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SFPUC reports stable financials for FY18, Clean Power SF enrollment and regulatory risk update
Summary
SFPUC staff reported FY18 pre-audit positive net results across enterprises, noted Clean Power SF retains ~97% of customers with 3.1% cumulative opt-out and ~3,672 Super Green customers, and presented the capital financing plan and planned debt transactions; staff said California PUC action on PCIA/exit-fee methodology has been delayed to Oct. 11.
At the Sept. 25 meeting the San Francisco Public Utilities Commission received routine but consequential updates on Clean Power SF, capital financing and the quarterly fiscal report.
Barbara Hale, assistant general manager for power, said Clean Power SF continues to enroll customers and to retain a high participation rate. She reported a cumulative opt-out rate of 3.1 percent (about 97 percent retention) and said approximately 3,672 customers have elected the "Super Green" 100-percent renewable option; another enrollment batch in October is expected to add roughly 1,600 customers (including customers on net-metering tariffs). "Our super green upgrade rate continues to exceed the opt-out rate," Hale said.
Hale also briefed commissioners on an active California Public Utilities Commission rulemaking about exit-fee (PCIA) methodology; two alternate proposed decisions exist, one by the assigned administrative law judge that staff views as more favorable to community choice aggregators (CCAs) and an alternate by the assigned commissioner that staff regards as riskier. She said the State PUC has delayed a decision until Oct. 11 and staff will model outcomes and their customer impacts.
Rich Morales (Debt Manager) presented the annual capital financing plan describing planned debt issuance, the use of low-cost SRF and WIFIA loans in recent years, and constraints on refundings after federal tax law changes. Charles Pearl (acting CFO) presented FY18 pre-audit results: water revenues were about $48 million over the two-year-budgeted plan (set in 2016), wastewater revenues roughly $10 million over, water non-operating items included a one-time legal settlement of just over $9 million, and power showed about $30 million less in revenues than budgeted but offset by expense savings tied to recording Cal ISO transactions differently.
On the consent calendar the commission approved routine items; the commission also approved Agreement CS1100 to procure and install a Clara 1 automated meter infrastructure for the Power enterprise, authorizing the general manager to execute a contract not to exceed $9,993,604 for 10 years. The commission adopted a separate resolution directing development of a wildfire mitigation plan for SFPUC overhead electric lines in high-fire zones.
Next steps: staff will run pro forma modeling to estimate Clean Power SF impacts under alternate PCIA outcomes and will return with cost estimates for capital projects as requested by commissioners.
