Agenda packet — Silicon Valley Clean Energy Board of Directors, June 10, 2026 (part 2 of 2)

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D. Authority to Flexibly Staff and Overhire Budgeted Positions • Under the Human Resources Policy 01: Personnel and Reimbursement, the CEO is authorized to hire in excess of 10% of the number of positions shown in the annual budget without prior approval of the Board. • In no case shall positions be added or salaries be adjusted during the year that cause the total annual budget to be exceeded in total by fiscal year-end without prior Board approval by Resolution.

E. Power/Energy Purchases Contingency
• The nature of the power markets is one of rapid changes in prices and market volatility. The ability to quickly adapt to those changes is important for maintaining consistent power delivery to customers.

Therefore, the CEO is granted authority to overspend the total annual budget for power supply purchases by the lesser of 15% of the annual power supply budget, or $50 million, without Board approval provided the over expenditure is due to higher power supply costs or greater customer demand. Overspending for these purposes may require use of reserves and the conditions on use of reserves as stated in the Financial Reserves Policy apply, where reserves cannot be drawn down more than 15% of the year’s budgeted cost of power supply or $50 million, whichever is less, nor below the baseline Minimum Operating Reserve level without Board approval.

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel. • Any employee found to have violated this policy may be subject to disciplinary action, up to and including termination of employment.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

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Finance Policy 9: Financial Reserves
I. Purpose
This Reserve Policy outlines the appropriate types and levels (minimum, goal, and maximum) of financial reserves as prescribed in the following policy. The primary reason for a reserve policy is to be prepared for contingencies, but other reasons also exist. Seven important purposes of a reserve policy are as follow:
• Plan for contingencies. To maintain sufficient reserves to minimize rate increase due to market volatility (power supply shocks or maintain rate competitiveness), weather impacts on demands, economic downturns, emergencies (such as natural disasters), and regulatory changes. • Maintain good standing with rating agencies. By maintaining sufficient reserves, SVCE can preserve good credit ratings, allowing it to secure power at lower costs, that is, without posting credit enhancements, in the energy markets.
• Avoid interest expense. To avoid interest expense to cover short-term cash shortfalls by having sufficient reserves to use for this purpose, rather than debt.
• Ensure cash availability when revenue is unavailable. To bridge times of the year that normally see temporary low levels of cash. • Plan for anticipated future rate increases by gradually raising those rates, using reserves to cushion the full impact on customers over an extended time period. For example, if it is expected that rates are highly likely to increase in 3 to 5 years, higher reserves on hand can cushion those rate increases over a more gradual timeframe by drawing down on the accumulated funds that may be in excess of the reserves’ goal. • Manage the risks identified in the Energy Risk Management Policy, which are:
o Market price risk,
o Net revenue risk,
o Counterparty credit and performance risk,
o Load and generation volumetric risk,
o Operational risk,
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o Liquidity risk, and
o Regulatory/legislative risk.
• Establish clear expectations between the Board of Directors and staff. A formal reserve policy creates a shared understanding of the proper level and use of reserves.

II. Policy
A. Financial reserves shall be set aside as follows:

The Reserve targets cover the operations of SVCE over a number of days in the event of emergencies or other significant unforeseen events.

Three levels are defined, with the first being baseline. Given the purposes stated above, the Reserve shall be maintained at no less than the minimum described below. The operating reserve level described below is recommended as the goal. The Maximum reserve level described below would provide solid reserves for significant fluctuations in revenue or unforeseen circumstances. The Board shall review its reserve levels annually in context of SVCE’s overall financial condition of the agency, as well as due to changes to the industry and/or risk factors as described in periodic review of targets below. o Minimum Operating Reserve (baseline) shall be the minimum maintained to cover 120 days of operations of the annual operating budget;
o An Operating Reserve goal of covering 350 days of operations of the annual operating budget;
Maximum Operating Reserve to cover 500 days of operations of the annual operating budget.

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B. Conditions for Use of Reserves
• For purposes of this policy, use of reserves is defined as a projected or estimated1 reduction in reserves by fiscal year-end. A temporary reduction in cash consistent with the expected peaks or dips in revenues and expenditures are normal cyclical occurrences to be expected during the fiscal year, and do not constitute a use of reserves. • The reserves may be drawn down upon by the CEO during the year, up to the lesser of 150% of the year’s budgeted cost of power supply, or $350 million, to:
o Cover increases in power supply expenses due to spikes in costs and/or due to higher customer demand;
o Provide necessary funds to make up for unanticipated revenue shortfalls;
o Meet any margin or collateral posting requirements under energy supply contracts; and,
o Provide resources to meet emergency expenditures.
• If further use of reserves are needed to manage the operations of the organization, or if the use of reserves would bring the balance below the Minimum Operating Reserve baseline, the CEO must present recommendations to the Board and the Board must authorize any such use.

C. Replenishment of Reserves
• Should SVCE drawdown reserves below the Minimum Operating Reserve level, SVCE will consider plans to return reserves to their minimum targets within two (2) fiscal years. Such plans will be provided in subsequent budget and rate discussions with the Board.
1 It is not practical to wait the formal fiscal year end closing of the accounting records to determine if the reserves have been “used”. Therefore, it is appropriate for staff to estimate reserve levels, with the important amount being what is estimated for fiscal year end.

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D. Excess Reserves
• If reserve funds are projected to exceed the maximum level, the CEO shall present options for consideration by the Board of Directors for proper disposition of those reserves during the next budget cycle. In computing excess reserves, the reserve balance will be reduced for earmarked funds or allocated but unspent funds.

E. Reserves between Minimum and Maximum
• To the extent that reserves are above target and below the maximum, no other action by SVCE would be required.

F. Periodic Review of Reserve Goals
• Reserve goals shall be periodically reviewed for consistency with industry standards. If significant risk factors are eliminated or significant new risks emerge as a result of changes in the industry, legislation, or economic conditions, the basis of the reserve policy shall be reviewed, and the funding level shall be adjusted accordingly. Unless the Reserves are approaching minimum levels, formal Reserve funding discussions with the Board may await the next budget process.

G. Reporting
• Reserve levels will be monitored during the fiscal year and reported in the quarterly financial reports. Reserve target levels (minimum and maximum) will be analyzed annually, and over/under reserve determination shall be made in conjunction with year-end financial results. These results will be reported to the Board of Directors as part of the year-end financial report presentation.

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Finance Policy 9: Financial Reserves
I. Purpose
This Reserve Policy outlines the appropriate types and levels (minimum, goal, and maximum) of financial reserves as prescribed in the following policy. The primary reason for a reserve policy is to be prepared for contingencies, but other reasons also exist. Seven important purposes of a reserve policy are as follow:
• Plan for contingencies. To maintain sufficient reserves to minimize rate increase due to market volatility (power supply shocks or maintain rate competitiveness), weather impacts on demands, economic downturns, emergencies (such as natural disasters), and regulatory changes. • Maintain good standing with rating agencies. By maintaining sufficient reserves, SVCE can preserve good credit ratings, allowing it to secure power at lower costs, that is, without posting credit enhancements, in the energy markets.
• Avoid interest expense. To avoid interest expense to cover short-term cash shortfalls by having sufficient reserves to use for this purpose, rather than debt.
• Ensure cash availability when revenue is unavailable. To bridge times of the year that normally see temporary low levels of cash. • Plan for anticipated future rate increases by gradually raising those rates, using reserves to cushion the full impact on customers over an extended time period. For example, if it is expected that rates are highly likely to increase in 3 to 5 years, higher reserves on hand can cushion those rate increases over a more gradual timeframe by drawing down on the accumulated funds that may be in excess of the reserves’ goal. • Manage the risks identified in the Energy Risk Management Policy, which are:
o Market price risk,
o Net revenue risk,
o Counterparty credit and performance risk,
o Load and generation volumetric risk,
o Operational risk,
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o Liquidity risk, and
o Regulatory/legislative risk.
• Establish clear expectations between the Board of Directors and staff. A formal reserve policy creates a shared understanding of the proper level and use of reserves.

II. Policy
A. Financial reserves shall be set aside as follows:

The Reserve targets cover the operations of SVCE over a number of days in the event of emergencies or other significant unforeseen events.

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B. Conditions for Use of Reserves
• For purposes of this policy, use of reserves is defined as a projected or estimated1 reduction in reserves by fiscal year-end. A temporary reduction in cash consistent with the expected peaks or dips in revenues and expenditures are normal cyclical occurrences to be expected during the fiscal year, and do not constitute a use of reserves. • The reserves may be drawn down upon by the CEO during the year, up to the lesser of 15% of the year’s budgeted cost of power supply, or $50 million, to:
o Cover increases in power supply expenses due to spikes in costs and/or due to higher customer demand;
o Provide necessary funds to make up for unanticipated revenue shortfalls;
o Meet any margin or collateral posting requirements under energy supply contracts; and,
o Provide resources to meet emergency expenditures.
• If further use of reserves are needed to manage the operations of the organization, or if the use of reserves would bring the balance below the Minimum Operating Reserve baseline, the CEO must present recommendations to the Board and the Board must authorize any such use.

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D. Excess Reserves
• If reserve funds are projected to exceed the maximum level, the CEO shall present options for consideration by the Board of Directors for proper disposition of those reserves during the next budget cycle. In computing excess reserves, the reserve balance will be reduced for earmarked funds or allocated but unspent funds.

E. Reserves between Minimum and Maximum
• To the extent that reserves are above target and below the maximum, no other action by SVCE would be required.

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Finance Policy 11: Capitalization
I. Purpose
To capitalize and depreciate SVCE capital assets with a useful life expectancy of greater than one year and a cost greater than $5,000.

To capitalize and amortize subscription-based information technology arrangements (SBITAs) if the net present value of future subscription payments, per contract, exceeds $250,000.

To capitalize and amortize leases, SBITAs, and any other intangible assets as per any applicable standards from the Governmental Accounting Standards Board (GASB).

II. Scope
All acquisitions of capital assets (tangible assets) and intangible assets, as per any standards from GASB, such as SBITAs (GASB 96), and leases (GASB 87), for the Agency.

III. Policy
• Except for land, individual capital assets with a useful life of greater than one year and costing more than $5,000 (per asset basis) will be capitalized and will be recorded in the depreciation records. Any asset that does not meet the above criteria will be expensed, such as small equipment, or repairs, and maintenance.
• The cost basis of furniture and equipment assets will include all charges relating to the purchase of the asset including the purchase price, freight charges, and installation, if applicable.
• Leasehold improvements, including painting, are to be capitalized if they relate to the occupancy of a new office or a major renovation of an existing office. Expenditures incurred in connection with maintaining an existing facility in good working order should be expensed as a repairs.

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• The following lifespan table should be used as a guide for the following asset classifications for financial reporting and depreciation purposes:

Property Asset Description
3-year property Computer software, hardware and office machinery 5-year property Automobiles
7-year property Office furniture and fixtures
• SBITAs that require recognition under GASB Statement No. 96 shall be capitalized if the net present value of future subscription payments associated with the underlying subscription arrangement exceeds $250,000.

SBITAs excluded from GASB 96 recognition requirements, including short-term SBITAs, shall be expensed as incurred. SVCE will annually evaluate sub-threshold SBITAs in the aggregate for materiality and, as appropriate, consider financial statement presentation and disclosure information.

IV. Reference Documents
A. Definitions
• Capitalization – Capitalization is the method chosen to record the purchase acquisition of tangible and intangible assets of fixed assets on SVCE’s accounting books. If an asset is capitalized then it is not expensed in the same year the asset is purchasedacquired. Instead, the asset is generally recorded on the balance sheet and individually on an asset schedule. Examples of tangible capital expenditures are purchases of office equipment, furniture, and vehicles. The tangible asset is expensed each year as depreciation. Examples of intangible expenditures are office leases and SBITAs. The intangible asset is expensed each year as amortization.

V. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

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B. Cadence for Review
• This Policy will be reviewed at least every five three (53) years.

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Finance Policy 11: Capitalization
I. Purpose
To capitalize and depreciate SVCE capital assets with a useful life expectancy of greater than one year and a cost greater than $5,000.

To capitalize and amortize subscription-based information technology arrangements (SBITAs) if the net present value of future subscription payments, per contract, exceeds $250,000.

To capitalize and amortize leases, SBITAs, and any other intangible assets as per any applicable standards from the Governmental Accounting Standards Board (GASB).

II. Scope
All acquisitions of capital assets (tangible assets) and intangible assets, as per any standards from GASB, such as SBITAs (GASB 96), and leases (GASB 87), for the Agency.

III. Policy
• Except for land, individual capital assets with a useful life of greater than one year and costing more than $5,000 (per asset basis) will be capitalized and will be recorded in the depreciation records. Any asset that does not meet the above criteria will be expensed, such as small equipment, repairs, and maintenance.
• The cost basis of furniture and equipment assets will include all charges relating to the purchase of the asset including the purchase price, freight charges, and installation, if applicable.
• Leasehold improvements, including painting, are to be capitalized if they relate to the occupancy of a new office or a major renovation of an existing office. Expenditures incurred in connection with maintaining an existing facility in good working order should be expensed as repairs.

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• The following lifespan table should be used as a guide for the following asset classifications for financial reporting and depreciation purposes:

IV. Reference Documents
A. Definitions
• Capitalization – Capitalization is the method chosen to record the acquisition of tangible and intangible assets on SVCE’s accounting books. If an asset is capitalized then it is not expensed in the same year the asset is acquired. Instead, the asset is generally recorded on the balance sheet and individually on an asset schedule. Examples of tangible capital expenditures are purchases of office equipment, furniture, and vehicles. The tangible asset is expensed each year as depreciation. Examples of intangible expenditures are office leases and SBITAs. The intangible asset is expensed each year as amortization.

V. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

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B. Cadence for Review
• This Policy will be reviewed at least every three (3) years.

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Finance Policy 6: Purchasing and Spending
I. Purpose
The purpose of this policy is to describe delegation and parameters for spend.

II. Scope
All SVCE purchases.

III. Policy
A. Delegation to the Chief Executive Officer
• The CEO shall have all necessary and proper authority and the ability to further delegate their authority to approve and execute:
o contracts for Energy Procurement for terms of less than or equal to 12 months, to meet SVCE’s expected energy, capacity, and hedging needs, which the CEO shall timely report to the Board;
o contracts with a not-to-exceed maximum dollar amount of less than or equal to $250,000 per vendor for a given scope of work, per fiscal year;
o contracts to provide grants and scholarships that are included within a Board-approved program;
o grant applications to pursue funding that may supplement SVCE’s budget and increase SVCE’s ability to spend on activities that are consistent with priorities within SVCE’s Strategic Plan; o settlement agreements where SVCE is receiving funds up to $250,000 per agreement;
o amendments or addenda to existing contracts, regardless of the existing contract’s price or total amount, which improves the terms of the contract to SVCE’s benefit without increasing the contract’s non-to-exceed maximum dollar amount; and
o in the event of an emergency situation contracts with a not-to-exceed maximum dollar amount of; ▪ 150% of the maximum dollar amount in Section 1.b
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ifdelegated for vendor agreements in this policy per fiscal year; or
▪ 500% of the maximum dollar amount in Section 1.b
ofdelegated for vendor agreements in this policy per fiscal year with the prior written consent of two (2) Executive Committee members
• In order to avert or alleviate damage to property, to protect the health, safety and welfare of the community and SVCE’s employees, or to repair or restore damaged or destroyed property of SVCE.
• An “emergency situation” for purposes hereof is a situation creating an imminent danger to life or property or other material financial loss that calls for immediate action with inadequate time for prior Board approval.

The Chief Executive Officer shall within thirty (30) days of the emergency, deliver a report to the Board of Directors explaining the necessity for the action, a listing of expenditures made under these emergency powers and any recommended future actions.
• Emergency Procurement Solicitation Guidelines
o In case of emergency, defined as a sudden, unexpected occurrence that poses a clear and imminent danger, requiring immediate action to prevent or mitigate the loss or impairment of life, health, property, or essential public services, goods or services may be procured without complying with the standard procurement requirements in order to mitigate impacts of the emergency.
o For public works projects subject to informal or formal bidding under the California Uniform Public Construction Cost Accounting Act (CUPCCAA), the Chief Executive Officer shall approve the emergency procurement and shall report to the Board the reasons justifying why the emergency did not permit a delay resulting from a competitive solicitation for bids and why the action was necessary to respond to the emergency. The report must occur not later than seven (7) days after the action, or at the Board’s next regularly scheduled meeting if that meeting will occur not later than 14 days after the action. Until the emergency action is terminated, at every regularly scheduled Board meeting, the Board must determine, by a four-fifths vote, that Item 1e
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there is a need to continue the action. See Public Contract Code section 22050 et seq.
o For all other procurement of goods and services, the Chief Executive Officer shall disclose any circumstances of an emergency to the Chair and Vice Chair of the Board within 30 days; and report all emergency procurement to the Board within 30 days.
• The CEO shall develop and maintain Purchasing and Spending Standards related to the vendor and/or goods solicitations, sole source justifications, the use and issuance of Purchasing Cards (P-Cards), disposal of property, and general spending under the delegated authority including for employee travel and training, meetings, meals, operations, equipment and workforce development.
• The CEO shall develop Energy Risk Management Standards related to the solicitation and procurement process for all energy products such as electricity, clean attributes, resource adequacy, congestion revenue rights and other hedging products, and any other related products. • The CEO may delegate their authority under this policy and shall document any such delegations in Purchasing Standards.
• The Board shall adopt Energy Risk Management Policies which include a delegation of authority to the CEO for contracts for energy and related procurement of less than five years in term. All energy related procurement in excess of five years or more, requires Board approval. • The CEO may authorize staff to make payments utilizing any payment method they deem appropriate. However, all automated clearinghouse (ACH) payments and wire transfers must be approved by the Chief Financial Officer or their delegee.

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

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B. Cadence for Review
• This Policy will be reviewed at least every five (5) years. • Changes to this policy will be reviewed by the Finance and Administration Committee before being presented to the Board.

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Finance Policy 6: Purchasing and Spending
I. Purpose
The purpose of this policy is to describe delegation and parameters for spend.

II. Scope
All SVCE purchases.

III. Policy
A. Delegation to the Chief Executive Officer
• The CEO shall have all necessary and proper authority and the ability to further delegate their authority to approve and execute:
o contracts with a not-to-exceed maximum dollar amount of less than or equal to $250,000 per vendor for a given scope of work, per fiscal year;
o contracts to provide grants and scholarships that are included within a Board-approved program;
o grant applications to pursue funding that may supplement SVCE’s budget and increase SVCE’s ability to spend on activities that are consistent with priorities within SVCE’s Strategic Plan; o settlement agreements where SVCE is receiving funds up to $250,000 per agreement;
o amendments or addenda to existing contracts, regardless of the existing contract’s price or total amount, which improves the terms of the contract to SVCE’s benefit without increasing the contract’s non-to-exceed maximum dollar amount; and
o in the event of an emergency situation contracts with a not-to-exceed maximum dollar amount of; ▪ 150% of the maximum dollar amount delegated for vendor agreements in this policy per fiscal year; or
▪ 500% of the maximum dollar amount delegated for vendor agreements in this policy per fiscal year with the prior Item 1e
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written consent of two (2) Executive Committee members
• Emergency Procurement Solicitation Guidelines
o In case of emergency, defined as a sudden, unexpected occurrence that poses a clear and imminent danger, requiring immediate action to prevent or mitigate the loss or impairment of life, health, property, or essential public services, goods or services may be procured without complying with the standard procurement requirements in order to mitigate impacts of the emergency.
o For public works projects subject to informal or formal bidding under the California Uniform Public Construction Cost Accounting Act (CUPCCAA), the Chief Executive Officer shall approve the emergency procurement and shall report to the Board the reasons justifying why the emergency did not permit a delay resulting from a competitive solicitation for bids and why the action was necessary to respond to the emergency. The report must occur not later than seven (7) days after the action, or at the Board’s next regularly scheduled meeting if that meeting will occur not later than 14 days after the action. Until the emergency action is terminated, at every regularly scheduled Board meeting, the Board must determine, by a four-fifths vote, that there is a need to continue the action. See Public Contract Code section 22050 et seq.
o For all other procurement of goods and services, the Chief Executive Officer shall disclose any circumstances of an emergency to the Chair and Vice Chair of the Board within 30 days; and report all emergency procurement to the Board within 30 days.
• The CEO shall develop and maintain Purchasing and Spending Standards related to the vendor and/or goods solicitations, sole source justifications, the use and issuance of Purchasing Cards (P-Cards), disposal of property, and general spending under the delegated authority including for employee travel and training, meetings, meals, operations, equipment and workforce development.
• The CEO shall develop Energy Risk Management Standards related to the solicitation and procurement process for all energy products such as electricity, clean attributes, resource adequacy, congestion revenue rights and other hedging products, and any other related products.

