[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6529360,"mediaKeyId","3802294-597d19ca4c8f2a8d6512a7454ceed8a8","parentId",3802294,"title","SVCE highlights student grants, nonprofit pilot awards and scholarship competition in CEO report; introduces new staff","audioSeconds",356,"startMs",819000,"endMs",1175000,"viewUrl","/Search/View?dp=1&key=3802294-597d19ca4c8f2a8d6512a7454ceed8a8&start=819&end=1175","thumbnailUrl","https://assets.pipeline.soar.com/3802294-597d19ca4c8f2a8d6512a7454ceed8a8/thumbnail_819000.jpg","articleUrl","/articles/6529360/Cupertino/Santa-Clara-County/California/SVCE-highlights-student-grants-nonprofit-pilot-awards-and-scholarship-competition-in-CEO-report-introduces-new-staff","mediaUrl","https://secure.pipeline.soar.com/6529360-1e8c2d1857f55ab8487b7345fe426587/orig.mp4?Expires=1773621807&Signature=NqR-UOaQ3Ky9gBWjHjftarYe-pGQUnj31-Atq-Rh6IghZ1OT0k4v0giJw7NLqqJCKVGKWHNW7SKqTuOFvn0YtZGiZJUFzOQ8Eb1kyaUrBWITDbb9NfTSMXpO7vFwSEp~XzObdSlXUsejQpMxn8RzUtBUp1AH8LtqlrfO5iKSfSLDxY0c6jY917PX7Gxv2EiWSduZ7hGxdLldnTeNAhSRdy2hO8jLhWAorzw8ZDgsCfdm-KQAS4M0KI8EEIaJ6alHm2bXN-FDMpJG~HVDqBtHzvecij~c1Eq6Pcn3qtvRlWTi-gWLl95ykHjKcr72aNJ4Omzmhft8WdYVfKpM6D3NXw__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Cupertino","date","2025-06-12T16:31:21Z","article","Silicon Valley Clean Energy's CEO report on June 11 featured staff introductions and a summary of the authority's youth education and outreach programs, including student project sponsorships, a pilot education nonprofit grant program and an annual scholarship competition.

Monica (CEO) introduced several staffing changes: Kaylee Dodson moved to the power resources team as a rotational power analyst; David Shim joined as a senior finance and data analyst; and Megan LaBerth joined as a data and analytics summer intern. Each new staff member briefly addressed the board.

Ashley Pock, SVCE's community outreach fellow, presented highlights of SVCE's education initiatives. Staff said the student sponsorship program (formerly the Education Fund) distributed about $70,000 this year to 13 student-led projects across eight SVCE communities; one example cited was a group designing solar-lit installations for community events and senior homes.

SVCE also piloted an education nonprofit grant program, distributing roughly $96,000 among four nonprofit organizations to support climate education, community workshops and workforce development; staff cited the Silicon Valley Youth Climate Action 2025 Youth Leadership Summit as a funded activity.

The annual Empower SV scholarship competition awarded approximately $20,000 split into grand prizes and honorable mentions: the session described four $3,000 grand-prize awards and four $2,000 honorable mentions. Pock said five of eight recipients performed at a live event in May.

