table of contents agenda 4 - scppamembers.scppa.org/weblink/0/edoc/3765/board agenda... ·...
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Table of Contents
Agenda 4Minutes
Minutes 04-18-13 9Monthly Investment Report
Monthly Investment Report 03-13 12Quarterly Investment Report
Quarterly Investment Report 03-31-13 14Resolution 2013-050
Staff Report 2013-050 51Reso 2013-050 52
Resolution 2013-051Staff Report 2013-051 54Reso 2013-051 55
Executive Director's ReportExecutive Director's Report 58
Program Development Director's ReportProgram Development Director's Report 60
Project Administration Director's ReportProject Administration Director's Report 62
Hoover Status ReportHoover Status Report 66
Magnolia Power Project Monthly Status ReportMPP Monthly Status Report 68
Palo Verde Status ReportPalo Verde Status Report 76
San Juan Unit 3 Status ReportSan Juan Unit 3 Status Report 78
[RECESS FOR MAGNOLIA POWER PROJECTCOORDINATING COMMITTEE MEETING BEFORE PROJECTBUDGET APPROVALS]
Magnolia Power Project Coordinating Committee 79MPP CC Minutes 05-17-12 80MPP Operating Budget 81
Resolution 2013-031Reso 2013-031 90
Resolution 2013-032Reso 2013-032 95
Resolution 2013-033Reso 2013-033 106
Resolution 2013-034Reso 2013-034 111
Resolution 2013-035Reso 2013-035 116
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Resolution 2013-036Reso 2013-036 121
Resolution 2013-037Reso 2013-037 130
Resolution 2013-038Reso 2013-038 135
Resolution 2013-039Reso 2013-039 140
Resolution 2013-040Reso 2013-040 145
Resolution 2013-041Reso 2013-041 150
Resolution 2013-042Reso 2013-042 155
Resolution 2013-043Reso 2013-043 160
Resolution 2013-044Reso 2013-044 168
Resolution 2013-045Reso 2013-045 173
Resolution 2013-046Reso 2013-046 187
Resolution 2013-047Reso 2013-047 192
Resolution 2013-048Reso 2013-048 197
Resolution 2013-049Reso 2013-049 202
Regulatory Affairs Director's ReportRegulatory Affairs Director's Report 207
Morgan Meguire Federal ReportMorgan Meguire Federal Report 211
Gonzales Quintana & Hunter Monthly ReportGQ&H Report 219SCPPA Legislative Bill Report 04-13 224
Finance Committee MinutesFinance Committee Minutes 253
Budget Approvals:Staff Report 2013-052 255Reso 2013-052 256Staff Report 2013-053 258Reso 2013-053 259Staff Report 2013-054 262Reso 2013-054 263
Energy Systems Director's Report
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Energy Systems Director's Report 266Resolution 2013-055
Staff Report 2013-055 269Reso 2013-055 271
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SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY NOTICE OF MEETING
Board of Directors
NOTICE IS HEREBY GIVEN by the undersigned, as the Executive Director of the Southern California Public Power Authority, that a regular meeting of the Board of Directors is to be held as follows:
Date: Thursday, May 16, 2013
Time: 10:00 AM
Place: Southern California Public Power Authority 1160 Nicole Court Glendora, California 91740 (626) 793-9364
The following matters are the business to be transacted and considered by the Board of Directors:
1. Notice/Agenda and Opportunity for the Public to Address the Board
Any member of the Board may request that items on the agenda be taken out of order, or that items be added to the agenda pursuant to the provisions of Section 54954.2(b) of the California Government Code.
Any member of the public may address the Board on any item of interest to the public before or during the Board's consideration of the item, provided the item is within the subject matter jurisdiction of the Board.
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Notice of Board Meeting Thursday, May 16, 2013 Page 2 2. CONSENT CALENDAR
All matters listed under the Consent Calendar are considered to be routine and will all be enacted by one motion. There will be no separate discussion of these items prior to the time the Board votes on the motion, unless one or more board members, staff or the public request that specific items be discussed and/or removed for separate discussions or action.
a. Minutes of the 04-18-13 Board of Directors Meeting
b. Monthly Investment Report for 03-13
c. Quarterly Investment Report for March 31, 2013
d. Resolution 2013-050 Approves the Reimbursement Resolution relating to the proposed acquisition of an existing combined cycle gas-fired power plant, as described in the Authority’s Resolution No. 2013-029.
e. Resolution 2013-051 Request for approval to enter into an agreement with First Fuel for energy efficiency auditing services including remote building analytics and energy efficiency improvement program development and technical support that will be available to all Members
STAFF REPORTS
3. Executive Director’s Report
The Executive Director will report on activities since the last Board meeting:
• Executive Director's Report for 05-13
4. Program Development Director’s Report
The Director of Program Development will report on current activities, including public benefits and smart grid issues:
• Program Development Director's Report for 05-13
5. Project Administration Director’s Report
The Director of Project Administration will report on project-related staff and agent activities:
• Project Administration Director's Report for 05-13
• Hoover Status Report for 05-13
• Magnolia Power Project Monthly Status Report for 04-13
• Palo Verde Status Report for 05-13
• San Juan Unit 3 Status Report for 05-13
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Notice of Board Meeting Thursday, May 16, 2013 Page 3
• [RECESS FOR MAGNOLIA POWER PROJECT COORDINATING COMMITTEE MEETING BEFORE PROJECT BUDGET APPROVALS] Notice/Agenda 05-16-13
• Resolution 2013-031 Windy Point Budget
• Resolution 2013-032 Barnett NGR Budget
• Resolution 2013-033 Canyon Power Budget
• Resolution 2013-034 Natural Gas Prepay Budget
• Resolution 2013-035 Linden Wind Energy Budget
• Resolution 2013-036 Magnolia Power Project Budget
• Resolution 2013-037 Mead-Adelanto Budget
• Resolution 2013-038 Mead-Phoenix Budget
• Resolution 2013-039 Milford I Wind Budget
• Resolution 2013-040 Milford II Wind Budget
• Resolution 2013-041 MWD Small Hydro Project Budget
• Resolution 2013-042 ORMAT Geothermal Project Budget
• Resolution 2013-043 Palo Verde Project Budget
• Resolution 2013-044 Pebble Springs Wind Budget
• Resolution 2013-045 Pinedale NGR Budget
• Resolution 2013-046 San Juan Unit 3 Budget
• Resolution 2013-047 STS Budget
• Resolution 2013-048 Tieton Hydro Budget
• Resolution 2013-049 Windy Point/Windy Flats Budget
6. Government Affairs Reports
The Director of Regulatory Affairs will report on the regulatory activities at the state level:
A representative from SCPPA’s contract lobbyists will report on state legislative activities:
• Regulatory Affairs Director's Report for 05-13
• Morgan Meguire Federal Report for 05-13
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Notice of Board Meeting Thursday, May 16, 2013 Page 4
• Gonzales Quintana & Hunter Monthly Report for 04/11/-13 - 05/08/13
7. Finance and Accounting Director’s Report
The Director of Finance and Accounting will report on the status of current financing activities:
• Finance Committee Minutes for 05-06-13
• Budget Approvals: Authorizing the Executive Director to implement 2013-2014 Budget.
8. Energy Systems Director’s Report
The Director of Energy Systems will report on the status of current activities, including renewable energy project development and resource planning issues:
• Energy Systems Director's Report for 05-13
• Resolution 2013-055 Heber-1 Geothermal Energy Project to provide long-term geothermal supply of renewable energy to the members for the purpose of satisfying the needs of the members and their governing bodies to meet desired specified renewable energy resource goals
9. NEW BUSINESS
New topics may be introduced in order to be added to the next meeting agenda for future consideration and action by the Board.
10. CLOSED SESSION
• Public Employment: Work review and performance evaluation of the Executive Director of the Authority pursuant to Section 54957 of the California Government Code.
• Pending Litigation: Conference with legal counsel regarding existing litigation related to the STS Project entitled Gunn Hill Dairy Properties, LLC, et al. v. Los Angeles Department of Water and Power, et al., Case No. 050700157 (4th Judicial District, Juab County, Utah), pursuant to subdivision (a) of Section 54956.9(a) of the California Government Code.
• Potential Litigation: Conference with legal counsel regarding the potential initiation of litigation pursuant to subdivision (c) of Section 54956.9 of the California Government Code (one potential case).
• Potential Litigation: Conference with legal counsel regarding significant exposure to litigation pursuant to subdivision (b) of Section 54956.9 of the California Government Code (one potential case).
Dated: July 11, 2013
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Notice of Board Meeting Thursday, May 16, 2013 Page 5
______________________________________
BILL D. CARNAHAN Executive Director
Southern California Public Power Authority
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MINUTES OF THE APRIL 18, 2013 REGULAR MEETING OF THE
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
A regular meeting of the Board of Directors was held on April 18, 2013, at the offices of the authority, 1160 Nicole Court, Glendora, California. The meeting was called to order at 10:04 a.m. by Vice President Wright. The following Board members (M) and alternates (A) were present and acting in their capacity as representative for their utility: Graham Bowen, Anaheim (A); George Morrow, Azusa (M); Fred Mason, Banning (M); Bob Liu, Burbank (A); Vince Brar, Cerritos (A); Rebecca Gallegos, Colton (A); Steve Zurn, Glendale (M); Carl Stills, IID (A); Ronald Nichols, LADWP (M); Eric Klinkner, Pasadena (A); David Wright, Riverside (M); Carlos Fandino, Vernon (A).. Staff members present were: SCPPA staff members Executive Director Bill D. Carnahan, Daniel Hashimi, Richard Morillo, Steven Homer, Vernon Oates, Kelly Nguyen, Julie Felipe, Salpi Ortiz, Bryan Cope, Oscar Herrera, and Therese Savery, Manager of SCPPA Accounting. Attorneys and consultants present included: Stephen Cole, Fulbright & Jaworski. 1. Notice/Agenda Opportunity for the Public to Address the Board
Vice President Wright afforded the public an opportunity to address the Board.
