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SFPUC moves forward on inaugural Power revenue bonds and launches business-plan workshops to 'right-size' the power enterprise
Summary
The commission approved a preliminary official statement for a not-to-exceed $48 million Power Enterprise bond, split into green and non-green subseries, and heard the first of two business-plan workshops on rightsizing the enterprise, asset risks and revenue challenges tied to hydro variability, Raker Act constraints and expiring interconnection agreements.
The San Francisco Public Utilities Commission voted April 28 to approve the form of a preliminary official statement for the Power Enterprise—irst revenue bond issuance (not to exceed $48,000,000) and heard the first of two workshops laying out financial challenges and possible strategic options for the power business.
Deputy CFO Charles Pearl told the commission staff had revised the disclosure to incorporate the recently approved capital plan, drought disclosures and the launch of the Clean Power SF program. He said the transaction will be split into two subseries so a majority of the issuance (about $33—3 nd change) can bear a…
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