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Description
Coverage of the June 8, 2022 Silicon Valley Clean Energy Authority Board of Directors Meeting.
(Live Streamed Version)
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C
Good
evening,
everyone
welcome
to
the
silicon
valley,
clean
energy
board
meeting
of
wednesday
june
8th
2022
and
at
this
time,
in
accordance
with
the
california
government
code,
section
54,
953
e
in
consideration
of
the
coronavirus
members
of
the
silicon
valley,
clean
energy
board
of
directors
and
staff.
Have
the
option
to
participate
in
this
meeting
by
teleconferencing
members
of
the
public
may
wish
also
to
attend
the
meeting
in
person
or
observe
electronically.
C
Please
feel
free
to
raise
your
hand
at
the
appropriate
time.
If
members
from
the
public
would
like
to
comment
any
matter
on
the
agenda,
speakers
are
customarily
limited
to
three
minutes
each.
However,
the
board
chair
may
increase
or
decrease
the
allotted
time
to
each
speaker,
based
on
the
number
of
speakers
and
the
length
of
the
agenda
and
the
complexity
of
the
subject
matter.
Speaking
time
will
not
be
decreased
to
less
than
one
minute
at
this
time,
may
we
call
the
meeting
to
order
and
have
a
roll
call.
D
D
C
The
board
of
directors
of
silicon
valley,
clean
energy
authority,
hereby
resolves
as
follows.
Whereas
the
silicon
valley,
clean
energy
authority
svcea,
was
formed
on
march
31
2016
with
the
11
cities
and
towns
and
the
county
of
santa
clara
deciding
to
become
an
initial
member
and
whereas
george
stepanovich,
I'm
sorry
greg.
C
Seventy
five
thousand
dollars
to
nonprofits
and
seventy
thousands
in
educational
scholarships.
Now,
therefore,
the
board
of
directors
of
svcea
hereby
commend
general
counsel,
greg
stepanovich
and
expresses
its
sincere
appreciation
for
his
dedicated
service
to
silicon
valley,
clean
energy
adopted
today,
the
8th
of
june
2022,
so
greg
you
are
there
on
the
screen.
Yes,.
E
Well
again,
it's
so
great
to
see
everyone
here
this
evening
and
be
back
at
a
board
meeting
and
with
my
retirement.
I
would
like
to
have
say
a
few
words
here
to
to
the
to
the
board
and
to
the
staff
and
I'd
like
to
thank
the
board
and
passports
for
giving
me
the
opportunity
to
represent
svce
as
general
counsel.
Since
this
inception
it
was
an
experience
that
really
stands
out
as
one
of
the
most
rewarding
parts
of
my
legal
career.
E
It
was
very
exciting
to
be
involved
at
the
ground
level
when
we
first
began
with
the
committee
meetings
and
and
many
staff
meetings
at
meetings
with
the
future
board
members
and
drafting
the
formation
documents.
But
it's
been
even
more
gratifying
to
see
how
svc
has
grown
into
this
inspiring
organization
that
isn't
truly
a
model
for
ccas
and
good
government
throughout
the
state
and
for
that
of
the
country.
E
Since
the
beginning,
the
board
has
been
exceptional
both
and
how
it
has
worked
together
and
with
staff
there's
been
so
many
challenging
and
novel
issues
that
we've
had
to
work
on
and
deal
with.
It's
been
a
great
pleasure
working
with
such
a
dedicated
and
talented
staff,
and
I
have
to
say,
there's
an
energy
here
that
I
believe
drives
everyone
to
want
to
excel.
E
I
also
at
this
point
want
to
thank
my
partner,
trish
ortiz,
who
for
doing
an
outstanding
job
and
stepping
into
my
shoes
as
general
counsel
when
I
went
on
medical
leave
and
I'm
really
grateful
for
the
work
that
trisha
did,
and
I
know
that
she
will
continue
to
do
an
outstanding
job
for
the
agency
in
the
future.
So
again,
thanks
so
much
for
having
this
chance
to
see
you
again
tonight
and
to
have
served
for
these
last
several
years.
C
Oh,
thank
you
so
much
greg.
I
don't
know
if
others
have
anything
to
to
offer,
but
your
presence,
your
steady
comments
and
leadership
and
and
just
responsiveness
and
helping
us
feel
good
as
a
board
that
we
knew
what
we
were
doing
and
covering
our
bases
legally
was
immeasurable
and-
and
I
I
wish
you
the
very
best,
but
I
I
do
and
will
always
appreciate
what
you
have
brought
to
this
this
agency.
F
F
If
you,
you
perceive
me
on
the
board,
but
you
know,
given
that
you
know
it's
been
it's
a
new
organization
and
there's
a
lot
of
uncertainty,
so
it's
just
been
really
great
to
have
you
there
to
provide
us,
your
sage,
guidance
and
legal
advice
and
and
keep
us
on
the
straight
and
narrow
track,
and
so
I
just
wanted
to
say
thank
you
so
much.
I
really
have
enjoyed
working
with
you.
F
E
B
A
B
E
D
D
C
Thank
you,
madam
secretary,
for
getting
that
done
correctly,
so
we
will
now
move
on
to
the
regular
agenda
and
just
for
everyone's
knowledge.
It
is
a
a
long
agenda
and
we
will
move
along
as
expeditiously
as
possible.
We
will
also
take
a
break
sometime
around
8,
30
or
9,
and
then
we
have
two
closed
sessions.
C
Actually
we
have
one
closed
session
and
one
special
meeting,
so
we
will
take
a
break
for
the
closed
session
and
convene
in
private
and
then
come
back
and
announce
any
action
if
necessary,
taken
at
the
closed
session
and
close
out
the
regular
meeting,
and
then
we
will
move
on
to
the
special
meeting
and
everyone
has
instructions
on
how
to
transition
from
the
meetings.
If
you
have
any
questions,
I
know
staff
can
help
with
that.
C
C
Let
me
pick
up
here.
Speakers
are
customarily
limited
to
three
minutes
each.
However,
the
board
share
may
increase
or
decrease
the
time
allotted
for
each
speaker,
based
on
the
number
of
speakers,
the
length
of
the
time
allotted
and
the
complexity
of
the
subject
matter
speaking
time
will
not
be
decreased
to
less
than
one
minute.
Do
we
have
any?
C
C
C
D
B
C
B
Thank
you,
chair
gibbons
it
one
of
the
great
parts
of
my
job
is
to
introduce
new
employees
and
we'll
start
off.
We
have
three
new
employees
we'd
like
to
introduce
to
you.
First
is
raul
hernandez
a
senior
marketing
specialist
who
will
be
working
in
pam's
group
raul?
Can
you
please
introduce
yourself.
J
J
I
was
a
senior
public
information
representative
with
the
city
of
san
jose's
environmental
services
department,
where
I
led
marketing
and
outreach
strategies
for
the
recycle
right
program,
and,
prior
to
that,
I
was
also
with
the
community
energy
department,
known
as
san
jose
clean
energy
in
a
marketing
role
as
well
during
the
launch
phase,
so
yeah
during
my
brief
time,
working
with
san
jose,
clean
energy.
Obviously
I
fell
in
love
with
the
energy
sector.
J
J
I
received
my
undergrad
from
santa
clara
university
and
I'll
be
receiving
my
master's
from
sjsu.
This
fall.
So
you
know
I'm
a
proud
parent
of
two
boys.
Four
and
two
year
olds,
so
working
in
this
industry,
is
something
that
I'm
truly
passionate
about,
especially
for
their
future
so
pleasure
to
meet
everyone.
And
I
look
forward
to
using
my
skills
to
help
advance
the
goals
and
mission
of
svce
pleasure.
B
K
Of
course,
thank
you
to
reese
good
evening
excited
to
be
here
joining
now,
full
time,
as
karish
said,
so.
I
have
served
as
a
year
over
a
year
as
a
power
resources
intern.
In
that
time
I
was
assisting
with
modeling,
and
I
will
continue
to
do
that
as
well
as
support
power,
resources
and
front
office
transactions,
of
course,
the
portfolio
I
did
graduate
just
over
a
month
ago,
now,
from
florida
university
irvine,
I
completed
a
bachelor's
in
business
administration,
with
an
emphasis
in
both
finance
and
data
analytics
and
a
minor
in
communication.
K
So
quite
the
background
for
just
a
couple
of
years.
There
concordia,
but
I
was
excited
to
finish
undergrad
as
well
as
join
here
full
time
now.
I've
been
you
know,
blessed
by
svcd
to
work
as
an
intern
and
even
more
excited
to
continue
with
the
organization
learn
more
about
the
industry.
I
was
lucky
enough
just
a
couple
of
weeks
ago
to
get
up
and
introduce
myself
in
person
during
the
off-site
retreat
and
meet
everybody
and
the
great
culture
that
is
svce.
K
B
L
L
As
you
mentioned,
I'm
an
incoming
sophomore
at
cornell,
studying
sustainability
and
environmental
economics,
and
my
professional
background
includes
a
couple
of
marketing
internships
at
uprise,
which
is
a
personal
fintech
startup
based
in
san
francisco
and
greentown
los
altos,
which
is
a
local
sustainability
nonprofit,
which
some
of
you
on
the
board
may
have
heard
of.
Interestingly
enough,
I
actually
first
heard
about
sdce
from
my
mentors
at
greentown
two
years
ago,
and
ever
since
then,
I've
been
highly
interested
in
an
internship.
L
In
my
free
time,
I'm
an
avid
musician.
I
play
several
instruments,
including
trombone,
piano,
guitar
and
ukulele,
and
I'm
also
the
principal
trombonist
for
the
cornell
symphony
orchestra
and
I
also
enjoy
weightlifting.
I
have
several
years
experience
with
powerlifting
and
olympic
weightlifting
and
it's
really
nice
to
meet
everyone
on
the
board,
albeit
virtually,
and
I'm
really
excited
to
achieve
what
I
can
this
summer
with
svce
and
learn.
All
that
I
can
so.
Thank
you
for
having
me
it's
great
to
be
here.
C
K
M
M
We
had
incredible
engagement
this
year.
More
than
40
students
participated
either
as
individuals
or
in
teams,
and
I
want
to
give
a
shout
out
to
matt
lundy,
who
is
actually
currently
attending
his
covet
delayed
graduation
ceremony
in
dublin,
from
a
master's
in
science
communications,
or
something
cool
like
that.
