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Home My WebLink About _ 9.5(b)--Electric Utility's Quarterly Report - 3rd Quarter GI �" Y � F � � � ° � � � " � � CITY OF REDDING REPORT TO THE CITY COUNCIL MEETING DATE: May 16, 2023 FROM: Nick Zettel, Director of ITEM NO. 9.5(b) Redding Electric Utility ***APPROVED BY*** �4..ry �� w� .. s.N,.�� , � -�°�� k et e o� �rcctor�i9' e in r tric�Llt'rtity 513t2��3 �� }r ippin,Ci �� na � � 519/2423 nzettel@cityofredding.org btippin@cityofredding.org SUBJECT: 9.5(b)--Consider Redding Electric Utility's Quarterly Financial Report and Industr Activities U date. Recommendation Accept Redding Electric Utility's Fiscal Year 2022-23 Third Quarter Financial Report and Industry Activities Update. Fiscal Impact There is no �scal impact related to accepting this report. AZteNnative Action The City Council (Council) could choose not to accept the report and provide further direction to staff. Background/Analysis The March Financial Report (attached) shows that Redding Electric Utility's (REU's) Net Operating Revenues for the first nine months of the fiscal year performed worse than budgeted. Power Cost, offset by savings in System Operation and Maintenance (O&M), is the primary driver for poor performance, especially higher natural gas commodity prices. According to the U.S. Energy Information Administration (EIA), several unprecedented factors eontributed to the higher prices: below-normal temperatures, high natural gas demand, reduced natural gas supplies, reduced interstate pipeline capacity, and low natural gas storage levels. The good news is that the return of warmer weather has helped rebalance gas supplies, and the cost of wholesale gas has dropped significantly. Report to Redding City Council May 10,2023 Re: 9.5(b)--Electric Utility s Quarterly Report-3rd Quarter Page 2 While unrestricted reserves declined by approximately $9.9 million through March, the cash reserve balance meets the Council's Financial Management Policy requirements. In addition, it aligns 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 March was $6,257,376 (6.6 percent) above budget, primarily due to weather. August and September were warmer than the previous four years, resulting in more energy usage. In addition, below-normal temperatures and rainy conditions in February and March led to a larger-than-expected use. Tota1 wholesale sales were $31,160,263 (425.4 percent) above budget. Overall, operating revenue was $36,224,414 (33S percent) above budget. Net of energy cost, operating revenue was $7,554,198 (13.4 percent) below budget. This shortfall will require additional budget augmentation, which will be included in REU's Fiscal Year 2022-23 year-end adjustments and 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 lndependent System Operator(CAISO) and monthly natural gas sales at index as part of REU's hedging plan. Expenses Power Cost (Cost of Ener�y� The combined costs for generation, purchases from the Western Area Power Administration (WAPA), Big Horn Wind Project, contracts, and the spot market, were $43,778,611 (84.9 percent) above budget projections. The cost of Redding Power Plant generation was higher than forecast due to an increase in 1oad, the ongoing droughYs impact on hydro deliveries resulted in replacement power purchases at elevated prices, a higher price of natural gas, and the inclusion of gas purchases for wholesale energy sales. The previous nine months are the worst hydropower deliveries in history due to multi-year stretches of dry weather in California. While REU has hedged natural gas costs for expected generation, spot power and gas purchases were reguired to make up the massive shortfall in hydropower deliveries. The total cost of energy increased by $26,154,351 (37.8 percent) year-over-year. Power Cost for the load (Power Cost less Wholesale Sales) increased$9,637,330 year-over-year (20.4 percent). System O�erations & Maintenance (O&M� System O&M