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Burbank studies prepaid clean‑energy bond that could cut PPA costs by about $1.3 million a year
Summary
At a Jan. 27 study session the Burbank City Council reviewed a SCAPA-run prepaid clean‑energy bond that would prepay four existing power purchase agreements; staff said the structure could save roughly $1.3 million annually but a cost‑of‑service study is needed to quantify customer rate impacts. No council vote was taken.
Burbank officials on Jan. 27 reviewed a proposal to join other Southern California utilities in a prepaid clean‑energy bond through the Southern California Public Power Authority that staff said could lower costs on existing power purchase agreements (PPAs) by roughly $1.3 million a year.
Joe Luleo, chief financial officer for Burbank Water and Power, told the council the city would assign limited energy rights from four current PPAs—Desert Harvest 2 Solar, Copper Mountain Solar, Wild Rose Geothermal and Thule Hydro—into a pooled SCAPA bond transaction so the utility could repurchase the same energy at discounted rates. "We will be saving about $1,300,000 per year on our PPA contracts," Luleo said, calling…
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