Ending: CEO Monica and board members thanked staff and the Climate Corps fellow for the outreach work. Staff said program details, supporting materials and video submissions are available in the slide appendix and will be provided to the board upon request.","mediaType","Video","parentTitle","SVCEA Board of Directors Meeting - June 11 , 2025 (Live Streamed Version)","oneSentenceSummary","In the CEO report SVCE announced staff promotions and introductions, and community outreach fellow Ashley Pock summarized youth education programs including a student sponsorship program ($70,000 distributed to 13 projects), a pilot nonprofit grant program (about $96,000), and the Empower SV scholarship (approximately $20,000 awarded).","taxTitle","Cupertino, Santa Clara County, California","taxId",3985,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6529365,"SVCE staff brief board on two bills affecting local building policies and reaffirm support for city reach-code actions through Oct. 1 window",4177,598000,4775000,"/Search/View?dp=1&key=3802294-597d19ca4c8f2a8d6512a7454ceed8a8&start=598&end=4775","https://assets.pipeline.soar.com/3802294-597d19ca4c8f2a8d6512a7454ceed8a8/thumbnail_598000.jpg","/articles/6529365/Cupertino/Santa-Clara-County/California/SVCE-staff-brief-board-on-two-bills-affecting-local-building-policies-and-reaffirm-support-for-city-reach-code-actions-through-Oct-1-window","https://secure.pipeline.soar.com/6529365-a4b2e139fb51855cb8447728477e46bb/orig.mp4?Expires=1773621807&Signature=Qj3MzuHlFgj-F9AAG8mDCntGnC4aQHvZ1ijFAK0nSdveaLl-um2VgSjkawOUc~A1I2~qwA3hO7jni90uEZiF3DpWi60Vd71QDF-Lo-KUxZXg5XzycLb44ofcJVXBlvbl26ZvonqpsYx38KWdkCkX4EO6EoEJ38pzRHZRL8zFwjkQGEH2w6XCmRRSBYXkjy2SFybqxkoJyabrKOxh~mywHmOqSTGR8~uiMOnhaAXerE0fgR30PKo74N215QBZHyA2Hxos0Ua2Oom95pL9PnrOFTjpws4UWz5aRKX2cT~qFYEXcpiuwBrr0F7j73zXV0c808PlkRphFai8IFwoyHIZUQ__&Key-Pair-Id=KUT5TJCACFTXG","Silicon Valley Clean Energy staff updated the board on state legislation and local agency outreach on June 11, reporting progress on a regional energy-market bill and a narrow window for jurisdictions to adopt local reach codes before an announced moratorium.

Bennett Chang, government affairs director, told the board that SB 540 (Becker), a bill to form a new governing body intended to facilitate energy trading across western states, passed the California Senate 36-0 and was under consideration in the Assembly. Staff said they are working with coalition partners to refine bill language to reassure other Western states that the governing body would not supersede state energy policy.

Chang also briefed the board on AB 306 (Schultz and Rivas), described in staff materials as a moratorium on state and local building reach codes. Staff said amendments posted the day of the meeting did not address SVCE's principal request (to allow local governments to adopt existing reach codes), but one amendment moved the moratorium start date from June to Oct. 1. Staff described Oct. 1 as a potential final window for local jurisdictions to adopt reach codes before the moratorium takes effect.

Separately, staff summarized the Local Agency Action Planning (LAAP) outreach completed with member jurisdictions. Staff said 13 action plans have been prepared to help cities adopt electrification measures and other reach-code actions; staff offered model code language, technical assistance and a ready team to support jurisdictions that choose to adopt rules before the Oct. 1 deadline.

Staff asked boards and agency staff to contact the SVCE policy team for targeted assistance; presentations and model code drafts are available. The LAAP work will continue, with staff outreach to jurisdiction staff and electeds over the summer.

Ending: Staff said it will continue legislative advocacy on SB 540 and AB 306 and will support member agencies that want to act on reach codes before the Oct. 1 window, returning to the board if additional advocacy or action is needed.","Government affairs staff reported that SB 540 (regional energy markets) advanced in the Legislature and that AB 306 (a proposed moratorium on local reach codes) was amended to delay its start date to Oct. 1, giving local governments a potential final window to adopt reach codes; staff offered technical assistance to member jurisdictions.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6529369,"SVCE board authorizes CEO to sign architecture and design contract for new headquarters",767,7025000,7792000,"/Search/View?dp=1&key=3802294-597d19ca4c8f2a8d6512a7454ceed8a8&start=7025&end=7792","https://assets.pipeline.soar.com/3802294-597d19ca4c8f2a8d6512a7454ceed8a8/thumbnail_7025000.jpg","/articles/6529369/Cupertino/Santa-Clara-County/California/SVCE-board-authorizes-CEO-to-sign-architecture-and-design-contract-for-new-headquarters","https://secure.pipeline.soar.com/6529369-10f73bedbec2bdad4fa6e25490d6b6f3/orig.mp4?Expires=1773621807&Signature=CVv8R8NtLu8gpH5Z-xVE3JUHvuw9QynF38YaPeSzQfqyGIdnmNTh-z1kiz2CbMi33vzAmFNbc7ViPU5rJFhLvWyO6fmcqKVoD61dQoUSzMpjxT5KWoX~H~f-ilWOdqU1rbRk-rZkd0e-ALjcca3WErop5FfUx1yCIXaH8P378IkgYAHSg51b5bzrUNr0-zPEO93bjTJRfqKjupk4OGe6bFjAbbP71ayyuHJoIXi3a9RiSwpO-BzoOYOvmptuDV0F6OTWmCxuMyBswgg2xg8j3O2M80Xu~dJ4muOOLWoibiex9mPdvsUuWEzYmWAkAYP0ZWTnv0aypkRo7BtHAHWY-w__&Key-Pair-Id=KUT5TJCACFTXG","The Silicon Valley Clean Energy Authority board on June 11 authorized the CEO to negotiate and execute an architectural and design services agreement for a new SVCE headquarters, not-to-exceed $660,000, and approved delegating contract-change authority to the CEO to keep the project on schedule.

