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PUC weighs 2¢ or 4¢ rate increases to shore up Hetch Hetchy power finances and fund Clean Power SF
Summary
Staff presented two options to make Hetch Hetchy Power financially sustainable: a baseline 2¢/kWh increase over two years to stabilize reserves and enable bonding, or a 4¢/kWh path over four years to also restore renewables and efficiency programs. Commissioners directed staff to continue outreach to the mayor and supervisors and return with refined proposals.
The commission received a detailed financial briefing from Todd Reedstrom, assistant general manager and CFO, about the Hetch Hetchy power enterprise and options to restore long-term fiscal sustainability.
Staff presented two bookend rate scenarios for municipal department electricity: a baseline option that raises rates by 2 cents per kilowatt-hour phased over two years (raising the average charged to general-fund departments from about 3.75¢ to 5.75¢), and a restoration option of 4 cents over four years that would fund the baseline and allow the restoration of city-owned renewables and…
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