costs were $4,590,509 (11.1 percent), below projections. Approximately 60 percent of the savings are attributable to employee vacancies (realized savings). Other factors include the delay of expenditures and activities until future periods (un.realized savings). Debt Service and Capital Outlay D�bt service payments and obligations through March totaled $10.8 million (on plan). Capital expenditures totaled $11.4 million(52.3 pereent spent). Report to Redding City Council May 10,2023 Re: 9.5(b)--Electric Utility s Quarterly Report-3rd Quarter Page 3 Special Fund Expenditures Special Fund Expenditures include the expenditures for Public Benefit and Cap-and-Trade Programs, which totaled$4,919,436 (46.5 percent spent) through March 2023. Electric Utility Unrestricted Cash Baiance The unrestricted cash balance at the end of March was $35.0 million, representing approximately 109 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 March. EnviNonmental 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 March 2023 Attachment 3 - Electric Utility Financial Dashboard for March 2023 Attachment 4 - Electric Utility Unrestricted Cash Balance March 2023 Attachment 5 - Industry Update 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 lndependent 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 J:PA costs (1V1-S-R and TAN�C), 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 less expensive electricity 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 one. 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, emphasizing the difference between the rate structure and cost structure. The recorded results are preliminary and subject to revision until the final audit is complete. Attachment 1 ELECTRIC UTIUTY FINANCIAL RESU�TS-MARCH 31,2023 • ' -�• B ^ f A B � f t 6 W 1 Energy System Load(MWh) 600,963 553,224 8.6% 47,739 578,968 Operating Revenues Retaii Sales 100,843,376 94,586,000 6.6% 6,257,376 96,314,055 Wholesale Sales 38,485,561 7,325,298 425.4% 31,160,263 21,968,540 Miscellaneous Income 4,921,307 6,114,533 -19.5% (1,193,226) 4,068,699 Total Operating Revenues 144,250,244 108,025,831 33.5% 36,224,414 122,351,294 Operating Expenses Power Cost Purchased Power 26,715,790 12,918,472 106.8% 13,797,318 19,115,757 Generation,Transmission and JPA(Variable) 46,489,857 17,187,250 170.5% 29,302,607 26,349,485 Generation A&G and O&M(Fixed) 22,116,689 21,438,003 3.2% 678,685 23,702,743 SubtotaiPowerCost 95,322,336 52,543,725 84.9% 43,778,611 69,167,985 System O&M General&Administrative 4,632,544 5,810,340 -20.3% (1,177,796) 5,359,965 Payment in Lieu of Tax 4,685,100 4,685,100 0.0% 0 4,098,000 Transmission&Distribution 19,947,129 22,803,100 -12.5% (2,855,971) 19,097,178 Customer&Field Services 7,471,411 8,028,152 -6.9% (556,741) 6,723,662 Subtotat System O&M 36,736,183 41,326,692 -11.1% (4,590,509J 35,278,805 Total Operating Expenses $ 132,058,519 $ 92,870,417 42.2% $ 39,188,102 $ 104,446,790 Net Operating Revenue $ 12,191,725 $ 15,155,414 -19.6% $ (2,963,688) $ 17,904,505 Total Debt Service $ 10,799,266 $ 10,821,855 0% $ (22,589) $ 9,658,854 f P @ Q � @ , Capital Outlay Capital Outiay(Revenue Funded) 11,415,211 21,831,680 523% 10,416,469 11,306,682 Capital Outlay(Bond Funded) Total Capital Outlay $ 11,415,211 $ 21,831,680 52.3% $ 10,416,469 $ 11,306,682 Special Fund Expenditures Public Benefit Programs 1,889,116 3,072,090 61.5% 1,182,974 2,943,061 Cap-and-Trade Programs 3,030,320 7,517,860 403% 4,487,540 2,952,424 Total Special Fund Expenditures $ 4,919,436 $ 10,589,950 46.5% $ 5,670,514 $ 5,895,484 Financial Results $ (14,942,188) $ (8,956,516) EI.ECTRIC UTII.ITY FINANCIAL DASHBOARD - MARCH 31, 2023 ��tail Sal�s ( - �Ili�r�s� �:�:.�Cummulative Difference ' 2022 Actu�l 2423 Actual �2023�ud�et 1�; � ��' � ��'�� t,� � 12 �.0� �'� � � g, , �" � �� , N ��'.. '� n,,, �. ��. . .. . . .. ,...... �. .� ... �.... .. �... ., .. .��,. . .�. . ...:. . . ., .,. '�t' � .�. . � m = .......... :. .. . . , ..... ..