M
So
it's
like
3
am
over
there,
but
he
did
a
wonderful
job
in
leading
outreach
for
this
scholarship
competition
this
year
and
just
want
to
call
out
and
thank
our
board
judges,
so
directors,
abe,
koga,
hilton,
klein
and
alternate
director
way
and
with
that
we'll
share
one
of
the
videos
and
just
want
to
call
out
the
link
to
the
web
website,
which
has
all
of
the
winning
videos
in
case.
Anyone
wants
to
go
back
and
watch
them
later,
so
enjoy
a
little
entertainment
to
kick
off
the
evening.
N
N
O
O
Clean
energy
means
energy
that
is
gathered
from
renewable
natural
sources.
The
most
common
renewable
energies
are
solar,
wind,
hydroelectric
and
geothermal
solar,
energy
or
energy
from
the
sun
can
be
collected
with
solar
panels
or
used
directly
to
heat
water
in
air.
Solar
energy
is
beneficial
because
the
amount
of
sunlight
is
practically
infinite.
O
Wind
energy
is
produced
by
wind
turbines
or
wind
mills,
mainly
on
wind
farms.
Hydroelectric
energy
is
usually
generated
from
dams.
Geothermal
energy
is
energy
from
heat
trapped
beneath
the
earth's
crust.
As
a
result
of
the
earth's
formation
billions
of
years
ago,
geothermal
power
plants
can
use
this
heat
to
produce
electricity.
O
P
I
can
help
with
that
for
electricity
generation.
There
are
several
ways
you
can
support
clean
energy.
First,
you
can
contact
your
local
power
company
to
join
your
local
community
choice,
aggregation
also
known
as
a
cca,
a
program
that
offers
green
electricity
at
a
reduced
rate.
If
your
city
does
not
have
such
a
program,
encourage
your
city
council
to
join
one.
In
addition,
you
may
be
able
to
generate
clean
energy
directly
by
adding
solar
panels
to
the
building
where
you
live
or
work.
P
Q
Great
question,
charlotte
about
45
of
greenhouse
gases,
are
emitted
from
transportation.
Some
ways
to
switch
to
clean
energy
through
transportation
are
driving
or
riding
in
electric
vehicles
for
short
distances.
Your
viewers
can
ride
bikes,
scooters
or
skateboards.
They
can
also
walk
instead
of
using
gasoline-powered
vehicles.
O
Will
charlotte
about
24
of
greenhouse
gases
are
emitted
from
residential
commercial
and
industrial
heat?
These
can
be
reduced
by
switching
to
electric
appliances
that
use
clean
electricity,
one
installing
an
electric
stove,
instead
of
using
a
gas
stove
2.
using
an
electric
heat
pump
instead
of
a
gas
furnace
3.
moving
to
a
heat
pump,
water
heater
from
a
gas
water,
heater
4.
using
an
electric
fireplace
instead
of
wood
burning
fireplaces.
O
N
B
Thank
you
board
for
viewing
that
and
thank
you
board
members
who
served
as
judges
I'll
just
reference
that
part
of
the
ceo
report
in
the
packet.
We
have
several
presentations
that
have
has
useful
information,
including
the
summer
readiness
presentation
and
the
clean
power
update,
and
also
a
d-club
grid
innovation
program
and
all
our
community
and
customer
outreach.
Please
do
review
that
at
your
leisure
and
we'll
be
happy
to
answer
questions
outside
of
the
meeting
too
on
those
reports.
Chair
givens
this
that's
the
end
of
my
report.
C
Thank
you
and
again,
thank
you
to
all
the
people
that
worked
so
successfully
with
the
students
on
those
videos
and
programs.
They
were
phenomenal
and,
and
they
are
on
our
webpage-
and
I
think
you
can
look
at
many
of
them
and
share
with
them
and
your
constituencies
and
with
friends
they
are
just
spectacular,
very,
very
well
done
and
great
scholarships
awarded
to
the
winners.
C
Thank
you
item
number
three,
amendment
to
the
board
delegate
authority
delegated
authority
to
participate
in
the
pg
e
voluntary
allocation
market
offer
the
vamo
to
allow
for
the
resale
of
excess
allocation
to
one
or
more
other
ccas.
This
is
an
action
item
and
the
staff
presentation
will
be
charles
grinstead
senior
manager
of
power
resources.
C
I
I
Since
the
board
meeting
the
cpuc
and
pg
e
have
extended
the
allocation,
the
allocate
the
election
deadline,
the
july
9th
2022,
to
allow
participants
more
time
to
participate
and
incorporate
vamo
allocations
in
their
rps
plans.
They
deemed
this
to
be
an
important
factor
in
developing
the
rps
plan
and
they
also
issued
a
classification
on
pcc,
zeros
and
so
pc
zeros
are
grandfathered
rex.
These
are
contracts
that
have
been
executed
prior
to
2009,
and
so
because
we
are
a
migrated.
I
We
would
want
to
mirror
the
contract
of
the
underlying
resources
so
that
we're
not
taking
on
excess
wrecks
over
time.
Next
slide.
Please,
and
so
our
recommendation
is
to
amend
the
previous
authorization
for
svc's
chief
executive
officer
to
participate
in
the
pg
e
voluntary
allocation
for
sbc's
portion
of
the
load
rather
share
and
execute
any
necessary
agreements,
including
the
voluntary
allocation
confirmation
under
pg
e
and
sgc's
master
agreement,
and
then
resell
quantity
is
not
necessary
to
meet
svc's
internal
needs
and
then
so.
Garish
will
only
exercise.
C
C
C
O
D
O
D
S
S
Excuse
me
excuse
me,
so,
requiring
that
all
load
serving
entities
essentially
procure
resources
to
meet
deficiencies
that
it
sees
happening
in
the
future,
with
the
ability
to
meet
power
supply
needs.
So
the
the
deficient
the
the
procurement
order
is
called
the
midterm,
reliability,
procurement
order
and
for
the
most
part,
it's
generic
resources
that
we
have
to
purchase,
but
they
do
have
carve-outs
in
the
latter
years
that
include
long-duration
storage
and
firm,
clean
resources.
S
So
we've
issued
two
rfos
a
request
for
offers
to
meet
these
requirements.
The
first
one
was
an
rfo
that
was
issued
on
behalf
of
ccpower
to
meet
again
the
long
duration
storage
purchase
order.
The
second
rfo
was
the
one
that
was
done
through
cc
power
again
to
meet
that
third
requirement,
which
we
again
we
call
from
clean
resources.
S
All
of
the
proposals
that
we
received
were
for
geothermal.
The
projects
for
the
most
part
are
located
in
nevada.
There
were
a
couple
of
projects
located
in
california,
including
one
in
what
we
call
the
california
independent
system
operating
balancing
authority,
but
for
the
most
part,
most
of
the
projects
were
located
outside
of
the
cal
iso,
the
the
rfo
or
this.
S
The
way
that
cc
power
works
is
that
you
have
to
put
in
place
what's
called
the
project
oversight
committee
and
the
project
oversight
committee
is
made
up
of
staff
from
each
of
the
different
ccas
are
participating
in
the
rfp
for
svce.
That
was
me
and
so
that
project
oversight
committee
is
responsible
for
the
evaluation
and
the
ultimate
recommendation
of
shortlisting
projects
to
the
general
manager
cc
power.
S
So
through
that
process,
the
project
oversight
committee
essentially
recommended
two
different
projects:
the
first
one
being
again,
the
ormat
nevada,
geothermal
portfolio
of
contracts
and
then
the
second
one
being
from
open
mountain
energy.
A
geothermal
project
called
fish
lake,
geothermal
additionally
informed
the
background
on
may
31st
2022,
as
required
by
cc
power.
S
The
the
board
did
three
things:
first,
it
waived
a
resolution
that
provided
for
its
60-day
notice.
This
is
part
of
the
jpa
of
cc
power,
but
because
we
had
to
move
these
contracts
quickly,
the
board
actually
waived
that
that
60-day
notice
it
also
through
resolutions
approved
cc
power's
authority
to
enter
into
those
two
contracts.
For
geothermal
and
for
the
record.
Our
ceo
garish
balachandran
serves
on
the
cc
power
board
of
directors,
so
that
was
his
decision
on
behalf
of
fce.
S
So,
to
talk
a
little
bit
about
the
first
project
that
we're
seeking
approval
on
tonight,
this
is
the
ormap
portfolio
of
geothermal
projects.
As
you,
some
of
you
may
know,
we
have
a
power
purchase
agreement
in
place
already
with
ormet
for
a
project
called
casa
diablo.
That
project
is
actually
coming
online
any
minute.
S
Maybe
the
next
couple
of
weeks
excited
about
that.
So
this
is
a
very
similar
technology
that
will
be
used
in
the
portfolio
of
resources.
It's
binary
geothermal,
it's
all
new
geothermal,
so
that's
required
in
the
midterm.
Reliability
procurement
order
that
anything
that
we
procure
has
to
be
incremental.
That
is
not
already
built.
S
S
S
S
Open
mountain
energy
fish
lake
project
is
a
bit
simpler.
It's
one
project,
13
megawatts
spc,
shared
being
about
1.82
megawatts.
It
also
is
incremental,
meaning
its
new
capacity
as
is
required.
It
also
will
provide
energy,
rps
pcc,
one
resources
and
full
capacity
rights.
It's
located
in
ismarelda
county
nevada.
S
S
S
So,
in
addition
to
meeting
our
midterm
reliability
requirements,
the
the
two
geothermal
contracts
have
the
benefit
of
adding
pcc
one
resources
to
our
portfolio
and
because
they're
long
term,
that
is
greater
than
10
years.
They
will
also
help
us
meet
our
sb
350
requirements,
and
so
it's
been
a
while,
since
I've
shared
this
table
with
you.
But
if
you
recall
all
of
the
load
serving
entities
under
california
serving
in
california
have
an
rps
requirement
and
those
requirements
can
be
are
reflected
in
different
compliance
periods
with
compliance
period.
S
with
the
contracts
that
we've
executed
to
date,
we're
at
37.6
percent
so
significantly
above
what
the
minimum
requirement
is.
Of
course,
all
of
our
resources
are
in
different
stages
of
development,
so
there
are
risks
associated
with
those
resources
and
for
that
reason
we've
also
over
procured.
Now
these
two
geothermal
contracts
are
small
and
since
they
come
online
in
the
latter
part
of
2024
the
compliance
period,
four,
they
won't
contribute
more,
very
much
energy
towards
that
compliance
period,
but
they
do
contribute
them
in
the
outer
compliance
periods.
S
S
S
S
So,
in
addition
to
providing
midterm
reliability,
procurement
compliance
requirements-
as
I
mentioned,
it-
provides
rps
pcc
one,
including
contributions
to
sb350.