2. Consent Calendar The following matters were considered routine and were enacted by a single motion.
a. Minutes: Approval of the Minutes of the Board of Directors meeting held March 21, 2013.
b. Investment Report: for the month of February 2013.
c. Resolution 2013-021: Consulting services for NEREC compliance and training.
d. Resolution 2013-022: Training course on GE LM6000 Engine Familiarization.
e. Resolution 2013-023: Training course for improving leadership development on safety and operations.
f. Resolution 2013-024: Greenhouse Gas Consulting Services (ICF Jones & Stokes).
g. Resolution 2013-025: Energy Efficiency Program Implementation and Technical Support (OEFC).
Draft of 5/9/13 1
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h. Resolution 2013-030: Authorizing the Executive Director to sign the swap related ISDA Protocols or IECA supplemental agreement pursuant to Dodd-Frank compliance.
Mr. Stills moved that the matters on the consent calendar be approved. The motion was seconded by Mr. Bowen and unanimously approved.
3. Executive Director’s Report
Mr. Carnahan referenced his written report and discussed the highlights, including the status of the strategic planning effort, and the draft Administrative & General budget. He announced that SCPPA would be receiving a wind energy award at APPA conference in June.
4. Energy Systems Director’s Report
Ms. Nguyen referenced the written report, and discussed resource planning efforts, transmission outlook, and the renewable projects RFP process. Ms. Nguyen presented Resolution 2013-029, establishing a Study Project to pursue the acquisition of an existing natural gas fired combined cycle generation station, and authorizing negotiation and execution of the Navajo Replacement Project Planning and Development Agreement and related actions. Mr. Morrow moved that Resolution 2013-029 be approved. The motion was seconded by Mr. Bowen and unanimously approved.
5. Program Development Director’s Report Mr. Cope discussed his activities relating to public benefits program status and the status of the collaborative electric vehicle study.
6. Project Administration Director’s Report Mr. Homer discussed the updated natural gas reserves reports and the 6-month budget comparisons.
7. Regulatory Affairs Director’s Report Mr. Herrera reported on the activities of the Regulatory Workgroup and current regulatory issues.
8. Finance and Accounting Director’s Report
Mr. Oates discussed issues facing the Finance Committee, and discussed Dodd-Frank compliance, the Administrative &General budget, and early buyout options on several renewable projects.
Draft of 5/9/13 2
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Mr. Oates presented Resolution 2013-026, authorizing transfer of surplus moneys from the Multiple Project Proceeds Account to the Projects’ Stabilization accounts of the Mead-Adelanto and Mead-Phoenix Participants. Mr. Morrow moved that Resolution 2013-026 be approved. The motion was seconded by Mr. Bowen and unanimously approved. Mr. Oates presented Resolution 2013-027, authorizing issuance of bonds to refund the STS 2001 bonds and terminate the related interest rate swap agreement. Mr. Oates presented Resolution 2013-028, continuing disclosure relating to the refunding of the STS 2001 bonds and related actions. Mr. Klinkner moved that Resolution 2013-027 and Resolution 2013-028 be approved. The motion was seconded by Mr. Nichols and unanimously approved.
There being no further business, the meeting was adjourned at 11:49 a.m. Respectfully submitted, Mario Ignacio Assistant Secretary
c: Board of Directors
Draft of 5/9/13 3
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CANYON PALO VERDE SAN JUAN MAGNOLIA POWER
I. PORTFOLIO PERFORMANCE
A. PORTFOLIO YIELDPortfolio Yield to Maturity 2.34% 3.07% 1.01% 0.81%
B. RETURN ON ASSETSTotal Earnings (Yr-to-Date) 1,394,356$ 947,092$ 609,757$ 231,494$ Rate of Return (Yr-to-Date) 2.28% 2.68% 0.93% 0.78%
C. COMPARISON TO BUDGETBudgeted Earnings (Yr-to-Date) 288,000$ 972,000$ 720,000$ 288,000$ Actual Net Earnings (Yr-to-Date) 220,709$ 683,894$ 493,099$ 173,744$ Over/(Under) Budget (67,291)$ (288,106)$ (226,901)$ (114,256)$
II. PORTFOLIO STRUCTURECarrying Value of Assets Held 74,858,314$ 37,665,393$ 87,194,182$ 36,333,035$ Market Value of Assets Held 74,898,099$ 37,671,896$ 87,262,595$ 36,283,945$ Market Value Cushion/(Shortfall) 39,785$ 6,502$ 68,413$ (49,090)$
Weighted Average Portfolio Life 2.15 2.02 1.26 1.11
GENERATION
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITYINVESTMENT PORTFOLIO REPORT*
For the Quarter Ending March 31, 2013
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CANYON PALO VERDE SAN JUAN MAGNOLIA POWER
GENERATION
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITYINVESTMENT PORTFOLIO REPORT*
For the Quarter Ending March 31, 2013
III. PORTFOLIO COMPOSITIONA: MARKET SECTOR (At Cost)
AGENCY DISCOUNT NOTES 3.21% 0.00% 0.00% 3.03%
BANKERS ACCEPTANCE 0.00% 0.00% 0.00% 0.00%
COMMERCIAL PAPER 7.61% 5.30% 13.69% 22.03%
GIC** 38.99% 56.62% 4.43% 0.00%
MONEY MARKET 17.34% 16.86% 21.68% 13.10%
MUNICIPAL BONDS 0.00% 0.00% 0.00% 0.00%
NEGOTIABLE CDS 1.34% 0.00% 10.44% 7.71%
US AGENCIES 31.51% 21.22% 49.76% 54.13%
100.00% 100.00% 100.00% 100.00%
B: DEALER COVERAGE (At Cost)AIG 0.00% 56.62% 0.00% 0.00%
BANK OF NEW YORK MELLON 17.34% 0.00% 0.00% 0.00%
CITIGROUP 5.78% 0.00% 0.00% 0.00%
FIRST EMPIRE 0.00% 0.00% 12.94% 9.91%
FIRST TENNESSEE 0.00% 0.00% 17.91% 0.00%
FSA 39.01% 0.00% 4.43% 0.00%
MORGAN KEEGAN (Raymond James) 0.00% 0.00% 5.96% 0.00%
MORGAN STANLEY 6.94% 0.00% 5.63% 21.09%
NOMURA 0.00% 0.00% 0.00% 0.00%
OPPENHEIMER 3.38% 0.00% 0.00% 0.00%
PIPER JAFFRAY 0.00% 0.00% 2.96% 0.00%
PNC 0.00% 0.00% 0.00% 0.00%
RICE FP 13.62% 0.00% 11.63% 20.66%
UBS FINANCIAL 6.59% 21.22% 0.00% 0.00%
UNION BANK 1.34% 0.00% 10.44% 7.71%
U.S. BANK 0.00% 16.86% 21.69% 40.63%
WELLS FARGO BANK 6.00% 5.30% 6.41% 0.00%
100.00% 100.00% 100.00% 100.00%* This report excludes investment portfolio figures for the Multiple Project (but includes the Mead-Adelanto
and Mead-Phoenix Projects).
** The GICs with Pittsburg National Bank for the Multiple Project, amounting to $39,196,617 and earning afixed rate of 7.35% as of 3/31/2013 are not included in this report.
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HOOVER TIETON MILFORD 1 MILFORD 2 LINDEN WINDY POINT/
UPRATING HYDRO WIND WIND WIND WINDY FLATS I. PORTFOLIO PERFORMANCE
A. PORTFOLIO YIELDPortfolio Yield to Maturity 0.76% 0.96% 0.92% 0.38% 0.36% 0.59%
B. RETURN ON ASSETSTotal Earnings (Yr-to-Date) 20,928$ 49,142$ 267,399$ 48,102$ 34,658$ 149,455$ Rate of Return (Yr-to-Date) 0.66% 0.85% 0.85% 0.36% 0.37% 0.49%
C. COMPARISON TO BUDGETBudgeted Earnings (Yr-to-Date) 27,000$ 54,000$ 324,000$ 45,000$ 54,000$ 189,000$ Actual Net Earnings (Yr-to-Date) 16,938$ 38,088$ 248,363$ 37,415$ 33,994$ 126,792$ Over/(Under) Budget (10,062)$ (15,912)$ (75,637)$ (7,585)$ (20,006)$ (62,208)$
II. PORTFOLIO STRUCTURE
Carrying Value of Assets Held 4,095,726$ 7,247,906$ 38,104,059$ 15,181,860$ 11,042,400$ 38,451,516$ Market Value of Assets Held 4,095,686$ 7,227,314$ 38,167,226$ 15,272,246$ 11,027,094$ 38,673,200$
Market Value Cushion/(Shortfall) (40)$ (20,592)$ 63,167$ 90,386$ (15,306)$ 221,684$
Weighted Average Portfolio Life 0.51 0.57 0.51 0.85 1.23 0.90
GREEN POWER
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY INVESTMENT PORTFOLIO REPORT*
For the Quarter Ending March 31, 2013
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HOOVER TIETON MILFORD 1 MILFORD 2 LINDEN WINDY POINT/
UPRATING HYDRO WIND WIND WIND WINDY FLATS
GREEN POWER
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY INVESTMENT PORTFOLIO REPORT*
For the Quarter Ending March 31, 2013
III. PORTFOLIO COMPOSITION
A: MARKET SECTOR (At Cost)
AGENCY DISCOUNT NOTES 0.00% 0.00% 10.23% 16.46% 0.00% 8.84%
BANKERS ACCEPTANCE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
COMMERCIAL PAPER 31.63% 0.00% 6.56% 13.83% 28.05% 43.65%
GIC** 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MONEY MARKET 13.17% 24.19% 12.32% 48.54% 41.43% 13.31%
MUNICIPAL BONDS 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NEGOTIABLE CDS 0.00% 0.00% 11.29% 0.00% 9.51% 7.52%
US AGENCIES 55.20% 75.81% 59.60% 21.17% 21.01% 26.68%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
B: DEALER COVERAGE (At Cost)AIG 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BANK OF NEW YORK MELLON 13.18% 0.00% 0.00% 0.00% 0.00% 0.00%
CITIGROUP 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
FIRST EMPIRE 0.00% 24.69% 24.41% 21.17% 0.00% 3.90%
FIRST TENNESSEE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
FSA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MORGAN KEEGAN (Raymond James) 0.00% 0.00% 0.00% 13.83% 11.77% 25.98%
MORGAN STANLEY 41.51% 22.56% 15.80% 0.00% 0.00% 3.90%
NOMURA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
OPPENHEIMER 13.68% 0.00% 0.00% 0.00% 0.00% 0.00%
PIPER JAFFRAY 0.00% 0.00% 1.32% 0.00% 0.00% 0.00%
PNC 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
RICE FP 0.00% 21.66% 25.96% 16.46% 21.01% 17.94%
UBS FINANCIAL 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
UNION BANK 31.63% 0.00% 11.29% 0.00% 9.51% 16.36%
U.S. BANK 0.00% 24.19% 12.32% 48.54% 41.44% 13.32%
WELLS FARGO BANK 0.00% 6.90% 8.90% 0.00% 16.27% 18.60%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
* This report excludes investment portfolio figures for the Multiple Project (but includes the Mead-Adelanto and Mead-Phoenix Projects). ** The GICs with Pittsburg National Bank for the Multiple Project, amounting to $39,196,617 and earning a fixed rate of 7.35% as of 3/31/2013 are not included in this report.
