::: Southern California Public Power Authority ::::::::::

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		Board Meeting Notice Board Meeting Minutes



		Finance Meeting Notice Finance Meeting Minutes Public Benefits Meeting Notice Public Benefits Meeting Minutes Magnolia Coordinatng Meeting Notice Magnolia Coordinatng Meeting Minutes

This past year, economic uncertainty and a sluggish economy continued to have a major influence on SCPPA and its Members. However, while there was economic and legislative uncertainty, SCPPA and its member utilities successfully met every challenge.

SCPPA focused on taking advantage of market opportunities to generate cost savings and reduce risk. Through strategic bond refinancing and liquidity replacements, SCPPA achieved savings of over $18 million in debt service payments in the current and next fiscal year. SCPPA reduced risk by replacing the counterparty on the Natural Gas Prepay investment contract. This upgrade of the counterparty was done at virtually no cost, and preserved the original projected savings.

SBX1-2 formalized California’s renewable energy target of 33% by 2020. SCPPA continued to assist Members in the acquisition of projects to help meet this goal. Currently, on average, 20% of the Members’ energy deliveries are renewable. Last year, over 200 additional renewable project proposals were submitted and reviewed under the most recent SCPPA Request for Proposals for Renewable Energy Projects. SCPPA Members have already received over 7.2 billion Kilowatt-hours of clean, renewable energy – enough to serve over 1.2 million homes per year – from wind, geothermal, small hydro and biomass projects.

During the past year, SCPPA completed long-term financing for three renewable projects located in the state of Washington: Tieton Hydro Power Project, Linden Wind Energy Project and the Windy Point Project for a combined total issuance of over $700 million. The Windy Point and Linden bond issues represent the lowest long-term financing true interest cost (TIC) ever achieved by SCPPA of 3.51% and 3.75% respectively.

SCPPA continued to provide important representation before the California Air Resources Board (CARB) as it continued to develop implementation rules for California’s landmark greenhouse gas legislation. SCPPA, along with others, was successful in cap-and-trade proceedings in encouraging CARB to adopt an equitable allocation methodology for allowances. Discussions continue on the various classifications of the various types and locations of renewable projects.

The opportunities provided by SCPPA for the Members to work together continues to provide positive benefits which enable the Members not only to survive the troubled economic waters, but to thrive.

June 30, 2011