The
two
contracts
have
the
benefit
of
reducing
svc's
portfolio
risk.
These
are
base
load
resources,
so
they
deliver
a
consistent
amount
of
energy,
almost
on
a
24x7
basis
providing
for
grid
reliability,
limited
ancillary
services,
resource
adequacy.
S
S
C
No,
you
were
excellent.
Thank
you
for
pulling
together
material
that
we
understand
from
previous
discussions
and
providing
the
summary
here.
This
is
a
project
that
is
directly
related
to
a
new
carve
out
required
by
the
cpuc
right
exactly
right.
So
thank
you
for
that
presentation.
Do
we
have
any
questions
from
the
board?
I
see
one
hand
raised
and
from
director
allahi.
R
Good
evening,
thank
you
for
the
presentation.
I
know
it's
very
complicated.
You've
got
a
lot
of
different
agencies.
I
just
wanted
a
clarification.
We
have,
under
this
agreement
the
right
to
purchase
a
certain
amount
of
energy,
I'm
starting
to
figure
out.
If
you
decide
not
to
purchase
any,
are
we
liable
for
that
amount
because
I
know
some
of
it
gets
shared
by
other
people
or
are
we
or
can
you
just
walk
away
if
you
decide
not
to
purchase
any
for
whatever
reason.
S
No,
we
have
an
obligation
to
take
our
entitlement
share
of
the
energy
that's
produced
from
both
projects,
so
it's
not
an
option
or
a
choice.
Once
we
sign
the
contracts,
we
are
committing
to
take
that
energy.
The
only
way
we
can
get
out
of
the
contract
is
for
some
reason
we
default
and
that's
usually
because
we
go
into
bankruptcy
or
something
else,
but
you
know
these
are.
These
are
firm
commitments
on
our
part.
S
R
C
H
H
S
H
H
S
So
that's
maximum
import
capability
expansion
and
that
allows
you
to
actually
ask
for
multiple
years
of
import
capacity
rights,
but
you
have
to
have
a
power
purchase
agreement
to
get
those,
and
so
the
collective
only
the
load.
Only
us
ccas
can
ask
for
those
import
rights.
The
developer
can't
ask
for
them,
but
the
developer,
if
it
has
a
ppa
with
load,
can
go
to
the
iso
and
ask
for
them,
so
we
applied
for
those
on
june
1st.
S
We
won't
know
for
a
while
whether
we
got
them
or
not.
The
second
opportunity
we
have
is
through
an
annual
process
where
we
get
allocated
import
allocation
rights
and
those
are
rights
that
we
we
get
a
share
of
pg
e's
original
import
rights
because
we
took
a
portion
of
their
load,
and
so
every
year
we
will
nominate
for
the
locations
that
we
need
them
at.
S
So
if
it's,
I
don't
know
what
the
terms
are
for
those
things
like
mona
and
gander
and
all
these
different
locations,
we
will
ask
for
import
allocation
rights
there
and
then
hopefully
we'll
get
awarded.
If
we're
not
awarded
the
import
allocation
rights,
then
under
the
ormat
structure
we
can
reject
the
contracts
in
the
beginning.
A
S
H
H
S
S
I'm
going
to
have
to
maybe
punt
on
this
one,
but
on
the
ormat
contract.
The
way
I
understand
it
is
that
we
we
don't
have,
I
may
have
spoken
earlier.
We
don't
have
that
same
120-day
requirement,
necessarily
that
it
terminates.
What
would
happen
is
that,
instead
of
taking
125
megawatts
say
we
decided
to
to
drop
off
and
we
were
16
megawatts,
then
the
max
capacity
would
drop
by
that
16
megawatts
with
the
open
mountain.
S
I
think
that
one
of
us
anybody,
if
it's
you
know,
say
one
megawatt-
becomes
free,
because
a
small
cca
doesn't
get
approval,
then
we
would
have
the
ability
to
ask
to
take
that
megawatt,
some
of
the
other
participating
members
before
it
would
terminate.
So
I
shouldn't
have
said
it
automatically
terminates.
We
have
the
ability
to
for
the
rest
of
us
to
pick
it
up.
H
C
T
Yeah,
thank
you
for
a
wonderful
and
very
detailed
presentation.
I
think
the
answer
to
my
question
is
going
to
be
yeah
absolutely,
but
I
think
it's
good
to
ask
anyway,
the
question
being:
if
our
contractual
amount
is
256
million
dollars,
are
we
really
confident
that
ormat
has
the
backing?
Has
the
wherewithal
I
mean
if
our
portion
is
16
of
the
total
that
adds
up
to
a
1.6
billion
dollar
project
and
wow
and
so
yeah?
What
kind
of
what
kind
of
scrutiny
are
we
even
able
to
do
to
to
convince
ourselves
that
they
are?
T
S
So
ormat
is
one
of
the
the
leading
developers
of
geothermal
in
california
and
nevada.
First
of
all,
and
so
these
contracts
are
all
pay.
As
you
go
right,
we
don't
pay
for
anything
that
doesn't
get
delivered
and
all
the
con.
Our
contracts
also
have
performance
guarantees
in
them
as
well,
so
that
the
developer
doesn't
perform
first,
there's
development
securities.
So
if
the
projects
don't
get
developed,
then
there's
deposits
that
get
refunded
to
or
get
get
paid
to
the
the
participants.
S
But
then,
after
the
project
becomes
cod
or
becomes
online,
then
there's
performance
deposits
that
guarantee
the
performance
of
the
contracts,
and
so
yes
20
years
is
a
long
time
and
a
lot
of
things
can
happen.
A
lot
of
things
do
happen
and
a
lot
of
times
things
change
ownership
or
things
and
those
that's
just
the
nature
of
the
business.
S
And
so
whoever
is
here
when
these
projects
are
online
and
delivering
will
have
to
monitor
them
very
carefully
to
make
sure
they're
performing
anytime.
They
don't
perform
and
there's
all
kinds
of
provisions
in
the
contract
that
they
have
to
produce
a
guaranteed
amount
of
energy
over
a
certain
period
of
time.
They
have
to
provide
capacity
all
the
stuff
as
soon
as
that
doesn't
happen,
then
there's
mechanisms
in
the
contract
that
allow
us
to
terminate
the
allow
the
buyers
to
terminate.
T
So
if
I
kind
of
go
back
to
you
know
just
trying
to
determine
the
the
where,
with
all
of
the
company
yeah
pay
as
you
go
great,
so
we're
not
clearly
on
the
hook,
but
the
fact
that
we
really
are
contractually
extending
ourselves
to
the
tune.
You
know
of
256
million
that
we
could
put
in
some
other
contract
so
convincing
ourselves.
That
ormat
really
does
have
the
wherewithal
to
do
this,
as
opposed
to
well,
it's
a
great
idea,
but
we're
not
really
convinced
that
or
we
haven't
been.
T
They
haven't,
showed
us
that
they
they
truly
have
the
wherewithal
to
make
their
own
huge
financial
commitments
to
dig
down
as
deep
as
they
have
to
go
and
set
this
geothermal
plant
up
and
running.
But
yet
we
would
still.
I
would
tend
to
think
we're
not
able
to
shift
that
if
we
thought
that
later
on
g
whiz,
maybe
they're
not
moving
as
fast
as
they
should
have
been
or
something-
and
we
say
well,
we'd
like
to
go
put
that
256
million
in
a
more
sure
project,
and
so
I'm
just
kind
of.
S
U
S
So
again,
we
have
a
procurement
order
and
that
procurement
order
requires
that
we
get
these
new
resources
contracted
for
and
online
no
later
than
2026
so
june
of
2026,
because
these
projects
take
years
to
develop.
As
we
all
know,
we
have
to
sign
a
contract
now
or
within
the
next
few
months
and
the
nate
the
this
procurement
order
that
the
cpuc
put
out
there
in
june
2021
has
created
pretty
much
a
buying
frenzy
right,
and
so
it's
become
a
very
much
a
seller's
market.
S
In
my
opinion,
we
did
the
best
job
with
what
was
available
to
us.
We
picked
the
best
projects
that
we
could
pick
and
that
included
looking
at
the
economics
looking
at
the
developer
themselves
and
their
their
their
experience
in
this.
In
developing
these
projects,
in
california
and
in
the
cal
iso,
and
at
the
end
of
the
day,
we
had
to
pick
the
capacity
to
meet
our
compliance
order.
This
is
not
a
discretionary
purchase
on
our
behalf.
V
C
C
C
T
C
C
R
Thank
you
yeah.
I
I
I
I
yeah.
It
is
difficult,
obviously
you're
trying
to
predict
over
the
next
10
years
or
20
years.
What's
going
on
and
you've
done
due
diligence,
and
I
don't
know
if
that
information
about
the
particular
about
ormet
or
open
and
mounted
energy
is
provided
in
the
packet
or
something.
So
we
can
also
look
at
and
say:
okay,
these
these
guys
are
probably
not
going
to
go
away,
but
there's
a
flip
side
to
it.
It
seems
like
it's,
not
the
people
who
are
developing
that
are
having
problems.
R
So
how
do
you
cover
for
that
and
what
kind
of
language
is
in
the
contract
to
make
sure
that
if
they
try
to
get
out
it's
you
know
the
performance
bond
or
whatever
the
bonds
are.
How
tight
is
that
we
now
put
into
the
contracts,
because
you've
got
both,
they
either
go
bankrupt
and
get
out,
or
they
just
say
well,
the
market
is
really
high
and
also
paying
me
twice
as
much
and
what's
the
puts
in
a
no,
it
puts
us
in
a
knowing
position
at
that
point.
S
S
R
S
And
just
one
other
thing
to
note,
so
you
know
these
are
20-year
contracts
for
sure
these
are
big
projects.
Lots
of
infrastructure
involved
in
these
projects
or
mac
could
develop
these
projects
and
go
away
in
five
ten
years
whatever,
but
the
projects
are
still
there,
and
so
we
have
rights
to
the
project
so
if
they
assign
it
or
sell
it
to
somebody
else,
we
still
get
the
output
from
that
project.
W
Thank
you,
chair,
hi
monica.
I
just
want
to
ask
great
job
on
this.
I'm
just
trying
to
understand
if,
if
we
were
not
to
be
able
to
get
the
import
approval,
I
know
that
this
is
a
small
percentage
of
our
retail
sales.
Will
we
would
we
need
this
to
for
our
own
energy
resources
I
mean,
would
we
need
to
then
shop
and
find
something
else.
S
That
cannot
be
filled
in
the
state
of
california,
because
there's
just
not
enough
new
geothermal
capacity
that
can
be
built
in
the
cal
iso.