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• The CEO may delegate their authority under this policy and shall document any such delegations in Purchasing Standards.
• The Board shall adopt Energy Risk Management Policies which include a delegation of authority to the CEO for contracts for energy and related procurement of less than five years in term. All energy related procurement in excess of five years or more, requires Board approval. • The CEO may authorize staff to make payments utilizing any payment method they deem appropriate. However, all automated clearinghouse (ACH) payments and wire transfers must be approved by the Chief Financial Officer or their delegee.

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years. • Changes to this policy will be reviewed by the Finance and Administration Committee before being presented to the Board.

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Finance Policy 8: Investments
I. Purpose
Silicon Valley Clean Energy (“SVCE”) shall invest public funds in such a manner as to comply with state and local laws; ensure prudent money management; provide for daily cash flow requirements; and meet the objectives of the Policy, in priority order of Safety, Liquidity and Return on investment.

II. Scope
This investment policy applies to all investment activities and financial assets of SVCE.

III. Policy
A. Objective
• The primary objectives, in priority order, of the investment activities of SVCE shall be:
o With respect to all investments:
▪ To be in compliance with all Federal, State and local laws as well as all SVCE policies and procedures.
▪ All investments of SVCE shall be undertaken in a manner which seeks the preservation of principal.
▪ To remain sufficiently liquid to enable SVCE to meet all operating requirements which might be reasonably
anticipated.
▪ To maximize return consistent with risk limitations
identified herein and prudent investment principles.
o With respect to short-term cash management objectives:
▪ To accelerate receipt of all funds due to SVCE.
▪ To accurately monitor and forecast expenditures and
revenues, thus enabling SVCE to invest funds to the
fullest extent possible.
▪ The investment portfolio shall be designed with the
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objective of obtaining a rate of return throughout
budgetary and economic cycles, commensurate with
the investment risk constraints and the cash flow
needs.

B. Standard of Care
• SVCE will manage funds in accordance with the Prudent Investor Standard pursuant to California Government Code 53600.3.1. The “prudent investor” standard shall be applied in the context of managing the overall portfolio. Persons authorized to make investment decisions on behalf of SVCE are trustees and therefore fiduciaries subject to the prudent investor standard which states, “When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency”.

C. Delegation of Authority
• The following individuals are authorized to sign investment documents and/or execute cash transfers and make investments of SVCE’s funds:
o Chief Executive Officer, or their designee
o Chief Financial Officer, or their designee
• SVCE may also delegate investment decision making and execution authority to an investment advisor. The advisor shall follow this Investment Policy and such other written instructions as are provided.

Investment advisor must be approved by the SVCE Board prior to engaging with SVCE.

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D. Ethics and Conflicts of Interest
• The authorized employees who are responsible for the investment of SVCE funds shall refrain from personal business activity that could conflict with the proper execution of SVCE’s investment program, or which could impair the ability to make impartial investment decisions.

Pursuant to SVCE’s Conflict of Interest Code, employees shall disclose any financial interests and investment holdings that could affect the performance of SVCE’s portfolio or the individual’s judgement or decisions regarding SVCE’s portfolio.

E. Socially Responsible Investments
• SVCE’s investment portfolio shall not include investments in companies in the industries or subindustries of fossil fuel extraction, refining, and/or distribution. SVCE’s investment advisor shall provide SVCE information on their screening process.

F. Diversification
• SVCE will diversify its investments by security type and institution.. With the exception of U.S. Treasury securities, federal agencies, and authorized pools, no more than 5% of SVCE’s total investment portfolio will be invested in a single security type or with a single financial institutionissuer.

G. Additional Investment Standards
• Staff will develop additional standards to implement aspects of this policy. These standards shall address, but are not limited to, the following subjects:
o Authorized Financial Dealers and Institutions
o Authorized and Suitable Investments
o A Hedging Program
o Reporting Requirements
o Investment Pools/Mutual Funds
o Collateralization
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o Safekeeping and Custody
o Maximum Maturities
o Performance Standards
IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

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Finance Policy 8: Investments
I. Purpose
Silicon Valley Clean Energy (“SVCE”) shall invest public funds in such a manner as to comply with state and local laws; ensure prudent money management; provide for daily cash flow requirements; and meet the objectives of the Policy, in priority order of Safety, Liquidity and Return on investment.

II. Scope
This investment policy applies to all investment activities and financial assets of SVCE.

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objective of obtaining a rate of return throughout
budgetary and economic cycles, commensurate with
the investment risk constraints and the cash flow
needs.

Investment advisor must be approved by the SVCE Board prior to engaging with SVCE.

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D. Ethics and Conflicts of Interest
• The authorized employees who are responsible for the investment of SVCE funds shall refrain from personal business activity that could conflict with the proper execution of SVCE’s investment program, or which could impair the ability to make impartial investment decisions.

F. Diversification
• SVCE will diversify its investments. With the exception of U.S. Treasury securities, federal agencies, and authorized pools, no more than 5% of SVCE’s total investment portfolio will be invested in a single issuer.

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o Performance Standards
IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

Item 1e
Attachment 10
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Finance Policy 10: Delinquent Accounts and
Collections
I. Purpose
To provide guidelines for the determination of delinquent accounts.

II. Scope
Pacific Gas & Electric (PG&E) issues bills to customers and uses the power of disconnection to manage delinquent accounts. Silicon Valley Clean Energy (SVCE) does not have the power of disconnection. For PG&E, accounts become “past due” 18-22 days after the bill is issued.

For residential customers, a 15-day notice is sent with the next bill, and the account becomes eligible for disconnection within 50-56 days from original bill issuance. For commercial customers, a 7-day notice is sent, and the account becomes eligible for disconnection after 32 days from when the bill was issued.

III. Policy
• Delinquent electricity accounts will be returned to PG&E generation service due to non-payment. Delinquent customers that meet the criteria for termination of SVCE service will receive a series of no less than three monthly notices of their delinquency prior to removal. • The criteria used to determine a customer’s eligibility for noticing and removal are:
o Customer has past due amounts older than 91 days aged. o The amount owed to SVCE in the 91+ day aging bucket is > $100. o The delinquent customer does not have a payment plan
established with PG&E.
• Customers that fail to make a substantial payment will be given 14 days from the date of the third and final notice to either 1) make a substantial payment that reduces the total amount owed to SVCE or 2) enroll in a structured payment plan with PG&E. A substantial payment is one that reduces the total amount owed to SVCE in the 91+ day aged bucket at the time of noticing.

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• Such substantial payment will cause the series of noticing the customer to reset. Customers that fail to take either of these actions in the allotted time after the third and final notice will be returned to PG&E generation service.
• Closed accounts may be written-off with approval by the CFO/Director of Finance or their delegate(s)..

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

Item 1e
Attachment 11
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Finance Policy 10: Delinquent Accounts and
Collections
I. Purpose
To provide guidelines for the determination of delinquent accounts.

Item 1e
Attachment 12
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• Such substantial payment will cause the series of noticing the customer to reset. Customers that fail to take either of these actions in the allotted time after the third and final notice will be returned to PG&E generation service.
• Closed accounts may be written-off with approval by the CFO or their delegate(s).

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

Item 1e
Attachment 12
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Information Technology Policy 1:

Information Technology
I. Purpose
The purpose of the Silicon Valley Clean Energy Information Technology Policy is to establish guiding principles regarding the use of Silicon Valley Clean Energy (SVCE) information resources in order to protect the confidentiality, integrity and availability of information created, collected, utilized, and maintained by the organization.

Proper management of information technology is required to support regulatory compliance, minimize legal liability, reduce the risk of criminal activity, and to sustain stakeholder and customer satisfaction.

II. Scope
The SVCE Information Technology Policy applies to all information technology resources, as well as personnel and third parties accessing information resources using SVCE’s computers or network infrastructure. Information technology (“IT” or “Information”) is a critical SVCE component and will be managed to ensure that it remains complete, accurate, confidential, and available for authorized business activities.

III. Policy
A. Information Technology Requirements
• To ensure protection of information technology resources, operational standards will be in place for all employees and designated third parties to follow. SVCE IT staff may maintain additional standards or guidelines related to the following IT policy requirements and issues including, but not limited to:
o Ensure business continuity and disaster preparedness.

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o Appropriate management of IT assets, networks, data, identity and access for systems, vulnerabilities, security, and incident response.
o Access to specific information technology resources is to be assigned to SVCE employees or designated third parties with the minimum level of access necessary to perform respective responsibilities.
o Security systems are to be structured to address security at multiple levels, including physical, network, host, and personnel security measures.
o The degree of information security protection is to be commensurate with the impact of inadvertent or intentional misuse, improper disclosure, damage or loss.
o Information technology resources are to be tracked and monitored through established tools to ensure the ongoing security of SVCE. o Data will be classified, and appropriate security controls will be applied, based on established industry standards to ensure security of sensitive data.
o All SVCE staff, through ongoing training, are informed that security is not an optional component of operations and their involvement is imperative to maintaining SVCE's cyber security posture.
o All staff and designated parties that use or have access to SVCE information technology are personally responsible for exercising the proper control over information according to the operational standards provided to them.
o Operational standards for treatment of information technology are subject to change as needed to protect SVCE based on any changes in systems, threats, and practices. All operational IT standards will be reviewed on an annual basis.
o SVCE shall conduct internal audits or assessments of its security management system as needed and/or as required by compliance standards to determine if its control objectives, controls, processes, and procedures conform to legal/regulatory
requirements, and that SVCE information security requirements Item 1e
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are effectively implemented, maintained and perform as
expected.

IV. Policy Compliance
A. Exceptions and Violations
• Requests for an exception to this policy must be submitted to the Director of Operations for approval.
o Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO,Director of Operations and General Counsel. Violations of this policy may be escalated to the CEO for review.

B. Cadence for Review
• This Policy will be reviewed at least every one (1) year.

Item 1e
Attachment 13
IT1: Redline

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Information Technology Policy 1:

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o Appropriate management of IT assets, networks, data, identity and access for systems, vulnerabilities, security, and incident response.
o Access to specific information technology resources is to be assigned to SVCE employees or designated third parties with the minimum level of access necessary to perform respective responsibilities.
o Security systems are to be structured to address security at multiple levels, including physical, network, host, and personnel security measures.
o The degree of information security protection is to be commensurate with the impact of inadvertent or intentional misuse, improper disclosure, damage or loss.
o Information technology resources are to be tracked and monitored through established tools to ensure the ongoing security of SVCE. o Data will be classified, and appropriate security controls will be applied, based on established industry standards to ensure security of sensitive data.
o All SVCE staff, are informed that security is not an optional component of operations and their involvement is imperative to maintaining SVCE’s cyber security posture.
o All staff and designated parties that use or have access to SVCE information technology are personally responsible for exercising the proper control over information according to the operational standards provided to them.
o Operational standards for treatment of information technology are subject to change as needed to protect SVCE based on any changes in systems, threats, and practices. All operational IT standards will be reviewed on an annual basis.
o SVCE shall conduct internal audits or assessments of its security management system as needed and/or as required by compliance standards to determine if its control objectives, controls, processes, and procedures conform to legal/regulatory
requirements, and that SVCE information security requirements Item 1e
Attachment 14
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are effectively implemented, maintained and perform as
expected.

IV. Policy Compliance
A. Exceptions and Violations
• Requests for an exception to this policy must be submitted to the Director of Operations for approval.
o Any known violations of this standard should be reported to the Director of Operations and General Counsel. Violations of this standard may be escalated to the CEO for review.

B. Cadence for Review
• This Standard will be reviewed at least every one (1) year.

Item 1e
Attachment 14
IT1: Clean

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Human Resources Policy 1: Personnel and
Reimbursement
I. Purpose
The purpose of the Personnel and Reimbursement Policy is to establish a uniform and equitable system of personnel administration to ensure effective service to and on behalf of SVCE and to support procedures for administering personnel matters and reimbursement in compliance with applicable laws and policies.

II. Scope
The Personnel and Reimbursement Policy applies to all employees and any independent contractors that are embedded within SVCE departments. The policy is intended to promote fairness and equity to employees, to attract the best and most competent persons available, to assure the appointment and promotions of employees will be based on merit, to allow reimbursement for meetings and travel, and to incorporate best practices in the administration of SVCE’s personnel system.

III. Policy
A. Personnel System
• SVCE shall have a personnel system for the recruitment, selection, employment, classification, compensation, advancement, performance review, discipline, discharge and retirement of employees • The Chief Executive Officer (CEO) shall be designated as the Personnel Officer and is authorized and directed to administer the personnel system. The Chief Executive Officer may delegate the powers of the Personnel Officer as they deem appropriate.

B. Personnel Officer
• The Personnel Officer shall:

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o Act as the appointing authority for all employees of SVCE with the exception of SVCE’s General Counsel.;
o Terminate individuals and/or eliminate positions as necessary including the offering and executing of a severance package and/or settlement agreement up to $250,000, as warranted in the CEO’s discretion;
o Prepare and implement an employee handbook, along with any personnel rules and regulations necessary for the administration of this personnel system;
o Define and prepare position classifications including the establishment of minimum standards of employment and
qualifications for the various positions;
o Prepare a schedule of compensation including salary and other benefits covering all employees;
o Provide the publishing or posting of notices of recruitments for positions and develop and administer procedures of the selection process;
o Prepare and present to the Authority Board a budget for implementation of the personnel system including employee salary and benefit costs as part of the annual budget process; such budget shall be based on current approved FTE positions, including vacancies, expected cost of salaries adjusted for a cost of living increase and benefits based on a reasonable participation rates.
o Make adjustments to personnel benefits provided the cost of such adjustments does not exceed the total salary and benefit costs presented to the Authority Board and included as part of the Board-approved Operating Budget. Board approval is necessary for increases or decreases to paid time off benefits including holidays, furloughs, bereavement leave and regular PTO; o Prepare policies and procedures regarding ethics and the conduct of business including, without limitation, policies relating to conflict of interest, fair and equitable treatment of employees, use and safeguarding of Authority property and resources, and standards of ethical conduct by employees.

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o Perform such other functions as necessary to administer the personnel system as directed from time to time by the Authority Board including authorization of spending for individual or group travel for meetings, training and workforce development.

A. Right to Contract for Special Services
• The Personnel Officer is also granted authority to take the following actions:
o Contract for the performance of technical or special services necessary for the establishment or operation of the personnel system including, without limitation, services for the preparation of personnel rules and subsequent revisions and amendments thereof; preparation of classification and pay plans and subsequent revisions and amendments thereof; the design and conduct of employee training programs; the conduct of
recruitment and hiring processes; and, other special and technical services of an advisory or informational character on matters related to the administration of the personnel system.
o Outsource functions that are currently staffed by positions when contracting is more advantageous to the operations of the organization or is more cost effective.
o Bring in-house any functions that are currently outsourced if the result would be advantageous to the operations of the
organization or more cost effective.

B. Authority to Adjust Salary and Positions within Budget and Limits • Adjust salary schedules for market flexibility during the year to attract and retain talent.
• Over-hire the number of positions shown in the annual budget as follows:
o On a temporary basis to minimize the impact that pending vacancies may have on the organization by allowing for cross training and overlap;
o On a permanent basis to improve operations and organization effectiveness, provided that the CEO may not over hire on a Item 1e
Attachment 15
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permanent basis in excess of 10% of the authorized number of positions shown in the annual budget without prior approval of the Board.
• In no case shall positions be added or salaries be adjusted during the year that cause the total annual budget to be exceeded in total by fiscal year-end without prior Board approval by Resolution.
• In those instances where the CEO does over-hire positions during the year, he/she shall report such actions to the Board in a timely manner. • Refer to Finance Policy 02: Budget Adoption, Control and Reporting for more policies related to the budget.

C. Reimbursement for Meetings and Travel
• All employees and Board members, including alternates, of SVCE may request reimbursement for actual expenses incurred to attend and travel to conferences and meetings for agency business. However, such meetings do not include SVCE Board of Directors or Committee meetings.
• Board members and staff shall get expenses approved in advance of incurring them and shall submit expenses for reimbursement within 180 days of incurring the expense.
• The Personnel Officer may adopt additional standards related to employee reimbursements.

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

Item 1e
Attachment 15
HRP1: Redline

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Effective on 6/10/2026
Human Resources Policy 1: Personnel and
Reimbursement
I. Purpose
The purpose of the Personnel and Reimbursement Policy is to establish a uniform and equitable system of personnel administration to ensure effective service to and on behalf of SVCE and to support procedures for administering personnel matters and reimbursement in compliance with applicable laws and policies.

B. Personnel Officer
• The Personnel Officer shall:

Item 1e
Attachment 16
HRP1: Clean

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Effective on 6/10/2026
o Act as the appointing authority for all employees of SVCE; o Terminate individuals and/or eliminate positions as necessary including the offering and executing of a severance package and/or settlement agreement up to $250,000, as warranted in the CEO’s discretion;
o Prepare and implement an employee handbook, along with any personnel rules and regulations necessary for the administration of this personnel system;
o Define and prepare position classifications including the establishment of minimum standards of employment and
qualifications for the various positions;
o Prepare a schedule of compensation including salary and other benefits covering all employees;
o Provide the publishing or posting of notices of recruitments for positions and develop and administer procedures of the selection process;
o Prepare and present to the Authority Board a budget for implementation of the personnel system including employee salary and benefit costs as part of the annual budget process; such budget shall be based on current approved FTE positions, including vacancies, expected cost of salaries adjusted for a cost of living increase and benefits based on a reasonable participation rates.
o Make adjustments to personnel benefits provided the cost of such adjustments does not exceed the total salary and benefit costs presented to the Authority Board and included as part of the Board-approved Operating Budget. Board approval is necessary for increases or decreases to paid time off benefits including holidays, furloughs, bereavement leave and regular PTO; o Prepare policies and procedures regarding ethics and the conduct of business including, without limitation, policies relating to conflict of interest, fair and equitable treatment of employees, use and safeguarding of Authority property and resources, and standards of ethical conduct by employees.

Item 1e
Attachment 16
HRP1: Clean

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o Perform such other functions as necessary to administer the personnel system as directed from time to time by the Authority Board including authorization of spending for individual or group travel for meetings, training and workforce development.

C. Right to Contract for Special Services
• The Personnel Officer is also granted authority to take the following actions:
o Contract for the performance of technical or special services necessary for the establishment or operation of the personnel system including, without limitation, services for the preparation of personnel rules and subsequent revisions and amendments thereof; preparation of classification and pay plans and subsequent revisions and amendments thereof; the design and conduct of employee training programs; the conduct of
recruitment and hiring processes; and, other special and technical services of an advisory or informational character on matters related to the administration of the personnel system.
o Outsource functions that are currently staffed by positions when contracting is more advantageous to the operations of the organization or is more cost effective.
o Bring in-house any functions that are currently outsourced if the result would be advantageous to the operations of the
organization or more cost effective.

