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SVP outlines nearly $1 billion five‑year capital plan, bonds and contracts to rebuild substations and add transmission
Summary
Silicon Valley Power told customers it has an FY25 adopted budget of $670 million, a nearly $1 billion five‑year capital plan, multiple upcoming construction contracts and a planned second tranche of bond issuance to finance substation rebuild and transmission projects.
Silicon Valley Power (SVP) presented details of major capital work and financing at its State of the Utility meeting, including multi‑hundred‑million‑dollar substation rebuilds, a planned bond tranche and near-term contract awards.
SVP’s FY25 adopted operating budget is $670,000,000 and the utility described a five‑year capital program “almost a billion dollars,” according to Acting Chief Electric Utility Officer Nico Prokos. Prokos said SVP financed the initial tranche of bond issuances successfully at low interest rates and expects a second tranche in 2026 to finance additional work,…
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