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Home My WebLink About _ 9.5(a)--Electric Utility's Annual Report GI �" Y � F � � � ° � � � " � � CITY OF REDDING REPORT TO THE CITY COUNCIL MEETING DATE: September 19,2023 FROM: Nick Zettel, Director of ITEM NO. 9.5(a) Redding Electric Utility ***APPROVED BY*** �4..ry �� w� .. s.N,.�� , � -�°�� k et e o� �rcctor�i9' e in r tric�Llt'rtity 9/t�`2��3 �� }r ippin,Ci �� na � � 9I12/2423 nzettel@cityofredding.org btippin@cityofredding.org SUBJECT: 9.5(a)--Consider Redding Electric Utility's Fiscal Year 2022-23 Financial Report, Industry Activities U date, and Power Content Label. Recommendation Accept Redding Electric Utility's Fiscal Year 2022-23 Financial Report, Industry Activities Update, and Power Content Label. 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 Fiscal Year 2022-2023 Financial Report shows that Redding Electric Utility (REL� performed better than budgeted. The Central Valley Project Improvement Act (CVPIA) Settlement of $15.9 million more than offset increased power costs from the combination of record-1ow hydropower deliveries (drought) and record-breaking natural gas commodity prices (supply side issues coupled with inereased demand). Unrestricted reserves increased by approximately $4.8 million during the fiseal year to $49.7 million. While REU's five-year plan anticipated end-of year reserves to be approximately $51 million, the June 2023 balanee meets the Council's Financial Management Policy requirements and does not impact the five-year rate plan. Report to Redding City Council September 23,2023 Re: 9.5(a)--Electric Utility s Annual Report Page 2 Revenue Billed retail revenue for the year was $8,657,824 (7.1 percent) above budget, primarily due to weather. August and September were warmer than the previous four years, increasing energy usage from air conditioning demand. In addition, below-nor�nal temperatures and rainy conditions in February and March led to higher-than-expected use from heating and lighting. Overall, operating revenue for the year came in at $59,265,847 (42.7 percent) above projections. The primary drivers for increased wholesale revenue were sales into the California lndependent System Operator and monthly natural gas sales at index as part of REU's hedging plan. Net of energy cost, operating revenue was $10,910,634 (15.8 percent) above expectations. Removing the one-time unbudgeted CVPIA Settlement, operating revenue for the year, net of energy costs, would have been $5,006,736 (7.2 percent)below forecast. Expense Power Cost (Cost of Ener�y� The combined costs for generation,purchases from the Western Area Power Administration, Big Horn Wind Project, contracts, and the spot market were $48,355,213 (69.5 percent) above budget projections for the year. The cost of Redding Power Plant generation was higher than forecast due to an increase in load, the drought's 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. Due to California's multi-year stretch of dry weather, the previous fiscal year was the worst for hydropower delivery in history. While REU has hedged nat�ural gas costs for expected generation, spot power, and gas purchases were required to compensate for the massive shortfall in hydropower deliveries. The total Cost of Energy increased by $24,235,488 (25.9 percent) year-over-year. Power Cost for the load (Power Cost less Wholesale Sales) increased$8,084,921 year-over-year(12.6 percent) System O�erations & Maintenance(O&M� System O&M costs for the year were $5,174,224 (9.3 percent)below projections. Approximately three-guarters of these savings are attributable to employee vacancies (realized savings). Other factors are the delay of expenditures and activities until the next fiscal year(unrealized savings). Debt Service and Capital Outlay Debt service payments and obligations for the year totaled $14,413,877. Capital Expenditures for the year totaled $13,292,383 (61.8 percent spent). Special Fund Expenditures Special Fund Expenditures include the expenditures for Public Benefit and Cap-and-Trade Programs, which totaled$5,923,761 (55.9 percent spent) for the fiscal year. Report to Redding City Council September 23,2023 Re: 9.5(a)--Electric Utility s Annual Report Page 3 Electric Utility Unrestricted Cash Ba�ance The unrestricted cash balance at the end of the year was $49.7 million, representing approxi�nately 148 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 For the year, $355,270 (71.1 percent) of the REU