Staff said the procurement followed an RFP issued in May, with 11 proposals received and six teams interviewed. The recommended approach phases the project into two parts: phase one prioritizes staff workspaces and the board chamber so staff can move in early next year; phase two will address the community-facing space, with staff returning to the board in the fourth quarter with options and cost estimates for that portion.

Jess Cornejo, senior community strategy specialist, presented the item and said the phasing is intended to allow staff to occupy core office space while giving more time to design and cost the public community space. Cornejo said staff will solicit a construction contractor later and will incorporate cost-estimation and permitting services into the architect contract.

Directors asked about labor standards and whether design and construction would align with public-works requirements. Staff said the future construction contract will be a public-works project subject to prevailing-wage and other labor rules; the architecture contract itself is not governed by public-works statutes in the same way.

Board action: Director Showalter moved the staff recommendation; the board approved the delegation unanimously. Staff said construction would be sequenced in 2026 and target staff move-in in mid-2026, while community-space options and related decisions will come back to the board before construction on that component begins.

Ending: Staff will finalize the scope and contract negotiations with the selected architect, proceed with preconstruction planning and return to the board with community-space options and a construction solicitation timeline later this year.","The board delegated authority to the CEO to execute a contract (NTE $660,000) for planning, architectural and design services for SVCE's new headquarters, with the project phased so staff workspace and the board chamber are prioritized and community space options returned to the board later.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6529373,"SVCE finance staff say reserves and stress testing leave agency positioned but recommend cautious budgeting",1375,2215000,3590000,"/Search/View?dp=1&key=3802294-597d19ca4c8f2a8d6512a7454ceed8a8&start=2215&end=3590","https://assets.pipeline.soar.com/3802294-597d19ca4c8f2a8d6512a7454ceed8a8/thumbnail_2215000.jpg","/articles/6529373/Cupertino/Santa-Clara-County/California/SVCE-finance-staff-say-reserves-and-stress-testing-leave-agency-positioned-but-recommend-cautious-budgeting","https://secure.pipeline.soar.com/6529373-29449c72835740ff5c4cd433cc1a84c2/orig.mp4?Expires=1773621807&Signature=WnYbLUHZcQ-WESp7JMIX7stx~sMGXiPwoJuXksUk57DSnMt9Tmfk1RYw9mUxqjn6kyzwiCXIAlFkP6HpN6flzHVvCH7-o-v1iZE-2piT2wrt1vJ5jo0e2HSjtFpwlkyufnyiv8ykg5NKpX667w20Oviz8zuqq7aFlu9B106RahU15d~Pe7NueUIljEnfHsJX96CcJkRxQbV0tru4JjR61oeBLCQJEuQvSUkQv-pdg3hFWmmFiwd885SgqsLxva4ei7zuUb~oP2-rxiwXmVA7H6YNewV6bOqoycUgHZ-Kl18RKZ9QIiw4yw5GEJnmyHO~Y3WVOK4xwP4NVLUrdng~uQ__&Key-Pair-Id=KUT5TJCACFTXG","Silicon Valley Clean Energy staff on June 11 presented the authority's annual financial stress-test results and recommended holding the draft September budget approach in place while preparing contingency options for the December budget update.

