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HomeMy WebLinkAbout _ 9.5(c)--Electric Utility's Quarterly Report - 2nd Quarter CITY OF REDDING REPORT TO THE CITY COUNCIL Recommendation Accept Redding Electric Utility’s Fiscal Year 2022-23 Second Quarter Financial Report and Industry Activities Update. Fiscal Impact There is no fiscal impact related to accepting this report. Alternative Action The City Council (Council) could choose not to accept the report and provide further direction to staff. Background/Analysis The December Financial Report (attached) shows that Redding Electric Utility (REU) performed worse than what was budgeted, from a Net Operating Revenues perspective, for the first six months of the fiscal year. Power Cost for load, offset by savings in System Operation and Maintenance (O&M), is the primary driver for the poor performance. While unrestricted reserves declined by approximately $4.3 million through December, the cash reserve balance meets the Council’s Financial Management Policy requirements. In addition, it is in line with REU’s five- year financial and rate plan presented to the Council on September 20, 2022 , which forecasted unrestricted reserves declining by approximately $12 million in Fiscal Year 2023. Revenue Billed retail revenue through December was $5,165,144 (7.8 percent) above budget primarily due to weather (August and September were warmer than the previous four ye ars and resulted in more energy usage). Total wholesale sales were $14,821,578 (314.4 percent) above budget. MEETING DATE: February 7, 2023 ITEM NO. 9.5(c) FROM: ***APPROVED BY*** nzettel@cityofredding.org btippin@cityofredding.org SUBJECT: 9.5(c)--Consider Redding Electric Utility's Quarterly Financial Report and Industry Activities Update. Nick Zettel, Director of Redding Electric Utility Report to Redding City Council January 31, 2023 Re: 9.5(c)--Electric Utility's Quarterly Report - 2nd Quarter Page 2 Overall, operating revenue was $19,656,987 (26.2 percent) above budget. On balance, operating revenue after energy costs was $3,110,859 (7.8 percent) below budget. This shortfall requires budget augmentation, which will be included in REU’s fFiscal Year 2022-23 mid-year requests. The decrease in margin compared to prior years is primarily due to an increase in REU’s power costs. The primary driver for increased wholesale sales were sales into the California Independent System Operator (CAISO) and monthly natural gas sales at index as part of REU’s hedging plan. Expenses Power Cost (Cost of Energy) The combined costs for generation, purchases from the Western Area Power Administration (WAPA), Big Horn Wind Project, contracts, and the spot market were $22,767,846 (64.3 percent) above budget projections. The cost of Redding Power Plant generation was higher than forecast due to an increase in load, the ongoing drought’s impact on hydro deliveries resulting in replacement power purchases at elevated prices, the price of natural gas, and the inclusion of gas purchases for wholesale energy sales. The total cost of energy increased by $11,548,740 (24.8 percent) year-over-year. Power Cost for load (Power Cost less Wholesale Sales) increased $5,714,174 year-over-year (17.4 percent). System Operations & Maintenance (O&M) System O&M costs were $3,397,566 (12.3 percent), below projections. Approximately half of these savings are attributable to employee vacancies (realized savings). Other factors include the delay of expenditures and activities until future periods (unrealized savings). Debt Service and Capital Outlay Debt service payments and obligations through December totaled $7.2 million (on plan). Capital expenditures totaled $8.2 million (38.5 percent spent). Special Fund Expenditures Special Fund Expenditures include the expenditures for Public Benefit and Cap-and-Trade Programs, which totaled $3,596,167 (34 percent spent) through December. Electric Utility Unrestricted Cash Balance The unrestricted cash balance at the end of December was $40.6 million and represented approximately 120 days of cash. REU’s Financial Management Policy (Council Policy 1414) has a minimum of 75 days of cash and a goal of 150 days of cash. Director’s Contingency Fund The REU Director’s Contingency Fund was not utilized through December. Report to Redding City Council January 31, 2023 Re: 9.5(c)--Electric Utility's Quarterly Report - 2nd Quarter Page 3 Environmental Review This is not a project defined under the California Environmental Quality Act, and no further action is required. Council Priority/City Manager Goals • Budget and Financial Management – “Achieve balanced and stable 10-year Financial Plans for all funds.” c: Finance Director Attachments ^Attachment 1 - Notes on Financial Operating Statement ^Attachment 2 - Electric Utility Financial Results for Dec 2022 ^Attachment 3 - Electric Utility Financial Dashboard for Dec 2022 ^Attachment 4 - Electric Utility Unrestricted Cash Balance Dec 2022 ^Attachment 5 - Industry Update Attachment 1 City of Redding Electric Utility Notes to Financial Report Notes on Financial Operating Statement Operating revenues are divided into three revenue elements: Retail Sales are sales of electricity to end-use customers; Wholesale Sales are to customers who resell electricity; Other Revenue includes the sale of services, joint-pole arrangements, interest income, and other miscellaneous revenue generated in the operations of Redding Electric Utility (REU). Operating Expenses are divided into two expense elements: Power Cost and System O&M. Cost of Energy summarizes Purchased Power costs. The primary sources of purchased power include Western Area Power Administration deliveries and long-term contracts for Wind Energy through M-S-R. Fuel expenses, purchases from the spot market, and expenses associated with participation in the California