D. Authority to Adjust Salary and Positions within Budget and Limits • Adjust salary schedules for market flexibility during the year to attract and retain talent.
• Over-hire the number of positions shown in the annual budget as follows:
o On a temporary basis to minimize the impact that pending vacancies may have on the organization by allowing for cross training and overlap;
o On a permanent basis to improve operations and organization effectiveness, provided that the CEO may not over hire on a Item 1e
Attachment 16
HRP1: Clean

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permanent basis in excess of 10% of the authorized number of positions shown in the annual budget without prior approval of the Board.
• In no case shall positions be added or salaries be adjusted during the year that cause the total annual budget to be exceeded in total by fiscal year-end without prior Board approval by Resolution.
• In those instances where the CEO does over-hire positions during the year, he/she shall report such actions to the Board in a timely manner. • Refer to Finance Policy 02: Budget Adoption, Control and Reporting for more policies related to the budget.

E. Reimbursement for Meetings and Travel
• All employees and Board members, including alternates, of SVCE may request reimbursement for actual expenses incurred to attend and travel to conferences and meetings for agency business. However, such meetings do not include SVCE Board of Directors or Committee meetings.
• Board members and staff shall get expenses approved in advance of incurring them and shall submit expenses for reimbursement within 180 days of incurring the expense.
• The Personnel Officer may adopt additional standards related to employee reimbursements.

IV. Policy Compliance
A. Violations
• Any known violations of this policy must be immediately reported to the Finance and Administration Committee, CEO, and General Counsel.

B. Cadence for Review
• This Policy will be reviewed at least every five (5) years.

Item 1e
Attachment 16
HRP1: Clean
Adopted: January 11, 2017
Amended: October 12, 2022June 10, 2026
Customer Confidentiality
Policy
Notice of Accessing, Collecting, Storing, Using, and Disclosing Energy Usage Information
Silicon Valley Clean Energy (SVCE), values customer privacy and works to proactively safeguard customer data including its employees, agents, contractors, and affiliates shall maintain the confidentiality of individual customers’ names, service addresses, billing addresses, telephone numbers, email addresses, account numbers, and electricity and gas consumption, except where reasonably necessary to conduct SVCE’s business or to provide services to customers pursuant to the “Rules Regarding Privacy and Security Protections for Energy Usage Data” issued by the California Public Utilities Commission (CPUC). Examples of reasonably necessary business purposes include but are not limited to when such disclosure is necessary to (a) comply with law, regulation, or court order; (b) enable SVCE to provide service to its customers; (c) collect unpaid bills; (d) obtain and provide credit reporting information; (e) resolve customer disputes or inquiries; (f) communicate about demand response, energy efficiency, energy management, and conservation programs, or (g) in situation of imminent threat to life or property. SVCE shall not, under any circumstance, disclose customer information for third-party telemarketing, e-mail, or direct mail solicitation. Aggregated data that cannot be traced to specific customers may be released at SVCE’s discretion.

Customer data, including individual customer names, addresses, and electric energy usage data, is collected via PG&E’s metering systems. SVCE may share customer data with contractors and vendors for purposes of providing services and operating programs.

Contractors and vendors are required to agree to only use customer data for program operational purposes and protect it under the same standards as SVCE. SVCE maintains customer-specific electricity and gas usage and billing information on an ongoing basis unless otherwise specified by law or regulation. for only as long as is reasonably necessary, typically not more than five years unless otherwise required by law or regulation. Separately, SVCE customers may elect to authorize the secure sharing of their Item 1e
Attachment 17
Customer Confidentiality Policy: Redline
Adopted: January 11, 2017
Amended: October 12, 2022June 10, 2026
electricity and gas usage and billing data with third parties via SVCE services such as Data Hive.

The effective date of this policy is October 12May 13, 20226. Notice of this policy will be provided annually to customers via an on-bill message guiding customers to the most updated version on Silicon Valley Clean Energy’s website at www.SVCleanEnergy.org. Any changes to this policy between notification periods will be communicated through Silicon Valley Clean Energy’s website. Previous versions of this policy can be requested via email at [email protected] or by mailed request to Silicon Valley Clean Energy, Attention:

Customer Care Team, 333 W. El Camino Real, Suite 330, Sunnyvale, CA 94087.

Customers having any questions or concerns regarding the collection, storage, use, or distribution of customer information, or who wish to view, inquire about, or dispute any customer information held by SVCE or limit the collection, use, or disclosure of such information, may contact the Customer Care Team via email at [email protected], by phone at (844) 474-7823 or by mail at 333 W. El Camino Real, Suite 330, Sunnyvale, CA 94087.

Item 1e
Attachment 17
Customer Confidentiality Policy: Redline
Adopted: January 11, 2017
Amended: June 10, 2026
Customer Confidentiality
Policy
Notice of Accessing, Collecting, Storing, Using, and Disclosing Energy Usage Information
Silicon Valley Clean Energy (SVCE), values customer privacy and works to proactively safeguard customer data including its employees, agents, contractors, and affiliates shall maintain the confidentiality of individual customers’ names, service addresses, billing addresses, telephone numbers, email addresses, account numbers, and electricity and gas consumption, except where reasonably necessary to conduct SVCE’s business or to provide services to customers pursuant to the “Rules Regarding Privacy and Security Protections for Energy Usage Data” issued by the California Public Utilities Commission (CPUC). Examples of reasonably necessary business purposes include but are not limited to when such disclosure is necessary to (a) comply with law, regulation, or court order; (b) enable SVCE to provide service to its customers; (c) collect unpaid bills; (d) obtain and provide credit reporting information; (e) resolve customer disputes or inquiries; (f) communicate about demand response, energy efficiency, energy management, and conservation programs, or (g) in situation of imminent threat to life or property. SVCE shall not, under any circumstance, disclose customer information for third-party telemarketing, e-mail, or direct mail solicitation. Aggregated data that cannot be traced to specific customers may be released at SVCE’s discretion.

The effective date of this policy is May 13, 2026. Notice of this policy will be provided annually to customers via an on-bill message guiding customers to the most updated Item 1e
Attachment 18
Customer Confidentiality Policy: Clean
Adopted: January 11, 2017
Amended: June 10, 2026
version on Silicon Valley Clean Energy’s website at www.SVCleanEnergy.org. Any changes to this policy between notification periods will be communicated through Silicon Valley Clean Energy’s website. Previous versions of this policy can be requested via email at [email protected] or by mailed request to Silicon Valley Clean Energy, Attention:

Customer Care Team, 333 W. El Camino Real, Suite 330, Sunnyvale, CA 94087.

Item 1e
Attachment 18
Customer Confidentiality Policy: Clean

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Staff Report – Item 1f
Item 1f: Authorize the Chief Executive Officer to Enter a Short-term Agreement to Purchase Large Hydroelectric Carbon Free Energy from Brookfield Renewable Trading and Marketing, LP for Calendar Year 2028 and Amount Not to Exceed $1,000,000 From: Monica Padilla, CEO
Prepared by: Kris Van Vactor, Director of Power Resources Britta Bradshaw, Power Resource Manager
Colton Heath, Trading Planner
Date: 06/10/2026

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) delegate authority to the Chief Executive Officer (CEO) to finalize and execute an agreement with Brookfield Renewable Trading and Marketing LP (BRTM) for carbon-free hydroelectric energy (“Agreement”), with the following provisions:
a. 100,000 megawatt hours (MWh) per year of Carbon Free Energy from existing large hydroelectric facilities located in the Western Electricity Coordinating Council (WECC). b. One-year term with delivery term from January 1, 2028, through December 31, 2028; c. Contract form to be used is the WSPP Carbon Free Energy Confirmation; d. Purchase price reflected as a Carbon Free premium per MWh; and e. Total amount not-to-exceed $1,000,000.

Execution of the Agreement will help SVCE meet SVCE Board-directed clean energy targets and California’s clean procurement mandates. The Agreement is provided in substantive form (Attachment 1). Delegation of authority is needed as the CEO does not have the authority to transact with Brookfield.

BACKGROUND
In May, SVCE launched a Request for Offers (RFO) to buy carbon free energy, with deliveries starting January 1, 2028. BRTM is a publicly traded power marketer. The carbon free energy volumes offered by BRTM in this purchase are generated from large hydroelectric facilities. BRTM’s offer for a one-year contract was accepted, contingent upon SVCE board approval.

As a load serving entity (LSE), SVCE is subject to clean energy and Renewable Portfolio Standard (RPS) targets under Senate Bill 100 (“SB 100”) which sets a goal of achieving a 100% clean energy grid by 2045 with interim targets of 90% by 2035 and 95% by 2040 as provided for under Senate Bill 1020.

Additionally, SVCE’s Board-directed clean energy goal, approved at November 13, 2024 SVCE Board of Directors Meeting, Item 4. establishes an annual retail energy sales target of 100% clean plus losses which account for an additional five to six percent.https://svcleanenergy.org/wp-content/uploads/Complete_with_Docusign_Approved_BOD_111324.pdf SVCE’s clean goals may include RPS-eligible resources, such as solar, small hydro, wind and geothermal, or carbon-free resources such as large hydroelectricity and nuclear.

Item 1f
Agenda Item: 1f Agenda Date: 06/10/2026

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ANALYSIS & DISCUSSION
SVCE has made significant progress towards its clean energy targets. For 2028, SVCE’s expected clean position is expected to be approximately 82%. The Brookfield hydro volumes can improve the clean position by approximately 2 percent in 2028. This contract is a step towards meeting SVCE’s clean goals in 2028. SVCE intends to make incremental progress throughout the coming years in meeting its clean position for 2028. The Brookfield hydro transaction helps towards this incremental progress towards SVCE’s 2028 clean position.

Table 1: Impact to SVCE Clean Energy Targets
Calendar
Year
Clean
Position
(expected)
Clean Position
with Brookfield
2026 105% 105%
2027 101% 101%
2028 82% 84%
Table 2: Summary of Proposed Resources
Counterparty Brookfield Renewable Trading and
Marketing LP
Product Large Hydro
Need and/or
Compliance Obligation
SVCE’s 100% to 106%
Clean energy goal
Expected Delivery
Term
1 year, January 1, 2028 –
December 31, 2028
Contract Quantity 100,000 MWh per year
Locations Various Large Hydro Resources in
Western Electricity Coordinating
Council (WECC)
Percentage of Retail
Load Served

2.3%
Clean Energy
SVCE works towards a 100% clean energy goal measured annually. This will be achieved through a mix of RPS-eligible resources including wind, solar and geothermal combined with non-RPS eligible, but carbon-free resources such as large hydroelectricity and nuclear energy. Strategically, resources which can deliver clean energy in all hours of the day, such as geothermal, will best help SVCE balance its objectives, however, such resources are scarce. Small hydro, while intermittent, can complement SVCE’s existing renewable energy portfolio by providing generation outside of hours when solar energy is at its peak. These types of resources are necessary to meet current retail product needs including GreenStart, GreenPrime and GreenPrime Direct in addition to helping us build a pathway to 24/7 clean energy.

Enabled Suppliers
The Board has approved Master Agreements with several counterparties to enable transactions to meet various portfolio obligations including carbon-free under the industry standard Edison Electric Institute (EEI) agreement and delegated to the CEO authority to transact under such agreements subject to the Board-Item 1f Agenda Item: 1f Agenda Date: 06/10/2026

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approved Energy Risk Management Policy and relevant delegation of authority. BRTM is not a pre-approved supplier, thus necessitating Board approval of the transaction.

STRATEGIC PLAN
Board approval to delegate authority to the CEO to enter into a short-term agreement to purchase carbon-free energy from Brookfield will enable staff to meet the current board directed clean target, consistent with goals and objective as outlines in SVCE’s Strategic Plan, in particular, Goal #4: Acquire power supply resources in a cost-effective manner to meet legislative and regulatory obligations, Board directives and customer specific products.

ALTERNATIVE
While the Brookfield hydro purchase can help SVCE meet SVCE’s clean target, the Board may decide not to approve this resource and instead seek other short-term resources. Staff does not recommend seeking other short-term resources, as market prices for other carbon-free resources may be higher than those associated with the Brookfield hydro.

FISCAL IMPACT
Execution of the Brookfield Hydro Agreement will result in deliveries starting in January 2028. Funds for resources delivered in 2028 would be included in the respective future budget.

ATTACHMENT

1. BRTM-SVCE WSPP Carbon Free Energy Confirmation – redacted version Item 1f
1 WSPP CONFIRMATION

CARBON FREE ENERGY
This confirmation letter (“Confirmation”) confirms the transaction (“Transaction”) between Brookfield Renewable Trading and Marketing LP (“BRTM” or “Seller”) and Silicon Valley Clean Energy Authority, a California joint powers authority (“Purchaser”), together with Seller, the “Parties” and each individually, a “Party”), dated as of the last dated signature on the signature page hereto (the “Effective Date”). This Transaction is governed by the WSPP Agreement dated October 31, 2025 (the “WSPP Agreement”). This Confirmation and the WSPP Agreement, including any appendices, exhibits or amendments thereto, shall collectively be referred to as the “Agreement” and shall constitute a single agreement between the Parties with respect to the Transaction. The definitions and provisions contained in this Confirmation, the WSPP Agreement, and in the tariffs and/or protocols of the California Independent System Operator (“CAISO”) as amended from time to time (the “CAISO Tariff” or the “Tariff”), shall apply to this Confirmation and are incorporated by reference; provided that, to the extent that this Confirmation is inconsistent with any provision of the WSPP Agreement, this Confirmation shall govern the rights and obligations of the Parties hereunder. This Confirmation supersedes and replaces any prior oral or written confirmation or agreement, including broker confirmations, regarding this Transaction.

Product: “Product” means WSPP Agreement Schedule C Firm Energy supplied from a Carbon Free Source set forth in Schedule A (“Carbon Free Energy”) Scheduling: CAISO Delivery
All scheduling shall be performed according to prevailing CAISO and WECC protocols
Facility: Any “Designated Facility” as described in this Confirmation.

Contract
Quantity:
100,000 MWh (“Contract Quantity”).

Contract Price: “Contract Price” means the following:
/MWh for Carbon Free Energy
Delivery Period: “Delivery Period” means the following:

From and including Hour Ending (“HE”) 0100 January 1, 2028 through and including HE 2400 on December 31, 2028. For greater certainty, the Parties acknowledge and agree that the Seller has no hourly, daily or monthly minimum delivery obligation for the Product. Seller may deliver the Contract Quantity at any time during the year so long as the Contract Quantity is delivered by Seller to Purchaser by the end of the Delivery Period.

Delivery Point: “Delivery Point” means the following:
 Any CAISO Delivery Point

1. PRODUCT.

Item 1f
Attachment 1
Brookfield Agreement - Redacted
2 1.1 Seller Delivery Obligation. Throughout the Delivery Period, Seller shall sell and deliver or make available, or cause to be sold and delivered or made available to Purchaser, the Product. The Product does not include any resource adequacy, capacity attributes, or any production tax credits.

1.2 No New Construction. Seller does not intend to construct any new facilities in California to meet its supply obligations hereunder. Notwithstanding the foregoing, to the extent that Seller constructs any new facilities in California to meet its supply obligation hereunder, Seller covenants and agrees that the construction and operation of such facility(ies) will be in accordance with any and all applicable law.

1.3 Resources. For Carbon Free Energy delivered under this Confirmation, Seller shall use Specified Sources of Power. Product delivered under this Confirmation from Specified Sources of Power shall not be procured from nuclear or coal-fired resources.

2. DELIVERY.

2.1 Delivery. During the Delivery Period specified in this Confirmation, Seller will deliver the Product to the Delivery Point (“Deliver”, “Delivered” or “Delivery”). The Parties intend for the Product to be physically settled. Each Party will bear its own expenses associated with Delivery. Delivery will consist of Product in whole MWh.

2.2 Delivery Failure. If the quantity of Product delivered by Seller is less than the Contract Quantity, and such failure is not excused by reason of an Uncontrollable Force (the amount by which Seller failed to meet the Contract Quantity for reason other than an Uncontrollable Force, the “Shortfall Quantity”), Seller shall pay to Purchaser an amount (the “Product Shortfall Amount”) equal to the product of (i) the positive amount, if any, by which the Replacement Price differed from the Contract Price (Replacement Price - Contract Price) and (ii) the Shortfall Quantity. For the avoidance of doubt, if the total amounts for all days calculated under this paragraph are negative, then neither the Purchaser nor the Seller shall be liable for the Product Shortfall Amount.

2.3 Delivery to CAISO. The Parties recognize that a schedule of Energy associated with a Product by Seller into the CAISO balancing authority (“CAISO Balancing Authority”) is a delivery to the CAISO and not directly to the Purchaser. Scheduling such energy in accordance with the requirements of the applicable Product into the CAISO Balancing Authority shall constitute Delivery of such Product to Purchaser.

3. PRICING.

3.1 Carbon Free Energy (Indexed Contract Price). For each month during the Delivery Period, (a) Purchaser will pay Seller an amount equal to the volume of the Contract Quantity delivered in such month multiplied by the applicable Contract Price and (b) Seller shall deliver the Energy associated with the Product to the CAISO at the Delivery Point on Purchaser’s behalf and shall be entitled to retain all CAISO revenues associated with such Energy in full satisfaction of Purchaser’s payment obligation for the Energy component of the Product.

4. INVOICING AND PAYMENT.

4.1 Invoicing and Payment. Invoicing and payment for Product delivered to Purchaser shall be Item 1f
Attachment 1
Brookfield Agreement - Redacted
3 in accordance with Article 9 of the WSPP Agreement, except that payment shall be due within twenty (20) days after receipt of the invoice or, if such day is not a Business Day, then on the next Business Day.

4.2 Email Delivery of Invoices. Seller’s invoices prepared in accordance with Article 9 of the WSPP Agreement may be delivered by email from Seller to Purchaser.

5. DESIGNATED FACILITY. Product under this Confirmation will be generated by and/or attributable to one or more of the facilities (each a “Designated Facility”) listed in Schedule A (each Designated Facility also referred to as “Project”). Seller may add additional Designated Facilities by providing Purchaser with an updated Schedule A that includes each such additional Designated Facility, and such updated Schedule A shall thereupon replace the existing Schedule A to this Confirmation; provided, however that Seller must designate an additional Designated Facility prior to the delivery of any Product to Purchaser from such additional Designated Facility under this Confirmation.

6. SCHEDULING AND TAGGING.

6.1 Scheduling. Seller will perform all scheduling requirements applicable to the transactions contemplated under this Confirmation. All scheduling shall be performed consistent with all applicable CAISO and WECC prevailing protocols and in accordance with Generally Accepted Utility Practice.

If the Parties have not designated this Transaction to be scheduled by the Purchaser, Seller shall, at its sole discretion, schedule Energy into the CAISO Balancing Authority on a day-ahead, hour-ahead, and/or real-time basis. Without limiting the generality of the foregoing, Seller may schedule the Energy during all Peak and Off-Peak hours.

6.2 e-tagging. Seller shall generate all e-tags required to schedule the Energy to and from the Delivery Point.

Carbon Free Energy Products
Each e-Tag shall show the CAISO Balancing Authority as the last CA (Control Area) under ‘Physical Path’, and Purchaser, Purchaser’s scheduling coordinator, or a subsequent purchaser designated by Purchaser in writing, as the last PSE (Purchasing Selling Entity) or ‘sink’ PSE under ‘Physical Path’ on each NERC e-Tag. Seller will be the Party delivering energy into CAISO.

Seller will provide Purchaser with NERC e-Tag and meter data for all Delivered Product.

No later than the 25th day after the end of each calendar month during the Delivery Period, Seller shall provide Purchaser with the hourly meter data or allocation report from the Carbon Free Source. Carbon Free Energy delivered to Purchaser will equal the lesser of the hourly meter of the Carbon Free Source or the hourly NERC E-Tag (“Lesser of Calculation”). Seller shall demonstrate that the Lesser of Calculation has been satisfied with respect to the applicable Carbon Free Energy delivered to Purchaser by including the hourly meter data and corresponding NERC E-Tag for such Carbon Free Energy with each invoice.

