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San Diego Community Power proposes a new reserves range and 225‑day target amid PCIA volatility
Summary
Finance staff proposed redefining reserves and setting a 180–270 day range with a 225‑day target to buffer large swings tied to the PCIA/market-price benchmark; staff presented quantification and stress tests showing multi‑hundred‑million‑dollar exposures.
San Diego Community Power finance staff proposed to the Finance & Audit Committee a fourth revision to the agency’s reserves policy that would redefine reserves and raise the agency’s target cash buffer to reduce exposure to volatile market‑price benchmarks and the Power Charge Indifference Adjustment (PCIA).
"We’re proposing a range, of 180 days up to 270 days cash on hand," said Timothy Mangalmont, Director of Finance, who briefed the committee on a multi‑pronged quantification of agency risks. Mangalmont said staff recommended a new target of 225 days cash on hand informed by stress testing and peer benchmarking.
Manga…
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