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INVESTMENT PORTFOLIO REPORT*
SOUTHERNTRANSMISSION MEAD MEAD PINEDALE
SYSTEM PHOENIX ADELANTO BARNETT PREPAID I. PORTFOLIO PERFORMANCE
A. PORTFOLIO YIELDPortfolio Yield to Maturity 0.96% 5.92% 6.63% 0.54% 3.42%
B. RETURN ON ASSETSTotal Earnings (Yr-to-Date) 668,158$ 407,601$ 1,660,730$ 215,255$ 575,252$ Rate of Return (Yr-to-Date) 0.92% 5.27% 6.28% 0.39% 3.53%
C. COMPARISON TO BUDGETBudgeted Earnings (Yr-to-Date) 702,000$ 333,000$ 1,386,000$ -$ 567,000$ Actual Net Earnings (Yr-to-Date) 533,725$ 429,587$ 1,723,164$ 3,333$ 511,736$ Over/(Under) Budget (168,275)$ 96,587$ 337,164$ 3,333$ (55,264)$
II. PORTFOLIO STRUCTURE
Carrying Value of Assets Held 84,481,869$ 6,867,176$ 25,217,207$ 66,918,081$ 23,152,520$ Market Value of Assets Held 84,843,876$ 6,867,139$ 25,217,207$ 66,947,999$ 23,152,520$
Market Value Cushion/(Shortfall) 362,007$ (37)$ -$ 29,918$ -$
Weighted Average Portfolio Life 0.87 5.91 6.61 0.22 17.13
TRANSMISSION
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
For the Quarter Ending March 31, 2013
NATURAL GAS
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INVESTMENT PORTFOLIO REPORT*
SOUTHERNTRANSMISSION MEAD MEAD PINEDALE
SYSTEM PHOENIX ADELANTO BARNETT PREPAID
TRANSMISSION
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
For the Quarter Ending March 31, 2013
NATURAL GAS
III. PORTFOLIO COMPOSITION
A: MARKET SECTOR (At Cost)
AGENCY DISCOUNT NOTES 7.06% 0.00% 0.00% 0.00% 0.00%
BANKERS ACCEPTANCE 0.00% 0.00% 0.00% 0.00% 0.00%
COMMERCIAL PAPER 24.50% 0.00% 2.77% 17.68% 0.00%
GIC** 7.86% 80.22% 89.97% 0.00% 66.79%
MONEY MARKET 12.52% 14.54% 7.26% 33.89% 33.21%
MUNICIPAL BONDS 0.00% 0.00% 0.00% 0.00% 0.00%
NEGOTIABLE CDS 22.73% 5.24% 0.00% 5.98% 0.00%
US AGENCIES 25.33% 0.00% 0.00% 42.45% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00%
B: DEALER COVERAGE (At Cost)AIG 7.86% 0.00% 0.00% 0.00% 66.79%
BANK OF NEW YORK MELLON 0.00% 0.00% 0.00% 0.00% 0.00%
CITIGROUP 0.00% 0.00% 0.00% 0.00% 0.00%
FIRST EMPIRE 3.88% 0.00% 0.00% 0.00% 0.00%
FIRST TENNESSEE 0.00% 0.00% 0.00% 14.95% 0.00%
FSA 0.00% 0.00% 0.00% 0.00% 0.00%
MORGAN KEEGAN (Raymond James) 17.32% 0.00% 0.00% 14.47% 0.00%
MORGAN STANLEY 7.54% 0.00% 2.77% 9.79% 0.00%
NOMURA 0.00% 0.00% 0.00% 0.00% 0.00%
OPPENHEIMER 0.00% 0.00% 0.00% 0.00% 0.00%
PIPER JAFFRAY 12.09% 0.00% 0.00% 0.00% 0.00%
PNC 0.00% 80.22% 89.96% 0.00% 0.00%
RICE FP 12.24% 0.00% 0.00% 15.54% 0.00%
UBS FINANCIAL 0.00% 0.00% 0.00% 0.00% 0.00%
UNION BANK 22.73% 5.24% 0.00% 10.46% 0.00%
U.S. BANK 12.52% 14.54% 7.27% 33.89% 33.21%
WELLS FARGO BANK 3.82% 0.00% 0.00% 0.90% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00%
* This report excludes investment portfolio figures for the Multiple Project (but includes the Mead-Adelanto and Mead-Phoenix Projects). ** The GICs with Pittsburg National Bank for the Multiple Project, amounting to $39,196,617 and earning a fixed rate of 7.35% as of 3/31/2013 are not included in this report.
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SAN JUANORMAT MWD PEBBLE SPRINGS AMERESCO DECOMMISSIONING PROJECT MINE RECLAMATION
GEOTHERMAL HYDRO WIND CHIQUITA LANDFILL GAS TRUST FUND DEVELOPMENT TRUST FUND I. PORTFOLIO PERFORMANCE
A. PORTFOLIO YIELDPortfolio Yield to Maturity 0.10% 0.10% 0.12% 0.00% 1.23% 0.00% 1.28%
B. RETURN ON ASSETSTotal Earnings (Yr-to-Date) 3,654$ 1,158$ 2,360$ -$ 1,540,743$ -$ 2,717$ Rate of Return (Yr-to-Date) 0.11% 0.11% 0.05% 0.00% 1.23% 0.00% 0.38%
C. COMPARISON TO BUDGETBudgeted Earnings (Yr-to-Date) -$ -$ -$ -$ 1,852,500$ -$ -$ Actual Net Earnings (Yr-to-Date) 3,639$ 1,050$ 1,440$ -$ 1,441,632$ -$ -$ Over/(Under) Budget 3,639$ 1,050$ 1,440$ -$ (410,868)$ -$ -$
II. PORTFOLIO STRUCTURECarrying Value of Assets Held 4,643,539$ 1,756,979$ 7,588,060$ 2,776,728$ 167,460,764$ 154,249$ 1,929,453$ Market Value of Assets Held 4,643,539$ 1,756,979$ 7,587,983$ 2,776,728$ 167,846,683$ 154,249$ 1,930,855$ Market Value Cushion/(Shortfall) -$ -$ (77)$ -$ 385,919$ -$ 1,402$
Weighted Average Portfolio Life 0.08 0.08 0.11 0.08 0.92 0.08 0.07
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY INVESTMENT PORTFOLIO REPORT*
For the Quarter Ending March 31, 2013
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SAN JUANORMAT MWD PEBBLE SPRINGS AMERESCO DECOMMISSIONING PROJECT MINE RECLAMATION
GEOTHERMAL HYDRO WIND CHIQUITA LANDFILL GAS TRUST FUND DEVELOPMENT TRUST FUND
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY INVESTMENT PORTFOLIO REPORT*
For the Quarter Ending March 31, 2013
III. PORTFOLIO COMPOSITION
A: MARKET SECTOR (At Cost)
AGENCY DISCOUNT NOTES 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BANKERS ACCEPTANCE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
COMMERCIAL PAPER 0.00% 0.00% 59.29% 0.00% 0.00% 0.00% 0.00%
GIC** 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MONEY MARKET 100.00% 100.00% 40.71% 100.00% 0.12% 100.00% 100.00%
MUNICIPAL BONDS 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NEGOTIABLE CDS 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
US AGENCIES 0.00% 0.00% 0.00% 0.00% 99.88% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
B: DEALER COVERAGE (At Cost)AIG 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BANK OF NEW YORK MELLON 0.00% 0.00% 40.71% 0.00% 0.00% 0.00% 0.00%
CITIGROUP 0.00% 0.00% 0.00% 0.00% 4.85% 0.00% 0.00%
FIRST EMPIRE 0.00% 0.00% 0.00% 0.00% 13.36% 0.00% 0.00%
FIRST TENNESSEE 0.00% 0.00% 0.00% 0.00% 9.35% 0.00% 0.00%
FSA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MORGAN KEEGAN (Raymond James) 0.00% 0.00% 0.00% 0.00% 19.58% 0.00% 0.00%
MORGAN STANLEY 0.00% 0.00% 32.94% 0.00% 0.00% 0.00% 0.00%
NOMURA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
OPPENHEIMER 0.00% 0.00% 0.00% 0.00% 1.19% 0.00% 0.00%
PIPER JAFFRAY 0.00% 0.00% 0.00% 0.00% 14.12% 0.00% 0.00%
PNC 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
RICE FP 0.00% 0.00% 0.00% 0.00% 19.03% 0.00% 98.47%
UBS FINANCIAL 0.00% 0.00% 0.00% 0.00% 12.40% 0.00% 0.00%
UNION BANK 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
U.S. BANK 0.00% 0.00% 0.00% 0.00% 0.12% 0.00% 1.53%
WELLS FARGO BANK 100.00% 100.00% 26.35% 100.00% 6.00% 100.00% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
* This report excludes investment portfolio figures for the Multiple Project (but includes the Mead-Adelanto and Mead-Phoenix Projects). ** The GICs with Pittsburg National Bank for the Multiple Project, amounting to $39,196,617 and earning a fixed rate of 7.35% as of 3/31/2013 are not included in this report.