6.3 Seller scheduling contacts:

Item 1f
Attachment 1
Brookfield Agreement - Redacted
4 Purchaser scheduling contacts: see Schedule B

7. SELLER REPRESENTATIONS AND WARRANTIES.

7.1 Seller represents and warrants the following:
(a) Seller has the contractual rights to sell all rights, title, and interest in the Product to be Delivered hereunder;
(b) Seller has not sold the Product required to be Delivered hereunder, or any attribute thereof, to any other person or entity;
(c) Seller agrees to execute any and all documents or instruments reasonably necessary to ensure Purchaser’s right to the use of the Product for the sole benefit of Purchaser or any subsequent purchaser under Section 8; and (d) Title to the Product shall be deemed to pass from Seller to Purchaser at the Delivery Point.

8. RESALE OF PRODUCT. Purchaser may resell all or a portion of the Contract Quantity and any associated rights, in each case, acquired under this Transaction. Purchaser agrees to communicate information regarding such resale to Seller and Seller agrees to update e-Tag information to recognize the subsequent purchaser upon prior written request of Purchaser. Seller shall have no liability to any subsequent purchaser of the Product other than Purchaser hereunder.

9. PURCHASER LIMITED ASSIGNMENT. Purchaser may make a limited assignment of Purchaser’s right to receive all or a portion of the Product that would otherwise be delivered to Purchaser hereunder to an entity (“Limited Assignee”) that has, or provides a parent guaranty, in form and substance reasonably acceptable to Seller from an entity with an Investment Grade Credit Rating of Purchaser’s right to receive Product (which shall not be for retail sale) and its obligation to make payments to Seller, which assignment shall be expressly subject to Limited Assignee’s timely payment of amounts due under this Agreement, at any time upon not less than thirty (30) days’ Notice by delivering a written request for such assignment. In connection with any such assignment, Purchaser and Seller agree to execute a limited assignment agreement substantially in the form attached hereto as Schedule C, or if requested by Purchaser or Seller, in a similar form of agreement that is reasonably acceptable to Purchaser and Seller. For the avoidance of doubt, Purchaser will remain responsible for all its obligations under this Agreement related to such assigned Product, including (i) the obligation to pay for such Product to the extent the assignee thereof does not do so and (ii) any damages associated with such assignee’s failure to take any such Product. Notwithstanding anything to the contrary in Section 30.1 of the WSPP Agreement, the Parties agree that Purchaser may disclose a copy of this Confirmation to Limited Assignee.

10. COLLATERAL. Notwithstanding any provision in the WSPP Agreement to the contrary, including Section 27, neither Party shall be required to post collateral or other security for this Transaction.

Item 1f
Attachment 1
Brookfield Agreement - Redacted
5 11. NO RECOURSE TO MEMBERS OF PURCHASER. Purchaser is organized as a Joint Powers Authority in accordance with the Joint Exercise of Powers Act of the State of California (Government Code Section 6500, et seq.) and is a public entity separate from its constituent members. Purchaser will solely be responsible for all debts, obligations and liabilities accruing and arising out of this Confirmation. Seller will have no rights and will not make any claims, take any actions or assert any remedies against any of Purchaser's constituent members, or the officers, directors, advisors, contractors, consultants or employees of Purchaser or Purchaser's constituent members, in connection with this Confirmation.

12. CONFIDENTIALITY. Notwithstanding anything to the contrary in Section 30.1 of the WSPP Agreement, the Parties agree that either Party may disclose a copy of this Confirmation to a Governmental Authority if required or if requested by such Governmental Authority, provided such Party shall redact commercial terms (e.g. Contract Price) prior to disclosure or disclose the Confirmation confidentially to the Governmental Authority unless redactions or confidential treatment is not permitted by the Governmental Authority. Each Party recognizes that this Confirmation is subject to the requirements of the California Public Records Act (Government Code Section 7920 et seq.).

13. OTHER WSPP AGREEMENT CHANGES:

13.1 For this Transaction, the WSPP Agreement shall be amended as follows:
(a) Section 9.4 is deleted in its entirety and replaced with the following:
“In the event an invoice or portion thereof, or any other claim or adjustment arising hereunder, is disputed, payment of the undisputed portion of the invoice shall be required to be made when due, with notice of the objection given to the other Party. Any invoice dispute or invoice adjustment shall be in writing and shall state the basis for the dispute or adjustment. Payment of the disputed amount shall not be required until the dispute is resolved. Upon resolution of the dispute, any required payment shall be made within two (2) Business Days of such resolution along with interest accrued at the Interest Rate from and including the due date to but excluding the date paid. Inadvertent overpayments shall be returned upon request or deducted by the Party receiving such overpayment from subsequent payments, with interest accrued at the Interest Rate from and including the date of such overpayment to but excluding the date repaid or deducted by the Party receiving such overpayment. Any dispute with respect to an invoice is waived unless the other Party is notified in writing within twelve (12) months after the invoice is rendered or any specific adjustment to the invoice is made. If an invoice is not rendered within twelve (12) months after the close of the month during which performance of a Transaction occurred, the right to payment for such performance is waived.”
(b) Section 22.1 is modified by inserting the following new text at the end thereof:
“(f) the failure of the Defaulting Party to pay its debts generally as they become due or the Defaulting Party’s admission in a writing that is unable to pay its debts generally as they become due;
(g) the institution, by the Defaulting Party, of a general assignment for the benefit of its creditors; or
(h) the application for, consent to, or acquiescence to, by the Defaulting Party, the Item 1f
Attachment 1
Brookfield Agreement - Redacted
6 appointment of a receiver, custodian, trustee, liquidator, or similar official for all or a substantial portion of its assets.”
(c) Section 22.2(a) is deleted in its entirety replaced with the following:
“If an Event of Default shall have occurred and be continuing, the Non- Defaulting Party, upon written notice to the Defaulting Party, shall have the right to (i) suspend performance under any or all transactions under this Agreement; provided, however, in no event shall any such suspension continue for longer than ten (10) Business Days with respect to any single transaction, and (ii) exercise any remedy available at law or equity.” (d) Section 22.2(b) is amended by inserting “and is continuing” after “Event of Default occurs” in the first line thereof and deleting the second sentence therein. (e) Section 22.2(b) is amended by inserting the following as the penultimate paragraph:
“If Purchaser is the Non-Defaulting Party and Purchaser reasonably expects to incur or be liable for any penalties, fines or costs from CAISO, or any Governmental Authority, because Purchaser or a Subsequent Purchaser is not able to include the applicable Expected Contract Quantity in a compliance showing due to Seller’s Event of Default, then Purchaser may, in good faith, estimate the amount of those penalties, fines or costs and include the estimate in its determination of the Termination Payment, subject to accounting to Seller when those penalties, fines or costs are finally ascertained. If this accounting establishes that Purchaser’s estimate exceeds the actual amount of penalties, fines or costs, Purchaser must promptly remit to Seller the excess amount with interest in accordance with Section

9.3 of the WSPP Agreement. The rights and obligations with respect to determining and paying any Termination Payment, and any dispute resolution provisions with respect thereto, survive the termination of this Transaction and continue until after those penalties, fines or costs are finally ascertained.”
(f) Section 22.3(c) is amended by deleting the third sentence thereof and replacing it with the following:
“If the Non-Defaulting Party’s aggregate Gains exceed its aggregate Losses and Costs, if any, resulting from the termination of this Agreement or a Confirmation, the Termination Payment for all such Terminated Transactions shall be zero, notwithstanding any provision in this Section or Agreement to the contrary.”
(g) Section 22.3(e) is deleted in its entirety and replaced with the following:
“[Intentionally omitted]”
(h) Section 22.3(f) is deleted in its entirety and replaced with the following:
“If the Defaulting Party disagrees with the calculation of the Termination Payment and the Parties cannot otherwise resolve their differences, and provided that the Defaulting Party has paid the undisputed part of the Termination Payment to the Non-Defaulting Party as provided under Section 22.3(c), and that any amounts disputed by the Defaulting Party are disputed in good faith, then the Defaulting Party may submit the calculation issue to dispute resolution pursuant to Section 34.”
Item 1f
Attachment 1
Brookfield Agreement - Redacted
7 (i) Section 28.1 is applicable and the Parties shall net monthly payments in accordance with Exhibit A of the WSPP. Both Parties intend for the netting provisions of Exhibit A to the WSPP Agreement to be effective on the Effective Date. (j) Section 30.1(4) is amended by inserting “or requested” after the word “required” and by adding the following at the end of the first sentence: “; or (8) to the Party’s and such Party’s affiliates’ lenders, counsel, accountants, advisors and agents who have a need to know such information and have agreed to keep such terms confidential”. (k) Subsections 34.1 and 34.2 are deleted and replaced with the following:
“34.1 DISPUTE RESOLUTION

IN THE EVENT OF ANY DISPUTE ARISING UNDER THE AGREEMENT WITH RESPECT TO THIS TRANSACTION, WITHIN TEN (10) DAYS FOLLOWING THE

RECEIPT OF A WRITTEN NOTICE FROM EITHER PARTY IDENTIFYING SUCH

DISPUTE, THE PARTIES SHALL MEET, NEGOTIATE AND ATTEMPT, IN GOOD

FAITH, TO RESOLVE THE DISPUTE QUICKLY, INFORMALLY AND
INEXPENSIVELY. IF THE PARTIES ARE UNABLE TO RESOLVE A DISPUTE ARISING HEREUNDER WITHIN THIRTY (30) DAYS AFTER RECEIPT OF SUCH

NOTICE, THEN EITHER PARTY MAY SEEK ANY AND ALL REMEDIES

AVAILABLE TO IT AT LAW OR IN EQUITY, SUBJECT TO THE LIMITATIONS SET FORTH IN THE AGREEMENT.”
“34.2 EXCLUSIVE JURISDICTION

EACH PARTY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE OR

FEDERAL COURTS LOCATED IN SANTA CLARA COUNTY, CALIFORNIA, FOR

ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY

TRANSACTION, AND EXPRESSLY WAIVES ANY OBJECTION IT MAY HAVE TO SUCH JURISDICTION OR THE CONVENIENCE OF SUCH FORUM. EACH PARTY

ALSO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT

MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION, CLAIM OR

PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED IN CONTRACT, TORT OR ANY OTHER THEORY) AND HEREBY (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF

ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT

SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (ii) ACKNOWLEDGES THAT IT AND

THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS

AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.”
(l) In Section 34.4, the phrase “arbitration or” is deleted from the first line. (m) The following shall be inserted as a new Section 34.5:
“34.5 LIMITATION OF DAMAGES

EXCEPT AS OTHERWISE SPECIFIED IN ANY CONFIRMATION, FOR BREACH OF

ANY PROVISION OF THIS AGREEMENT FOR WHICH AN EXPRESS REMEDY OR Item 1f
Attachment 1
Brookfield Agreement - Redacted
8 MEASURE OF DAMAGES IS PROVIDED, THE EXPRESS REMEDY OR MEASURE

OF DAMAGES PROVIDED IS THE SOLE AND EXCLUSIVE REMEDY UNDER THIS

AGREEMENT AND LIABILITY FOR THE BREACH IS LIMITED AS SET FORTH IN

THE PROVISION AND ALL OTHER REMEDIES FOR DAMAGES AT LAW OR IN EQUITY ARE WAIVED. EXCEPT AS OTHERWISE SPECIFIED IN ANY

CONFIRMATION, IF NO EXPRESS REMEDY OR MEASURE OF DAMAGES IS

PROVIDED IN THIS AGREEMENT FOR A PARTICULAR BREACH, LIABILITY FOR

THE BREACH IS LIMITED TO DIRECT DAMAGES ONLY, THE DIRECT DAMAGES

ARE THE SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT FOR THE

BREACH, AND ALL OTHER REMEDIES FOR DAMAGES AT LAW OR IN EQUITY ARE WAIVED. EXCEPT AS OTHERWISE SPECIFIED IN ANY CONFIRMATION,

NEITHER PARTY IS LIABLE FOR ANY OTHER TYPE OF DAMAGE, INCLUDING

INCIDENTAL, PUNITIVE, EXEMPLARY, CONSEQUENTIAL, SPECIAL OR

INDIRECT DAMAGES OF ANY NATURE (INCLUDING DAMAGES ASSOCIATED

WITH LOST PROFITS, BUSINESS INTERRUPTION AND LOSS OF GOODWILL)

ARISING AT ANY TIME, WHETHER IN TORT (INCLUDING THE SOLE OR

CONTRIBUTORY NEGLIGENCE OF EITHER PARTY OR ANY RELATED PERSON),

WARRANTY, STRICT LIABILITY, CONTRACT OR STATUTE, UNDER ANY INDEMNITY PROVISION, OR OTHERWISE.”
(n) Section 37 is amended by inserting the following in the beginning thereof: “On the date of entering into this Confirmation,”.
(o) Section 41 “Witness” shall become Section 42 and the following “Standard of Review” Section shall be substituted in its place:
“The Parties agree as follows:

From the date of entering into a Transaction under this Agreement and throughout the term of such Transaction, the Parties each warrant and covenant as follows:
(i) Absent the agreement of all Parties to the proposed change, the standard of review for changes to any section of this Agreement (including all Transactions and/or Confirmations) specifying the rate(s) or other material economic terms and conditions agreed to by the Parties herein, whether proposed by a Party, a non-party or FERC acting sua sponte, shall be the “public interest” standard of review set forth in United Gas Pipe Line Co. v. Mobile Gas Service Corp., 350 U.S. 332 (1956) and Federal Power Commission v. Sierra Pacific Power Co., 350 U.S. 348 (1956)( the “Mobile-Sierra” doctrine) and clarified in Morgan Stanley Capital Group, Inc. v. Public Util. Dist. No. 1 of Snohomish 554 U.S. 527 (2008) and NRG Power Marketing LLC v. Maine Pub. Util. Comm’n, 558 U.S. 165 (2010). (ii) The Parties, for themselves and their successors and assigns, (a) agree that this “public interest” standard shall apply to any proposed changes in any other documents, instruments or other agreements executed or entered into by the Parties in connection with this Agreement and (b) hereby expressly and irrevocably waive any rights they can or may have to the application of any other standard of review, including the “just and reasonable” standard.”

14. DEFINITIONS.

Item 1f
Attachment 1
Brookfield Agreement - Redacted
9 Definitions Applicable to this Transaction. For the purposes of this Confirmation, the following terms shall have the following meanings:
.
(a) “CAISO Tariff” means the applicable tariff and protocol provisions of the CAISO (as amended from time to time).
(b) “Carbon Free Energy” means Energy deliveries from Carbon Free Sources. (c) “Carbon Free Source” means any energy source (as listed in Schedule A), that is located within the WECC and has zero Greenhouse Gas emissions in accordance with the Regulation for the Mandatory Reporting of Greenhouse Gas Emissions of the State of California (title 17, California Code of Regulations, sections 95100 to 95133). Carbon Free Source does not include any Renewable Energy Credits or any Energy source with an e-tag with a source point associated with a nuclear or coal-fired generating resource. (d) “Cap and Trade Regulations” means the regulations entitled California Cap on Greenhouse Gas Emissions and Market-Based Compliance Mechanisms set forth at Article 5 of Subchapter 10 of Title 17 of the California Code of Regulations. (e) “CEC” means the California Energy Commission or its regulatory successor. (f) “Compliance Obligation” has the meaning set forth by the Cap and Trade Regulations. (g) “Energy” means electrical energy, measured in MWh.
(h) “Firm” means, with respect to a Transaction, that either Party shall be relieved of its obligations to sell and deliver or purchase and receive without liability only to the extent that, and for the period during which, such performance is prevented by an Uncontrollable Force. In the absence of an Uncontrollable Force, the Party to which performance is owed shall be entitled to receive from the Party which failed to deliver/receive an amount determined pursuant to the applicable Confirmation for such Transaction. (i) “Generally Accepted Utility Practice” means a practice established by the Western Electricity Coordinating Council (“WECC”) or any successor regional reliability council, as such practice may be revised from time to time, or if no practice is so established, means a practice otherwise generally accepted in the WECC region. (j) “Holiday” means any day designated as a holiday by NERC. (k) “Mandatory Reporting Rule” means the regulations entitled Mandatory Greenhouse Gas Emissions Reporting set forth at Article 2 of Subchapter 10 of Title 17 of the California Code of Regulations.
(l) “Off Peak” hours means Mondays through Saturdays hours ending (HE) 0100- 0600 and HE 2300-2400 PPT, and all day Sundays and Holidays.
(m) “Party” means Purchaser or Seller, and “Parties” means both Purchaser and Seller. (n) “Peak” hours means HE 0700-2200 PPT Mondays through Saturdays, excluding Holidays.

Item 1f
Attachment 1
Brookfield Agreement - Redacted
10 (o) “Power Content Label” or “PCL” means the annual CEC Power Content Label, as enacted by Assembly Bill 1110 (Statute of 2016), Assembly Bill 162 (Statute of 2009), and Senate Bill 1305 (Statutes of 1997).
(p) “Renewable Energy Credits” has the meaning set forth in California Public Utilities Code Section 399.12(h) and California Public Utilities Commission Decision D.08-08-028. (q) “Replacement Price” shall mean (a) the actual price calculated by Purchaser at which Purchaser, acting in a commercially reasonable manner, purchases a replacement for any Product specified in this Confirmation but not delivered by Seller, plus (i) costs reasonably incurred by Purchaser in purchasing such substitute Product, and (ii) additional transmission charges, if any, reasonably incurred by Purchaser to the Delivery Point or, at Purchaser’s option (b) the market price at the Delivery Point for such Product not delivered as determined by Purchaser in a commercially reasonable manner. (r) “Shortfall Quantity” has the meaning set forth in Section 2.2. (s) “Specified Source” means a Project that is a “specified source”, as such term is defined in the Mandatory Reporting Rule.
(t) “Tariff” means the FERC-approved California Independent System Operator Tariff, including any current CAISO-published “Operating Procedures” and “Business Practice Manuals,” as may be amended, supplemented or replaced from time to time. (u) “Uncontrollable Force” means an event or circumstance which prevents one Party (“Claiming Party”) from performing its obligations under this Agreement, which event or circumstance was not reasonably anticipated as of the Effective Date and which is not within the reasonable control of, or the result of negligence of, the Claiming Party, and which the Claiming Party is unable to overcome or avoid or cause to be avoided by the exercise of due diligence, and includes, but is not limited to, such events as acts of God; pandemics (including COVID-19) and epidemics, fire; flood; earthquake; war; riots; or terrorism that affects one or both Parties. Uncontrollable Force may not be based on (i) the loss or failure of Purchaser’s markets; (ii) Purchaser’s inability economically to use or resell the Product; (iii) Seller’s ability to sell the Product to another party on terms superior to Seller's terms herein; or (iv) Purchaser’s ability to purchase similar Product from another party on terms superior to the Purchaser’s terms herein; or (v) a curtailment by a Transmission Provider with respect to the Project unless any such failure is due to an act of God, fire, flood, earthquake, war, riots or terrorism or other “force majeure” or “uncontrollable force” or a similar term as defined under the Transmission Provider’s tariff.

With respect to a Party’s obligation to make payments hereunder, Uncontrollable Force will be only an event or act of a governmental authority that on any day disables the banking system through which a Party makes such payments and such Uncontrollable Force shall only exist for so long as the banking system is so affected or for so long as the Claiming Party may reasonably require to effect payment by other reasonable means, whichever is shorter. Uncontrollable Force does not include any action taken by Purchaser in its governmental capacity.

