priorities have been developed for discussion with the Executive Committee in March and the Board of Directors in May.

Planned Timing and Approach
The Integrated Decarbonization Roadmap is scheduled for completion by October 2026. Major milestones include (subject to change):
• March 2026: Executive Committee discussion – budget scenarios and priorities • April 2026: Board of Directors discussion – budget scenarios and priorities • June 2026: Executive Committee presentation – draft program reporting framework • August 2026: Board of Directors special study session – draft recommendations and roadmap • October 2026: Final documents presented to Board of Directors for approval

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”.

ALTERNATIVE
N/A

FISCAL IMPACT
N/A
Item 3

Page 1 of 1 ends

Staff Report – Item 4
Item 4: Programs Impact Summary – January 1, 2025 to December 31, 2025 From: Monica Padilla, CEO
Prepared by: Justin Zagunis, Director of Customer Success Nupur Hiremath, Manager of Decarbonization Programs
Date: 4/8/2026
This item will be addressed in the form of a presentation to the Board of Directors (Board) providing an overview of SVCE’s decarbonization programs, impacts and learnings in 2025, and a look-ahead to future programs.

ATTACHMENT

1. The presentation for this item is posted to the SVCE website.

Item 4

Silicon Valley Clean Energy Board of DirectorsApril 8, 2026

Silicon Valley Clean Energy Board of Directors
April 8, 2026