22
-
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITYPROJECT PORTFOLIO PERFORMANCE
For the Quarter Ending March 31, 2013
PORTFOLIO YIELD TO MATURITY
Jan-13 Feb-13 Mar-13
PALO VERDE 2.25% 2.39% 2.34%
SAN JUAN 3.47% 3.26% 3.07%
MAGNOLIA 0.79% 1.04% 1.01%
CANYON POWER 0.83% 0.81% 0.81%
HOOVER UPRATING 0.83% 0.79% 0.76%
TIETON HYDRO 1.02% 1.01% 0.96%
MILFORD WIND 1 0.95% 1.07% 0.92%
MILFORD WIND 2 0.47% 0.40% 0.38%
LINDEN WIND 0.44% 0.39% 0.36%
WINDY POINT/WINDY FLATS 0.70% 0.64% 0.59%
SOUTHERN TRANSMISSION SYSTEM 1.15% 1.08% 0.96%
MEAD PHOENIX 6.08% 5.94% 5.92%
MEAD ADELANTO 6.86% 6.70% 6.63%
NATURAL GAS 0.36% 0.28% 0.54%
NATURAL GAS PREPAID 3.01% 3.22% 3.42%
ORMAT GEOTHERMAL 0.10% 0.10% 0.10%
MWD HYDRO 0.10% 0.10% 0.10%
PEBBLE SPRINGS WIND 0.16% 0.15% 0.12%
AMERESCO CHIQUITA LANDFILL GAS 0.00% 0.00% 0.00%
DECOMMISSIONING TRUST FUND 1.19% 1.25% 1.23%
PROJECT DEVELOPMENT FUND 0.00% 0.00% 0.00%
SAN JUAN MINE RECLAMATION TRUST 0.00% 0.00% 1.28%
23
-
$ % $ % $ % $ %
Agency Discount Notes 2,399,314$ 3.21% -$ 0.00% -$ 0.00% 1,099,653$ 3.03%
Bankers Acceptance -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Commercial Paper 5,692,666$ 7.61% 1,996,082$ 5.30% 11,933,804$ 13.69% 8,000,000$ 22.03%
GICS 29,197,282$ 38.99% 21,322,673$ 56.62% 3,863,184$ 4.43% -$ 0.00%
Money Market 12,977,521$ 17.34% 6,349,351$ 16.86% 18,904,769$ 21.68% 4,764,469$ 13.10%
Municpal Bonds -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Negotiable CDs 1,000,000$ 1.34% -$ 0.00% 9,100,000$ 10.44% 2,800,000$ 7.71%
US Agencies 23,587,270$ 31.51% 7,992,000$ 21.22% 43,383,835$ 49.76% 19,665,000$ 54.13%
TOTALS 74,854,053$ 100.00% 37,660,106$ 100.00% 87,185,592$ 100.00% 36,329,122$ 100.00%
SAN JUAN
SCPPAPORTFOLIO ASSET BREAKDOWN
As of March 31, 2013
PALO VERDE POWERCANYON
GENERATION
MAGNOLIA
24
-
$ % $ % $ % $ % $ % $ %
Agency Discount Notes -$ 0.00% -$ 0.00% 3,898,772$ 10.23% 2,499,213$ 16.46% -$ 0.00% 3,398,929$ 8.84%
Bankers Acceptance -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Commercial Paper 1,295,154$ 31.63% -$ 0.00% 2,499,125$ 6.56% 2,099,160$ 13.83% 3,096,364$ 28.05% 16,782,705$ 43.65%
GICS -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Money Market 539,361$ 13.17% 1,752,906$ 24.19% 4,695,784$ 12.32% 7,367,770$ 48.54% 4,574,758$ 41.43% 5,114,936$ 13.31%
Municipal Bonds -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Negotiable CDs -$ 0.00% -$ 0.00% 4,300,000$ 11.29% -$ 0.00% 1,050,000$ 9.51% 2,890,000$ 7.52%
US Agencies 2,260,000$ 55.20% 5,495,000$ 75.81% 22,709,497$ 59.60% 3,213,560$ 21.17% 2,320,000$ 21.01% 10,255,375$ 26.68%
TOTALS 4,094,515$ 100.00% 7,247,906$ 100.00% 38,103,178$ 100.00% 15,179,703$ 100.00% 11,041,122$ 100.00% 38,441,945$ 100.00%
UPRATING WIND
SCPPAPORTFOLIO ASSET BREAKDOWN
As of March 31, 2013
LINDEN
GREEN POWER
HOOVER TIETON MILFORD 1WIND WINDY FLATS
WINDY POINT/HYDRO
MILFORD 2WIND
25
-
$ % $ % $ % $ % $ %
Agency Discount Notes 5,898,142$ 7.06% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Bankers Acceptance -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Commercial Paper 20,476,460$ 24.50% -$ 0.00% 699,091$ 2.77% 11,830,628$ 17.68% -$ 0.00%
GICS 6,574,657$ 7.86% 5,508,611$ 80.22% 22,685,880$ 89.97% -$ 0.00% 15,464,537$ 66.79%
Money Market 10,469,858$ 12.52% 998,565$ 14.54% 1,831,801$ 7.26% 22,673,444$ 33.89% 7,687,983$ 33.21%
Municipal Bonds -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Negotiable CDs 19,005,892$ 22.73% 360,000$ 5.24% -$ 0.00% 4,000,000$ 5.98% -$ 0.00%
US Agencies 21,175,100$ 25.33% -$ 0.00% -$ 0.00% 28,398,900$ 42.45% -$ 0.00%
TOTALS 83,600,109$ 100.00% 6,867,176$ 100.00% 25,216,772$ 100.00% 66,902,972$ 100.00% 23,152,520$ 100.00%
SOUTHERN
NATURAL GAS
SCPPAPORTFOLIO ASSET BREAKDOWN
As of March 31, 2013
TRANSMISSION
BARNETT PREPAIDTRANSMISSION
SYSTEM ADELANTOMEAD
PHOENIXMEAD PINEDALE
26
-
$ % $ % $ % $ % $ % $ % $ %
Agency Discount Notes -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Bankers Acceptance -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Commercial Paper -$ 0.00% -$ 0.00% 4,498,157$ 59.29% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
GICS -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Money Market 4,643,539$ 100.00% 1,756,979$ 100.00% 3,088,984$ 40.71% 2,776,728$ 100.00% 199,199$ 0.12% 154,249$ 100.00% 29,453$ 1.53%
Municipal Bonds -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Negotiable CDs -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
US Agencies -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 167,255,620$ 99.88% -$ 0.00% 1,900,000$ 98.47%
TOTALS 4,643,539$ 100.00% 1,756,979$ 100.00% 7,587,141$ 100.00% 2,776,728$ 100.00% 167,454,819$ 100.00% 154,249$ 100.00% 1,929,453$ 100.00%
SCPPAPORTFOLIO ASSET BREAKDOWN
AMERESCOORMAT PEBBLE
As of March 31, 2013
PROJECTDECOMMISSIONINGMWDSMALL HYDRO CHIQUITA LANDFILL GAS RECLAMATION TRUST FUND
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
SAN JUAN MINETRUST FUND DEVELOPMENTSPRINGSGEOTHERMAL
27
-
SCPPA PORTFOLIO ASSET BREAKDOWNMarch 31, 2013GENERATION
COMMERCIAL PAPER
5%
GIC**57%
MONEY MARKET
17%
US AGENCIES
21%
SAN JUAN
`
AGENCY DISCOUNT
NOTES3%
COMMERCIAL PAPER
8%
GIC**39%MONEY
MARKET17%
NEGOTIABLE CDS1%
Series1US
AGENCIES32%
PALO VERDE
COMMERCIAL PAPER
14% GIC**4%
MONEY MARKET
22%
NEGOTIABLE CDS10%
US AGENCIES
50%
MAGNOLIAAGENCY
DISCOUNT NOTES
3%
COMMERCIAL PAPER
22%
MONEY MARKET
13%NEGOTIABLE
CDS8%
US AGENCIES54%
CANYON POWER
28
-
SCPPA PORTFOLIO ASSET BREAKDOWNMarch 31, 2013
GREEN POWER
COMMERCIAL PAPER, 32%
MONEY MARKET, 13%
US AGENCIES, 55%
HOOVER UPRATINGMONEY MARKET
24%
US AGENCIES
76%
TIETON HYDRO
AGENCY DISCOUNT NOTES,
4%
COMMERCIAL PAPER, 7% MONEY
MARKET, 12%
US AGENCIES,
60%
MILFORD 1 WIND
COMMERCIAL PAPER
28%
MONEY MARKET
41%
NEGOTIABLE CDS10%
US AGENCIES
21%
LINDEN WIND
AGENCY DISCOUNT
NOTES9%
COMMERCIAL PAPER
44%
MONEY MARKET
13%
NEGOTIABLE CDS7%
US AGENCIES27%
WINDY POINT/WINDY FLATS
Agency Discount
Notes16%
Commercial Paper14%
Money Market49%
US Agencies21%
MILFORD 2
29
-
SCPPA PORTFOLIO ASSET BREAKDOWNMarch 31, 2013
TRANSMISSION & NATURAL GAS
AGENCY DISCOUNT
NOTES7%
COMMERCIAL PAPER
24%GIC**8%
MONEY MARKET
13%
NEGOTIABLE CDS23%
US AGENCIES
25%
SOUTHERN TRANSMISSION
COMMERCIAL PAPER
6%
GIC**80%
MONEY MARKET
14%
MEAD PHOENIX
COMMERCIALPAPER
3%
GIC**,90%
MONEY MARKET
7%
MEAD ADELANTO
COMMERCIAL PAPER
18%
MONEY MARKET
34%
NEGOTIABLE CDS6%
US AGENCIES
42%
PINEDALE & BARNETT
GIC**67%
MONEY MARKET
33%
PREPAID
30
-
SCPPA PORTFOLIO ASSET BREAKDOWNMarch 31, 2013
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
MONEY MARKET,
100%
ORMAT GEOTHERMAL
MONEY MARKET
100%
MWD HYDRO
COMMERCIAL PAPER
59%
MONEY MARKET
41%
PEBBLE SPRINGS
MONEY MARKET
100%
AMERESCOMONEY MARKET
.12%
US AGENCIES
99.88%
DECOMMISSIONING TRUST FUND
MONEY MARKET
100%
PROJECT DEVELOPMENT
MONEY MARKET
100%
SAN JUAN MINE RECLAMATION TRUST FUND
31
-
$ % $ % $ % $ %
Less Than 3 Mos. 21,069,501$ 28.15% 8,345,432$ 22.15% 32,412,303$ 37.18% 4,764,469$ 13.12%