15. ADDITIONAL TERMS.

15.1 Compliance Obligation. Seller will be the electricity importer into California for purposes of the Cap and Trade Regulations. The Parties acknowledge that Seller will be responsible Item 1f
Attachment 1
Brookfield Agreement - Redacted
11 for satisfying the Compliance Obligation, if any, under the Cap and Trade Regulations associated with the Energy which Seller shall schedule into the CAISO Balancing Authority as part of the Product to be delivered under this Confirmation.

15.2 Compliance Reporting. Seller shall provide to Purchaser an annual attestation confirming that the Seller delivered the necessary volume of Product no later than May 1st of the year following the year in which such Product was delivered. Upon Purchaser’s reasonable request, Seller will provide Purchaser with the CARB ID#’s, emission factors and the allocated generation and meter data from the applicable Carbon Free Sources, but no later than May 1st of the year following the year in which such Product was delivered. In addition, Seller will work with Purchaser to provide any additional information otherwise required by applicable law with respect to the Product and reasonably available to Seller, including documents that Purchaser is required to maintain or provide to the California Air Resources Board (CARB) pursuant to the Cap and Trade Regulations or the CEC pursuant to the PCL. Seller shall maintain adequate records to reasonably assist Purchaser in meeting any reporting, verification, transfer, registration, or retirement requirements of a governmental authority associated with this Transaction.

15.3 Form of Agreement. This Confirmation will become effective only upon its execution by both Parties. This Agreement may be entered into and memorialized by an exchange of signed and emailed PDF documents which shall constitute an original signed document for all purposes under Law and this Agreement. This Agreement may be executed in any number of counterparts, and each executed counterpart shall have the same force and effect as an original instrument.

15.4 Entire Agreement; No Oral Agreements or Modifications. This Confirmation sets forth the terms of the Transaction into which the Parties have entered and shall constitute the entire agreement between the Parties relating to the contemplated purchase and sale of the Product. Notwithstanding any other provision of the Agreement, this Transaction may be confirmed only through a Documentary Writing executed by both Parties, and no amendment or modification to this Transaction shall be enforceable except through a Documentary Writing executed by both Parties.

15.5 WAIVER OF IMMUNITY. EACH PARTY IRREVOCABLY WAIVES, TO THE

EXTENT PERMITTED BY APPLICABLE LAW, WITH RESPECT TO ITSELF AND

ITS REVENUES AND ASSETS (IRRESPECTIVE OF THEIR USE OR INTENDED

USE), ALL IMMUNITY ON THE GROUNDS OF SOVEREIGNTY OR OTHER

SIMILAR GROUNDS FROM (A) SUIT, (B) JURISDICTION OF ANY CALIFORNIA

STATE OR FEDERAL COURT, (C) RELIEF BY WAY OF INJUNCTION, ORDER FOR

SPECIFIC PERFORMANCE OR FOR RECOVERY OF PROPERTY, (D)

ATTACHMENT OF ITS ASSETS (WHETHER BEFORE OR AFTER JUDGMENT)

AND (E) EXECUTION OR ENFORCEMENT OF ANY JUDGMENT TO WHICH IT OR

ITS REVENUES OR ASSETS MIGHT OTHERWISE BE ENTITLED IN ANY

PROCEEDINGS IN THE COURTS OF CALIFORNIA AND IRREVOCABLY AGREES,

TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT IT WILL NOT CLAIM ANY SUCH IMMUNITY IN ANY PROCEEDINGS.
[Remainder of this page intentionally left blank]
Item 1f
Attachment 1
Brookfield Agreement - Redacted
12 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the Effective Date.

Brookfield Renewable Trading and
Marketing LP, by its duly authorized officer
By:

Name:

Title:

Date:

Silicon Valley Clean Energy Authority, a
California joint powers authority
By:

Name:

Title:

Date:

Item 1f
Attachment 1
Brookfield Agreement - Redacted
Schedule A - 1

SCHEDULE A
Designated Facilities
Facility Name State /
Province
Technology Total
Facility
Nameplate
(MW)
CAISO
Resource
ID
Emissions Rate
if ACS
CARB
ID
Carbon Free Source
Item 1f
Attachment 1
Brookfield Agreement - Redacted
Schedule B - 1

SCHEDULE B
Notice Information
Brookfield Renewable Trading and Marketing LP Silicon Valley Clean Energy Authority Item 1f
Attachment 1
Brookfield Agreement - Redacted
Schedule C - 1

SCHEDULE C
Form of Limited Assignment Agreement

LIMITED ASSIGNMENT AGREEMENT
Item 1f
Attachment 1
Brookfield Agreement - Redacted

Page 1 of 4 ends

Staff Report – Item 1g
Item 1g: Authorize the Chief Executive Officer Approval of CC Power’s Annual Budget and Dues in an Amount Not to Exceed $600,000 for CC Power’s Fiscal Year 2026-2027 and Delegate Authority to the Chief Executive Officer to Enter Agreements Using Approved Funds
From: Monica Padilla, CEO
Prepared by: Zak Liske, Deputy Director of Power Resources Date: 6/10/2026

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) delegate authority to the Chief Executive Officer (“CEO”) to approve the California Community Power (“CC Power”) Fiscal Year (July 1, 2026-June 30, 2027) and pay SVCE’s share of annual dues and project agreements in an amount not to exceed $600,000.

EXECUTIVE COMMITTEE RECOMMENDATION
The Executive Committee met on May 22, 2026 and unanimously supported staff’s recommendation for the CEO to be authorized to approve CC Power’s annual budget and dues in an amount not to exceed $600,000 for CC Power’s Fiscal Year 2026-2027 and to delegate authority to the CEO to enter agreements using approved funds.

BACKGROUND
SVCE has been a member of CC Power since early 2021, after the Board of Directors authorized its membership in December 20201. CC Power is a Joint Powers Authority (“JPA”) of California Community Choice Aggregators (“CCAs”) with the goal to acquire energy, capacity, storage or other energy products on a scale that the individual member CCAs most likely could not be able to achieve individually. CC Power is comprised of nine CCAs throughout Northern California, serving more than six million customers. Since 2021, SVCE, through CC Power, has been able to help meet its share of the California Public Utilities Commission’s (“CPUC”) Mid-Term Reliability (MTR) procurement mandate for long lead resources including two long-duration storage and two geothermal contracts.

SVCE’s CEO, Monica Padilla, serves on the CC Power Board of Directors, Executive Committee and on its Ad-hoc Budget Committee. At CC Power’s May 2026 board meeting the FY 2026-27 budget was approved. SVCE’s board member, CEO Padilla, voted to approve contingent on receiving SVCE Board approval. The sequence and timing of CC Power and SVCE approvals has some challenges that SVCE will seek to address in future fiscal years to avoid utilizing contingent approvals.

CC Power’s budget is broken down into several major categories:
• General and Administrative (“G&A”): these are the annual dues assessed equally to all members.

G&A covers overhead and general operating expenses of CC Power. 1 See SVCE Board of Directors, Agenda Item 5 (Approve Participation in California Community Power Joint Powers Authority), December 9, 2020.

Item 1g
Agenda Item: 1g Agenda Date: 6/10/2026

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• Phase 1: these are projects and initiatives at which point all members participate and share in costs equally. This would include strategic assessments and working groups open to all members. • Phase 2: projects that advance from Phase 1 and require members to opt-in. Cost allocation is determined on a project specific basis and may be equal or based on size, e.g. load weighted.

Examples of Phase 2 projects would be solicitations and negotiations of potential resources. • Phase 3: this phase is comprised of projects that are “in-flight” with executed agreements. The overwhelming majority of Phase 3 costs are the underlying commodity costs in a power supply contract for which participating CCAs receive all the benefits and are obligated to budget and pay for their respective share. Other Phase 3 costs include the overhead and operating expenses to administer the contracts and projects.

CC Power makes up a unique aspect of SVCE’s procurement activities that can unlock access to projects that may not otherwise make sense for SVCE to do alone either due to size or if an emerging technology. This procurement approach allows for the sharing of cost and risk between several CCAs. To date, the SVCE Board has authorized SVCE’s participation in two power purchase agreements (“PPA”), two Energy Storage Service Agreements (“ESSA”), and one Resource Adequacy and Top-Bottom 4 agreement through CC Power, all of which, with the exception of Goal Line2, are Phase 3 projects:

1. Tumbleweed Long Duration Energy Storage Project approved by the Board at the February 9, 2022 meeting;

2. Ormat Nevada Inc. Portfolio of Geothermal Projects approved by the Board at the June 8, 2022 meeting; and

3. Open Mountain Energy LLC., Fish Lake Geothermal Project approved by the Board at the June 8, 2022 meeting.

4. GEM A-CAES LLC (Willow Rock Energy Storage) approved by the Board at the January 14, 2026 meeting.

ANALYSIS & DISCUSSION
The staff recommendation includes approving SVCE’s share of CC Power’s annual budget of an amount not to exceed $600,000 for the CC Power 2026-2027 fiscal year costs starting July 1, 2026. These costs primarily consist of operating expenses (staff, consultants, legal) and administrative costs. Staff is also asking for CEO authority to enter agreements with CC Power using approved funds under Phase 2 and Phase 3. These agreements will come up throughout the fiscal year and are specific authorizations of SVCE’s participation and CC Power’s use of SVCE approved funds for various projects and activities. Staff recognize that the limits and requirements of the Energy Risk Management Policy still apply and is not seeking to modify CEO authority on commodity contracts.

Notable items in the 2026-27 budget include:
• Phase 1: Annual solicitation and build-transfer agreement strategy and development • Phase 2: Origination activities to cover: geothermal, mega projects, emerging technologies, build-transfer agreements, greenfield development • Phase 3: Tumbleweed, Fish Lake, Ormat, Willow Rock
SVCE is also seeking some headroom if projects come up during the fiscal year that make sense for SVCE to participate in but are not yet identified at this time. Having the spending flexibility will allow SVCE to stay nimble and minimize missing out on joint-action opportunities that can add value to SVCE.

Table 1 below summarizes the year-over-year (y-o-y) budget amounts and changes per category. • Column A, FY 2025-26 - Gross Budget: this was the approved budget amount for the prior fiscal year totaling $476K.
2 On June 18, 2025, the CC Power Board authorized the CC Power General Manager to effectuate the early termination of the ESSA with Goal Line BESS 1, LLC.

Item 1g
Agenda Item: 1g Agenda Date: 6/10/2026

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• Column B, FY 2025-26 – Carryover Estimate: there were several planned projects and expenses that were either not pursued or did not materialize. As a result, there is a projected excess balance of $147K that can be refunded to SVCE or rolled over to fund FY 2026-27 expenses. • Column C, FY 2026-27 - Gross Budget: this is the total budget for SVCE’s participation at CC Power in the upcoming year totaling $547K.
• Column D, FY 2026-27 - Funding Requirement: the combines Column B and C to get to the net amount SVCE is required to fund CC Power for continued participation at $400K. • Column E, Gross Budget Change - Increase (Decrease): this compares the year-over-year gross budget amounts which is an increase of $72K or 15%.
• Column F, Funding Requirement Change – Increase (Decrease): this is Column D minus Column A which takes the carryover estimate into account and compares the expected funding requirement for the FY 2026-27 budget against the prior fiscal year budget. This is anticipated to be a decrease of $75K or 16%.

Table 1: SVCE Share of CC Power Annual Budget Comparison to Prior Fiscal Year

A B C D E F
FY 2025-26
Gross
Budget
FY 2025-26
Carryover
Estimate
FY 2026-27
Gross
Budget
FY 2026-27
Funding
Requirement
Gross Budget
Change
Increase
(Decrease)
Funding
Requirement
Change
Increase
(Decrease)
G&A/Dues $173,977 $178,049 $178,049 $4,072 $4,072
Phase 1 $90,085 $37,745 $37,745 -$52,340 -$52,340
Phase 2 $43,164 -$147,000 $157,277 $10,277 $114,113 -$32,887 Phase 3 $168,532 $174,297 $174,297 $5,765 $5,765
Total $475,758 -$147,000 $547,368 $400,368 $71,610 -$75,390 Primary drivers of year-over-year changes:
• Phase 1: costs decreased due to limited planned scope of Phase 1 projects. • Phase 2: FY 2025-26 lower than planned due to expenses being incurred at end of FY 2024-25 for work that was primarily carried out in FY 2025-26. In FY 2026-27 much of the proposed expense will be related to continued efforts on Phase 2 projects from FY 2025-26 most notably geothermal development. Other projects include origination of non-lithium-ion storage technology and potential Build Transfer Agreement (BTA) opportunities. Importantly, Phase 2s are opt-in workstreams, so the amount listed is the maximum if SVCE decides to participate in all potential Phase 2 projects.

SVCE’s share of the budget, $547K, represents 13% of CC Power’s overall budget of $4.3M.

Note that SVCE Board has already approved of Not-to-Exceed limits for its share of commodity costs for the four long-term projects (Tumbleweed, Willow Rock, Fish Lake, Ormat) listed above and is not seeking further approval of these costs. These are already captured in the power supply costs of SVCE’s annual budget.

STRATEGIC PLAN
Given the strategic nature of CC Power’s work, continued membership in the organization will support SVCE’s Goal 4 to, “Acquire power supply resources in a cost-effective manner to meet legislative and regulatory obligations, Board directives and customer specific products” and Goal 5 to “Manage and optimize load and power resources to meet affordability, GHG reduction and reliability objectives”.

ALTERNATIVE
Not funding CC Power membership may require SVCE to withdraw from CC Power. SVCE needs to approve Item 1g
Agenda Item: 1g Agenda Date: 6/10/2026

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funding to cover the cost of operating the four projects noted above as Phase 3 power projects. These resources are needed for compliance under CPUC’s procurement orders. SVCE could also seek to fund only that portion of the CC Power budget which corresponds to general administration and direct costs associated with the four projects the Board has approved. However, this would require the CC Power board to allow elective funding level as an option, which it has not thus far.

FISCAL IMPACT
CC Power members pay G&A/Dues and Phase 1 expenses in the first quarter of the CC Power fiscal year (Jul 1 – Jun 30) and Phase 2-3 expenses when activities are undertaken throughout the year. Given the misalignment with SVCE’s fiscal year this means approval of the fiscal year 2026-2027 CC Power dues will be partially paid in SVCE’s 2025-2026 fiscal year (approx. $200,000) and the remainder paid in the stub year and fiscal year 2027 (approx. $350,000). SVCE currently includes CC Power related cost in its fiscal year 2025-26 Operating Budget and will seek approval of the remaining funds as part of SVCE’s 2026 stub year budget and fiscal year 2027 budget in September and December 2026, respectively.

Item 1g

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Staff Report – Item 1h
Item 1h: Receive Executive Committee Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Pat Showalter, Executive Committee Chair
Date: 6/10/2026
The Silicon Valley Clean Energy (SVCE) Executive Committee (Committee) met May 22, 2026 with all five out of six members present and considered the following: 1) selection of the 2026 Executive Committee Vice Chair; 2) received a preview of the 2026 Integrated Resource Plan and a recommendation to the Board of Directors (Board) to delegate authority to the Chief Executive Officer (CEO) for final approval; 3) California Community Power’s (CC Power) annual budget; 4) received the proposed Financial Levers Playbook for recommendation to the SVCE Board; and 5) received a request to support the request for the Board to authorize the CEO to execute an amendment with the Sacramento Municipal Utility District (SMUD) to extend the Go Electric Advisor Program.

Following the appointment of a sixth member to SVCE’s Executive Committee by the Board of Directors on May 15, 2026, the Committee voted unanimously to select Director Yvonne Martinez Beltran to serve as the 2026 Executive Committee Vice Chair.

Maren Wenzel, Director of Regulatory, Policy, and Planning, presented an overview of the Integrated Resource Plan (IRP) process and results of the recommended conforming plans (Preferred Conforming Plan and Alternate Conforming Plan). Staff requested support from the Committee to recommend to the Board at the June Board meeting the adoption of the proposed plans, and to delegate authority to the CEO for final approval of the IRP plan, which is due August 10, 2026. The Committee provided suggestions to staff for receiving feedback after the June Board meeting and before the August deadline if needed, including calling a special Executive Committee meeting. The Committee agreed to have a report from staff on the August Board meeting Consent Calendar to inform the Board of what is submitted. The Committee voted to support staff’s recommendation. Staff plan to meet with members of the Board for briefings prior to the June 10, 2026 Board meeting if desired.

The request for the Committee to support the Board to authorize the CEO approval of CC Power’s annual budget and dues in an amount not to exceed $600,000 for CC Power’s fiscal year 2026-2027 and delegation of authority to the CEO to enter agreements using approved funds was moved from the Regular Calendar to the Consent Calendar given the full agenda for the meeting. The Committee asked questions prior to approving the item unanimously on the Consent Calendar; this item will also be on the Consent Calendar for the June Board meeting.

Justin Zagunis, Director of Customer Success, presented past levers feedback and a request for the Committee to recommend the Board approve the proposed Financial Levers playbook which included: ongoing search for cost savings and efficiencies; maintaining current levels of clean, programs, and rate discount (at minimum); if needed to introduce split product offerings to assess opt-out risk and interest; to scale up costs for both products over time if needed; incorporate small reduction/pause in programs; and to direct staff to plan to continue as-is for 2026 and 2027. The Committee voted to unanimously support staff’s Item 1h

AMENDED
Agenda Item: 1h Agenda Date: 6/10/2026

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recommendation, and provided additional ideas to consider for the playbook to implement prior to introducing a split product offering. This item will be presented at the June Board of Directors meeting.

Jessamyn Allen, Programs Lead, presented a proposal to extend the Go Electric Advisor Program by requesting the Board approve an allocation of $700,000 of programs fund dollars to extend the Go Electric Advisor program and authorize the CEO to execute an amendment with Sacramento Municipal Utility District (SMUD) to extend the term through June 2028 and a new not to exceed amount of $1.54 million. The Committee voted unanimously to support staff’s recommendation, which will be on the Consent Calendar at June’s Board meeting.

Materials from this meeting can be found on SVCE’s website: SVCE Executive Committee Meeting, May 22, 2026
The next meeting of the Executive Committee will be held June 26, 2026 at 10:00 a.m.; materials will be posted no later than 72 hours in advance of the meeting.

Item 1h

AMENDED

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Staff Report – Item 1i
Item 1i: Receive Finance and Administration Committee Report To: Silicon Valley Clean Energy Board of Directors
Prepared by: Murali Srinivasan, Chair, Finance and Administration Committee Date: 6/10/2026
The Silicon Valley Clean Energy (SVCE) Finance and Administration Committee (Committee) met May 28, 2026, with five out of six members present. Staff presented items on the results of the stress test analyses, a recommendation to support staff’s proposed Financial Levers Playbook to the SVCE Board of Directors (Board), budget framework for the stub period budget, and recommended amendments to various finance policies and an information technology (IT) policy.

Scott Wrigglesworth, Director of Risk Management and Analytics, presented findings of the stress test analyses which included an update on the five-year financial base case forecast, and a comparison of the updated base case with the stress test scenario. Based on the analyses results, staff recommended to continue monitoring market developments shaping the outcome of 2027 power charge indifference adjustment (PCIA) and PG&E generation rates and changes in five-year forward market prices, prefacing that the 2027 budget will be up for approval in December when there will likely be more certainty on next year’s rates, and implement the proposed Financial Levers Playbook as necessary. Staff will present these findings at the June Board of Directors meeting.

Justin Zagunis, Director of Customer Success, reviewed the proposed Financial Levers Playbook with a request for the Committee to recommend that the Board approve the playbook at the June Board meeting. Staff reviewed the proposal to: continue to search for cost savings and efficiencies; maintain current levels of clean, programs, and rate discount (at minimum); introduce split product offerings to assess opt-out risk and interest (if needed); scale up costs for both products over time (if needed); incorporate small reduction/pause in programs; and to direct staff to plan to continue as-is for 2026 and 2027. The Committee discussed the playbook in detail and voted unanimously to support staff’s recommendation.