�... e .;.: ; > �,.., ,, ..... ..... . >.:., ..,.. ; ' ei . � =" :;,; ;, k � � f � � { � � Z u � k � � � 1 � � � �' . � , � ,� , r � ; . i � § ... � .. 3 .. � . 3 �� M.�C�.. �_�,�..�� ...�.�� C��_._..: � w._..__M �..m�_.�; .�.e.��._w; � .�......: � iMn�...��a.� .��n,.,� _i n�..,��„.� " 1UC' R�tCs �E�' C?CT NC3U C7EC J�N FEB MAR APFt �JI�Y J9J1�1 �°.;.�Cummulative Difference 2022 Actual �023 Actua# ��=u��2023�udg�t; 45 N f71 �� j M � �'J.�3 �� N �� ei C1 , � � � . ' ll1 H � � � :;�. �.� '�tl� t0 i � � � � � � �.� "t � `� —# ? _„�.�..._..�. i. ,..,,....0 ___�._. . � ., > .. r � ,,�"� ;. : ; ��; �'; t � _.. . x , . . ��:. �, `i, , .*^, � ,;: , �.. . . . ....n � ,,.: � .. ,;. � „. � ` �V ,,, ,h�'�.��':�� . L a'i.l�. �y;�'�e. �*`Zi. � t ��.,.. � � f��. C � � t i .� a �' e � � � � i 2 � y ..,_, � .� .� t k �, $ �...,..„..w. ; �,:; �� ,, ' � � � � � � � � � , � � � � �: Ji1C F!!1C'a SEP C�GT l�t7U f�EC JAi� FEB f4�l�R APR �RY " Jt11U ,; t; ' 7Q.0 65.0 ' 6C7.� ' iS.Q � 50.0 , � � i �,�,:; � ��.o _ � ��nn� �, i �o.o w� . �� 35.0 30.0 ; ; ; ? �; 25.0 ' } . ,. ; �I ' 2Q.Q . _ �a� ' Jul �ug Sept Clet �ov L�ec Jan Fe�a Mar Apr 1�1ay )u11 iJnrestr�eted Cash-2022-23 43.7 45.7 4�.4 43.0 43e3 40.6 39.8 36.2 35et7 32.8 Unirt�stricted Cash-2021-22 J2.0 57.6 5�.4 59.1 54.0 54.7 53.2 52.7 52.9 4$.0 44.2 44.9 City of Redding Electric Utility Tndustry Activitiies Update—April 2023 Federal Le�islation Update Senator Feinstein,California's longest-serving senator,announced her retirement and will not seek reelection in 2024. Senator Feinstein served more than three decades. For many,including NCPA, she was a go-to for state-specific projects. Mid-March, the Biden Administration released its budget proposal for the fiscal year 2024, officially starting to set funding for the next fiscal year. This budget reflects the opening gambit in what will likely be a high-stakes political engagement later this year when federal funding and the debt ceiling are on the table —with a government shutdown and government default seen as real possibilities. State Le�islative Update More than 2,300 bills have been submitted, and the N�CPA and CMUA L&R committees are reviewing and giving input on more than 300 bills that affect the energy/water utilities. As reported in our last update, Advanced Clean Fleets (ACF) is a significant concern. The California Air Resources Board (CARB) is poised to adopt (mid-April 2023) regulation 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-sided as vehicle availability is practically nonexistent,procurement lead times are years out,and costs are double and triple of current like and similar vehicles. CMUA, NCPA, and SCPPA have been able to seek an author (AB1594 Garcia) that has been introduced that would, at least if passed, force CARB to reopen the regulatory process allowing us to advance clarity in the procurement of inedium and heavy-duty zero-emission vehicles by a public agency. Other bills of interest we are closely following include service energization timelines for electric vehicles connected to the electrical grid. This bill would prohibit an electrical corporation from raising rates above the inflation rate. This bill would, in principle, allow multistate regional transmission system organization membership, planning, and resource procurement, ratepayer protection, renewable hydrogen, wildfire management reporting and identification of trees that need to be removed from Tier one, two, disconnection of residential services based upon temperatures, permitting of broadband on utility structures, to name a few. A concern many have within the POUs is the constant threat of legislation that whittles away at local control and oversight. All the L&R committees representing the POUs diligently identify and work with legislators and their staff, always endeavoring that "POUs" interests are understood. State Re�ulatory Update CARB Releases 15-Day Regulatory Language for ACF Regulation: On March 23, the California