3 Mos
-
$ % $ % $ % $ % $ % $ %
Less Than 3 Mos. 539,361$ 13.17% 1,752,906$ 24.18% 7,194,909$ 18.88% 7,367,770$ 48.54% 4,574,758$ 41.43% 9,113,671$ 23.71%
3 Mos
-
$ % $ % $ % $ % $ %
Less Than 3 Mos. 20,069,858$ 24.01% 1,358,565$ 19.78% 2,530,892$ 10.04% 31,207,160$ 46.66% 16,214,714$ 70.03%
3 Mos
-
$ % $ % $ % $ % $ % $ %
Less Than 3 Mos. 4,643,539$ 100.00% 1,756,979$ 100.00% 7,587,141$ 100.00% 2,776,728$ 100.00% 199,199$ 0.12% 154,249$ 100.00% 29,453$ 1.53%
3 Mos
-
SCPPA PORTFOLIO MATURITY COMPOSITONMarch 31, 2013GENERATION
Less Than 3 Mos.28%3 Mos
-
SCPPA PORTFOLIO MATURITY COMPOSITIONMarch 31, 2013
GREEN POWER
Less Than 3 Mos.13%
6 Mos
-
SCPPA PORTFOLIO MATURITY COMPOSITONMarch 31, 2013
TRANSMISSION & NATURAL GAS
Less Than 3 Mos.24%3 Mos
-
SCPPA PORTFOLIO MATURITY COMPOSITIONMarch 31, 2013
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
Less Than 3 Mos., 100%
ORMAT GEOTHERMAL
Less Than 3 Mos.100%
MWD HYDRO
Less Than 3 Mos., 100%
PEBBLE SPRINGS
Less Than 3 Mos., 100%
AMERESCO
1 Yr.
-
$ % $ % $ % $ %
AIG -$ 0.00% 21,322,672$ 56.62% -$ 0.00% -$ 0.00%
Bank of New York Mellon 12,977,521$ 17.34% -$ 0.00% -$ 0.00% -$ 0.00%
Citigroup 4,330,000$ 5.78% -$ 0.00% -$ 0.00% -$ 0.00%
First Empire -$ 0.00% -$ 0.00% 11,285,000$ 12.94% 3,600,000$ 9.91%
First Tennessee -$ 0.00% -$ 0.00% 15,615,000$ 17.91% -$ 0.00%
FSA 29,197,282$ 39.01% -$ 0.00% 3,863,184$ 4.43% -$ 0.00%
Morgan Keegan(Raymond James) -$ 0.00% -$ 0.00% 5,197,920$ 5.96% -$ 0.00%
Morgan Stanley 5,198,441$ 6.94% -$ 0.00% 4,909,350$ 5.63% 7,660,000$ 21.09%
Nomura -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Oppenheimer 2,530,000$ 3.38% -$ 0.00% -$ 0.00% -$ 0.00%
Piper Jaffray -$ 0.00% -$ 0.00% 2,579,710$ 2.96% -$ 0.00%
PNC -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Rice FP 10,196,584$ 13.62% -$ 0.00% 10,138,159$ 11.63% 7,504,654$ 20.66%
UBS - Financial 4,930,000$ 6.59% 7,992,000$ 21.22% -$ 0.00% -$ 0.00%
Union Bank 1,000,000$ 1.34% -$ 0.00% 9,100,000$ 10.44% 2,800,000$ 7.71%
U.S. Bank -$ 0.00% 6,349,351$ 16.86% 18,904,769$ 21.69% 14,764,468$ 40.63%
Wells Fargo Bank 4,494,225$ 6.00% 1,996,083$ 5.30% 5,592,500$ 6.41% -$ 0.00%
TOTALS 74,854,053$ 100.00% 37,660,106$ 100.00% 87,185,592$ 100.00% 36,329,122$ 100.00%
GENERATION
SCPPABROKER/DEALER COVERAGE
As of March 31, 2013
SAN JUANPALO VERDECANYON
MAGNOLIA POWER
40
-
$ % $ % $ % $ % $ % $ %
AIG -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Bank of New York Mellon 539,361$ 13.18% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Citigroup -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
First Empire -$ 0.00% 1,790,000$ 24.69% 9,300,000$ 24.41% 3,213,560$ 21.17% -$ 0.00% 1,500,000$ 3.90%
First Tennessee -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
FSA -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Morgan Keegan(Raymond James) -$ 0.00% -$ 0.00% -$ 0.00% 2,099,160$ 13.83% 1,299,480$ 11.77% 9,988,590$ 25.98%
Morgan Stanley 1,700,000$ 41.52% 1,635,000$ 22.56% 6,019,125$ 15.80% -$ 0.00% -$ 0.00% 1,500,000$ 3.90%
Nomura -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Oppenheimer 560,000$ 13.68% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Piper Jaffray -$ 0.00% -$ 0.00% 503,748$ 1.32% -$ 0.00% -$ 0.00% -$ 0.00%
PNC -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Rice FP -$ 0.00% 1,570,000$ 21.66% 9,893,022$ 25.96% 2,499,213$ 16.46% 2,320,000$ 21.01% 6,898,054$ 17.94%
UBS - Financial -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Union Bank 1,295,154$ 31.63% -$ 0.00% 4,300,000$ 11.29% -$ 0.00% 1,050,000$ 9.51% 6,290,000$ 16.36%
U.S. Bank -$ 0.00% 1,752,906$ 24.19% 4,695,783$ 12.32% 7,367,771$ 48.54% 4,574,758$ 41.44% 5,114,937$ 13.32%
Wells Fargo Bank -$ 0.00% 500,000$ 6.90% 3,391,500$ 8.90% -$ 0.00% 1,796,884$ 16.27% 7,150,364$ 18.60%
TOTALS 4,094,515$ 100.00% 7,247,906$ 100.00% 38,103,178$ 100.00% 15,179,703$ 100.00% 11,041,122$ 100.00% 38,441,945$ 100.00%
UPRATINGWINDY POINT/
GREEN POWER
SCPPABROKER/DEALER COVERAGE
As of March 31, 2013
WIND WINDY FLATSHOOVER MILFORD 1TIETON
HYDROLINDEN
WINDMILFORD 2
WIND
41
-
$ % $ % $ % $ % $ %
AIG 6,574,657$ 7.86% -$ 0.00% -$ 0.00% -$ 0.00% 15,464,537$ 66.79%
Bank of New York Mellon -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Citigroup -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
First Empire 3,240,000$ 3.88% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
First Tennessee -$ 0.00% -$ 0.00% -$ 0.00% 10,000,000$ 14.95% -$ 0.00%
FSA -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Morgan Keegan(Raymond James) 14,477,101$ 17.32% -$ 0.00% -$ 0.00% 9,683,680$ 14.47% -$ 0.00%
Morgan Stanley 6,300,000$ 7.54% -$ 0.00% 699,091$ 2.77% 6,547,987$ 9.79% -$ 0.00%
Nomura -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Oppenheimer -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Piper Jaffray 10,105,000$ 12.09% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
PNC -$ 0.00% 5,508,611$ 80.22% 22,685,880$ 89.96% -$ 0.00% -$ 0.00%
Rice FP 10,233,142$ 12.24% -$ 0.00% -$ 0.00% 10,398,900$ 15.54% -$ 0.00%
UBS - Financial -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Union Bank 19,005,892$ 22.73% 360,000$ 5.24% -$ 0.00% 7,000,000$ 10.46% -$ 0.00%
U.S. Bank 10,469,857$ 12.52% 998,565$ 14.54% 1,831,801$ 7.27% 22,673,444$ 33.89% 7,687,983$ 33.21%
Wells Fargo Bank 3,194,460$ 3.82% -$ 0.00% -$ 0.00% 598,961$ 0.90% -$ 0.00%
TOTALS 83,600,109$ 100.00% 6,867,176$ 100.00% 25,216,772$ 100.00% 66,902,972$ 100.00% 23,152,520$ 100.00%
BARNETT
NATURAL GAS
PINEDALEPREPAID
As of March 31, 2013
SCPPABROKER/DEALER COVERAGE
SOUTHERN
TRANSMISSION
SYSTEMTRANSMISSION MEAD
ADELANTOPHOENIXMEAD
42
-
$ % $ % $ % $ % $ % $ % $ %
AIG -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Bank of New York Mellon -$ 0.00% -$ 0.00% 3,088,984$ 40.71% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Citigroup -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 8,115,000$ 4.85% -$ 0.00% -$ 0.00%
First Empire -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 22,375,750$ 13.36% -$ 0.00% -$ 0.00%
First Tennessee -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 15,650,000$ 9.35% -$ 0.00% -$ 0.00%
FSA -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Morgan Keegan -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 32,790,000$ 19.58% -$ 0.00% -$ 0.00%
Morgan Stanley -$ 0.00% -$ 0.00% 2,499,125$ 32.94% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Nomura -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Oppenheimer -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 2,000,000$ 1.19% -$ 0.00% -$ 0.00%
Piper Jaffray -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 23,640,000$ 14.12% -$ 0.00% -$ 0.00%
PNC -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
Rice FP -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 31,879,975$ 19.03% -$ 0.00% 1,900,000$ 98.47%
UBS - Financial -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 20,760,645$ 12.40% -$ 0.00% -$ 0.00%