Amrit Singh, Chief Financial Officer, reviewed the stub period budget framework (October 2026 to December 2026) which is a result of the transition to a calendar year from the fiscal period. CFO Singh reviewed the budget timeline for the stub period and the annual budget timeline, and preliminary assumptions. The stub period budget will be presented to the Finance and Administration Committee in August for a recommendation to the Board for September 2026.

CFO Singh presented two items with a request to amend existing policies: 1) Finance Policy 2: Budget Adoption, Control and Reporting, to increase the power supply budget contingency; 2) Finance Policy 9:

Reserve Policy, to authorize changes to reserve drawdown; and 3) Finance Policy 11: Capitalization Policy, to establish capitalization threshold for subscription-based IT arrangements. The Committee reviewed the recommended amendments and voted unanimously to support staff’s recommendation for the amendments, with an addition to Finance Policy 11 to include a review at minimum of every three years. These policies will be on the Consent Calendar for the June Board of Directors meeting.

Item 1i
Agenda Item: 1i Agenda Date: 6/10/2026

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In addition to the policy amendment requests above, there were four additional policies on the Consent Calendar for the Committee’s consideration: Finance Policy 6: Purchasing and Spending; Finance Policy 8:

Investments; Finance Policy 10: Delinquent Accounts and Collections; and Information Technology Policy 1:

Information Technology. General Counsel Michael Callahan provided an overview of the proposed changes, which were supported by a unanimous vote from the Committee. These policies will also be included on the June Board meeting Consent Calendar.

Materials from the Finance and Administration Committee meeting can be found at the following link: SVCE Finance and Administration Committee Meeting, 5/28/26.

The next meeting of the Finance and Administration Committee is anticipated to be in August 2026; the exact date will be determined by Finance and Administration Committee member availability. Materials will be posted no later than 72 hours in advance of the meeting.

Item 1i

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Staff Report – Item 1j
Item 1j: Receive Additional Committees Report
To: Silicon Valley Clean Energy Board of Directors
Prepared by: Andrea Pizano, Sr. Executive Assistant and Board Clerk Date: 6/10/2026
There is no report for the Audit Committee and 2026 Legislative Ad Hoc Committee, as they have not met since the last report. The Audit Committee will meet in September/October 2026, and the 2026 Legislative Ad Hoc Committee will meet in June 2026, based on member availability.

Materials for the Audit Committee meeting will be posted 72 hours in advance of the meeting date.

Item 1j

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Staff Report – Item 1k
Item 1k: Receive California Community Power Report
To: Silicon Valley Clean Energy Board of Directors
From: Monica Padilla, CEO
Date: 6/10/2026
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 held a regular board meeting on Wednesday, May 20, 2026.

Attached is a May summary report from General Manager Alex Morris; materials from the May board meeting can be found here on the CC Power website: CC Power Meeting, 5/20/26 The next meeting of the board will be June 17, 2026 at 1:00 p.m.; meeting materials can be found on the CC Power website: https://cacommunitypower.org/meetings/

ATTACHMENT

1. CA Community Power Board Meeting Summary from General Manager Alex Morris, May 20, 2026 Item 1k
California Community Power
901 H St, Ste 120 PMB 157, Sacramento, CA 95814 | cacommunitypower.org A Joint Powers Agency whose members are:

Ava Community Energy | Central Coast Community Energy | CleanPowerSF | Peninsula Clean Energy | Redwood Coast Energy Authority | San José Clean Energy | Silicon Valley Clean Energy | Sonoma Clean Power | Valley Clean Energy
TO: Board of Directors and Alternates DATE: 5/22/26
FROM: Alex Morris – General Manager
SUBJECT: Report on Regular Board of Directors Meeting – May 20, 2026 The California Community Power (CC Power) Board of Directors held a meeting on May 20, 2026, via Zoom. Details on the Board packet, presentation materials, and public comment letters can be found under the Meetings tab at the CC Power website: Meetings and Agendas – ca community power
Highlights of the meeting included the following:
• Consent Agenda: The Board approved the following items:
o Minutes of the Regular Board Meeting held on April 22, 2026. o Receipt of Q1 2026 Financial Statements (unaudited).
• Regular Agenda Items:
o Public Hearing for Consideration of Draft Recommended 2026-2027 Work Plan and Budget (Resolution 26-05-01), Including the Draft Recommended 2026-2027 Tumbleweed Project Annual Budget (Resolution 26-05-02): The Board approved CC Power’s Annual Budget and Invoicing Plan for Fiscal Year 2026- 2027. This budget includes $24.6M in spending offset by a forecast $5.1M in CAISO market-revenues from power projects, for a net total expenditure of $19.5M. Of the expenditures, the budget separates passthrough spending of $20.3M, based on already approved power project contracts, from a $4.3M Operating Budget. The Operating Budget includes costs for new project research and negotiation, power-project contract operating costs, and General and Administrative (G&A) work. To provide new power project deal opportunities of interest to members, scopes and cost-estimates for an array of new project pursuits accompanies the budget.

The board also approved the 2026-2027 Tumbleweed Energy Storage Project Annual Operating Budget, which is part of the overall Budget. The Tumbleweed Project is the first of its kind 8-hour long-duration battery storage project coming online in California (June 2026). CC Power has seven member-CCAs participating in this joint project.
o Strategic Plan Development and Implementation: The Board received an update on development of the 2026–2030 Strategic Plan, which will guide CC Power’s efforts to originate, offer, and manage joint projects for member CCAs across four Board-approved strategic priorities: 1) joint solicitation, procurement, and contract management for complementary and targeted wholesale power resources; 2) Item 1k
Attachment 1
2 evaluation and potential procurement of emerging, higher-risk, and nontraditional technologies; 3) evaluation, potential acquisition, and ongoing ownership of power assets; and 4) ongoing contract management and project execution for joint-action efforts. The draft plan outlines implementation activities for each priority, including guiding principles, goals and outcomes, needed competencies, and related considerations. The Board discussed the draft and provided feedback for refinement. Staff will continue working with each member CCA to refine the plan and will return later this year with an updated version for further Board review and potential adoption.
o Recognition of Barbara Hale for Service to CC Power (Resolution 26-05-03):

The Board approved a resolution recognizing the efforts and contributions of Director Barbara Hale, CleanPowerSF, to CC Power and the community choice aggregation (CCA) community. The General Manager and Board members spoke in appreciation of Director Hale’s longstanding and substantial efforts to establish and further CleanPowerSF and the CCA movement in California and wished her well as she retires in June 2026.
o General Manager Report: The Board was briefed on 1) Project Opportunity Notices (PONs) for joint-project origination and pursuit (Phase 2) that were recently issued or will be issued soon to its members, 2) financial updates, 3) upcoming dates for Board or other events, and 4) General Manager activity that listed the agreements executed by the General Manager.

Item 1k
Attachment 1

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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: 6/10/2026
REPORT
Staff Update
Silicon Valley Clean Energy (SVCE) welcomed Chelsea Rawls, Senior Human Resources Manager, to the team on June 8, 2026. Chelsea has spent over a decade in HR leadership and has worked across organizations of all sizes, from small, fast-growing startups to large, established enterprises. She has a bachelor's degree in hospitality management from the University of South Carolina and enjoys photography in her spare time.

Personnel Officer Update
Vacancies, Internships & Recruitment
Vacancies
SVCE has a position under review for a backfill of the Senior Finance and Data Analyst role. SVCE also carries one part-time headcount that is not currently active.

Internships
SVCE is looking for interns in Community Engagement, Decarbonization Programs, and Demand Flexibility Analytics.

Recruitment
SVCE is currently recruiting for a Manager of Decarbonization Planning and Strategy, Key Accounts Manager, Power Settlements Analyst, and Senior Administrative Assistant/Assistant Board Clerk.

These internship opportunities and job postings can be found on SVCE’s website: Current Job Openings Power Resources & Clean Energy Update
SVCE held one short-term solicitations (RFO) in May. The solicitation was for 2028-2030 Carbon Free (CF) energy.

The executed transactions that resulted from this solicitation will be posted in next month’s CEO report. The Board-adopted Energy Risk Management Policy limits CEO authority for transactions for up to five years and to counterparties that are enabled with SVCE under a Master Services Agreement. One of the successful counterparties to the CF RFO does not have a Master Services Agreement as such staff is requesting Board-approval of the transaction June 2026 meeting – Item 1f.

Current expected clean percentage for SVCE in 2026 is 105%. For 2027 SVCE is expected to be 101% clean. For 2028, the expected clean position is 84%, inclusive of the latest carbon-free transactions mentioned above.

The SunZia [125MW of wind] project did reach commercial operation on Thursday 5/28/2026. The resource will contribute 9-10% of SVCE Renewable Portfolio Standard need. Tumbleweed [15.9MW long duration storage via CC Power] achieved commercial status as of June 1st, 2026. This is the first Long Duration Storage battery resource (defined as 8 hours or more of continuous discharge) in CAISO and CC Power’s first project to come on-Item 2 Agenda Item: 2 Agenda Date: 6/10/2026

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line. Finally, Aratina [80/50MW solar+storage] is expected to hit commercial operation in the middle of June 2026. SVCE now has fourteen long-term clean resources in operation.

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 indicates that SVCE’s Total Net Position decreased from $525.7 million to $524.2 million compared to the prior month’s report, reflecting SVCE’s absorption of a -$1.5 million net loss in April, which was -$6.4 million smaller than the -$7.8 million monthly net loss anticipated in the Mid-Year budget. Lower energy consumption under negative margins, combined with reduced energy cost curtailed anticipated net loss for the month of April.

Customer Success Department Updates
Gilroy EV Ride and Drive
On Saturday, June 27, we will be hosting our first ever FREE EV Ride and Drive event at Gilroy City Hall, in partnership with Breathe California. This is a chance for south county residents to explore the world of electric vehicles (EVs) in a fun and friendly environment. Guests will be able to test drive the latest EVs, learn about available rebates, and connect with EV owners.

Heat Pump Water Heater Marketing Campaign
In Mid-May, SVCE launched a new heat pump water heater marketing campaign to raise awareness and increase rebate reservations. SVCE is using this campaign to bring attention to the extra $500 incentive available until the end of June. In May, SVCE received 126 reservations for heat pump water heaters alone, the second most ever received in a single month for the program.

Item 2
Agenda Item: 2 Agenda Date: 6/10/2026

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First Multifamily Retrofits Project Underway
Construction began on May 12 at Sunset Gardens Apartments, a 75-unit low-income senior living facility in Gilroy and the first project through the SVCE Multifamily Retrofits program. Planned upgrades include in-unit water heaters, EV charging stations, LED lighting, and other energy-efficiency upgrades. Electric and efficiency upgrades are paired with tenant-benefit solar and storage through the Solar on Multifamily Affordable Housing (SOMAH) program. All upgrades are being delivered at no cost to residents and the property owner, the Santa Clara County Housing Authority. The project is anticipated to be complete in August 2026, and a ribbon-cutting celebration is planned for late 2026.

Press and Media
Press Releases
• Increased Rebate Amount for Heat Pump Water Heaters, 05-28-26 • Campbell Library Turns a Page with Renovated, All-Electric Building, 05-11-26 • S&P Global Ratings Revises Silicon Valley Clean Energy Outlook to Positive and Affirms ‘A’ Issuer Credit Rating, 04-29-26
Media Mentions
• Guest View: Amazon’s Gilroy Data Center: your top questions, answered, Gilroy Dispatch, 05-29-26 • Women of Influence Awards 2026, Silicon Valley Business Journal, 05-20-26 • Electric appliances are better for our families’ health, The Mercury News: Letters to the Editor, 05-19- 26 • Campbell Library opens after two years of construction, San Jose, Spotlight, 05-12-26 • How Bay Area Libraries Are Helping Residents Switch From Gas to Induction Cooking, KQED, 05-12-26 • S&P Global Ratings Revises Silicon Valley Clean Energy Outlook to Positive, Affirms "A" Issuer Credit Rating, American Public Power Association, 05-06-26
• Bay Area ban on new natural gas water heaters, set to take effect in seven months, may be relaxed over cost concerns, The Mercury News, 05-05-26
• Renovated Campbell Library set to open on May 9, The Mercury News, 05-03-26 Recent & Upcoming Events
June 7 – Los Altos Hills Town Picnic
- SVCE Dream Home
- 12 – 4 p.m.
- Purissima Park, 27500 Purissima Road, Los
Altos Hills, CA 94022
June 13 – Saratoga Blossom Festival
- Tabling
- 10 a.m. - 4 p.m.
- Saratoga Heritage Orchard and Civic
Center
June 20 – Milpitas Juneteenth
- Tabling and sponsorship
- 10:30 a.m. – 4:30 p.m.
- Sunnyhills Albert Augustine Jr. Memorial
Park
June 27 – SVCE Ride & Drive
- SVCE-hosted Ride & Drive
- 10:30 a.m. – 2:30 p.m.
- Gilroy City Hall Parking Lot
Local Policy Update
Bay Area Air District Rule 9-6
Item 2
Agenda Item: 2 Agenda Date: 6/10/2026

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The Bay Area Air District (BAAD) Board of Directors provided input on Air District staff’s informational update on its zero-NOx water heater rule (Rule 9-6) at its May 13 meeting. The meeting was a continuation of discussion from a May 6 meeting, which drew over 150 commenters in person and online. Overall, there were more supporting comments (100) than opposing comments (56). Staff presented recommended exemptions from the previous meeting that would apply to project-specific conditions, such as electrical or space constraints, and to low-income property owners, with limited exemptions for emergency replacement loaners and businesses with high-demand water needs. Staff also proposed delaying rule implementation to October 1, 2027, to allow time to develop processes and hire staff to manage exemptions.

Ten members of the Air District board supported staff’s recommendations, while eight suggested a change or further delay of rule implementation past October 2027. (Six members of the board did not attend the May 13 meeting at which directors provided feedback.) BAAD Board members supporting staff’s direction cited near-term health benefits, market certainty from a defined timeline, and the adequacy of existing exemptions to address affordability. Those favoring further delay pointed to concerns about rebate availability, staff’s underlying analysis, and a preference for aligning with the upcoming furnace rule implementation in 2029.

At the direction of the BAAD Board, staff will develop a model ordinance and an analysis of existing regional incentives, identifying gaps in rebate coverage among communities within the Bay Area Air District. BAAD Staff will bring these analyses back to the stationary source committee in late summer or early fall. According to a proposed schedule provided at the meeting, the full BAAD Board will then vote on implementation direction and exemptions at their October meeting.

Local Code Enhancements
The Building Standards Commission (BSC) continues to review local code enhancements adopted by local jurisdictions in 2025. While this was typically completed within a week of receipt in the past, the Commission’s new process under AB 130 is taking many months of review and no agencies that adopted a code amendment after October 1 have received approval. SVCE, in cooperation with local agencies, has asked Senator Becker’s office for assistance in resolving this delay for their constituent agencies. SVCE’s partner consultants are working on additional code amendments for consideration later in 2026.

Regulatory & Legislative Update
Regulatory:

Power Charge Indifference Adjustment (PCIA): The California Public Utilities Commission (CPUC) is holding 3 days of in-person workshop in early-mid June in advance of Track 3 of the PCIA proceeding. The workshop sessions will cover (1) defining indifference; (2) the scope of issues for Track 3; and (3) data access and confidentiality issues.

SVCE staff will attend.

Legislative:

At the state level, AB 1761 (Rogers) to provide data transparency around the PCIA, a CalCCA-sponsored and SVCE-supported bill, passed out of the Assembly Appropriations Committee, and is awaiting a vote on the Assembly floor. SB 1138 (Padilla) to allow Resource Adequacy obligation trading, a CalCCA-sponsored and SVCE-supported bill, passed out of the Senate and has moved over to the Assembly. SVCE is working closely with CalCCA to ensure the passage of the bills.

CalCCA and SVCE also took an Oppose Unless Amended position on AB 2383 (Zbur), a bill that would direct the California Public Utilities Commission to set tariffs for large-loads and data centers. CalCCA and SVCE are working on amendments to resolve jurisdictional issues in the bill and ensure that CCA governing bodies continue to have authority over CCA rate setting.

On the federal level, Congress is working on a narrow Reconciliation 2.0 package to fund the Department of Homeland Security. The Budget Resolution for the Reconciliation 2.0 package did not include instructions to the House Ways and Means Committee or the Senate Finance Committee to adjust revenue to pay for the bill, which means that further cuts to energy tax credits and the elimination of tax-exempt municipal financing are not being currently considered.

Item 2
Agenda Item: 2 Agenda Date: 6/10/2026

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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 started in February. Due to a few unforeseen delays, the construction timeline has been pushed back three weeks. The current estimate is that construction will be complete in late July, and staff will move in at the beginning of August 2026. The project remains on budget.

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 August through October 2026:

Upcoming Events

1. June 16, 2026: SunZia Dedication Event, New Mexico

2. June 18, 2026: CC Power Ribbon Cutting for Tumbleweed Long Duration Storage Project, Kern County

ATTACHMENTS

1. SVCE Clean Power Update, June 2026

2. Regulatory and Legislative Update, June 2026
Item 2
Agenda Item: 2 Agenda Date: 6/10/2026

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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 Prospect Silicon Valley TECHNICAL

ELECTRIFICATION

ADVISING SERVICES
NTE - $14,400 5/1/2026 -
4/30/2027
CEO
Spending
Authority
Amendment SMUD Electric Vehicle (EV)
Rebate Program
Implementation
increased NTE
to $475,695
extended
date to
4/31/2028
BOD
approval
12/13/2023
Agreement Clean Energy Counsel,
LLP
Legal Services NTE - $100,000 5/4/2026 - CEO
Spending
Authority
Agreement Peaberry
Software/Customer.IO
email marketing
platform.