The
only
other
geothermal
that
you
can
really
build
in
california
is
located
down
in
the
imperial
irrigation
district,
and
that
too,
is
outside
of
the
california
independent
system
operator.
So
you
also
need
import
rights
in
order
to
make
that
count
for
reliability.
C
C
T
T
H
You
chair
and
clerk:
do
you
want
us
to
make
two
separate
motions
for
each
agreement
or
as
written
in
the
agenda
as
written,
would
be
fine?
Okay,
thank
you.
So
I
moved
that
we
authorized
the
chief
executive
officer
to
execute
necessary
agreements
with
california,
community
power
and
participating
community
choice,
aggregators
for
renewable
resources
from
ormat
nevada,
inc
and
open
mountain
energy,
llc
and
great
job
again.
Monica
great
presentation.
H
C
T
I
D
X
C
B
B
You
also
set
my
goals.
You
also
decide
what
goes
into
the
budget
and
I
decide
what
how
to
implement
these
goals
through
the
work
plan
that
we
develop
for
the
entire
team.
We
want
to
do
all
these
in
parallel,
so
that
they're
all
synced
up.
So
here's
a
timeline
that
we
have.
We've
presented
the
strategic
plan
to
the
executive
committee
and
this
timeline.
These
arrows
tell
you
these
different
layers
that
I've
talked
to
you
about.
B
B
That's
what
we
use
on
an
almost
monthly
basis
to
track
the
work
that
we're
doing
now.
Of
course,
things
change
during
the
year
and
then
we
adapt
to
that.
The
point
I
want
to
make
with
this
schematic
is
sharing
all
those
measures
and
all
the
specifics
of
the
goals
with
you.
It's
not
a
productive
use
of
your
time
and
our
time.
B
So
if
we
can
go
to
the
next
slide,
we
started
with
a
day
all
of
us
spent
at
hakone
gardens
on
april
29th
and
prior
to
the
meeting.
We
had
some
preparatory
materials
and
we
kind
of
themed
the
day
as
the
past
five
years,
because
it
was
right
around
our
five
year
anniversary
and
what
do
we
think
is
coming
up
in
the
next
five
years?
B
We
had
a
lot
of
exercises
in
that
day
within
each
department.
So,
for
example,
amrit
is
talking
to
his
department,
saying
okay,
given
the
mission
that
we
have,
what
can
finance
and
admin
do?
Then
we
had
exercises
between
departments
about
interdependencies
between
them
and
we
cycled
through
lots
of
flip
charts
lots
of
note-taking.
B
B
So
all
the
managers,
supervisors
and
directors
got
together,
another
all-day
retreat,
which
was
virtual,
and
we
synthesized
this
further
one
of
the
things
we
asked
each
department
to
do,
and
each
director
to
do
was
what's
that
next,
five
years,
kind
of
going
to
look
like
is
the
things
that
we
should
be
focusing
on,
that
we
are
not
focusing
on
right
now.
In
order
to
meet
our
mission,
then
we
got
all
the
directors
to
take
a
look
at
this.
B
They
said,
if
you
were
making
this
presentation
to
the
board,
how
would
you
prioritize
so
that
we
could
get
each
one
of
us
have
a
different
viewpoint
right,
because
each
director
has
their
department
that
they're
managing
but
they're
also
connected
to
a
greater
hall.
So
each
of
these
exercises
were
valuable
in
their
own
way
and
if
you
can
go
to
the
next.
B
B
B
B
B
Additional
staffing
operations
mode,
which
was
there,
are
ppas
coming
online,
so
the
slide
that
we're
going
to
go
to
next,
which
is
andrea.
We
can
I'll
show
you
a
little
more
detail
and
talk
to
it
as
to
what
we've
accomplished.
We
can
go
to
the
next
slide,
so
additional
staffing,
we
reached
the
lowest
level
of
our
staffing
last
august,
when
we
went
down
to
22
employees
over
this
last
year,
we
have
lost
about
six
employees
and
we've
added
about
14..
B
B
B
We
have
a
few
of
our
staff,
who
were
recently
hired,
who
took
a
lead
role
in
this.
We
had
folks
like
charles
grinstead,
zach,
liske
and
monica
steam
and
other
people
in
her
team
meeting
every
morning
at
7
45
for
months
on
end
to
get
these
operations
in,
so
we
did
get
that
first
bpa
online
and
some
of
you
are
there.
B
The
next
one
is
procurement,
clean
energy
mixing
integration,
which
is
we
continue
to
buy
new
clean
resources
like
the
resources
that
you
just
approved
on
the
two
geothermal
projects
in
the
previous
item,
so
that
has
to
do
with
mandated
procurement,
financial
stability
and
trade-offs.
If
you
remember
last
year,
with
the
pcia
going
up,
we
actually
drew
our
reserves
down.
We
were.
I
B
B
So
in
when
we
started
right,
we
started
with
simple
spreadsheets
access
databases,
because
we
have
a
few
deals.
Now
we
have
dozens
and
dozens
and
dozens
of
deals
when
you
think
about
ra.
I
I
can't
tell
you
how
much
we
do.
Charles
is
working
a
lot
to
make
sure
that
we
are
compliant
on
our
resource
adequacy.
B
All
those
things
require
enterprise
systems.
Amrit
has
a
lot
of
experience
in
that
so
business
process.
Optimization
is
a
project
that
is
now
in
flight,
so
for
this
coming
year,
I'm
not
going
to
highlight
bpo
because
that's
already
a
priority,
it's
budgeted,
that's
already
that's
going
to
be
part
of
our
plan.
B
B
The
last
goal
was
something
that
the
board
added
kind
of
late
in
the
year.
If
you
remember
in
august
of
last
year,
the
ipcc's
code
red
report
came
out
subsequent
to
that,
just
as
my
goals
are
being
set,
the
board
basically
directed
this
last
goal,
and
what
we've
done
on
this
is
you've
heard
presentations
from
justin's
forgiveness,
on
the
doubling
down
strategy
and
what
the
boat
has
approved
is
17
million
dollars
to
be
spent
over
and
above
the
close
to
15
million
dollars.
B
B
I'm
not
going
to
highlight
this
anymore
because
that's
just
going
to
be
part
of
our
work
plan,
so
I
wanted
to
provide
you
a
little
bit
of
detail
both
to
tell
you
the
kind
of
work
that
we're
doing
and
also
as
we
get
back
to
the
slide
that
we
were
at
earlier
in
the
presentation.
It'll
give
you
context
for
the
kind
of
questions
I'm
going
to
ask
the
question.
I
have
a
few,
which
is
you
know,
getting
some
further
input.
B
You
can
just
refer
to
a
box
by
the
number.
Everything
in
this
slide
is
important,
as
is
everything
in
our
work
plan
that
is
important
right
over
here.
I
wanted
to
shine
a
spotlight
on
a
few
things
because
they're
different
than
what
we've
talked
about
before
I
want
to
connect
two
five
and
eight
when
we
talk
about
being
the
supplier
of
choice
and
working
electrification
into
svc's
value
proposition
and
24x7
clean
energy.
These
are
things
we
really
haven't
talked
about
too
much
at
the
board
level.
B
B
B
B
The
work
that
is
being
led
by
our
programs
group
and
our
energy
services
group
on
reach
codes,
for
example,
is
increasing
electrification
in
the
building
stock,
both
new
buildings
and
existing
buildings.
We
want
to
talk
about
electrifying
our
transportation
so
to
raise
that
in
our
consciousness,
so
to
speak
in
a
strategic
plan.
Working
electrification
to
svc's
value
proposition
is
something
else
that
we're
looking
at
number
three
box
number
three
is
leveraging
our
balance
sheet
for
structured
financing.
B
B
This
it's
a
concept.
We
don't
actually
have
any
major
specifics
on
this,
but
in
talking
about
it
this
is
the
whole
point
of
the
strategic
plan.
It's
kind
of
like
what
are
the
strengths.
We
have.
How
does
it?
How
can
we
use
the
strengths
we
have
to
achieve
our
mission
at
a
greater
level,
so
this
is
another
kind
of
this
is
a
pretty
major
one.
B
B
So
this
is
essentially
what
we
talked
about.
I'll
just
touch
on
some
of
the
others
efficient
and
effective
internal
operations.
We've
got
to
continue
to
do
that.
To
remove
friction
from
the
system.
Number
six
is,
as
we
get
more
of
our
resources
into
our
portfolio.
We've
got
to
optimize
them
in
the
markets.
B
B
B
Box
number
10
is
connected
to
eight.
If
we
are
talking
about
working
electrification
into
our
value
proposition,
we
want
to
expand
our
digital
communication
and
you're,
going
to
see
a
phenomenal
presentation
from
don
and
pamela
later
this
evening.
On
that
number
11
is
a
doubling
down
of
programs.
That's
another
priority,
operationalizing
equity
into
all.
Our
programs
is
something
that
gets
connected
to
you,
whether
it's
number
6
7,
10
and
11..
B
C
C
C
C
C
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
C
C
C
C
C
So,
thank
you.
All
I
think,
taking
a
break
is
good
for
all
of
us
and
allows
us
to
have
a
fresh
mind
as
we
go
into
additional
agenda
items,
so
I
think
we'll
do
this
on
a
regular
basis
going
forward.
Thank
you
all
right.
We
are
now
at
item
number
six,
which
is
the
results
of
the
stress
test
analysis.
This
is
also
a
discussion.
It's
a
follow-up
to
some
discussions.
We've
had
previously
and
now
our
cfo
and
director
of
administrative
services,
amrit
singh
will
make
the
presentation
welcome.
Amrit.
X
X
So
today,
I'm
actually
wearing
my
risk
management
hat
head-on,
one
of
the
one
of
the
things
that
a
one
of
the
best
industry
practices
best
practices
is
to
conduct.
What's
called
no
call
enterprise-wide
risk
assessment,
where
we
basically
express
the
business
model
to
see
what
are
some
of
the
strategic
risks
facing
the
organization
and
and
how
can
we
respond
in
an
should?
One
of
these
adverse
events
were
to
happen
so
that
we
can
continue
to
provide
the
critical
and
valuable
services
of
our
customers.
X
We'll
do
in
a
closed
session
and
so
I'll
go
through
these
analysis
at
a
fairly
high
level
and
we've
had
very
detailed
discussions
with
the
finance
and
administration
committee
meeting
earlier
this
month,
where
we
spent
close
to
an
hour
on
this
topic,
and
we
also
spent
significant
time
with
the
executive
committee
today.
