4/10/2024
1 RiversidePublicUtilities.com
1 City Council
May 7, 2024
ANNUAL UTILITY RATE PLAN UPDATE
FOR THE RESULTS OF FY 2022-23
Riverside Public Utilities
RiversidePublicUtilities.com
2 BACKGROUND
May 22, 2018 City Council approved the electric and water five- year rate plans and directed staff to provide annual review of adopted rates
January 2019 2.95%
January 2020 3.0%
January 2021 3.0%
January 2022 3.0%
January 2023 3.0%
July 2018 4.50%
July 2019 5.75%
July 2020 5.75%
July 2021 5.75%
July 2022 6.50%
Based on system average, rate increases vary by customer class and consumption levels.
Water
Years 1‐5
Electric
Implementation of the Third Year
of the Electric Rate Plan was
delayed six months and
implemented July 1, 2021.
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2 RiversidePublicUtilities.com
3 WHAT’S NEW
September 19, 2023 City Council approved the new electric and water five-year rate plans. Staff will continue to provide annual reviews of adopted rates.
Years 1‐5
7.0%January 2024
Electric
7.0%January 2025
7.0%January 2026
2.0%January 2027
2.0%January 2028
6.5%October 2023
Water
6.5%July 2024
6.5%July 2025
6.5%July 2026
6.5%July 2027
Based on system average, rate increases vary by customer class and consumption levels.
RiversidePublicUtilities.com
4 723 783 759 786 737 688 694
417 405 443 440 453 471 475
956 916 923 921 956 910 919
18 18 19 14 16 14 14
$311 $322
$338 $347 $353
$380 $410
-
50 100
150
200
250
300
350
400
450
-
500
1,000
1,500
2,000
2,500
3,000
3,500
FY 19-20
Actual
FY 20-21
Actual
FY 21-22
Actual
FY 22-23
Actual
FY 23-24
Projection
FY 24-25
Projection
FY 25-26
Projection
In Millions
Millions of Kilowatt-hours
Residential kWh Commercial kWh Industrial kWh Other kWh Total Revenue
ELECTRIC RETAIL KWH SALES AND REVENUE
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5 $137.9 $114.5 $107.8 $111.3
$167.3
$209.3
$35.0
$35.0 $35.0 $35.0
$35.0
$35.0
$0
$50
$100
$150
$200
$250
$300
FY 22-23
Actual
FY 23-24
Projected
FY 24-25
Projected
FY 25-26
Projected
FY 26-27
Projected
FY 27-28
Projected
(in millions)
Undesignated Cash Reserves Line of Credit Target Minimum
ELECTRIC UNDESIGNATED CASH RESERVES
RiversidePublicUtilities.com
6 ELECTRIC RATE COMPARISON
SDGE- As of March 12, 2024 with rates effective January 1, 2024 SCE- As of March 12, 2024 with rates effective January 1, 2024 RPU- 1
st year of new rate plan (2023-2027) effective October 1, 2023 $238
$204
$115
$-
$50
$100
$150
$200
$250
SDG&E SCE RPU
Average residential customer at 600 kWh per month
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7 15 16 15 13 14 14 14
9 10 10
9 10 9 9
1 1 1
1 1 1 1
$62
$71 $73 $70 $74
$82
$87
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
-
5 10
15 20
25 30
35 40
FY
19-20
Actual
FY
20-21
Actual
FY
21-22
Actual
FY
22-23
Actual
FY
23-24
Projection
FY
24-25
Projection
FY
25-26
Projection
In Millions
Millions of Hundred Cubic-feet
Residential (CCF) Commercial/Industrial (CCF) Other (CCF) Total Revenue
WATER RETAIL SALES
RiversidePublicUtilities.com
8 $39.1
$27.9 $31.9 $38.7 $43.7
$54.2
$25.0
$25.0
$25.0
$28.0
$28.0
$28.0
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
FY 22-23
Actual
FY 23-24
Projected
FY 24-25
Projected
FY 25-26
Projected
FY 26-27
Projected
FY 27-28
Projected
(in millions)
Undesignated Cash Reserves Line of Credit Target Minimum
WATER UNDESIGNATED CASH RESERVES
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5 RiversidePublicUtilities.com
9 WATER RATE COMPARISON
EMWD- As of March 12, 2024 with rates effective January 1, 2024 WMWD- As of March 12, 2024 with rates effective July 1, 2023 RPU- 1
st year of new rate plan (2024-2028) effective October 1, 2023 $118 $111
$62
$-
$20
$40
$60
$80
$100
$120
$140
EMWD WMWD RPU
Average residential customer at 21 CCF per month
RiversidePublicUtilities.com
10 WHAT’S AHEAD
Proposed Budget for Fiscal Years 2024/25 and 2025/26
Implement Second Year of Water Rates effective July 1, 2024 Implement Second Year of Electric Rates effective January 1, 2025
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11 Strategic Priority 6 - Infrastructure, Mobility & Connectivity Goal 6.2 - maintain, protect and improve assets and infrastructure within the City’s built environment to ensure and enhance reliability, resiliency, sustainability, and facilitate connectivity
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversidePublicUtilities.com
12 That the City Council receive the annual electric and water utility rate plan update for the results of Fiscal Year 2022/23.
RECOMMENDATION
11 12