NTE - $39,539 5/15/2026 -
5/14/2027
CEO
Spending
Authority
Amendment City of MT View Reimbursement
Agreement
NTE - $500,000 5/1/2026 -
1/30/2027
BOD
approved
12/10/2025
Agreement Alvarez Associates
LLC
Staff training NTE - $3,500 5/19/2026 CEO
Spending
Authority
Agreement County of Santa Clara Member Agency Grant
Agreement
NTE - $290,038 5/8/2026 -
12/31/2028
BOD
approved
3/2024
Agreement City of Sunnyvale Member Agency Grant
Agreement
NTE - $503,384 5/8/2026 -
12/31/2028
BOD
approved
3/2024
Amendment Creative F5 Graphic and Web
Design Security and
Maintenance
NTE - $425,000 10/1/2022 -
9/30/2027
BOD
approved
5/2026
Agreement Janice Litvin QIPD speaker NTE - $7,500 June 2026 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
Clean Energy Alliance 5/15/2026 Sale Resource Adequacy 7/1/2026 8/31/2026 $24,000 Item 2
• Subtitle
New SV Clean Energy
PowerPoint Template
CEO Report
Clean Power Update
SVCE Board Meeting
June 10, 2026
Item 2
Attachment 1
Clean Power Report, June 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 Report, June 2026
3 SVCE is On Track to Meet SB100 and Agency Goals
for Clean and RPS…
Item 2
Attachment 1
Clean Power Report, June 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 Report, June 2026
Long-Term Power Purchase Agreements
• $4.2B+ in commitments
• 26 PPAs signed
• 23 new build projects
• 11 projects online and delivering
• 1,000+ MW of Renewable Power
• 2,000+ MWh of Battery Storage
Projects online this year:
• Angela Solar + Storage – May 2026
• SunZia Wind (4 PPAs) – May 2026
• Tumbleweed LDS – June 2026
• Aratina Solar + Storage – June 2026
Item 2
Attachment 1
Clean Power Report, June 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 Online Date
1 MN8 Slate Solar + Storage 93 46.5 186 17 Oct-18 Jan-22 2 Ormat Casa Diablo Geothermal 7 10 Feb-20 Jul-22
3 Atlantica Coso Geothermal 43.8 15 Mar-20 Jan-22
4 Leeward Rabbitbrush Solar + Storage 40 8 20 15 Apr-20 Oct-22 5 NextEra Yellow Pine Solar + Storage 50 26 104 20 May-20 Jul-23 6 AES Mountain View Wind 33.3 20 Apr-21 Jul-22
7 Clearway Victory Pass Solar + Storage 100 25 100 15 May-21 Mar-24 8 Terra-Gen Cameron Crest Wind 77.7 15 May-21 Jan-23
9 AES Baldy Mesa (RA-only) Storage 0 75 300 10 Sep-22 Jun-24 10 Middle River
Power Hanford Thermal + BESS 99.4 131.4 131.4 12 Apr-23 Aug-25 11 SB Energy Angela Solar + Storage 20 10 40 15 Mar-21 May-26 12 Pattern SunZia South Wind 70.2 15 Nov-23 May-26
13 Pattern SunZia North Wind 29.8 15 Nov-23 May-26
14 Pattern SunZia South Incremental Wind 17.54 10 May-25 May-26 15 Pattern SunZia North Incremental Wind 7.46 10 May-25 May-26 Item 2
Attachment 1
Clean Power Report, June 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 Origis San Luis West Solar + Storage 62.5 15.625 62.5 15 Apr-21 Pre-construction 3 Rev
Renewables Tumbleed Long Duration Storage 0 15.9375 127.5 15 Feb-22 Construction 4 Ormat
Geothermal
Portfolio Geothermal 16.75 20 Jun-22 Pre-construction
5 OME Fish Lake Geothermal 1.82 20 Jun-22 Pre-construction 6 NextEra Grace Solar 120 15 Aug-23 Pre-construction
7 NextEra Yellow Pine III Storage 0 24 96 15 Aug-23 Pre-construction 8 NextEra Yellow Pine III Long Duration Storage 0 9 72 15 Apr-25 Pre-construction 9 VCI Energy Garden Green Solar Solar + Storage 50 50 200 10 Oct-24 Pre-construction 10 Intersect Power Darden III Solar + Storage 91.48 91.48 365.92 10 Sep-25 Pre-construction 11 Hydrostor Willow Rock
Long Duration Storage
(Compressed Air) 0 5.7 45.6 20 Jan-26 Pre-construction
Item 2
Attachment 1
Clean Power Report, June 2026
Clean Energy Resources Online Progress
as of May 29, 2026
2025 • San Luis West Solar + Storage: Pre-construction - delayed • Tumbleweed LDS: Construction mode; possible COD in June 2026 • Aratina Solar + Storage: Construction mode; possible COD in June • 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
• Willow Rock: Pre-construction
2028+
Item 2
Attachment 1
Clean Power Report, June 2026
THANK YOU!
9 Item 2
Attachment 1
Clean Power Report, June 2026
1 • Subtitle
New SV Clean Energy
PowerPoint Template
SVCE Legislative and
Regulatory Update
June 10, 2026
Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
2 Policy Updates
Regulatory Update:

1. Power Charge Indifference Adjustment

2. Resource Adequacy

3. Long -term Gas
Legislative Update:

1. SVCE’s Bill Positions

2. 2026 Legislative Calendar
Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
3 Regulatory
Update
3 Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
4 Key Regulatory Activities
Activity Purpose Status
Power Charge
Indifference Adjustment
Indifference Between
Departed and IOU Customers
The CPUC is holding 3 days of in-person workshop in early-mid June in advance of Track 3 of the PCIA proceeding. The workshop sessions will cover (1) defining indifference; (2) the scope of issues for Track 3; and (3) data access and confidentiality issues. SVCE staff will attend.

Resource Adequacy Consider program reforms and
refinements to Resource
Adequacy program and
establish forward RA
procurement obligations
On June 1st the CPUC issued a Proposed Decision (PD) in the RA proceeding which alters accounting rules for numerous RA products. Among them, the CPUC established rules for long-duration energy storage accreditation and implemented “UCAP”, a method to better account for outages on firm resources, such as natural gas plants. The Commission also proposes to allow energy-only resources to count toward storage charging requirements in some instances. The decision declines to adopt CalCCA’s hourly load obligation trading (“transactability”) proposal.

SVCE staff is working with CalCCA on drafting opening comments to the PD.

Long-Term Gas Establish Policies, Processes,
and Rules to Ensure Safe and
Reliable Gas Systems in
California and Perform Long-Term Gas System Planning
Proposed Decision released on 5/29 establishing a framework to facilitate neighborhood decarbonization projects as required by SB 1221. The PD sets a cap at 30 projects, spells out application requirements for municipalities, and sets deadlines for various rounds of pilot applications, the first of which is December 15, 2026.

Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
5 Legislative Update
Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
6 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
Senate
SB 1138
(Padilla)
Requires CPUC to allow
load -serving entities to trade
Resource Adequacy
compliance obligations.

Support Affordability and
Rates
Assembly Energy and
Utilities Committee
Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
7 SVCE Bill Positions
Bill Number Summary SVCE
Position
Position Taken
Under which Board -
Adopted Legislative
Platform Policy
Status
AB 2313
(Berman)
Requires establishment of
Gas Distribution Service Line
Replacement Alternatives
Program to offer financial
incentives for zero -emission
appliances.

Support Climate Change/Fuel
Switching
Senate
AB 2383
(Zbur)
Requires CPUC to set a large
loads and data center tariff.

Oppose
Unless
Amended
Do No
Harm/Competitive
Equity
Senate
Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
8 SVCE Bill Positions
Bill Number Summary SVCE
Position
Position Taken
Under which Board -
Adopted Legislative
Platform Policy
Status
AB 2748
(Quirk-Silva)
Reverts electric vehicle
charging standards to the
2022 state building code for
affordable housing
developments.

Concerns Climate Change/Fuel
Switching
Senate
Item 2
Attachment 2
SVCE Reg/Leg Update, June 2026
9 • 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 Reg/Leg Update, June 2026

Page 1 of 4 ends

Staff Report – Item 3
Item 3: Adopt 2026 Integrated Resource Plan and Delegate Authority to the Chief Executive Officer for Final Approval
From: Monica Padilla, CEO
Prepared by: Maren Wenzel, Director of Regulatory, Policy and Planning Date: 6/10/2026

RECOMMENDATION
Staff recommends the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) approves:

1. Adoption of the proposed Preferred Conforming and Alternate Conforming Plans (“Plans”) for submission in SVCE’s 2026 Integrated Resource Plan (IRP); and

2. Delegate authority to the Chief Executive Officer (CEO) to finalize and submit for approval to the California Public Utilities Commission SVCE’s 2026 IRP by the due date of August 10, 2026.

Staff will provide the Board the final submitted IRP as part of the September 2026 Board packet.

EXECUTIVE COMMITTEE RECOMMENDATION
The Executive Committee discussed the proposed Plans (preferred and alternate) at the May 22, 2026 meeting. Committee members voted unanimously to support the Plans and to recommend to the Board the delegation of authority to the CEO to finalize for submission and approval SVCE’s 2026 IRP. The Executive Committee further suggested a special meeting of the Executive Committee be called in July 2026 if staff is in need of additional input before submission deadline in August.

BACKGROUND
The California Public Utilities Commission (CPUC) requires all jurisdictional load serving entities (LSEs) file an IRP on a regular cadence, per SB 350 (De Leon, 2015). These filings are generally due every two years, however the CPUC skipped the 2024 cycle, making this the first IRP SVCE has filed since 20221. The intent of the IRP is to help the CPUC track the development of the electric grid and ensure that collectively LSEs are on track to meet the state’s clean goals while maintaining system reliability. These plans are used for numerous downstream planning activities including in the California Independent System Operators (CAISO) Transmission Planning Process.

While the IRP is primarily a compliance requirement, it also helps inform SVCE’s internal long-term planning.

However, the CPUC does mandate many of the inputs and assumptions LSEs must use for the compliance filing. Of these, notably is the CPUC’s load forecast which increases SVCE’s load by more than 50% by 2045.

The Commission also requires LSE’s IRP portfolio achieve its share of the 2045 electricity sector emissions target of 8 million metric tons (MMT) as prescribed by the California Air Resources Board’s Scoping Memo.

Other assumptions, such as requiring LSEs do not consider allocations from the Diablo Canyon Power Plant, may create meaningful divergence between this compliance IRP and SVCE’s internal planning efforts. In part because of these divergences SVCE staff does not believe these IRP plans should be considered binding and actual SVCE procurement may differ meaningfully from these submitted plans. 1 SVCE’s 2022 Integrated Resource Plan is available on our website: Key Documents - Plans, Policies & Reports - SVCE
Item 3
Agenda Item: 3 Agenda Date: 6/10/2026

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In past cycles SVCE staff has endeavored to provide the Board with substantially complete IRP filings for approval, including a complete draft narrative. This year, the CPUC has set the filing date for August 10th. The CPUC requires the LSE’s governing body approve the IRP, or delegate the approval, prior to submission. Due to the July recess for the SVCE Board, staff will need approval from the Board at the June 2026 meeting.

The 2026 IRP portfolios are provided in substantially complete and initial key points for inclusion in the narrative.

ANALYSIS & DISCUSSION
Conforming and Alternative Plans
To complete modeling to develop its 2026 IRP SVCE staff first developed a “baseline” resource list which includes all of SVCE’s existing contracted power supply resources (“portfolio”) and forced in additional capacity to represent expected build required to meet obligations under the latest procurement order (D.26-02-057).

Staff then added numerous constraints to ensure reasonable model results including clean targets and build limits for technologies. This baseline resource list, set of constraints and projected cost data was then input into a capacity expansion software tool to find a least cost, best fit set of resources to meet SVCE’s goals and constraints. Additional post-processing was done with the model results to ensure alignment with the CPUC’s compliance tools.

The CPUC requires LSEs align many modeling assumptions with the CPUC’s modeling work. Of these, the most impactful this cycle is the load forecast. The CPUC’s forecast includes significant load growth due largely to data center developments and vehicle electrification. This high forecast, combined with the roll off of existing contracted power supply resources from the portfolio, requires significant new build in SVCE’s portfolio through 2045.

Table 1. SVCE IRP Load Forecast and SVCE Internal Load Forecast Annual Retail Sales (GWh) 2030 2035 2040 2045
IRP Mandated Forecast 5,479 6,786 7,692 8,198
SVCE Internal Forecast 4,577 4,844 5,158 5,438
In developing its 2026 IRP, SVCE staff currently intends to provide two portfolio plans. The first, a “Preferred Conforming Plan”, represents SVCE’s expected resource build required to achieve the current board clean targets2 based on the state’s current forecast of load growth. The second plan, an “Alternate Conforming Plan”, acts as a proxy for recent “levers” conversations with the board and considers a scenario where a portion of SVCE’s load moves to a minimum renewable portfolio standard (RPS) and clean energy compliance product.

While staff is still completing final quality checks on its modeling, draft results indicate SVCE will need to build the following resource mix to achieve its targets should the CPUC load forecast come to fruition.

Table 2. Draft Results of Preferred Conforming Plan
Cumulative Build Nameplate Capacity (MW)
2030 2035 2040 2045
Hybrid - Solar 100 140 220 810
Hybrid - Storage 100 140 220 810
Onshore Wind - 470 835 848
2 At the November 2024 Board of Directors meeting, the SVCE Board adopted a 75% RPS target for 2030-2034 and a 100% RPS target for 2035-2045. The Board also reconfirmed that Staff should target 100% clean energy (which can be met with RPS, large hydro and/or nuclear resources) each year. All the above targets are measured on an annual basis.

Item 3
Agenda Item: 3 Agenda Date: 6/10/2026

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Solar - - 560 850
Geothermal 5 102 102 325
Storage 8h - 20 20 20
Storage 4h - - - 10
Storage 12h - 70 70 95
Total 205 942 2,027 3,780
Table 3. Draft Results of Alternate Conforming Plan
Cumulative Build Nameplate Capacity (MW)
2030 2035 2040 2045
Hybrid - Solar 100 140 140 590
Hybrid - Storage 100 140 140 590
Onshore Wind - 353 833 835
Solar - - 265 655
Geothermal 5 67 67 279
Storage 8h - 20 20 20
Storage 4h - - - 100
Storage 12h - 65 65 70
Total 205 784 1,529 3,139
Narrative
The CPUC provides a template for the narrative portion of the IRP filing and directs LSEs to speak to specific topics as it relates to their IRP plan. The 2026 Narrative Template is largely similar to the 2022 template, meaning the general topic areas of SVCE’s 2026 IRP plan will be similar to those in the 2022 filing. The narrative template is available for review on the CPUC’s website3. The document includes the following major sections:

I. Executive Summary
II. Study Design
III. Study Results
IV. Action Plan
V. Lessons Learned
In its narrative, SVCE intends to highlight several key themes. First, the organization will note ongoing uncertainty which impacts planning and procurement efforts. This includes both regulatory risks stemming from potential CPUC procurement actions (either procurement orders or use of the central procurement entity) and significant uncertainty in the load forecast. SVCE will also highlight that its modelling efforts suggest a significant need for historically challenging to procure resources, such as out of state wind and firm clean resources. SVCE will note that for such build to be reasonable, the state must take action to ensure sufficient transmission build out occurs. Failure to do so will require LSEs procure large amounts of solar and storage which have diminishing value to LSE portfolios given their high saturation levels. 3 See: https://www.cpuc.ca.gov/-/media/cpuc-website/divisions/energy-division/documents/integrated-resource-plan-and-long-term-procurement-plan-irp-ltpp/2024- 2026-irp-cycle-events-and-materials/2026-narrative-template.docx Item 3
Agenda Item: 3 Agenda Date: 6/10/2026

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STRATEGIC PLAN
Completion of SVCE’s 2026 IRP supports achievement of Goal 2 “long-term, target for 100% clean energy annually by building a balanced portfolio with consideration for both affordability and reliability while exploring long-term pathways to clean power supply”.

ALTERNATIVE
The Board could direct staff to explore an alternate set of modeling constraints. Due to the timing of the filing this would likely compromise staff’s ability to file the 2026 IRP in a timely manner resulting in potential compliance penalties and associated reputational risks.

Staff welcomes feedback from the Board on additional narrative discussion points or analyses that can be completed ahead of the August 10th filing date.

FISCAL IMPACT
No fiscal impact is expected as a result of this filing. Within the CPUC’s IRP proceeding there has at times been discussion of “enforceable” IRPs in which LSEs are required to procure what they show in their plans, however this is likely infeasible and considered by staff to be a low-risk outcome.

Item 3

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Staff Report – Item 4
Item 4: Results of Stress Test Analyses
From: Monica Padilla, CEO
Prepared by: Amrit Singh, CFO
Scott Wrigglesworth, Director, Risk Management & Analytics Date: 6/10/2026

RECOMMENDATION
Receive the results of the stress test analyses. This report provides background information for staff to develop recommendations to the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) on managing reserve levels and developing the next fiscal year budget (2027). This item is for discussion only. No action requested.

FINANCE AND ADMINISTRATION COMMITTEE REVIEW
Staff presented the stress test analyses to the Finance and Administration Committee (“Committee”) during its meeting on May 28, 2026. The Committee discussed the findings and staff recommendations outlined in this report and had no objections.

In its review, the Committee raised several questions to clarify and better understand the modeled risks, such as how the cost to procure for compliance requirements in the near future could lead to stranded costs under low market price conditions in the future, and how other CCAs manage the financial risks associated with hitting clean targets and meeting compliance requirements. Further, the Committee sought guidance on the timing of future stress testing given the change in fiscal year and affirmed the value of robust stress testing.

BACKGROUND
At the March 5, 2026, Finance and Administration Committee meeting, staff reviewed the Enterprise Risk Management (ERM) framework for comprehensively assessing and managing the organization’s risks and opportunities. SVCE’s fiscal year planning begins with the ERM framework, which identifies risks and opportunities that impact SVCE’s mission. Staff explained that stress tests are an essential component of the ERM because standard market risk measures are inherently limited in assessing “black swans” or extreme but plausible events, such as market disruptions caused by an economic recession. Staff proposed a financial stress scenario that could have severe and direct financial consequences for the organization, and its mitigations are prudent to account for when developing the fiscal year budget. In addition, staff proposed a quantitative stress scenario in which the financial stress is exacerbated by stranded costs that could result from the CPUC’s recent procurement order. The other risks and opportunities identified through the ERM process shape the next fiscal year’s strategic focus areas and/or department work plans. Some of these items were raised for qualitative consideration and discussion.

ANALYSIS & DISCUSSION
Staff used lessons and insights from past observed SVCE financial performance and analyses to construct the stress test scenario. The past analyses included the increase and collapse of market prices, insufficient financial liquidity, load losses, and loss or delay of resources under Power Purchase Agreements. The key finding from these analyses remains that the most significant financial risk facing SVCE over the next 5 years is a collapse in energy prices. A collapse in energy prices will significantly reduce SVCE’s revenues because of Item 4
Agenda Item: 4 Agenda Date: 6/10/2026

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higher Power Charge Indifference Adjustment (PCIA1) and lower PG&E generation rates. However, this price drop will not substantially reduce SVCE’s energy purchase costs. The prices for most forward energy purchases are locked because of existing hedges, with more hedges in earlier years aligned with the Energy Risk Management Policy hedging targets. With the implementation of the 2025 Energy Risk Management Policy updates, adjustments to energy hedging to account for PCIA and PG&E generation rates have already proven to be an effective partial mitigation of market price declines impacting SVCE. As with prior analyses, the effect of price collapse, through reduced revenues, overwhelms all other stress factors. This year’s analysis assesses price collapse risks over the next five fiscal years.

An alternative case on the stress scenario includes potential implications of the recent CPUC procurement order. In that scenario, Staff assumes that it procures incremental resources to ensure compliance but considers a ‘what-if the load does not show up’ outcome, meaning that if the load growth that the procurement order is intended to address does not occur what are the implications on SVCE financials.

The 5-Year Price Collapse Financial Stress Scenario
The 5-year financial stress test scenario includes these fundamental assumptions. 1) Energy price drops to less than one percentile statistical level To provide customers with competitive rates, SVCE sets its generation rates such that customers receive an effective discount, currently set at 1% for the current and all future years, to comparable PG&E rates. Because CCA customers must pay PCIA charges to provide the effective discount rate, SVCE reduces its rate by the PCIA amount. As a result of the price collapse, PCIA will increase, and PG&E generation rates will likely decrease, thereby reducing SVCE’s generation rates.

In the appendix of the accompanying PowerPoint presentation, staff demonstrates that such a price collapse scenario is plausible by comparing the modeled prices to those observed during the 2008 financial crisis.
2) Price drop stresses financial liquidity
The standard credit risk management practice, except for long-term Power Purchase Agreements (PPAs), is the requirement to post collateral, usually cash or letters of credit, when the exposure to the counterparty reaches the negotiated credit limit. The stress test models how much SVCE’s collateral posting requirements can increase with price collapse. The results show that price collapse does not significantly impact liquidity because of SVCE’s active management of collateral posting requirements, including placing key counterparties in a lockbox mechanism in return for not having posting requirements and long-term PPAs not being subject to this requirement. 3) Other business operating and regulatory risks
In the past stress test analyses, staff modeled regulatory uncertainty from the potential changes to the Financial Security Requirement (FSR) that, under some proposals, would have required SVCE to post collateral equivalent to the cost of procuring energy over the two highest calendar months. The stress test continues to model the requirement of a one-time cash draw equivalent. In the base and stress cases staff employs a new FSR model obtained from PG&E through CalCCA and inclusive of the Decision Order on changes to FSR methodology.
1 Public Utility Code Sections 366.1 and 366.2 require the CPUC to make sure that customers leaving PG&E do not burden remaining PG&E customers with costs that were incurred to serve them. To ensure customer indifference, CCAs and Direct Access or departing load customers are required to pay a power charge indifference adjustment (PCIA).

