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PUC seeks revenue-bond authority for power projects; committee to continue item after amendments
Summary
The Public Utilities Commission presented a charter amendment to allow revenue bonds for new power facilities to expand clean-energy capacity; the committee accepted sponsor amendments but continued the charter item to the next meeting because amendments to charter items require a continuance.
Barbara Hale, Assistant General Manager for Power, presented a charter amendment to allow the Public Utilities Commission (PUC) to issue revenue bonds for new power facilities. Hale said existing charter authority limits revenue bonds to certain water and wastewater facilities and restricts power facilities financing; expanding authority would let the PUC finance new clean-energy and resiliency projects, serve more customers, reduce rates, and better capture the value of excess hydroelectric generation for city customers.
Hale explained projects financed by revenue bonds would still require PUC, mayoral, and Board of Supervisors approvals and independent engineering certification to ensure sufficient revenue coverage. She said the amendment is intended to facilitate clean energy projects such as solar, electric-vehicle charging stations, and grid controls, while preventing the need to cash-fund large projects that reduce efficiency and limit investment.
Supervisors discussed safeguards; Supervisor Peskin noted a previous successful measure in 2002 that gave similar bond authority for water infrastructure. Because the committee considered amendments to the charter language, Deputy City Attorney explained the committee must continue the item to the next meeting to adopt those amendments. The committee accepted the amendments and continued the item to the Jan. 24 meeting for formal action.