I'll
provide
the
high
level,
but
I'm
always
open
to
meeting
anyone
one-on-one
and
go
through
the
findings
in
more
detail.
X
So
in
terms
of
the
presentation
I'll
go
through
how
we
came
up
with
the
the
scenarios
we
selected,
what
we
expected
when
we
constructed
this
scenario
versus
the
results
we
found,
and
there
are
the
things
that
we're
recommending
to
mitigate
the
risk
and
I'll
just
give
you
a
preview.
Basically,
the
best
fence
for
all
of
these
adverse
scenarios
is
to
hold
adequate
reserves.
X
So
what
we
will
do
is
what
you
will
see
in
the
budget
proposal
that
will
come
before
you
in
in
as
a
preview
in
august
will
be
our
and
asked
to
basically
hold
higher
level
reserves
so
that
we
are
adequately.
We
can
adequately
respond
to
these
risk
factors
and
we
will
discuss
the
our
proposal
with
the
executive
committee
so
that
we'll
go
to
the
next
slide.
X
So
a
little
bit
about
about
stress
tests
or
enterprise
wide
risk
scenarios.
These
are
extreme
cases
but
they're
possible,
and
in
other
words
they
can't
happen,
and
they
have
happened
in
the
past
and
if
they
were
to
happen,
they
can
affect
our
competitive
position
and
our
ability
to
carry
out
our
mission.
X
X
The
and
these
are
not
the
only
scenarios
we
could
have
come
up
with.
There
are
other
areas
we
can
focus
on.
These
are
the
ones
we
chose
to
prioritize
at
this
at
this
point
in
time
in
the
future,
when
we
do
stress
tests,
we
can
we
can
pick
other
areas,
and
some
of
those
are
are
listed
in
the
appendix
to
this
presentation.
X
This
is
what
it
what
happens
if
energy
prices
would
drop
significantly
and
what
that
means,
as
you
know,
is
that
prices
drop
pg
e,
the
pcia
that
pg
charges,
our
customers
goes
up
and
their
rate
comes
down
and
that
can
reduce
our
revenue.
So
we
look
at
the
impact
of
that.
The
second
scenario
has
to
do
with
what,
if
we
run
out
of
cash,
not
just
expected
costs,
but
what,
if
we
have
a
price
collapse
collapse
that
triggers
credit
downgrade?
X
One
of
the
credit
provisions
we
have
in
our
contracts
is
our
ability
to
ask
counterparties
to
post
collateral,
as
should
our
exposure
to
them
exceed
re-established
specials,
and
likewise
they
have
the
ability
to
do
that
for
us
with
us
and
the
contracts
become
in
the
money
for
them
and
or
their
exposure
to
us
increases
when
prices
come
down
and
we're
still
obligated
to
pay
at
a
higher
price
they
can
trigger.
These
collateral
call
calls
which
can
be
a
huge
draw
on
cash
reserves.
X
Currently,
the
way
the
calculation
works
has
resulted
in
very
minimum
hosting
requirements
for
us,
so
we
post
about
147
000
dollars.
Currently,
this
requirement
has
gone
up
significantly
for
the
southern
california
utilities,
and
there
are
proposals
pending
before
the
cpu
see,
there's
a
proceeding
going
on
at
this.
You
see
that
can
significantly
increase
this
deployment.
For
us
one
of
the
proposals,
that's
gaining
traction
collectively
for
northern
california,
you
utilities
would
require
posting
1.4
billion,
and
our
share
under
certain
conditions,
could
be
like
70
million
the
stress
test,
we've
modeled.
What?
X
The
fourth
scenario
deals
with
what
if
we
were
to
lose
load
to
direct
access
of
distributed
energy
resources
and
what
we've
modeled
is
what,
if
we
as
a
scenario,
we
lost
10
in
2020,
five
and
another
ten
percent
in
27,
and
how
would
we,
what
would
be
the
the
financial
implications
to
us
when
we
have
contracted
with
the
resources?
And
if
prices
were
to
come
down
all
of
a
sudden,
we
get
stranded
resources
that
we
have
to
sell
in
the
open
market
at
a
lower
prices,
raising
costs
for
the
remaining
customers.
X
So
the
key
finding
from
the
stress
test
analysis
is
that
in
terms
of
financial
risk
facing
our
organization
is,
is
our
sensitivity
to
energy
prices,
power,
market
prices
and
that's
because
of
of
its
imp,
its
impact
on
pcia
and
pg
e's
generation
rate,
so
stress
scenario,
one
price
collapse.
This
scenario
basically
overwhelms
all
other
stress
factors.
It's
such
a
big
driver
of
the
risk
we're
facing,
but
what
we
found
you
know
the
summary
slides
coming
up
too.
X
What
we
expected
is
that
we
will
have
significant
reduction
in
revenues
and
we
will
have
large
draw
in
reserves
if
we
were
to
maintain
our
current
pricing
methodology,
where
we
provided
at
least
a
one
percent
discount
to
our
customers
and
and
be
able
to
fund
all
our
other
operating
costs.
The
results
were
same.
As
expected.
We
found
that
if
prices
would
collapse
and
when
we
say
collapse,
what
we're
saying
is
prices
go
to
the
from
current
level
where
they
are
to
the
one
percentile
level?
X
You
might
think.
That's
an
extreme
case.
Yes,
it
is
an
extreme
from
where
we
are,
but
when
I
show
you,
the
chart
coming
up,
you'll
notice
that
the
the
prices
that
we
model
in
the
stress
test
is
very
close
to
where
prices
were
trading
as
recently
as
as
as
12
months
ago-
and
this
is
very
plausible-
and
we
have
seen
this
play
out
in
the
commodity
business.
For
example,
in
2008
during
the
financial
crisis,
prices
were
very
high
and
with
a
matter
of
few
months
they
dropped
significantly
and
and
that's
a
risk
we
face.
X
We,
we
don't
expect
that
to
happen,
but
it
could
happen.
It's
possible
and
it's
wise
for
the
organization
to
be
prepared
for
such
a
but
a
very
possible
scenario
and
again
we're
talking
about
prices
that
can
go
where
they
were
as
recently
as
12
months
ago
and
what
real,
what
we
found
is.
If
prices
would
collapse
beginning
in
2023,
all
the
entire
five-year
full
curve
comes
down.
X
The
biggest
impact
will
be
in
2024
when
those
prices
will
be
reflected
in
higher
pcia
and
lower
pg
e
generation
rate,
and
that
drops
our
our
revenue
significantly
and
we
could
have
a
pull
on
reserves
of
178
million
dollars.
This
is
a
reference.
Our
reserves
right
now
are
somewhere
around
150
million.
X
X
X
So
this
the
175
78
from
71
plus
35
million
in
scenario,
two
that's
a
draw
of
213
million,
and
this
is
by
far
the
most
consequential
scenario
of
all
these
scenarios
scenario.
Three
again
on
an
expected
basis.
We
never
want
this
to
happen.
This
is
costly
to
us,
but
at
a
big,
high
level
strategic
risk
facing
us.
This
is
not
at
rise
to
that
level.
What
we
modeled
is
ppas
when
they
will,
if
they
were
to
default,
they
will
be.
X
X
So
when
we
model
load
loss
and
prices
come
down,
remember
we
were
thinking
prices
come
down.
We
left
stranded
cost.
You
have
to
sell
at
a
lower
price,
pass
that
that
negative
market
to
the
rest
of
our
customers,
but
that
actually,
what
we
found
is
actually
with
the
price
collapse
scenario.
This
is
actually
scenario
for
slightly
slightly
better
than
scenario
one,
because
our
operating
margins
become
negative
and
selling
less
of
a
commodity
at
a
negative
margin
is
helpful,
so
the
big
picture
here
price
collapse
is
a
big
risk.
X
We're
facing
is
something
we
need
to
be
prepared
for
as
an
organization
we'll
go
to
the
next
slide
and
I'll
go
through
these
slides
quickly.
So
just
as
I
mentioned
the
prices
where
they're
trading
at
right
now
these
afford
prices.
In
other
words,
you
should
deliver
your
power.
What
market
is
paying
right
now?
X
Okay,
so
while
the
the
scenario
is
is
unlikely,
but
very
plausible
is
what
this
picture
is
is
is
painting
we'll
go
to
the
next
slide
now
on
an
expected
basis
base
case,
if
we
were
to
take
the
current
forward
prices
and
model
how
our
business
would
work.
Five
years
from
now,
we
are
seeing
very
healthy
svce
margin
on
an
expected
basis.
X
X
If
that
were
to
happen,
we
would
this.
The
stress
test
is
modeled
at
a
calendar
year
level,
not
at
a
fiscal
year
level,
and
this
was
done
in
march
time
frame
and
actually
prices
have
gone
up
significantly
since
that
time.
So
if
you
were
to
update
these,
these
numbers
would
would
improve,
but
the
big
picture
is
not
going
to
change
the
message
that
I'm
telling
you
what
we're
showing
is
that
reserves
could
increase
significantly
and
we'll
have
continued
strong
growth
over
the
next
five
years.
X
X
There
are
black
box
boxes
to
us
as
we've
shared
before
and
there
we've
modeled
them
as
best
using
new
gen
consultant
cal,
cca
consultants,
and
we
found
their
model
to
be
very
good
indicator.
Of
course,
they
cannot
accurately
predict
have
to
have
the
insights
into
pg
e's
portfolio
of
both
tcia
generate
but
directionally.
They
give
us
good
indication.
X
Pg,
e's
portfolio
management
strategy
may
change
than
those
assumed
in
the
model
and,
of
course
the
cpuc
has
the
ultimate
say
what
the
rates
are.
Even
if
the
model
rates
are
higher
and
dg's
costs
are
higher,
the
cpc
may
moderate
rate
impacts
and
the
numbers
that
I've
shown
in
the
appendix
and
in
the
staff
report
they're
uncertain
and
the
further
out
in
time
you
go
five
years,
their
their
uncertainty
increases,
but
the
focus
here
is
on
the
delta
of
the
base
cases
stress
case.
X
That
is
very
relevant,
not
so
much
on
the
absolute
level
of
these
these
in
these
numbers.
So
again,
just
to
reiterate
scenario:
two
is
the
one
that's
going
to
hurt
the
most.
You
know
where
we
get
the
huge
draw
on
reserves
from
the
price,
clap
collapse,
but
potential
substantial
increase
on
our
financial
security
reserve
requirement,
and
if
that
were
to
happen,
you
can
see
that
in
in
in
starting
years,
2025
our
days
of
cash
on
hand
dropped
significantly
below
our
minimum
target
of
120
days.