Independent System Operator make up the remainder. The Generation and Transmission component comprises power plant variable costs (fuel) and fixed costs (all non-fuel costs), as well as all JPA costs (M-S-R and TANC), except Wind Energy. The Wholesale Sales and Power Costs budgets are based on known contracts and confirmed resources. Throughout the year, an effort is made to provide the most cost-effective energy supply for our ratepayers. This is often done by buying and selling natural gas or electricity to reduce the overall cost. This could include selling natural gas and replacing it with electricity that is less expensive than burning the gas in our power plant. It could also include selling energy we have contracted for at one trading hub and buying it at another less expensive trading hub. It could also include maximizing the value of our gas storage facility to purchase natural gas in one month when it is less expensive and use it or sell it in another month. All these transactions benefit our customers but significantly inflate the Wholesale Sales and Cost of Energy numbers over their original budgets. This is because accounting rules require us to record these transactions at their gross revenue and expense amounts and not on the net benefit to the Utility. System O&M Expenses summarize costs for all other functional groups, i.e., Administration, Customer Services, Engineering, Financial Services, Line, Compliance, and Resources. Special Revenue funds, i.e., Public Benefits and Cap-and-Trade, are shown separately. Debt Service is paid twice per fiscal year, once in December and again in June. Capital Outlay includes current- year appropriations and unfinished projects approved by Council in prior years. This financial report provides year-to-date comparisons to the current budget and the same year- to-date results for the prior year. Operating revenues are reported as billed. Costs for energy, other operating expenses, and capital outlay are recorded when paid. For this report, debt payments are spread evenly over the year, giving a more helpful picture of the financial results . Projections are based on normal weather trends and known industry activity. If actual weather conditions are above or below average for the month or unexpected industry disruption occurs, revenue and expenses will increase or decrease accordingly. REU’s residential and small commercial rate structures are heavily weighted on volumetric charges ($/kWh), and abnormal weather causes more significant variances in net operating results, which emphasizes the difference between the rate structure and cost structure. The recorded results are preliminary and subject to revision until the final audit is complete. ELECTRIC UTILITY FINANCIAL RESULTS ‐ DECEMBER 31, 2022 YTD‐Actual YTD‐Budget Variance Variance YTD‐Actual December December % Value December Item FY2023 FY2023 FY2023 FY2023 FY2022 Energy System Load (MWh) 431,874                      398,280                       8.4% 33,594                        423,787                        Operating Revenues Retail Sales 71,513,144                 66,348,000                  7.8% 5,165,144                   69,069,251                   Wholesale Sales 19,535,468                 4,713,890                    314.4% 14,821,578                 13,700,903                   Miscellaneous Income 3,746,621                   4,076,355                     ‐8.1% (329,734)                     2,492,461                     Total Operating Revenues 94,795,232                 75,138,245                  26.2% 19,656,987                 85,262,615                   Operating Expenses Power Cost Purchased Power 20,631,994                 9,295,573                    122.0% 11,336,422                 13,451,255                   Generation, Transmission and JPA (Variable) 24,171,048                 11,616,830                  108.1% 12,554,219                 17,528,197                   Generation A&G and O&M (Fixed) 13,353,132                 14,475,926                   ‐7.8% (1,122,795)                  15,627,983                   Subtotal Power Cost 58,156,174                35,388,328                 64.3% 22,767,846                46,607,435                  System O&M General & Administrative 3,017,597                   3,839,050                     ‐21.4% (821,453)                     2,880,324                     Payment in Lieu of Tax 3,123,400                   3,123,400                    0.0% 0                                  2,732,000                     Transmission & Distribution 13,351,185                 15,293,185                   ‐12.7% (1,942,000)                  12,701,549                   Customer & Field Services 4,778,178                   5,412,290                     ‐11.7% (634,112)                     4,428,105                     Subtotal System O&M 24,270,359                27,667,925                  ‐12.3% (3,397,566)                 22,741,979                  Total Operating Expenses 82,426,533$              63,056,253$               30.7% 19,370,280$              69,349,413$                Net Operating Revenue 12,368,699$              12,081,992$               2.4% 286,707$                    15,913,202$                Total Debt Service 7,198,775$                 7,214,570$                  0% (15,795)$                     6,437,814$                   YTD‐Actual Budget % of Budget Budget YTD‐Actual December Annual Spent Remaining December Item FY2023 FY2023 FY2023 FY2023 FY2022 Capital Outlay Capital Outlay (Revenue Funded) 8,180,284                   21,231,680                  38.5% 13,051,396                 7,778,016                     Capital Outlay (Bond Funded) Total Capital Outlay 8,180,284$                 21,231,680$               38.5% 13,051,396$              7,778,016$                   Special Fund Expenditures Public Benefit Programs 1,286,516                   3,072,090                    41.9% 1,785,575                   2,080,128                     Cap‐and‐Trade Programs 2,309,651                   7,517,860                    30.7% 5,208,209                   2,496,880                     Total Special Fund Expenditures 3,596,167$                 10,589,950$               34.0% 6,993,783$                 4,577,008$                   Financial Results (6,606,528)$               (2,879,637)$                 Council Report ELECTRIC UTILITY FINANCIAL DASHBOARD ‐ DECEMBER 31, 2022 ‐0. 