Item 4
Agenda Item: 4 Agenda Date: 6/10/2026

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The reopening of the PCIA proceeding at the CPUC further increases financial uncertainty. The stress test analysis does not explicitly model this risk. Staff is analyzing potential impacts and will discuss the latest information with the Committee as part of the budget framework discussion. 4) Increased bad debt
Economic recessions often increase bad debt losses. In the stress case, the bad debt assumption is 2% of revenues, as opposed to 0.75% in the base case.

The attachments to this report provide the summary tables with financial results under an updated base case scenario and the modeled stress case scenario. The base case shows that reserves fall from the forecast level of $544 million at the end of the current fiscal year and stub period (December 31, 2026) to $ 316 million at the end of the next calendar fiscal year 2027. Reserves continue to fall in subsequent years to $228 million towards the end of the 5-year forecast period.

There’s considerable uncertainty in developing the base case scenario. While energy prices have always been volatile, resource adequacy (RA) and renewable portfolio standard (RPS) prices dropped significantly in the past two years. As referenced earlier, energy prices, including those for the forward months, have declined significantly, and this decline has reduced SVCE’s financial margin projections because of the resulting increase in PCIA. The actual impact of these prices was dampened when the CPUC issued its market price benchmarks (MPBs) in the fall, adopting a multi-year rolling average approach. The PCIA proceeding mentioned earlier adds to this uncertainty and could adversely affect SVCE in how MPBs for RA and, potentially, for RPS are determined. There are several topics for consideration in the OIR tracts with CalCCA advocating for SVCE and other CCAs.

Financial projections are made with the best available data and information during modeling. The uncertainty or risks of the inputs, such as market prices and other assumptions, including the regulatory and legislative landscape, and the PCIA and PG&E generation portfolio assumptions, add to or compound the uncertainty surrounding these projections. Market prices for energy, RPS, and RA are from external sources that attempt to collect current market prices. These are snapshots of prices at the time of modeling. These are forward prices because they represent the current transaction price for the future delivery period. There is a band of uncertainty or distribution around these prices, and this band widens further out in time. Also, there’s greater illiquidity or difficulty of market price discovery further out in time than closer to the delivery period. The forward market for RA and RPS is particularly illiquid, making their modeling even more uncertain. Also, PCIA and PG&E portfolio data are unknown, and staff uses the California Community Choice Association’s (CALCCA) consultant, NewGen Strategies & Solutions, model, which uses the limited publicly available data. In addition to not knowing the contents of the PCIA portfolio and PG&E’s generation portfolio, PG&E’s portfolio management strategy may change from those modeled, and the California Public Utilities Commission (CPUC) may moderate future PG&E generation rate increases. All these uncertainties make the absolute value of the results highly unreliable. Nevertheless, the relative differences between the base case and the modeled stress test scenario are pertinent to understanding our strategic risks.

If the modeled primary stress scenario were to occur, the reserves would be drawn down by about $300 million at the end of the next fiscal year. The resulting days cash on hand (DCOH) remains above the minimum threshold of 120 through the end of December 2027, and starting late 2029, reserves begin to be depleted. Despite this extreme yet plausible stress-test scenario, reserves are at 158 DCOH, above the minimum threshold through the end of the following two fiscal years.

The corresponding base case through the end of the five-year forecast period (December 2031), the DCOH at 177 remains above the minimum threshold of 120. In the base case, SVCE’s reserves are below the target of 350 DCOH by the end of 2027. Both the base and the stress case are modeled under the current operating framework, where all customers' rates are at a competitive advantage to PG&E rates, programs are funded at two percent of the revenues, and the current earmarked funds, primarily for programs, currently around $100 million, are spent by the end of the fiscal year 2031.

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The analysis demonstrates that SVCE is financially well-positioned, but staff recommends that the Board engage the ‘financial levers’ discussion with an eye toward the power supply market’s long-term outlook and reserve implications over the next five years when it adopts the 2027 fiscal year’s budget. SVCE implemented a new calendar fiscal year for the next full-year budget. Since the budget will now be up for approval in December, it will align when there’s more certainty on next year's rates. With the five-year outlook indicating declining reserves, staff will start assessing financial levers, rate discounts, rate design, and customer product offerings.

Staff will present the results of the stress test analysis to the Board in June. The stress test analysis is a key input in assessing the adequacy of reserves and in developing staff’s proposal for any changes to the reserve policy. The methodology used to evaluate the adequacy of reserves is whether reserves, under a business-as-usual approach (before mitigation), would fall below the minimum reserve threshold of holding 120 DCOH over the next two fiscal years and 90 DCOH over the remaining five fiscal years if the modeled stress scenario were to occur.

Given the current financial outlook, which is driven by a combination of unusually uncertain dynamics, staff recommends not updating the reserve thresholds/targets, but staff does recommend taking up the topic of financial levers with diligence given the results from the base case and stress cases. The stress test analyses would imply raising the current upper target from 500 to ~650 DCOH. However, the new implied target level of ~270 is lower than the current target of 350 DCOH. Changing the reserve thresholds has no practical implication, given that the financial outlook does not support contributing to reserves. The current target level of 350 DCOH aligns with the credit rating agency’s recent review of SVCE.

The appendix and the attachments also provide two alternative stress cases. The first, is one where the CPUC’s recent procurement order induces SVCE compliance but that their assumed load growth does not materialize. This case generates stranded costs that make the stress case more adverse. It is a plausible, if not likely scenario, where the P1 prices of the stress case are fundamentally driven by a glut of oversupply in CAISO. The other alternative case considers only the historical low prices for attributes and RA. The historical prices are higher than those assumed in the primary stress case, and as such, that alternative stress case outcome is less drastic, but still results in depleted reserves. Staff shares these two alternative stress cases to highlight some of the impacts of uncertainties mentioned earlier in this staff report.

STRATEGIC PLAN
The analyses support SVCE Strategic Plan Goal 6 – “Maintain healthy financial position; avoid failures in management of market risk, credit risk, liquidity risk, operational risks, and enterprise risks”.

FISCAL IMPACT
The stress test analyses show that the key financial risk facing SVCE in the near term is a collapse in energy prices, which can significantly reduce revenues and require a substantial drawdown of funds from reserves.

The best mitigation of this risk is to hold sufficient funds in reserves, and to engage in long-term strategy evaluation through the ‘financial levers’ discussion. Staff will use the results of these analyses in developing the stub period (Q4 2026) and the next fiscal year (2027) budgets, reviewing the adequacy of reserves, and proposing any changes to the reserves policy.

ATTACHMENT

1. Summary of Base Case and Stress Results
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Attachment 1 – Summary of Base Case and Stress Test Results Base Case Results
Primary Stress Test Results
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Alternative Stress Test Results
CPUC Procurement order without the load growth that it is predicated upon – yielding stranded costs Note:in 2032 and years beyond procurement order assets may produce as much as $60MM annually in stranded costs.

Alternate Stress Test Results with Historical Low Prices for RA, RPS and GHG (instead of P1 estimates) Item 4

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Staff Report – Item 5
Item 5: Approve Financial Levers Playbook
From: Monica Padilla, CEO
Prepared by: Justin Zagunis, Director of Customer Success Date: 6/10/2026

RECOMMENDATION
Staff recommends that the Silicon Valley Clean Energy (SVCE) Board of Directors (Board) approve the proposed financial levers playbook “playbook” of actions reflecting the discussion and feedback provided over the previous nine months.

The recommended playbook directs staff to continue to plan on the current clean targets, program expenditures, and SVCE generation rate discount as compared to Pacific Gas and Electric Company’s (PG&E’s) rate for 2026 and 2027. The playbook states that in future years, if needed, staff would propose the adoption of new rate products including the current clean default product at a rate premium compared to PG&E.

Specifically, the playbook calls for the following actions:

A. Enact operational cost savings and efficiencies.

B. Maintain current levels of clean, programs, and rate discount for 2026 and 2027 planning.

C. If financially necessary, introduce a new split in SVCE’s default product to provide customer choice while mitigating the draw from reserves.

D. If financially necessary, later scale up premiums for both products over time.

E. If financially necessary, incorporate a small reduction/pause into program spend.

The playbook will serve as guidance for future budget proposals and analyses in the event that the current negative financial forecast comes to pass and SVCE begins to substantially draw down its reserves.

EXECUTIVE COMMITTEE AND FINANCE AND ADMINISTRATION COMMITTEE RECOMMENDATIONS This topic was discussed by the Executive Committee at its May 22, 2026 meeting. It was also discussed by the Finance and Administration Committee at its May 28, 2026 meeting. Both sets of Committee members had robust discussions on the information provided, shared perspectives on priorities, and asked questions and suggested additional information that would be helpful for the Board to make its decision. Their feedback has been incorporated into this final presentation being given to the Board. Both Committees unanimously recommended that the Board adopt the playbook as presented herein.

BACKGROUND
Previous Rounds of Discussion on Financial Levers
This topic was initially introduced towards the end of 2025. The Board received an introductory, overview presentation at the regular December 2025 Board meeting that covered these ‘financial levers.’ These levers represent SVCE’s main pathways towards mitigating the forecasted draw on reserves in the current five-year forecast. The Board then had a special meeting later in December 2025, to give more expansive feedback on the levers, through the lens of contemplating SVCE’s core mission, the value proposition to customers, and how those combine into different ‘stories’ that SVCE embodies and could further orient itself around. The Item 5
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stories represented various tradeoffs – prioritizing some elements of SVCE’s work and influence more than others.

In February 2026, the Executive and Finance and Administration Committees received additional informational presentations on the financial levers, leading to an informational discussion at the March 2026 Board meeting.

These discussions were focused on maintaining a meaningful value proposition to customers and the reality that in ongoing stressful conditions raising rates (even to a relative premium compared to PG&E) could eventually be the only option available to SVCE to match its costs. But that this was not the near-term situation for SVCE given its strong reserves. Substantial, relevant background information was covered in these previous rounds of discussion on financial levers that informs the approval of this playbook.

Figure 1: Timeline for Financial Levers
Financial Outlook and Planning
SVCE’s current financial forecast projects a drawdown in reserves over the coming five-year period. This drawdown would be a new situation for SVCE, compared to the financial environment it has operated in thus far during its existence. The most current update on the financial forecast and stressors can be found in Item 4 earlier in this meeting’s agenda. Recognizing that commodity costs and net position may continue to change, the current expectation for the October-to-September fiscal year ending 2026 is a positive contribution to reserves of ~$4M. This marks a significant change since the fiscal year 2025-26 budget was adopted, which projected a reduction in reserves of ~$40M. For calendar fiscal year 2027 (January through December), current net revenue projections are negative, necessitating a potential large withdrawal from reserves and keeping the exercise of developing and implementing the playbook still very relevant.

Forecasting reserve levels beyond two fiscal years is difficult given the volatility in commodity costs and regulatory uncertainty with respect to the Power Charge Indifference Adjustment (PCIA) and PG&E’s generation rate. SVCE’s existing reserves and reserve policy allow for a measured response to this forecast – both in terms of how quickly action must be taken and how extensive that action must be.

DISCUSSION
The previous staff reports brought to the Board in December 2025 and March 2026 on this topic addressed key discussion points around SVCE’s mission and value proposition. These included the question of affordability versus competitiveness, the importance of maintaining a diversified value proposition given that a prolonged stressed financial situation would necessitate increasing rates, and the concept of establishing a new split in SVCE’s product offerings to maintain, at least initially, one product that would be below PG&E’s comparable offer.

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Financial Levers Playbook
Staff have put together a proposed playbook based on feedback from the Board. This playbook will serve as guidance for future analysis, budget proposals, and conversations in the event that the current negative financial forecast comes to pass and SVCE begins to substantially draw down its reserves.

The financial levers playbook steps are:

F. Enact operational cost savings and efficiencies. SVCE staff will continue to look for ways to reduce costs, create new organizational savings, and improve efficiencies to reduce the draw on reserves. This will include exploring additional pre-pays and looking at ways to reduce discretionary spending. Staff are already working on this and will continue in 2026 and beyond.

G. Maintain current levels of clean, programs, and rate discount for 2026 and 2027 planning.

For organizational and budget planning purposes, staff will plan on maintaining in 2026 and 2027 the current levels of clean targets, program expenditures, and the rate being set equivalent to a 1% discount compared to PG&E. This provides additional budget development clarity, and under the current forecast will result in net contributions to reserves in 2026 and a significant withdrawal of funds from reserves during 2027. The Board will be able to change this approach during 2026 or 2027 if it deems it necessary, but staff need this direction to be able to plan around for now.

H. If financially necessary, introduce a new split in SVCE’s default product to provide customer choice while mitigating the draw on reserves. The exact details of a new product mix will be further developed by staff and be brought back to the Board during 2026 and 2027 to provide additional feedback and eventual approval. At its core, the new split product would lead SVCE to have its typical product but at a premium charge compared to PG&E, as well as an alternate product that would still be cheaper but may have other tradeoffs for participants (e.g. less clean and not able to participate in programs). Starting with this new split would let SVCE retain customers no matter what part of SVCE’s value proposition they prioritize and also help SVCE learn more about how many customers are highly price sensitive and could be future opt-out risks. An example for this product split is provided later in this staff report in the “Estimated Impact” section. But there would be many other possible approaches to creating a new mix of products for SVCE, including revisiting the existing GreenPrime product, considering city-by-city enrollment decisions, exploring options for customers who want to contribute more to the clean mission, assessing whether to differentiate products between customer classes, and more.

I. If financially necessary, later scale up premiums for both products over time. This action reflects that, if the stressed financial conditions continue for a prolonged period, SVCE might need to increase rates further to stop pulling funds from reserves. The Board would review and discuss thoroughly before such an action. But this piece of the playbook indicates that if there were not other palatable options, then SVCE would move all of its rates to the premiums required to cover its costs and reduce or stop the draw on reserves. While this may lead to some opt-outs to PG&E, SVCE would have a sense for the load at risk because it would already have tested out a split product with a cheaper opt down option (that was still with SVCE) and could explore additional options to mitigate this risk if desired.

J. If financially necessary, incorporate a small reduction/pause into program spend. In addition to adjusting the products offered to customers, SVCE would pause or permanently reduce some of its planned program expenditures to limit the draw on reserves. Most unspent program funds are already allocated to specific, active initiatives and these could be scaled back to improve the financial position of SVCE in that year. Major reductions to the program spend would be generally avoided to maintain momentum on reducing local emissions and to continue delivering on other elements of SVCE’s value proposition.

Note that the financial levers playbook is intended to give staff guidance on what to bring to the Board in future budget proposals if necessary. It is possible that the forecast may improve and none of the playbook Item 5
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will end up being used. Or SVCE may enact some initial steps from the playbook and then see an improvement and be able to move back towards the current status quo if desired. But from a planning and strategic standpoint it is valuable to capture this understanding and overarching Board direction.

Next Steps
The playbook outlines the concept of a new split product but doesn’t exhaustively address how it should be structured. There are many ways that SVCE’s product mix could be adjusted to accomplish the actions laid out in the playbook. If approved, staff will continue to explore the viability of potential options and will return to the Board for more discussions and approval about the design of these products and how they would be enacted. These next steps will occur in 2026 and 2027, prior to proposals to include these actions into specific budgets. Long-term, the playbook and this product design work will feed into future budget approval processes.

Estimated Impact
The impact of the actions described in the playbook depend entirely on the specific product mixes developed, the timing of the actions, and the magnitude of adjustments taken by the Board. These scenarios will begin to be incorporated into future budget discussions, stress test planning, and decisions by the Board.

To understand the potential impact of the playbook, imagine a scenario in which SVCE’s current base case forecast holds true. Staff follows the playbook and takes no major action in 2026 or 2027 other than continuing to implement operational cost saving actions. During this time, staff also develops more detailed product mix adjustments for use in the future and they are approved by the Board – for this example, assume the approved approach is to have a default clean product at a premium and a less clean, program-ineligible product at a slight discount to PG&E. As part of the budgeting process for 2028, the Board would receive proposals and analysis from SVCE staff towards the end of 2027 with options on where to set these rates, as well as alternatives. Assume the Board at that time reduced program expenditure by 5%, instituted the opt-down product at 1% cheaper than PG&E, and made the default clean product a 4% premium (roughly $2 per month for a residential customer). Then in 2029, as the draw from reserves continues, the Board would again review. Assume the decision was then to move the programs expenditure reduction to 10%, increase the price of the opt-down product to a 3% premium, and move the clean default product to an 8% premium. Figure 5, below, shows where SVCE’s reserves would end up by the end of FY2029 – a relative increase in the reserves of 45 days cash on hand to 272 total days cash on hand. Additional decisions would then be made by the Board for 2030.

Decisions to enact different products, at different times, and with different assumptions on uptake will adjust the forecast. Note that if financial conditions improve, then SVCE may not have needed to take any steps from Figure 5: Reserves Forecast Comparison – Base Case vs. Forecast Using Playbook Item 5
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the playbook, or would be able to move back to the current default of a clean, program-enabled, cheaper rate than PG&E.

Additional Information
This analysis includes assumptions, and the impacts will be highly dependent on customer reaction. Staff continues to gather information to inform future input: residential customer “willingness to pay” for clean programs and energy, non-residential customer reaction to a premium, and the emissions impacts of customers opting down (or out) based on the total load that chooses to do so. Pursuing the initial split as proposed in the playbook, with an opt-down rate offered by SVCE that maintains a relative discount to PG&E, would provide valuable information to SVCE’s long-term strategy by understanding how many customers choose to opt down.

SVCE would actively share out information about any products it creates, to ensure that customers know their options and can make an informed choice. This would include highlighting the full set of values that SVCE has been delivering since inception, even while acknowledging if SVCE’s default product is moving to a premium for some amount of time. Customer choice is key. It is also key that customers understand the relatively small impact of a rate premium on their total bill, compared to the benefits they receive, in addition to the lifetime bill savings delivered by SVCE thus far. Other CCAs have operated, and continue to operate, at price premiums to PG&E – they have participation rates in the 80% and 90% range similar to SVCE’s 96% participation rate, nonetheless.

This work connects to the new Integrated Decarbonization Roadmap, which will drive a new understanding of which programs SVCE wants to prioritize and the overall emissions impact of that work. This will include a better understanding of how adjusting the total program investments affect the long-term transition to electric technologies and local emissions. The decisions resulting from the playbook will drive how much funding flows towards program activities, and the Integrated Decarbonization Roadmap will guide how to prioritize within a portfolio of activities at any funding level.

STRATEGIC PLAN
This item will eventually affect the entirety of SVCE’s Strategic Plan, as it touches on all elements of SVCE’s business and mission. Decisions in the coming years, driven by the approaches described by the playbook, will affect future budgets, resource plans, decarbonization initiatives, and strategic plan updates. This item itself, with the approval of the playbook, reflects some new concepts that will be incorporated into future strategic decisions but does not commit SVCE to any specific adjustment in strategy at this time.

ALTERNATIVE
Staff is open to suggestions from the Board on alternative approaches for the financial levers playbook.

FISCAL IMPACT
The eventual enactment of some of the actions included in the financial levers playbook would have a significant fiscal impact on SVCE. The intent of the playbook is to provide direction on how to improve SVCE financial standing, if necessary, under stressful conditions. The action of approving the playbook does not have any fiscal impact, as the impacts will only begin when and if the Board takes some of the described actions as part of an SVCE budget approval in the future. The potential fiscal impacts of the actions included in the playbook will be included in future modeling and budget planning as scenarios for the Board to consider when adopting budgets.

Item 5

Silicon Valley Clean Energy Board of DirectorsJune 10, 2026

Silicon Valley Clean Energy Board of Directors
June 10, 2026