Union Bank -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00%
U.S. Bank -$ 0.00% -$ 0.00% -$ 0.00% -$ 0.00% 199,200$ 0.12% -$ 0.00% 29,453$ 1.53%
Wells Fargo Bank 4,643,539$ 100.00% 1,756,979$ 100.00% 1,999,032$ 26.35% 2,776,728$ 100.00% 10,044,249$ 6.00% 154,249$ 100.00% -$ 0.00%
TOTALS 4,643,539$ 100.00% 1,756,979$ 100.00% 7,587,141$ 100.00% 2,776,728$ 100.00% 167,454,819$ 100.00% 154,249$ 100.00% 1,929,453$ 100.00%
DECOMMISSIONINGAMERESCO PROJECT SAN JUAN MINERECLAMATION TRUST FUNDDEVELOPMENTTRUST FUNDCHIQUITA LANDFILL GAS
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
As of March 31, 2013
SCPPABROKER/DEALER COVERAGE
GEOTHERMALORMAT PEBBLE SPRINGS
WINDHYDRO MWD
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SCPPA SCPPA PORTFOLIO BROKER/DEALER COVERAGE
March 31, 2013GENERATION
BANK OF NEW YORK MELLON
17%CITIGROUP
6%
FSA39%
MORGAN STANLEY
7%
OPPENHEIMER3%
RICE FP14%
UBS FINANCIAL7%
UNION BANK1%
WELLS FARGO BANK
6%
PALO VERDE
AIG, 57%
UBS FINANCIAL, 21%
U.S. BANK, 17%
WELLS FARGO BANK, 5%
SAN JUAN
FIRST EMPIRE13%
FIRST TENNESSEE
18%
FSA4%MORGAN
KEEGAN Raymond James
6%
MORGAN STANLEY
5%PIPER
JAFFRAY3%
RICE FP12%
UNION BANK11%
U.S. BANK22%
WELLS FARGO BANK
6%
MAGNOLIA
FIRST EMPIRE10%
MORGAN STANLEY
21% RICE FP21%
UNION BANK8%
U.S. BANK40%
CANYON POWER
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SCPPA SCPPA PORTFOLIO DEALER/BROKER COVERAGE
March 31, 2013GREEN POWER
FIRST EMPIRE24%
MORGAN STANLEY
23%RICE FP22%
U.S. BANK24%
WELLS FARGO BANK
7%
TIETON
First Empire24%
Morgan Stanley
16%
Piper Jaffray 2%
Rice FP26%
Union Bank11%
U.S. Bank12%
Wells Fargo Bank9%
MILFORD 1 WIND
Morgan KeeganRaymond James
12%Rice FP
21%
Union Bank10%U.S. Bank
41%
Wells Fargo Bank16%
LINDEN WIND
First Empire4%
Morgan Keegan Raymond James
26%
Morgan Stanley4%
Rice FP18%
Union Bank16%
U.S. Bank13%
Wells Fargo Bank19%
WINDY POINT/WINDY FLATS
BANK OF NEW YORK
MELLON, 13%
MORGAN STANLEY, 42%OPPENHEIMER
13%
UNION BANK, 32%
HOOVER
First Empire, 21%
Morgan Keegan
Raymond James14%
Rice FP, 16%
U.S. Bank, 49%
MILFORD 2 WIND
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SCPPA SCPPA PORTFOLIO DEALER/BROKER COVERAGE
March 31, 2013TRANSMISSION & NATURAL GAS
AIG, 8%
First Empire, 4%
Morgan Keegan
Raymond James 17%
Morgan Stanley, 8%
Piper Jaffray 12%
Rice FP, 12%
Union Bank22% U.S. Bank,
13%
Wells Fargo Bank, 4%
SOUTHERN TRANSMISSION
PNC80%
Union Bank5%
U.S. Bank15%
MEAD PHOENIX
Morgan Stanley3%
PNC90%
U.S. Bank7%
MEAD ADELANTO
First Tennessee
15%Morgan KeeganRaymond James
14%
Morgan Stanley10%
Rice FP16%
Union Bank10%
U.S. Bank34%
Wells Fargo Bank1%
PINEDALE/BARNETT
AIG67%
U.S. Bank33%
PREPAID
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SCPPA SCPPA PORTFOLIO DEALER/BROKER COVERAGE
March 31, 2013POWER PURCHASE AGREEMENTS & MISCELLANEOUS
Wells Fargo Bank100%
ORMAT GEOTHERMAL
Wells Fargo Bank100%
MWD HYDRO
Bank of New York Mellon,
41%
Morgan Stanley,
33%
Wells Fargo Bank, 26%
PEBBLE SPRINGS
Wells Fargo Bank100%
AMERESCO
Citigroup5%
First Empire, 13%
First Tennessee,
9%Morgan Keegan
Raymond James20%
Oppenheimer1%
Piper Jaffray 14%
Rice FP19%
UBS -Financial
13%
Wells Fargo Bank6%
DECOMMISSIONING TRUST FUND
Wells Fargo Bank100%
PROJECT DEVELOPMENT
Rice FP, 98%
U.S. Bank, 2%
San Juan Mine Reclamation Trust Fund
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SOUTHERN CANYON TRANSMISSION MEAD MEAD PINEDALE
PALO VERDE SAN JUAN MAGNOLIA POWER SYSTEM PHOENIX ADELANTO BARNETT PREPAID
AIG -$ 21,322,672$ -$ -$ 6,574,657$ -$ -$ -$ 15,464,537$ BNY Mellon 12,977,521$ -$ -$ -$ -$ -$ -$ -$ -$
Citigroup 4,330,000$ -$ -$ -$ -$ -$ -$ -$ -$ First Empire -$ -$ 11,285,000$ 3,600,000$ 3,240,000$ -$ -$ -$ -$
First Tennessee -$ -$ 15,615,000$ -$ -$ -$ -$ 10,000,000$ -$ FSA 29,197,282$ -$ 3,863,184$ -$ -$ -$ -$ -$ -$
Morgan Keegan -$ -$ 5,197,920$ -$ 14,477,101$ -$ -$ 9,683,680$ -$ Morgan Stanley 5,198,441$ -$ 4,909,350$ 7,660,000$ 6,300,000$ -$ 699,091$ 6,547,987$ -$
Nomura -$ -$ -$ -$ -$ -$ -$ -$ -$ Oppenheimer 2,530,000$ -$ -$ -$ -$ -$ -$ -$ -$ Piper Jaffray -$ -$ 2,579,710$ -$ 10,105,000$ -$ -$ -$ -$
PNC -$ -$ -$ -$ -$ 5,508,611$ 22,685,880$ -$ -$ Rice FP 10,196,584$ -$ 10,138,159$ 7,504,654$ 10,233,142$ -$ -$ 10,398,900$ -$
UBS Financial 4,930,000$ 7,992,000$ -$ -$ -$ -$ -$ -$ -$ Union Bank 1,000,000$ -$ 9,100,000$ 2,800,000$ 19,005,892$ 360,000$ -$ 7,000,000$ -$ U.S. Bank -$ 6,349,351$ 18,904,769$ 14,764,468$ 10,469,857$ 998,565$ 1,831,801$ 22,673,444$ 7,687,983$
Wells Fargo Bank 4,494,225$ 1,996,083$ 5,592,500$ -$ 3,194,460$ -$ -$ 598,961$ -$ TOTALS 74,854,053$ 37,660,106$ 87,185,592$ 36,329,122$ 83,600,109$ 6,867,176$ 25,216,772$ 66,902,972$ 23,152,520$
SCPPA
COMBINED BROKER/DEALER COVERAGEAs of March 31, 2013
GENERATION TRANSMISSION NATURAL GAS
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AIGBNY Mellon
CitigroupFirst Empire
First TennesseeFSA
Morgan KeeganMorgan Stanley
NomuraOppenheimerPiper Jaffray
PNCRice FP
UBS FinancialUnion BankU.S. Bank
Wells Fargo BankTOTALS
HOOVER TIETON MILFORD 1 MILFORD 2 LINDEN WINDY POINT/UPRATING HYDRO WIND WIND WIND WINDY FLATS
-$ -$ -$ -$ -$ -$ 539,361$ -$ -$ -$ -$ -$
-$ -$ -$ -$ -$ -$ -$ 1,790,000$ 9,300,000$ 3,213,560$ -$ 1,500,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 2,099,160$ 1,299,480$ 9,988,590$
1,700,000$ 1,635,000$ 6,019,125$ -$ -$ 1,500,000$ -$ -$ -$ -$ -$ -$
560,000$ -$ -$ -$ -$ -$ -$ -$ 503,748$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,570,000$ 9,893,022$ 2,499,212$ 2,320,000$ 6,898,054$ -$ -$ -$ -$ -$ -$
1,295,154$ -$ 4,300,000$ -$ 1,050,000$ 6,290,000$ -$ 1,752,906$ 4,695,783$ 7,367,771$ 4,574,758$ 5,114,937$ -$ 500,000$ 3,391,500$ -$ 1,796,884$ 7,150,364$
4,094,515$ 7,247,906$ 38,103,178$ 15,179,703$ 11,041,122$ 38,441,945$
GREEN POWER
SCPPA
COMBINED BROKER/DEALER COVERAGEAs of March 31, 2013
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AIGBNY Mellon
CitigroupFirst Empire
First TennesseeFSA
Morgan KeeganMorgan Stanley
NomuraOppenheimerPiper Jaffray
PNCRice FP
UBS FinancialUnion BankU.S. Bank
Wells Fargo BankTOTALS
AMERESCO SAN JUAN ORMAT MWD PEBBLE SPRINGS CHIQUITA DECOMMISSIONING PROJECT MINE RECLAMATION
GEOTHERMAL HYDRO WIND LANDFILL GAS TRUST FUND DEVELOPMENT TRUST FUND TOTAL %
-$ -$ -$ -$ -$ -$ -$ 43,361,866$ 5.84%-$ -$ 3,088,984$ -$ -$ -$ -$ 16,605,866$ 2.24%-$ -$ -$ -$ 8,115,000$ -$ -$ 12,445,000$ 1.68%-$ -$ -$ -$ 22,375,750$ -$ -$ 56,304,310$ 7.59%-$ -$ -$ -$ 15,650,000$ -$ -$ 41,265,000$ 5.56%-$ -$ -$ -$ -$ -$ -$ 33,060,466$ 4.45%-$ -$ -$ -$ 32,790,000$ -$ -$ 75,535,931$ 10.18%-$ -$ 2,499,125$ -$ -$ -$ -$ 44,668,119$ 6.02%-$ -$ -$ -$ -$ -$ -$ -$ 0.00%-$ -$ -$ -$ 2,000,000$ -$ -$ 5,090,000$ 0.69%-$ -$ -$ -$ 23,640,000$ -$ -$ 36,828,458$ 4.96%-$ -$ -$ -$ -$ -$ -$ 28,194,491$ 3.80%-$ -$ -$ -$ 31,879,975$ -$ 1,900,000$ 105,431,700$ 14.21%-$ -$ -$ -$ 20,760,645$ -$ -$ 33,682,645$ 4.54%-$ -$ -$ -$ -$ -$ -$ 52,201,045$ 7.03%-$ -$ -$ -$ 199,200$ -$ 29,453$ 107,415,047$ 14.46%
