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Preliminary utility forecast shows multi-utility rate increases to rebuild reserves
Summary
Staff presented preliminary five-year utility forecasts showing proposed FY27 rate increases across utilities (electric ~6%, gas ~9% including COSA adjustments, water ~10%) to rebuild depleted CIP and operations reserves and fund planned capital projects such as grid modernization and seismic water-tank work.
City staff presented a preliminary five-year utility financial forecast showing proposed rate adjustments for multiple enterprise utilities aimed at rebuilding depleted reserves and supporting capital programs.
For the electric utility staff presented a preliminary FY27 projection of a 6% rate increase, primarily driven by capital-investment needs for grid modernization, distribution maintenance, and the need to replenish a near-empty CIP reserve; staff said Palo Alto electric rates remain roughly half of PG&E for residents on a median basis.
The gas utility forecast assumed council approval of the 2026 COSA adjustments and incorporated…
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