Silicon Valley Clean Energy board approves $35 million one‑time bill credit in midyear budget

The Silicon Valley Clean Energy board voted unanimously to adopt a midyear adjusted operating budget that includes a $35 million one‑time customer bill credit and funding to add five staff positions, the agency’s finance staff said at the board meeting.

The midyear amendment, presented by staff member Amrit, updates revenue and power‑supply assumptions from SVCE’s December forecast and reflects lower forward market prices for renewable and resource adequacy products. Amrit told the board the combination of lower energy prices and updated assumptions allowed SVCE to propose a one‑time bill credit targeted for August, when customers typically see higher bills.

The board discussed alternatives including a volumetric discount across 2025 versus a single monthly credit. Director Lee moved to adopt the resolution approving the adjusted operating budget; the motion carried unanimously on a roll‑call vote.

SVCE staff described the credit as the cash equivalent of a 10 percent volumetric discount for calendar year 2025, estimated at…