4,643,539$ 1,756,979$ 1,999,032$ 2,776,728$ 10,044,249$ 154,249$ -$ 50,089,754$ 6.75%4,643,539$ 1,756,979$ 7,587,141$ 2,776,728$ 167,454,819$ 154,249$ 1,929,453$ 742,179,697$ 100.00%
POWER PURCHASE AGREEMENTS & MISCELLANEOUS
SCPPA
COMBINED BROKER/DEALER COVERAGEAs of March 31, 2013
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Southern California Public Power Authority Board of Directors Meeting AGENDA ITEM – STAFF REPORT
MEETING DATE: May 16, 2013 AGENDA ITEM NUMBER: 2013-050 CONSENT X DISCUSSION RENEWAL NEW
- place an X in box next to the appropriate consideration(s) above
FROM: METHOD OF SELECTION: Finance X Competitive Energy Systems Cooperative Purchase Program Development Sole Source Regulatory/Legislative Single Source Project Administration Other Legal please describe: Not applicable (existing Bank) - place an X in box next to the appropriate consideration(s) above
Roll Call vote on the Resolution
Approved By Executive Director:
INITIAL MEMBER PARTICIPANTS: Anaheim Colton LADWP Azusa Cerritos Pasadena Banning Glendale Riverside Burbank IID Vernon
- place an X in box next to the applicable Member(s) shown above
SUBJECT: Approves the Reimbursement Resolution relating to the proposed acquisition of an existing combined cycle gas-fired power plant, as described in the Authority’s Resolution No. 2013-029. RECOMMENDATION: Approve BACKGROUND: This Resolution approves the Reimbursement Resolution relating to the reimbursement of certain costs incurred prior to the bond financing relating to the acquisition of an existing combined cycle gas-fired power plant, as described in the Authority’s Resolution No. 2013-029.
FISCAL IMPACT: None.
50635430.1
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[Roll Call Vote]
RESOLUTION NO. 2013-050
RESOLUTION OF THE SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY DECLARING ITS INTENTION TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF A PROPOSED TAX-EXEMPT BOND FINANCING, AS REQUIRED BY UNITED STATES DEPARTMENT OF TREASURY REGULATIONS SECTION 1.150-2
WHEREAS, the Southern California Public Power Authority (the “Authority”) is contemplating the issuance of tax-exempt electric obligations (the “Bonds”) to fund the costs associated with the acquisition of an existing combined cycle gas-fired power plant, as further described in the Authority’s Resolution 2013-029, including facilities ancillary or related thereto and improvements thereof (the “Project”); and
WHEREAS, certain Project expenditures will be paid prior to the date of issuance of the Bonds (the “Reimbursable Expenditures”); and
WHEREAS, section 1.150-2 of the Treasury Regulations (the “Treasury Regulations”) promulgated under the Internal Revenue Code of 1986, as amended, requires that in order that an allocation of proceeds of the Bonds to a capital expenditure paid prior to the issuance of the Bonds be respected by the Internal Revenue Service, the Authority generally must no later than 60 days following such payment have declared its reasonable official intent to reimburse for such payment out of proceeds of the Bonds; and
WHEREAS, the Authority desires to facilitate the allocation of proceeds of the Bonds to the reimbursement for payment of the Reimbursable Expenditures for the Project;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Southern California Public Power Authority as follows:
1. This Resolution is adopted solely for purposes of establishing compliance with the requirements of section 1.150-2 of the Treasury Regulations. This Resolution does not obligate the Authority to make any expenditure, issue the Bonds or proceed with the Project.
2. The Authority hereby declares its reasonable official intention to issue Bonds or incur other obligations in a maximum amount expected to be approximately $350,000,000, and to apply a portion of the proceeds thereof to the reimbursement for the prior payment of Reimbursable Expenditures. The Authority recognizes that under section 1.150-2 of the Treasury Regulations, the allocation of proceeds of the Bonds to a Reimbursable Expenditure (other than to certain de minimis or preliminary expenditures described in section 1.150-2(f) of the Treasury Regulations) will be recognized only if (i) the Reimbursable Expenditure was paid not earlier than 60 days prior to the adoption of this Resolution and (ii) the allocation of proceeds of the Bonds to such reimbursement is made not later than the later of (a) 18 months after the date of payment of the Reimbursable Expenditure or (b) 18 months after the date upon which the
50634917.1
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Project is placed in service or abandoned, but in no event more than three years after the date of payment of the Reimbursable Expenditure.
3. This Resolution shall become effective immediately.
THE FOREGOING RESOLUTION is approved and adopted by the Authority this 16th day of May, 2013.
______________________________
PRESIDENT Southern California Public
Power Authority
ATTEST: _____________________________________ ASSISTANT SECRETARY Southern California Public Power Authority
50634917.1 2
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SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY Board of Directors Meeting
AGENDA ITEM STAFF REPORT
MEETING DATE: May 15, 2013 RESOLUTION NUMBER: 2013-051 CONSENT X DISCUSSION RENEWAL NEW X Place an X in box next to the appropriate consideration(s) above.
FROM: METHOD OF SELECTION: Finance Competitive Energy Systems Cooperative Purchase Program Development X Sole Source Regulatory/Legislative Single Source X Project Administration Other Legal If other, please describe: Place an X in box next to the appropriate consideration(s) above.
Approved By Executive Director:
INITIAL MEMBER PARTICIPANTS: Anaheim
Colton LADWP X Azusa Cerritos Pasadena Banning Glendale Riverside Burbank IID Vernon
Place an X in box next to the applicable Member(s) shown above.
SUBJECT: Energy Efficiency Program Development RECOMMENDATION: Request for approval to enter into an agreement with First Fuel for energy efficiency auditing services including remote building analytics and energy efficiency improvement program development and technical support that will be available to all Members. BACKGROUND: First Fuel is the only known provider of the Remote Building Analytics platform and benchmarking service. This analytical tool has been evaluated and received high performance ratings from DOE, NREL and PG&E. LADWP has selected First Fuel for a pilot Program beginning in 2013 and other Members have expressed potential interest in utilizing their services. Further, this tool could be slated as meeting the specifications for auditing requirements under the proposed Prop 39 implementation guidelines. FISCAL IMPACT: None. Participating member or members is or are responsible for ensuring funds are in their respective budgets to fully pay for all services received from OEFC.