X
X
X
So
what
we
will
do,
as
I
mentioned
earlier,
is
we
will
propose
reserve
targets
using
the
stress
test
analysis
which
we
will
model
for
the
fiscal
year
based
on
you
know.
You
know
our
fiscal
year
months
and
then
once
we
we
will
present
that
to
the
executive
committee
at
the
june
24th
meeting,
then
we'll
run
it
by
the
finance
and
admin
committee
before
we
share
it
with
the
board
in
august
and
solicit
boards
feedback
and
then
we'll
we'll
we'll
take
all
that
feedback
and
and
submit
the
final
budget
in
in
september.
X
X
The
other
risk
mitigation
strategy
that
we're
looking
at-
and
this
is
very
complicated,
we're
doing
a
lot
of
analysis
and
focus
area
for
us
is
looking
at
our
hedging
strategy.
So
one
of
the
things
you
can
expect
is
when
prices
collapse
you
may
be
asking
well,
isn't
that
good
for
us
our
buy
power
at
a
lower
cost,
but
remember
we
have
a
very
active
hedging
program
which
is
helping
helped
our
financial
situation
to
date
very
well.
X
X
One
of
the
things
we
could
look
at
is
what,
if
we
were
to
change
that
hedging
strategy,
but
there
are
a
lot
of
implications
for
that
and
we
want
to.
We
want
to
go
through
it
in
a
very
thoughtful
careful
manner.
The
big
challenge
here
is
not
knowing
the
pcia
and
the
pg
e
generate.
We
know
they
have
an
impact
on
our
on
our
business
risk
because
of
the
re
of
the
aristophos
on
the
revenue
side,
which
we
can
mitigate
the
power
supply
side.
X
But
what
that
direct
relationship
is
very
difficult
to
model
without
having
detailed
insights
in
ecia
egd
bend
rates
and
any
changes
will
all
obviously
increase
the
volatility
in
our
power,
supply
costs
and
and
budget,
and
the
next
slide
I'm
just
going
to
summarize
the
process
I
talked
about
so
at
the
june
24th
meeting
again
we
will
pose
what
we
think
we
should
target
for
our
reserve
level.
It
is
going
to
be
at
higher
level
because
of
the
risk
we're
facing.
X
Then
we
will
present
this
to
the
finance
and
administration
committee
before
the
august
10
meeting.
I
don't
have
an
exact
date
because
still
nailing
the
date
with
the
committee
members,
then
we'll
discuss
it
at
the
august,
10
board
meeting
take
the
board's
feedback,
and
hopefully,
when
we
come
in
september,
the
board
is
we've
reflected
all
the
comments
and
and
and
that's
reflected
in
the
in
the
budget
that
will
be
approved
by
the
board
and
that's
our
normal
process.
C
Thank
you
are
a
very,
very
important
discussion
that
we've
been
building
on,
and
I
know
I
didn't
understand
what
stress
tests
were
until
there
was
the
bank
problem
in
2008.
So
I
now
appreciate
the
value
of
what
we're
doing
here.
So
thank
you
for
all
of
that
hard
work.
We
will
go
to
questions
from
the
board
here.
First,
vice
chair.
P
G
Thank
you
chair
thanks
again
for
the
presentation,
I
think,
every
time
I
see
it,
I
get
a
new
level
of
understanding,
which
is
a
helpful
thing.
One
thing
that
strikes
me
is
that
one
of
the
things
we
hold
dear
is
our
one
percent
reduction
over
pg
e
costs,
and-
and
that's
you
could
tell
that-
was
important
to
us,
because
this
last
year
the
prices
went,
went
up
and
we
we
suffered
a
deficit,
and
so
we
we
did
that
to
hold
to
that.
G
G
I'd
be
interested
to
know
in
the
event
of
price
collapse,
where
suddenly
everybody's,
seeing
much
lower
costs
that
we
switch
our
philosophy
and
what,
if
we
went
to
one
percent
above
pg
e,
would
that
make
much
difference?
That'd
be
my
question
and
then,
before
you
answer,
if
you
are
gonna
answer
I'll
say
my
observation
is
I
firmly
support
this
idea
of
reserves.
You
know
when
we
build
dams,
we're
not
creating
more
water.
X
I
will
attempt
to
answer
yes:
we've
modeled,
the
one
percent
in
the
stress
case
scenarios,
but
the
board
always
has
the
right.
So
this
is
where
we
want
to
when
we
set
the
minimum
target
we
want
to
set.
What
is
the
right,
we'll
do
a
target
level
that
we
should
be
targeting
reserves
at,
but
then
the
way
we're
thinking
about
about
is
if
the
stress
test
were
to
occur.
X
Like
scenario
two
were
to
occur,
let's
not
dip
below
the
minimum
120
days,
but
that
gives
us
enough
time
to
react
to
change
in
strategy,
whether
that
be
a
rate
strategy
come
back
to
have
detailed
discussions
with
the
board
with
the
committees
say:
should
we
go
above
and
some
ccas
have
gone
above
and
and
still
maintain
high
participation
rates?
Of
course
we
have
very
price
sensitive
customers,
because
we
have
a
large
cni
customer
base.
X
We
have
to
be
careful
with
that,
but
that's
one
of
the
reasons
we
will
make
sure
that
we
want
to
not
dip
below
the
120
days,
but
we
can
frame.
We
have
time
to
frame
the
strategy.
We
have
time
to
go
to
the
banks
and
negotiate
any
lines
edit
we
may
want,
so
that
would
be
factored
in
in
how
we'll
propose
a
reserve
target.
R
R
R
You
know
solution
might
be
okay,
we're
going
to
have
staff
cut,
so
we're
going
to
hire
consultants.
So
we'll
do
something
else.
So
I'd,
let
you
guys
figure
it
out,
since
you
are
the
real
experts
on
this.
As
far
as
I
can
tell,
but
I
would,
I
would
think
another
column
outlining
what
would
the
you
might
do
and
some
of
it
might
have
to
be
kept
more
confidential
at
this
time.
You
know
it
doesn't
necessarily
have
to
be
all
this
close,
so
use
your
discretion
on
that,
but
that
would
be
my
thought.
X
I'll
just
add
that
there
is
some
discussion
of
that
in
the
appendices
where
we
go
through
each
of
the
scenarios,
and
we
say
what
the
additional
mitigations
could
be
at
the
higher
level.
The
mitigation
is
to
hold
reserves,
and
but
we
also
talk
about
some
of
the
other
things
we
could
do
in
some
of
these
scenarios.
R
C
C
Good
all
right,
thank
you.
We
will
now
bring
the
discussion
back
to
the
board
and
I
would
so.
This
is
a
discussion.
There
is
no
action,
but
I
think
what
I
what
I
took
away
from
this,
as
I
was
saying,
is
understanding
what
stress
tests
the
significance
and
the
value
of
stress
test
and
as
we
grow
and
as
our
revenues
grow
and
as
our
clients
and
obligations
grow
when
we
start
taking
on
the
ppas.
C
We
were
really
trying
to
say
well,
we
can
put
this
much
over
here
and
we
can
put
this
much
over
here
and
does
this
make
sense
for
these
rates,
but
now
we
have
I'm
going
to
call
it
180
degree
turn
on
having
a
real
structure
to
understanding
how
we
should
set
our
reserves,
and
that
was,
I
think,
very
interesting
for
me.
I
don't
know
what
others
thought
is
there
any
other
comment
from
the
board
members
here.
W
W
I
think
that
it
gives
lots
of
input
into
where
we
want
to
be
and
what
we
want
to
do
with
our
reserves,
and
often,
I
think
that's
one
of
the
questions
is
elected
as
your
electives
looking
at
you
know
at
the
budget
and
looking
at
what
we're
preparing
for
understanding
the
lens
or
the
perspective
that
you're
looking
at
the
situation
from
as
well.
So
thank
you
very
much.
C
P
C
Any
further
comments
before
we
move
on
seeing
none.
Thank
you.
We
have
two
items
remaining.
It's
now
9
30.,
so
we
will
move
to
item
number
seven,
an
update
on
the
digital
engagement
initiatives
and
spring
2023.
Silicon
valley,
clean
eddy
energy,
electrification,
awareness
survey
results.
This
is
a
presentation
by
don
bray.
C
U
U
In
you
know
our
of
course
our
focus
is
electrification
and
decarbonization.
These
are
new
concepts
for
most
people.
How
do
we
explain
what
that
is?
How
do
we
motivate
and
educate
and
enable
action
among
our
customers,
as
it
relates
to
electrification,
stepping
back
one
level?
How
do
we
continue
to
grow
awareness
of
who
svce
is
and
our
services
our
resources,
our
programs
and
the
like
people
tend
to
engage
with
organizations
that
they
know
and
that
they
trust
so
continuing
to
expand.
U
Awareness
of
svc
svc's
profile
in
the
community
is
just
super
important
to
our
long-term
mission.
We've
worked
really
hard
over
the
last
18
months
to
significantly
expand
our
digital
outreach
capabilities
and
our
online
resources
and
an
effort
to
to
grow
our
profile
in
the
community
among
our
customers.
Pam
is
going
to
take
you
through
the
details.
U
She'll
talk
about
our
accomplishments
and
and
some
of
our
lessons
learned
along
the
way.
She'll
also
share
the
results
of
the
recent
survey
that
that
chair
gibbons
mentioned
that
I
think
you'll
find
interesting
and
hopefully
we'll
have
a
few
minutes
left
at
the
end.
For
for
some
questions,
pam
over
to
you.
M
All
right,
thanks
for
kicking
it
off
don
so
as
don
went
over
the
purpose
of
this
presentation,
so
I
will
skip
over
this
slide
and
dive
right
in.
As
I
know,
I
have
a
limited
time
and
I
need
to
be
controlled
because
my
excitement
for
this
subject
is
quite
high,
so
we
as
background
garisha,
talked
about
the
strategic
plan
earlier
and
a
couple
years
ago
we
decided
to
shift
a
focus
on
this
digital
pivot,
because
we
can
reach
more
customers
more
effectively
at
a
low
cost.
M
So
that's
sort
of
the
this
is
showing
the
basis
of
our
approach
to
our
electrification
education
is
we
wanted
to
first
inspire
customers
to
want
to
care
about
electrification?
What
is
this,
why
should
you
care
about
clean
energy?
And
you
know
the
constant
need
to
draw
awareness
to
our
new
agency,
we're
up
against.