3 2. 1 3. 7 4. 6 4. 8 5. 2  (2)  ‐  2  4  6  8  10  12  14  16  18 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN $‐Mi l l i o n s Retail Sales ($‐Millions) Cummulative Difference 2022 Actual 2023 Actual 2023 Budget 2. 0 4. 3 9. 9 15 . 5 16 . 8 19 . 4  ‐  5  10  15  20  25 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN $‐Mi l l i o n s Operating Expense ($‐Millions) Cummulative Difference 2022 Actual 2023 Actual 2023 Budget Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Unrestricted Cash - 2022-23 43.7 45.7 48.4 43.0 43.3 40.6 Unrestricted Cash - 2021-22 52.057.658.459.154.054.753.252.752.948.044.244.9  35.0  40.0  45.0  50.0  55.0  60.0  65.0  70.0 MI L L I O N $ REU UNRESTRICTED CASH BALANCE JULY 2021 ‐JUNE 2023 City of Redding Electric Utility Industry Activities Update – January 2023 Federal Legislation Update After many rounds of historic maneuverings, Kevin McCarthy (R-CA) was elected the Speaker of the House of the 118th Congress. One of his first measures was to introduce and pass the elimination of millions of dollars for hiring IRS agents, which was recently passed in the last legislative session. As the Republicans have a very narrow majority of 222-212 in the House, the first few days of the 11th Congress have proven that compromise in these thin majorities will be particularly challenging, whether relating to energy legislation or otherwise. State Legislative Update On January 5, Senate Pro Tem Toni Atkins announced committee chairs and members. We are pleased to see some friendly POUs supporters in key positions. Senator Steven Bradford (a former utility executive) will take over as the chair of the Senate Energy Committee and recently served as the chair of the Assembly Utilities and Energy Committee. Several key deadlines: Governor Submitted his budget on January 10th The introduction of bills deadline is February 17th The Newsome Administration published an outline of its major policy proposals they want to include in the state budget, including subscription-based central procurement through DWR and an incentive structure to avoid reliance on the state’s Strategic Reliability reserve. Other key issues the Governor outlined and the legislative bodies will take up are Decarbonization goals, electrification and climate adaptation, resiliency, reliability, and affordability, which of course, greatly impact all utilities and are some of our biggest challenges. An area of great concern is Advanced Clean Fleets (ACF). The California Air Resources Board (CARB) is poised to adopt (early March 2023) regulations placing new requirements on all of California’s public fleets to begin transitioning medium and heavy-duty fleet vehicles to zero- emission vehicle (ZEV) technologies within the next few years. The time frames are, at best, short-sighted as vehicle availability is practically nonexistent while procurement lead times are years out and costs are double and even triple of current like and similar vehicles. Some utilities have shared with us that orders placed more than two years ago for replacing ACF vehicles are being canceled because manufacturers are concentrating on retail orders and not fleet orders. California Municipal Utilities Association, Northern California Power Agency, and Southern California Public Power Agency working groups have met with the California Air Resources Board (CARB). They are working feverishly to receive favorable outcomes in this all-important and financially cumbersome situation. In addition, utilities have hosted on-site demonstrations of the importance of electric, water, and wastewater vehicles and how their working habits and use greatly differ from other transportation sectors. Still, at this time, little consideration and movement to accommodate have been given by CARB. Recently the electric association groups and their members have held a lengthy discussion about the consideration of asking the legislature for letters of submittal to CARB about utility vehicles’ partial exemptions and extending deadlines or the possibility of working with a sponsoring legislator to introduce a bill or bills that would give clear and concise direction on the implementation of the ACF program. As the current legislative session is just underway, only a few spot bills have been introduced; however, before February 17th, the bill introduction deadline, we expect several key bills to be introduced on resiliency reliability, affordability, and climate change affecting all utilities. On February 6th, Nick Zettel, REU Director, will participate in the annual Capital Day in Sacramento. Capital Day is an excellent opportunity for NCPA members to carry key messages to our legislative delegates and lay groundwork for our collective policy priorities! . . .. . . ...., .., ,-4...„,:z., „..,,,-N,,,-*-.0,. ',.„-A42.?;,i4.1,%„,,:"..• ,...,, 1 ...,°i....0,r, ....-,=...,_.,.-:?,,, . ' :„f.7.,;•..)i,.,..1'.,A.i.= f. ' .-,,,k ;',„I'A.,;017i, ',--741;;,,,',,0";,t'01-.',",,*%s.,,i--.!.I,1.4,4;,'t.''4 44,4^- ',.'"='''''' '""'"""'•' '• ''',•'A•',``',it,`; `'.;'4'''''-; ' it.74''''''-' -'4;'4,1'ilktsft:c.,"-.!`71'...,t-i-it.t. '....:7:..4t,..u,i1r6.4„-,..:7,IP'.7.': L'::',::,-.4,-'' . 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