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RESOLUTION NO. 2013-051
RESOLUTION OF THE SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AN AGREEMENT WITH FIRST FUEL (“FIRST FUEL”), AND PROVIDING FOR ADDITIONAL CONTRIBUTIONS TO THE AUTHORITY’S REVOLVING GENERAL FUND, AND TAKING CERTAIN RELATED ACTION (RESTRUCTURING)
WHEREAS, the Southern California Public Power Authority (“SCPPA” or “the Authority”) owns interests in various generation and transmission projects, the output of which has been sold to Members of the Authority (Members); and WHEREAS, certain SCPPA member utilities (“Members”) are engaged in the generation, transmission, and distribution of electrical energy to retail customers, including assisting such customers with the efficient use of said energy; and
WHEREAS, certain Members have a need for energy efficiency incentive program implementation and technical support (“Services”); and WHEREAS, FIRST FUEL is well qualified to provide such Services; and
WHEREAS, the Authority is willing and able to (i) retain FIRST FUEL to provide Services and (ii) bill all expenses and costs of retaining FIRST FUEL to the Members receiving said Services; and WHEREAS, the Board of Directors of Authority, in its Resolution No. 1990-15, established a revolving general fund (the General Fund) for the payment of costs and expenses incurred by the Authority from time to time in carrying out its purposes; and WHEREAS, the Board of Directors of the Authority, in its Resolution No. 1992-1, provided for the continuation of the General Fund and established a procedure to be followed with respect to additional contributions to the General Fund; and WHEREAS, the Board of Directors of the Authority, in its Resolution No. 1995-2, provided for a separate bank account (the Joint Planning Account) to hold and disburse the additional contributions to the General Fund with respect to joint planning matters; and WHEREAS, the Board of Directors of the Authority, in its Resolution No. 1995-13, changed the name of the Joint Planning Account to the Restructuring Account; and
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WHEREAS, the Board of Directors of the Authority wishes to provide for additional contributions to the General Fund, and certain Members of the Authority are willing to make such additional contributions. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Authority as follows: 1. The Executive Director is authorized and directed to retain FIRST FUEL at the
request of Member(s) of the Authority, provided that such Member(s) agree, in writing, to bear all costs and expenses associated with Services provided to Member(s), respectively.
2. The Board of Directors hereby provides for additional contributions to the
General Fund. Notwithstanding anything to the contrary in Resolution No. 1992-1, such additional contributions,
a) shall be solely for the purpose of paying costs and expenses incurred by the
Authority with respect to FIRST FUEL, and pending application for such purpose the contributions shall not be expended to pay costs or expenses properly allocable to one or more projects as provided in Section 3 of Resolution No. 1992-1;
b) with respect to each bill SCPPA receives from FIRST FUEL, shall be billed to
the Members that have received services from FIRST FUEL with respect to such bill, with the amount of each such Member’s bill to be based upon the services performed by FIRST FUEL for the benefit of such Member; and
c) shall be billed and collected by adding the amounts provided above to the
Authority’s Hoover Uprating Project billings to Anaheim (if applicable), and to the Authority’s Palo Verde Project billings to the other applicable Members, with such amounts designated as “Resolution No. 2013-025 Charge.”
3. Although the amounts to be contributed under this Resolution and related income
shall constitute part of the General Fund, they shall be held and accounted for in a separate subaccount within the existing Restructuring Account. The Executive Director of the Authority is hereby directed to establish a subaccount (the FIRST FUEL Subaccount) within the Restructuring Account for the purpose of holding contributions and related income, and making disbursements, under this Resolution. The President, Vice President, Secretary, any Assistant Secretary and the Executive Director of the Authority are each authorized to execute checks drawn on the Restructuring Account from time to time.
4. Amounts contributed to and held in the General Fund and the FIRST FUEL
Subaccount pursuant to this Resolution will not be contributed or held for the purposes of any project for which the Authority has obtained any form of external financing. Such amounts shall not constitute (a) Revenues, or (b) revenues, income, rents or receipts derived by the Authority from or attributable to Authority Capacity (or to the payment of the costs thereof) or the ownership or operation of any Project.
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As used herein, “Revenues”, “Authority Capacity” and “Project” shall have the respective meanings set forth in the indentures of trust and other instruments governing the external financing arrangements entered into from time to time by the Authority.
5. The President, Vice President, Secretary, any Assistant Secretary, Executive
Director and any other officer of the Authority are each hereby authorized to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Resolution.
6. This Resolution shall become effective immediately.
THE FOREGOING RESOLUTION is approved and adopted by the Authority this 15th day of May, 2013.
PRESIDENT
Southern California Public Power Authority
ATTEST: ASSISTANT SECRETARY Southern California Public Power Authority
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TO: Board of Directors FROM: Bill D. Carnahan SUBJECT: Executive Director’s Report DATE: May 8, 2013
Reminder: No June SCPPA Board Meeting – See you at APPA in Nashville!
I. FRACKING PRESENTATION
The Executive Director was asked at the last SCPPA Board meeting to provide information on the Fracking issue so the Board can discuss possible future steps. Since Burbank presented a similar presentation to its City Council last week, Lincoln Blevins will be presenting the information to the SCPPA Board to “tee up” the discussion of future actions.
II. 2013/14 BUDGET
The Board will be asked to approve the draft budget distributed at the April SCPPA Board meeting. The proposed budget has been thoroughly reviewed by the Executive Committee as well as member staff in a budget work session.
It should be noted that much work has taken place to update the Administrative and General allocation procedures, the work is not complete at this point and is not being recommended for adoption at this time. The Executive Committee will be forwarding the approved procedures to the Finance Committee to complete the final implementation details which, when completed, will be brought to the Board for approval.
III. FINANCE COMMITTEE The regular monthly meeting of the SCPPA Finance Committee was held on May 6th in Glendora. The following items were discussed:
• Investment Reports for Month and Quarter Ending March 31st – Reviewed and recommended forwarding to the SCPPA Board.
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• Gas Prepay Project Proposal Update - Goldman Sachs, PFM and staff continue to finalize the proposal that could provide approximately $3.4 million (net of costs) savings for a credit restructuring. The Committee expects to seek SCPPA Board approval in July with closing in August.
• STS Project 2001 Series Bonds Update – On May 2nd, SCPPA successfully priced
$81.740 Million STS Project tax-exempt and taxable revenue bonds at a present value savings of $900,000. More importantly, the deal refunded VRDBs and the associated fixed-payer interest rate swap associated with the Project to further reduce SCPPA’s swap counterparty and bank liquidity exposure. Even though the average life of the debt was short (5.6 years) the interest rate represents SCPPA’s lowest – 1.21%. Congratulations to the banking team of Citigroup and Barclays as well as all the members of the financing team.
• Proposed Acquisition of a Gas-Fired Project – The Finance Committee
recommends to the SCPPA Board the adoption of a reimbursement resolution for this project. The resolution is noncontroversial and will be on Consent.
• Standard and Poor’s Report – The Committee briefly discussed the report entitled:
“California Public Power Holds Steady in the Face of Tightening Regulation” and suggested the Board be given a briefing on the contents.
These highlighted and other Committee agenda items will be discussed in more detail at the Board meeting.
IV. STAFF DEVELOPMENT, PROCEDURES UPDATES AND PROGRAMS
The strategic planning process continues by Clifford Lewis of Traversa Consulting but is a little behind schedule due to busy schedules by members making the face-to-face meetings less timely than hoped. The next scheduled meeting is on May 31st with the Executive Committee.
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TO: Bill D. Carnahan FROM: Bryan Cope SUBJECT: Director of Program Development – Monthly Report DATE: May 8, 2013 The following is a summary of monthly activities for inclusion in the SCPPA Board package: Public Benefits The Public Benefits Committee held its regularly scheduled monthly meeting on Wednesday, May 1, 2013 – the 1st Wednesday of the month. The events, issues and topics of discussion at the Public Benefits Committee meeting included:
• A review of the recently completed FY2012 SB1037 Reporting process to assess performance and develop potential improvements for next year’s cycle;
• Review the cumulative PBP expenditures of SCPPA Members to assess relative performance;
• The status of the CEC Staff’s Evaluations Guidelines, as well as, E3 Model enhancements and revisions to model outputs to meet the purported needs of CEC Staff;
• Initial discussions on the implementation of the collaborative Research, Development and Demonstration (RD&D) program, as approved at the March 18 SCPPA Board of Directors meeting;
• Revised SB1 Reporting and the new due date of July 1, 2013;
• Status report on the Collaborative EV Study; and
• Overview of the existing and proposed joint implementation Programs and associated Agreements by SCPPA on behalf of Members;
As a result of the meeting and in compliance with previous Board Resolutions, I am working on completion of Professional Service Agreements with Optimized Energy, Energy Solutions and PowerSmiths to provide valued services for our Members and their respective customers. Also, at the May Board meeting I will present Resolution No. 2013-051 requesting authorization to enter into an Agreement with First Fuel a US firm that provides a Remote Building Analytics service platform to perform commercial building energy audits and develop energy efficiency improvement plans for utilities and their customers. These tools have been assessed and validated by many organizations including DOE, NREL and PG&E.
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Another result of our meeting was my initiation of discussions with CEC staff, CMUA and NCPA on the interrelated issues of the EM&V Guidelines referenced above and our annual SB1037 reporting. As part of the Guidelines, the CEC is requested new, modified and different results and summary data in our reports. The POUs are trying to get the CEC staff to be very precise in their requests for information and the conference calls have been productive to date. References have been included in these discussions to the desire and intent of POUs to cost-effectively reach the overarching goals and intent of the Legislature and Regulatory agencies and that we would very much like an opportunity to revisit and conform what these goals are. That is, for example, are “we” trying to: • reduce greenhouse gases/emissions, • reduce energy consumption to benefit customers, • reduce peak demand to benefit utility operations (and customers); or • are we trying to do all of these things at the same time and if so – how do utilities prioritize the goals I have also been in discussions with SMUD, CMUA and NCPA about the potential for collaborative efforts in the development of a Guidebook and other training information for customers regarding the implementation of State law as created by AB1103 approximately 2 years ago. The initial implementation requirements for utilities under this law will begin in July 2013. SCPPA is exploring any common Programs that might be pursued to reduce the Customer Service-related efforts that are likely to be created through this legislation. To this end, I sent out a survey and request for information of SCPPA Members who might be impacted by this regulation to assess potential interest in collaboration. Smart Grid The Smart Grid Working Group has continued