M
You
know
100,
plus
years
of
history,
of
a
different
utility
that
everyone
is
aware
of
and
still
receives
bills,
for
so
lots
of
work
to
be
done
there,
and
then
we
need
to
educate
our
customers,
so
they
understand
the
benefits
and
the
importance
of
electrification,
and
then
we
want
to
give
them
the
tools
and
resources
that
enable
action.
How
can
they
actually
make
purchases
get
rebates,
utilize?
Our
programs
and
that's?
M
This
is
sort
of
the
the
funnel
that
we've
structured
our
awareness
and
campaigns
around,
so
some
results,
I'm
very
excited
to
just
show
key
takeaway
here
is
website.
Usage
was
up
280
when
we
started
implementing
our
email
marketing
campaigns.
It
was
a
lot
of
we
built
something.
We
have
to
then
drive
traffic
to
get
people
to
go
there,
so
we
did
a
lot
of
advertising
out
of
home.
There
were
some
great.
M
You
know
there
was
some
discounts
on
out
of
home
like
bus,
shelter
ads
when
people
weren't
commuting
as
much,
but
definitely
still
in
high
visibility
areas
as
people
go
to
the
grocery
store
and
what
have
you
and
we
also
worked
with
our
member
communities?
They've
been
your
pios
and
other
staff
have
been
very
helpful
in
helping
to
push
out
these
resources
to
your
constituents,
and
we
also
wanted
to
take
a
look
at
has
the
way
we've
structured.
This
information
been
useful.
M
So,
while
we've
seen
great
engagement,
we've
seen
an
increase
in
traffic
to
the
site,
we
did
do
user
testing.
To
really
look
at
is
the
navigation,
something
that
makes
sense.
What
improvements
can
we
make
to
the
way?
The
information
is
presented,
so
that's
something
that
we
have
the
results
for
and
we're
going
to
be,
making
some
improvements.
Based
on
this
user
feedback.
M
But
what
we
found
is
no
one
else
has
put
together
a
set
of
resources,
the
way
that
we
have,
or
they
haven't,
packaged
it
in
a
way
that
we
have
or
they
didn't
have,
access
to
customers
or
the
same
challenges
being
a
community
choice
aggregator,
and
so
it's
really
hard
to
find
a
benchmark.
So
we
just
put
a
number
out:
there
really
exceeded
it.
So
for
this
fiscal
year
we
we
gave
ourselves
a
stretch
goal.
M
Page
can't
really
consume
too
much
information
in
that
amount
of
time,
but
with
these
numbers
of
two
to
three
minutes,
customers
that
does
show
that
they're
really
reading
the
content
and
engaging
with
the
information
we're
providing
so
email
campaigns
also
far
exceeded
our
our
goal
for
our
first
year.
I
think
we
were
dipping
our
toe
in
the
water
a
little
bit
but
went
above
and
beyond
so
we
said
we
would
send
out
a
million
outbound
emails.
M
M
Done
a
lot
of
emails,
so
this
is,
if
we
send
out
one
mass
residential
email
blast
that
goes
to
about
180
000
customers,
and
these
are
educational
right.
This
the
way
we
frame
the
information
is
about
providing
resources
to
the
community,
we're
not
trying
to
sell
things
right,
we're
trying
to
inspire
enable
action.
All
those
other
things
I
talked
about
and
just
for
comparison.
M
Industry
standards
for
open
rates
on
email
are
usually
around
22
percent.
Our
average
open
rate's
35
we've
seen
some
of
our
campaigns
deliver
as
high
as
50
to
60
open
rates.
So,
if
you
think
about
that,
you
know
for
the
180
000
recipients,
it's
amazing
what
kind
of
reach
we're
getting
with
the
click
of
a
button
and
then
we're
learning
a
lot
too.
So
we
found
that
emails
need
to
be
simple,
not
too
much
information
easy
to
understand.
M
Video
have
performed
really
well.
If
we
link
to
a
video,
people
really
do
click
on
those
and
watch
them,
and
we
do
a
b
testing
to
understand
what
kind
of
subject
lines
get
people
to
open
emails,
and
we
do
offer
a
lot
of
the
email
campaigns
that
people
can
click
and
open
and
read
the
content
in
other
languages,
which
then
increases
traffic
to
our
translated
sites.
M
So
with
ehub
we
have
a
lot
of
really
cool
tools
and
tricks
and
tactics
we
can
deploy
to
engage
with
our
customers.
We've
been
running
online
promotions
for
energy
efficient
electric
products.
We
started
out
with
doing
like
a
modest.
Let's
just
see
how
this
goes
with
some
led
light
bulbs
and
smart
power
strips
and
got
to
experience
what
that
was
like.
But
then,
when
we
did
our
portable
induction
cooktop,
the
first
rebate,
we
far
exceeded
expectations.
M
M
Bulbs
were
not
interesting,
so
you
can
see
that
one
didn't
go
so
well
and
then,
last
summer,
in
light
of
summer
readiness,
psps
events
wildfires
heat,
we
did
a
summer
resilience
promotion
with
air
purifiers,
portable
electric
batteries
and
evaporative
coolers
we're
looking
to
bring
back
that
kind
of
promotion
this
summer
as
well,
because
we
know
cooling
is
really
something
that
folks
need
in
this
area
as
it
gets
warmer
and
induction
cooktops
who
ran
that
promotion
again
this
year
and
it
we
processed
over
500
rebates.
I
believe
so.
M
It
really
is
incredible
to
see
the
kind
of
interest
and
demand
that
our
customers
are
having
in
trying
out
these
technologies.
So
each
of
every
time
we
run
one
of
these
promotions.
It's
promoted
via
email.
In
a
way,
that's
about
you
know,
check
it
out,
hear
the
benefits,
and
we
also
do
something
cool
with
sweepstakes.
M
So
customers
can
take
actions
that
drive
them
to
our
different
educational
resources.
So
you
can
enter
a
sweepstakes
click
here
to
learn
about
evs
click
here,
to
learn
about
induction,
cooking
or
click
here,
to
learn
about
heat
pumps
and
every
time
they
take
one
of
those
actions,
or
maybe
it's
signed
up
for
our
newsletter.
M
They
get
additional
entries.
We
do
a
random
drawing.
We
had
some
awesome
prizes
in
our
earth
day,
sweepstakes
for
this
past
april,
and
we
had
done
this
last
summer
as
well
and
saw
that
it
was
a
really
effective
way
to
drive
more
engagement
and
users
to
our
site
and
we
have
the
solar
and
battery
assistant.
So
this
is
the
online
no
obligation
concierge
service,
that
customers
can
utilize
where
they
can
speak
to
a
third
party.
Independent
energy
advisor
this
company,
their
it's
electrum.
M
They
do
the
system
sizing
for
people's
homes
and
analyze
their
usage,
so
you're
not
necessarily
having
to
speak.
Customers,
don't
have
to
speak
to
a
single
company
and
try
to
give
that
into
information
to
multiple
installers
and
get
multiple
bids.
They
can
just
do
that
all
in
one
place,
so
you
can
see
here
that
we've
generated
some
pretty
good
leads
and
have
actually
had
some
sales,
and
we
do
have
a
a
thousand
dollar
off
panel
upgrade
rebate
available
through.
If
anyone
who
uses
the
service
and
installs
a
battery.
M
So
we
had
shared
those
results
when
we
did
that
and
then
we
did
the
follow-up
survey
more
recently
this
spring
and
it
was
done
by
phone.
We
got
this
many
responses
and
email,
I
should
say
phone
and
email,
multiple
languages
and
like
last
time
we
are
analyzing
the
results
by
the
socioeconomic
vulnerability
index
quartiles.
So
that
is
the
by
census.
M
M
We
wanted
to
know
the
honest
truth,
and
so
what
you
can
see
is
the
unaided
recall
was
just
10
of
respondents
like
who
provides
your
electricity,
as
you
can
imagine,
overwhelming
response,
pg
e,
so
that
just
goes
to
show.
We
have
a
lot
of
work
to
do
and
we
need
to
continue
to
do
to
differentiate
ourselves
as
an
agency
and
increase
customer
awareness.
M
But
then,
once
prompted
we
did
see
a
lift,
so
73
percent
of
people
did
say:
oh
yes,
I've
heard
of
them
and
we
also
saw
kind
of
from
the
other
results
of
our
own
analytics
that
there
was
a
significant
increase
in
folks
who
visited
our
website.
So
that
was
good
cost
and
health
are
the
most
important
factors
in
making
purchasing
decisions.
M
M
This
one
was
also
interesting
concerns
about
fossil
fuel
use
was
lower
than
in
2020.
We
do
have
a
hypothesis
out
there
as
to
why
that
may
be.
The
timing
of
the
2020
survey
was
right
after
orange
skies
and
power,
outages
and
folks
really
feeling
effects
of
climate
change,
and
this
year
there
was
just
a
lot
of
current
events
happening
as
you
all
are
aware
of
over
the
last
several
months,
and
so
they
think
that
that
has
potentially
affected
the
the
attitudes
here.
M
M
And
finally,
the
survey
is
giving
us
some
insight
into
customers
level
of
interest
in
various
electric
technologies
and
barriers
to
adoption.
So
we
can
see
that
there's
some
kind
of
top
barriers
identified
for
each
one
thing
to
note
with
evs
we
do
see
a
difference
in
chevy
quartile,
for
example,
with
access
to
charging.
So
where
do
you
park
your
vehicle?
Do
you
have?
Is
it
near
an
outlet?
C
H
Thank
you
chair
and
just
to
echo
what
liz
just
said,
pamela
excellent
presentation.
We
got
excited
as
you
are,
you
know,
hearing
about
the
customer
experience
and
how
we
can
improve
on
it
is
so
important.
It
goes
back
to
the
public
comment
that
was
mentioned
earlier
about
really
looking
at
the
customer's
perspective.
M
Yeah
to
address
that
that
is
one
of
the
big
questions
that
we've
had
come
up
as
we
created
the
the
metrics
we're
using
to
evaluate
these
tools.
It
is
really
difficult
to
say
if
someone
learns
about
electric
vehicles
from
one
of
our
email
campaigns
or
uses
our
eb
assistant
to
do
some
shopping
and
comparison.
V
M
So
our
hope
is,
you
know.
Otherwise,
if
it's
tools,
where
there's
a
rebate
that
we
know
for
sure
we
can
track
that
rebate
or
if
some
of
our
programs,
where
there's
rebates
that
may
not
be
processed
through
the
ehub
tools
like
the
heap
of
water
heater
program,
for
example,
I
think
there's
ways
that
we
could
retroactively
survey
program
participants
and
hear
how
they've
learned
about
those
programs.
M
There
are
some
questions
in
the
survey
that
do
say.