Amrit (staff member) framed the exercise as part of SVCE's enterprise risk management framework and said the test is designed to examine extreme but plausible market movements and the agency's capacity to continue operations. \"It's time to do stress testing — not to stress us out, actually to keep us out of stress,\" Amrit said.

Staff's updated base-case forecast reflects continuing declines in forward market prices since the March midyear projection. The presentation said falling forward prices lower projected procurement costs but, through the regulatory true-up process for PG&E's generation rates and the PCIA (nonbypassable charge), can also reduce SVCE's revenue headroom in subsequent years. The net effect, staff said, is a smaller projected reserve balance over the five-year horizon compared with the earlier midyear forecast.

In the stress case, staff modeled a large, rapid drop in forward prices and corresponding declines in resource-adequacy (RA) and renewable portfolio standard (RPS) attribute prices. Even under an aggressive stress case, staff reported SVCE remained above the board's minimum reserve policy levels and the agency retained days-cash-on-hand materially above the minimum through the five-year window, though reserves eroded more quickly than in the base case.

Staff recommended no major budget changes for the September budget release because the updated base case and stress test indicate SVCE remains financially prepared under current policies and reserve targets. Staff said they will continue to monitor market movements, re-evaluate in December when the CPUC rate decisions and true-ups are clearer, and prepare a menu of operational and financial levers the board could use if conditions deteriorate.

Directors asked detailed questions about the drivers of volatility in RPS and RA prices, the timing of future compliance periods, and other risk scenarios such as wildfire-driven load disruption or a major counterparty failure. Staff noted the stress test focused on market-price-driven revenue risk because that is the dominant financial vulnerability in the near term but that enterprise risk management covers other risks (cyber, load uncertainty, etc.).

Staff highlighted that prior management decisions to build reserves and manage procurement exposure created the flexibility to act strategically rather than reactively if market conditions change. The presentation listed possible levers staff will analyze further (examples given: adjusting customer discounts, changing procurement hedging horizons, timing of earmarked-program spend).

Ending: Staff will incorporate this stress-test work into the September budget materials and return in December with more detailed recommendations after regulatory rate clarity. Directors and staff agreed to continue monitoring forward markets and resource attribute prices and to prepare contingency options for the board.","Staff presented a yearly stress test showing SVCE's reserves and financial policies would withstand a severe downward movement in forward energy prices; staff recommended no major budget changes now but said they will revisit the budget in December and begin internal work on financial levers.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6529378,"SVCE board authorizes CEO to initiate new prepay transaction, names Morgan Stanley as preferred supplier",3174,1204000,4378000,"/Search/View?dp=1&key=3802294-597d19ca4c8f2a8d6512a7454ceed8a8&start=1204&end=4378","https://assets.pipeline.soar.com/3802294-597d19ca4c8f2a8d6512a7454ceed8a8/thumbnail_1204000.jpg","/articles/6529378/Cupertino/Santa-Clara-County/California/SVCE-board-authorizes-CEO-to-initiate-new-prepay-transaction-names-Morgan-Stanley-as-preferred-supplier","https://secure.pipeline.soar.com/6529378-2a9eb1afc171f3d890505bf15ca2fde1/orig.mp4?Expires=1773621807&Signature=M9gFBvcTl5Vrm1P7jvl4-dIILmsc-zx~E0gklMxAof82QtJlIak0b8Ohg5K8Di1moCuRYJr538W9sJZ~MSZr6SI5batjfvHtf3dXV~ddgZiunOL2HepK1GwM~JGYqIiquyNfJONMZjhcqPhXc~Fdgl-IvNN74k2joy7ym6icuvAYXbBP8-QnhA56lUDTAANIz7RT7scN2XNHZ8S8VEDIOwQZ80lRChljc-K0fmDRQcUddpif2YZhSc1I7tg~-LOJIGjlJPwR-SVZP1o~1lf48CS111ed6aQ9K64xRAZDKLpb1xcn0I6xDX7x7~BVAW47cr9NJRg6gr1JruON-JUQ1g__&Key-Pair-Id=KUT5TJCACFTXG","The Silicon Valley Clean Energy Authority board on June 11 unanimously authorized the chief executive to negotiate and sign agreements to initiate a new prepay financing transaction and to engage Morgan Stanley as the prepaid energy supplier.

