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Agoura Hills councilmember says Clean Power Alliance rates falling as agency builds reserves
Summary
Council member Deborah Klein Lopez reported that Clean Power Alliance finalized its rates and budget, expects to reach a 50% reserve target by year end, and is seeing generation rates decline and paying down long-term contracts that yield about $40 million in annual savings.
Council member Deborah Klein Lopez, the city's Clean Power Alliance (CPA) representative, told the Agoura Hills City Council on the evening of the meeting that CPA finalized its rates and budget for the next fiscal year and is in a strong financial position.
Klein Lopez said CPA's long-term energy contracts and prepaid bond financing are beginning to pay off and cited roughly $40,000,000 in annual savings from those financing strategies. "We should hit our reserve target, 50% by the end of the fiscal year," she said, and added that the program is "only 7, 8 years old at this point." Klein Lopez also said, "our rates are actually going down." She said CPA's greenest rate will likely be on par with Southern California Edison's least renewable rate when Edison updates its pricing later this year.
The councilwoman noted CPA continues to expand customer programs, marketing, workforce development and apprenticeship opportunities tied to clean energy jobs. Mayor Sylvester asked for clarification for residents, and Klein Lopez confirmed that Agoura Hills customers were defaulted into CPA's 100 percent renewable rate and that "over 90% of them are still there." She noted customers may opt down or opt out.
Klein Lopez said a planned board retreat with member cities and unincorporated counties was postponed for safety concerns in downtown Los Angeles and is expected to be rescheduled in the fall.
No council action was required or taken on the report. The update was presented as an informational staff/council report during the intergovernmental and departmental reports portion of the meeting.