Air Resources Board (CARB) published its modified Advanced Clean Fleets (ACF) regulatory language (15-Day Language). CARB is expected to approve the ACF at its April 27-28 Board hearing. Municipal utilities, including Redding, are concerned that the rule will hinder the ability to maintain systems, restore services and provide mutual aid during emergencies. Utilities are working on legislative and regulatory fronts to obtain revisions prioritizing community health, safety, and welfare. Redding Utilities submitted a comment letter to CARB on April '7th detailing vehicle usage during recent wildfires and heavy snow events. The letter explained how the proposed regulation would jeopardize vehicle availability for future events. The letter requested that CARB address the regulation's shortcomings noted by the Joint Public Agencies and open an ACF implementation rulemaking immediately following the adoption of the proposed rule to ensure a forum for reviewing the ongoing implementation of the regulation. OEIS Initiates Updating Safety Requirements Addressing Increasing Wildfire Risk: The Office of Energy Infrastructure Safety(OEIS)has initiated a process to develop formal recommendations to the California Public Utilities Commission regarding changes to requirements to mitigate the effects of climate change and prevent utility-caused catastrophic wildfires. Potential recommendations include changes to safety standards that directly impact publicly owned utilities such as Redding Electric Utility. OEIS has commissioned a study to evaluate existing safety requirements and propose updates. :REU is following the issue closely and will work with its associations to provide input in the regulatory process. �i c�f �ed�ir� � � �I��r�c ��i I� � . . � � � � � � �1 1 � ,�I c� �� '' � c� � V � �i r� r A iui i �h l d c�.�� t� �.s tJ �c�t�e � p c� O m � � o E�tr�rr�� n�tur�� s ar�d �n�r�Y pri�� Ir��r��ed p��nr�r ��uppl�r ��st� o N��er�l �as pri�es ir� ��i��rni� �nr�r� hi�h�r thar� �� r�y �th�� i�� r� the [��t d��d� a R�ddin� P�v�erPl��ts�tr��rdsf�r ��er�tior� c� Curtailments' of natural gas st�rage withdr�wa� due tc� c�peratic�na� cc�nstrair�ts c� Wi[l require budget augrnenta�ion S��r�� r�►h�r� rn►� �� o Sy�t�r� C?p�r��i�ns �r�d f��ir�t�r�� E�cpe��s �� up4��/� ��r��-��a� iR��r�� r� withir� ��u��il IPa�li�� #�1�41�4 c� 109 d�ys c��F ��h �r� H��d �I��n�r��r�t 75, �t�� 50� 70e0 65.0 _ 60.Q 55,0 � 5Q,0 � � � 45,0 �a � 40,0 35.Q Projection 30.0 � ? Minimum � ,� z�oo � _ � per Policy 2C2,t7 '��«��} J��1 Au� S��St C��t �Ic�v L�� j�r� F`�b l��r Apr _ M��r ��zr� L�r�r�st�ict�d C�sl� - 2022-23 43.7 45.7 ��.4 4�3.0 4�3,3 �fl,6 39.�3 36.2 35.0 32,� I1rlr�st�`��t�d C��I� - 2021-2� 52.0 57.6 5$,4 . 59.1 54�,0 54e7 _ 53.2 52.7 a2.9 .4�.0 4�4.2 44,9 State Regutations Biden Administration released its budget CARB adopted regulations for public fleets in proposal for FY2024, which kicks off the April, requiring agencies to transition legislative process to enact a spending bill. medium/heavy duty to ZEv. , � � o � , . . � � ��,��a � � e ,�, � � � � ; t �� ,e � t � � � �'� �� , „��,� ' ��Y,�� ,� � � , 'I ,w'I S`5.,.;,Y�,$.�..`^.`..\,1,....4.�,a, p B r ii, e � ,y v p. . m.� � .. , ,.. k � ',�i � � �N � { , ��. State �egislation Office of Energy Infrastructure initiated a process to develop recommendations to prevent utility-caused catastrophic wildfires. �r� �r� i�r�� it��i�� e ��i�� Ir�� '1�{� ___ �� , '�� r�� f��r� � f�r t�� e ��o�� +�� ...��r�a;�m�,�c�g � ��}��1� ��, r�� o t, y � ;, ��,? ��x . �CI ��'�, �. �`' � � �u�r�c� - - - t ��.�.� �a �r�� °��,� ��ly� ��i ��r�� f� : ��m� ,,��' ,��s��ig�as� ,� �z � �� ' �� , - - - � _ _- - - , � ti � :� �},�y �s�� a�ific Hc�wse �i � _ _ CP 1.F , ;�'�"� . � � � — __ __ __ _" '" _' __ :+��` ,zu{ '"��, .; . 4 1 � aAA � .��".� t. � 7� .__ l�.,v'a. ..:;.1� n�"�`" . g �; . .'_ .___ ___ " � _ . __ ._ ._ _ Q� �� '; �� `�� 19k"C�Ct�� .� � C� +� ... 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