The action gives staff authority to engage municipal advisers, bond and tax counsel, disclosure counsel and other advisors needed to structure the transaction and prepare required documents; final execution of the prepay was not approved at the meeting and will be returned to the board with parameters, staff said.

A prepay is a financing mechanism that lets a party that does not have access to tax-exempt debt (for example, a bank or other funding recipient) receive a tax-exempt funding rate by using a separate issuer. SVCE's staff said the arrangement lets SVCE capture part of the difference between taxable and tax-exempt rates and pass that as a per-megawatt-hour discount on fixed-price contracts, reducing SVCE's effective cost of power without putting debt on SVCE's balance sheet.

Amrit (staff member) presented the proposal and described the mechanics: counterparties assign existing power purchase agreements to a funding recipient; the California Community Choice Financing Authority (CCCFA) issues nonrecourse bonds; proceeds flow through to the funding recipient and SVCE receives the energy under a back-to-back PPA with CCCFA at a discounted price. \"As you know, the prepay requires a lot of work,\" Amrit said, adding that staff is seeking authorization only to engage advisors now and will present final transaction parameters to the board before execution.

Staff estimated that the three existing prepays have produced roughly $14.3 million in annual savings to date and that a new prepay could add several million dollars more depending on market conditions. The presentation showed a possible range of incremental savings (illustrative) between roughly $4 million and $6 million for one illustrative sizing, and noted market timing and the taxable-vs.-tax-exempt spread drive actual results.

Key differences in this proposed transaction include using a special-purpose-vehicle structure that separates the roles of the energy supplier and the funding recipient so SVCE can consider multiple potential funding recipients (banks, insurers or other institutional buyers) rather than relying exclusively on Morgan Stanley as it had in earlier deals. Staff described this as a way to diversify concentration risk while retaining operational efficiencies if Morgan Stanley is selected as the energy supplier.

Staff said most advisor fees would be contingent on successful execution; one exception is credit-rating fees (Moody's) that may be payable if the board moves to market preparations. Staff said Morgan Stanley has verbally agreed to split that rating fee if the deal does not proceed, as it did in past prepays. Presenters also said the bonds issued by CCCFA would be nonrecourse and not on SVCE's balance sheet.

Directors asked about counterparty concentration, repricing/reset mechanics and how savings are realized and applied. Amrit and the municipal adviser, Mike (PFM municipal adviser), described prior deal reset periods (examples cited: 6.5 years, 8 years, 10 years) and said the bonds remain 30-year instruments with an initial reset that establishes future repricing points. The board heard that each past prepay remains financially siloed so a problem in one transaction would not automatically create a cross-default on prior transactions, though concentration in a single funding recipient increases systemic risk.

Board action and next steps: Director Lee moved to adopt the resolution authorizing the CEO to execute agreements to initiate the prepay and to engage Morgan Stanley as prepaid supplier; the motion passed unanimously. Staff said it intends to return to the board at the August meeting with final parameters and, if approved, the transaction would then need CCCFA approval before going to market.

The board recorded no dissent. Staff will proceed with advisor engagement, continue to refine deal structure and return with an execution recommendation and full transaction documents for board approval.

Ending: Staff emphasized timing and market sensitivity: the ultimate savings will depend on forward market spreads between taxable and tax-exempt rates, the set of PPAs assigned to the prepay, and investor demand. The board will vote on final execution documents at a future meeting.","The Silicon Valley Clean Energy Authority board unanimously authorized the CEO to engage firms and begin work to structure a fourth prepay financing intended to lower SVCE's power procurement costs; Morgan Stanley was affirmed as the preferred prepaid supplier while staff said final execution will return to the board likely in August.","actionData","errors"]

Article not found

SVCE highlights student grants, nonprofit pilot awards and scholarship competition in CEO report; introduces new staff

SVCE staff brief board on two bills affecting local building policies and reaffirm support for city reach-code actions through Oct. 1 window

SVCE board authorizes CEO to sign architecture and design contract for new headquarters

SVCE finance staff say reserves and stress testing leave agency positioned but recommend cautious budgeting

SVCE board authorizes CEO to initiate new prepay transaction, names Morgan Stanley as preferred supplier