Do
you
use
the
sv
like?
Where
do
you
get
information
about
the
following
and
we
do
in
that
can
see?
Do
they
come
to
the
svce
website
for
information
or
not,
or
do
they
use
some
other
resources
word
of
mouth
and
that's
what
our
hope
is
to
measure
that
year
over
year,
as
we
do
the
survey
annually
and
try
to
then
once
we
have
more
data,
see
if
there
is
an
increase
or
a
lift,
so
we're
trying
to
figure
out
a
way
to
find.
H
That
out,
right
now
great
and
then
with
the
new,
the
unique
users
that
huge
increase,
are
we
able
to
track
which
cities
we
have
users?
So,
for
example,
I
don't
know
if
you're
able
to
get
that
data
the
address
and
to
figure
out
are
these
from
los
altos,
los
altos
hills,
cupertino
sunnyvale
do
we
know
where
these
users
are
located.
M
H
I'd
be
curious,
we
had
our
first
community
engagement
meeting
two
days
ago
on
reach
codes
and
tony
from
the
svce
staff.
Was
there
as
well
with
los
altos
employees,
and
it
was
interesting
that
I
would
say,
50
of
the
questions
had
nothing
to
do
with
reach
codes,
and
I
wish
I
had
piped
up
and
said.
Please
go
to
the
ehub
on
the
svce
website,
because
I
think
it
would
have
answered
a
lot
of
the
questions
they
had
and
the
last
question
I
have
for
you.
H
Pamela
just
has
to
do
with
the
question
about
when
you
do,
the
unaided
recall,
question
of
who
provides
your
energy
and
they
are
not
able
to
come
up
with
svce.
I
wonder
if,
as
part
of
the
survey,
people
were
were
associating
svce
as
a
subset
of
pg
e,
because
it's
one
bill,
so
I
actually
wonder
if
people
think
svc
is
is
part
of
pg
e,
as
opposed
to
its
own
separate
entity.
Did
you
hear
any
of
that
in
the
survey
so.
M
H
C
C
I
always
miss
your
hand,
okay,
seeing
none
I'll
just
offer
that.
I
think
this
is
great
information,
because
this
outreach
and
we've
always
from
the
very
very
very
beginning,
have
wanted
to
know
how
to
communicate
with
our
customers,
how
to
engage
our
customers
and
to
have
this
information
being
tracked
over
a
period
of
time.
Setting
our
new
goals
challenging
ourselves
to
new
ways
of
outreach,
I
think,
is
really
important
to
our
business
and
I
think
a
willingness
to
learn
this
information
and
challenge
ourselves
is
is
very,
very
helpful.
C
So
thank
you
pam
to
you
and
your
staff,
and
I
would
say
that
those
of
us-
because
I
always
say
we're
an
elected
board,
we're
elected
officials.
We
understand
what
analytics
are
we
understand
what
you
know
time
spent
on
a
page,
getting
people
to
even
go,
and
how
do
you
keep
them?
There
makes
a
lot
of
sense
to
us,
so
thank
you
for
the
valuable
information
and
and
great
work
keep
it
up.
C
N
C
All
right,
we
have
one
item,
it
is
now
10
minutes
of
10..
We
do
have
a
long
agenda
tonight.
So
thank
you
for
everyone's
hanging
in
there
we'll
go
through
this
presentation
on
the
reach
code
update
and
the
presentation
will
be
by
zoe
elizabeth,
the
deputy
director
of
decarbonization
programs
and
policies.
Y
Good
evening,
everyone
I
got
the
hardest
position
in
the
agenda
going
after
the
communications
team,
but
luckily
just
before
the
social
meeting,
but
luckily
I
am
as
excited
about
reach
goes
as
pam
is
about
marketing
and
it's
reach
code
season.
We
aren't
going
to
see
you
all
next
month.
We
want
to
make
sure
you
get
the
the
status
update
on
everything
that
happened
this
past
month
and
the
key
things
coming
up
next
slide,
please!
Y
Y
Okay,
so
this
chart
may
look
familiar
to
you
all
from
last
month.
Those
five
x's
that
are
highlighted
are
things
that
have
updates
that
have
happened.
Additional
activities
that
have
happened
that
have
happened
this
past
month,
we're
supporting
outreach
in
los
altos
and
los
gatos,
in
addition
to
the
other
jurisdictions
and
trc,
is
now
providing
direct
support
in
gilroy,
los
altos
and
los
altos
hills
we're
at
wednesday.
I
believe
we
had
had
three
public
meetings
already.
This
week,
tony
was
at
all
all
three
of
those.
Y
It's
the
reason
he's
actually
not
here
this
evening.
He
was
attending
a
public
meeting
in
los
altos
this
summer
and
then
next
june
and
july.
The
key
priorities
to
be
thinking
about
are
community
engagement.
If
there
are
changes
that
you
are
making
to
your
reach
code,
if
you're,
extending
that
reach
or
thinking
about
reducing
some
exceptions
or
making
any
changes-
and
you
want
to
do
that
community
outreach
now
is-
is
really
the
time
and
of
course
we
are
here
to
help
you
holding
those
council
information
sessions.
Y
We
have
our
second
coming
up
in
gilroy
on
june
20th
and
again,
we
and
crc
are
there
to
help
and
support
with
those
and
any
additional
meetings
that
that
come
up,
but
community
engagement
council
information
sessions
are
the
order
of
the
day
for
the
rest
of
june
and
july
next
slide,
please
and
then
the
last
pivot
that
I
will
leave
you
with
here.
Here
are
three
reasons
that
our
2022
model
code
is
all
lecture.
Those
of
you
who
were
with
us
during
the
2019
club
cycle.
Y
You
may
remember
that
we
started
with
what
we
call
an
electric
preferred
model
code,
which
was
a
code
that
basically
helped
to
tilt
the
scales
towards
all
electric
but
didn't
require
a
lecture.
This
year,
we've
learned
a
lot
and
the
code
that
we're
starting
with
on
the
model
code.
Of
course,
any
jurisdiction
can
amend
or
tailor
it
to
your
specific
needs,
but
where
we're
starting
is
at
all
lecture
and
the
reasons
for
that
is
threefold.
Y
First,
electric
is
really
required
to
meaningfully
exceed
the
2022
california
code,
which
goes
much
further
than
the
2019
code
did
in
promoting
electric
two
we've
learned
since
2019
that
any
gas
appliance
is
really
reliant
on
a
leaky
gas
distribution
system.
So
there's
research,
that's
been
done.
That's
actually
demonstrated
in
many
jurisdictions
across
the
country
that
the
leaks
in
the
gas
system
can
be
twice
that
what
we,
what
we
thought
before,
that
just
came
out
in
2020.
Y
So
we
understand
that
even
small
appliances
like
a
stove
or
comfort
appliances,
they
rely
on
that
leaky
distribution
system.
That's
also
costly
to,
of
course,
maintain
and
build
for
particularly
for
small
end
uses
and
then
third,
any
gas
appliances
will
soon
become
stranded
assets,
which
we
will
then
come
before
you
to
talk
about
building
programs
for
to
invest
in
and
create
incentives
for
we're
talking
about
installing
new
heat
pump
water
heaters
in
several
years.
Y
We're
then
going
to
need
to
have
sorry
installing
gas,
water
heaters
or
gas
ranges
well
that
we
would
then
have
to
go
and
remove
those
in
the
future
and
have
extensive
programs
to
do
that.
We
want
to
make
the
best
decisions
now
to
help
really
future
proof,
your
community
for
the
long
term,
and
so
this
is
why
we've
started
this
year
with
the
2022
code
being
all
actor.
C
Well,
you
are
clearly
excited
and
you've
set
a
big
target
and
the
participation
and
actions
with
our
various
community
engagement
and
council
outreach
has
been
great
and
I
I'm
sure
there
will
be
lots
more
of
it.
Is
there
any
question
about
what's
going
on
any
question
that
could
be
answered
this
evening
as
to
next
steps
for
your
city?
Any
lessons
learned
that
would
be
helpful
from
anyone
to
share.
C
Z
AA
AB
This
is
a
plug
load,
advanced
power
strip.
The
always
on
outlet
refers
to
devices
that
are
meant
to
be
kept
on
all
the
time.
The
control
outlet
refers
to
devices
that
we
turn
on
and
off
after
each
use.
Like
a
tv,
an
energy
saving
outlet
refers
to
devices
that
only
needs
to
be
on
when
the
control
devices
is
on,
like
speakers
as
they
wait.
AB
Z
Oh,
so
that's
it
so
we're
trying
to
we're
getting
a
good
feedback
from
people
that
we
gave
away
the
aps.
So
my
goal
is
to
get
more
grant
and
give
away
more.
My
goal
is
to
have
at
least
it's
a
it's
a
large.
It
was
a
big
goal
like
I
want
to
have
like
8
000
of
these
in
we
have
25
000
households
in
milpitas.
So
I
don't
know
if
I
can
reach
that,
maybe
in
four
years
I
can
so
anyway.
So
it's
really
exciting
and
I
hope
you
guys
can
do
something
in
your
cities.
C
C
Z
Z
C
Thank
you.
It's
wonderful!
Thank
you
for
sharing.
If
there
are
no
comments,
we
will
now
go
to
the
public
comment
session
on
the
closed
session.
The
public
may
provide
comments
regarding
the
closed
session
item
just
prior
to
the
board
beginning
the
closed
session.
Closed
sessions
are
not
open
to
the
public.
C
C
C
C
A
A
A
A
A
A
A
A
A
A
A
A
A
V
V
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
C
C
So
what
we're
going
to
do?
Sorry,
we
were
trying
to
make
this
simple
and
I
may
have
complicated
it.
So,
first
and
foremost,
we
are
re-um
engaging
with
our
original
board
meeting
of
june
8th.
We
had
a
closed
door
session.
There
is
nothing
to
report
out
from
the
closed
door
session
and
with
that
we
will
close
this
regular
meeting
of
the
silicon
valley
clean
energy
board.
C
C
Okay-
and
I
believe
you
sent
that
out
again
to
everyone
just
now,
I
did
not,
but
I
can't
why
don't
you
do
that
just
to
make
everyone's
life
easy
at
10
30
at
night
will
do
okay.
So
thank
you
all
for
your
patience
and
we
will
go
back
to
a
special
meeting
which
is
a
closed
door
meeting,
and
I
believe
I
have
to
ask
if
there's
any
comment
on
the
special
meeting
closed
door
meeting
before
we
go
to
that
meeting.
There's
no
one
here
commenting
and
I
believe,
there's
no
one
online
commenting.