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San Diego Community Power board raises reserve target to 225 days, cites PCIA volatility as top risk
Summary
The board voted to amend its reserve policy, increasing the target from 180 to 225 days cash on hand and authorizing a rate‑stabilization designation, after staff cited potential multi‑hundred‑million dollar exposure from PCIA market‑price volatility.
San Diego Community Power’s board on Dec. 11 approved a fourth amendment to the agency’s reserve policy, increasing the target reserve level from 180 days to 225 days cash on hand and authorizing the board to designate funds between the target and maximum as a rate‑stabilization reserve.
The measure passed on a roll call vote after finance staff laid out a risk analysis that named the Power Charge Indifference Adjustment (PCIA) and related market‑price benchmark volatility as the agency’s largest potential exposure. “The PCIA and generation rates comprise the biggest risk by far,” said Timothy Mangumot, director of finance, during the presentation explaining staff’s bottom‑up quantification and stress tests.
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