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| Default, we will all be enrolled in the Peninsula Clean Energy program. |
"The San Mateo County Board of Supervisors on Tuesday (6/21/16) approved a
$2.6 billion recommended budget for the coming fiscal year, bringing
the county's general fund reserves to a 10-year low. The amount of
the recommended budget -- which includes the general fund and a host of
other expenditures -- increased roughly $219 million, or 9.2 percent,
from last year's estimates, due in part to new capital and
infrastructure projects.
The board will approve the final budget Sept.
20. To accommodate the increase, the county will draw its reserves
down to $154 million. County Manager John Maltbie said that is some
cause for concern, as the economy could slow down within the next two
years.
Looking farther down the road, the county will get some
relief in 2023, when it anticipates paying off its unfunded pension
liabilities. That will free up about $106 million a year, according to
Maltbie.
One of the county's expenses in the coming year is a $7.5
million loan to the fledgling Peninsula Clean Energy Authority, a
community choice aggregation program that will enable the county and
cities within its boundaries to buy power on the open market, rather
than rely on PG&E. The money will go toward startup costs. The
authority notified the board Tuesday that it has also secured a $12
million loan from Barclays Bank to fund the agency's early stages."
Related article, Budget and Clean Energy transition.
The Daily Journal/Bill Silverfarb, Staff, 6/23/16. "County approves budget; loan for clean energy program." .... Following approval of the budget Tuesday (6/21/16), the board then approved a
financing mechanism for the Peninsula Clean Energy Authority which
includes a $6 million loan to use as collateral to secure a $12 million
loan from Barclays Bank. The $6 million loan is forgivable as is an earlier $1.48 million loan to
cover startup costs. It is anticipated that the clean energy program
will deliver cleaner, more renewable energy at competitive prices
compared to Pacific Gas and Electric’s pricing, according to the
authority. By October, Peninsula Clean Energy (PCE) is scheduled to become the county’s
default electricity provider as it starts to enroll its first customers
into the community choice aggregation program. The program will allow the county and its 20 cities to pool the
electricity demands of their communities, purchase power with higher
renewable content and reinvest in local infrastructure. PCE is preparing to launch as a board of directors comprised of elected officials from the county and cities is in place now. The board meets Thursday, June 23, to approve the same funding mechanism supervisors did on Tuesday (6/21/16). About 297,000 Pacific Gas and Electric customers will automatically
become customers of PCE unless they opt out. Customers, however, will
not be all enrolled at once."
1 comment:
Barclay's bank isn't doing to well. Hope the loan goes through.
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