Director's Contingency Fund was used primarily to offset inflationary pressures in the Transmission and Distribution Division and increased bank service fees for bi11 processing. Power Content Label The City of Redding's (City) Annual Power Content Labe1 and Power Source Disclosure are attached. The Power Source Disclosure Program, administered by the California Energy Commission (CEC), requires retail suppliers of electricity to disclose to their customers accurate, reliable, and simple-to-understand information on the sources of energy that are used to provide electric services; this is accomplished through the completion and publication of the annual Power Content Label. The City's Power Content Label shows our portfolio included 27.3 percent Eligible Renewable Resources for the calendar year 2022. While the State does not classify large hydroelectric generation (Shasta Dam, etc.) as eligible renewable, our resource mix was 54.6 percent carbon- free. Before publication and submission, the CEC requires approval of attestation of the report's accuracy from the City Council. By accepting this Financial Report, the Council attests to the accuracy of the 2022 Power Content Label and permits its submission to the CEC. Envir�onmental Review This is not a project defined under the California Environmental Quality Act, and no further action is required. Council Priority/City ManageN Goals • Budget and Financial Management — "Achieve balanced and stable 10-year Financial Plans for all funds." c: Greg Robinett, Finance Director Attachments Attachment 1 -Notes on Financial Operating Statement Attachment 2 - Electric Utility Financial Results for June 2023 Attachment 3 - Electric Utility Financial Dashboard for June 2023 Attachment 4 - Electric Utility Unrestricted Cash Balance Jun�2023 Attachment 5- Industry Update Attachment 6 - 2022 COR Power Content Label Attachment 7 - City o�Redding 2022 Power Source Disclosure 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—JUNE 30,2023 • -�• � � . : p � � � � � e Energy System Load(MWh) 778,980 729,209 6.8% 49,771 755,289 Operating Revenues Retail Sales 130,952,824 122,295,000 7.1% 8,657,824 123,339,237 Wholesale Sales 45,737,091 9,501,490 381.4% 36,235,601 29,586,524 Miscellaneous income 21,219,521 6,847,100 209.9% 14,372,421 5,065,975 Total Operating Revenues 197,909,436 138,643,590 42.7% 59,265,847 157,991,735 Operating Expenses Power Cost Purchased Power 34,818,378 18,832,777 84.9% 15,985,601 29,330,360 Generation,Transmission and JPA(Variable) 52,623,309 22,409,470 134.8% 30,213,839 33,036,305 Generation A&G and 0&M(Fixed) 30,489,030 28,333,257 7.6% 2,155,773 31,328,564 SubtotatPowerCost 117,930,717 69,575,504 69.5% 48,355,213 93,695,229 System O&M General&Administrative 6,405,207 7,891,430 -18.8% (1,486,223) 5,766,529 Payment in Lieu of Tax 6,246,800 6,246,800 0.0% 0 5,464,000 Transmission&Distribution 27,993,137 30,882,710 -9.4% (2,889,573) 27,028,517 Customer&Field Services 10,070,913 10,869,340 -7.3% (798,427j 9,124,508 SubtotalSystem 0&M 50,716,056 55,890,280 -9.3% (5,174,224J 47,383,553 Total Operating Expenses $ 168,646,773 $ 125,465,784 34.4% $ 43,180,989 $ 141,078,783 Net Operating Revenue $ 29,262,663 $ 13,177,806 122.1% $ 16,084,857 $ 16,912,952 Total Debt Service $ 14,413,877 $ 14,429,140 0% $ (15,263) $ 12,884,485 e � 0 i f i 1 Capital Outlay Capitai Outlay(Revenue Funded) 13,292,383 21,492,320 61.8% 8,199,937 14,472,185 Capital Outlay(Bond Funded) Total Capital Outlay $ 13,292,383 $ 21,492,320 61.8% $ 8,199,937 $ 14,472,185 Special Fund Expenditures Public Benefit Programs 2,503,536 3,072,090 81.5% 568,554 3,666,531 Cap-and-Trade Programs 3,420,225 7,517,860 45.5% 4,097,635 3,332,599 Total Special Fund Expenditures $ 5,923,761 $ 10,589,950 55.9% $ 4,666,189 $ 6,999,129 Financial Results $ (4,367,358) $ (17,442,847) ELECTRIC UTILITY FINANCIAI. DASHBOARD - 1UNE 30, 2023 R�t�il Sal�s ($- illi�r�s} €�.��;,'��ummulative Difference 2022,4ctual 2023 Actuai 2023 Budget' 1$' � 16 ' � �4 r 12' 1�i �. ..,....,, q ..,.,., x., .....�. ,...,.. ., ,,..,., ,v„, ., ,., ,.,.. .n. " k fri, , ..�� <.��. .�.... , . � � � � t � � ..,. .... .,, . tEt:, � ...� ... � � � . d, �,.. ,r» n d' �r , ; rrs � �,' N ��. t � i 3 � i. Y � � .�.; .. .. y; ,.,. � � � � , a � M�� : 3 � E i y ��. ��.. s � � ,�„, - �� ._,..�.u�.�: .,. �'. . ��. � �. . � ��. t �'�. � ; � ��..v�.��.� m� �....�.M� €...�.�_� �.� .e�.. .. � ..�.. � _..._. .�'._.��..��_n.w_� ��?_..�. ,��<, � � 1Ul �lU�i SEP C7C1" NC3U C)EG 1AN FE6 MAR 1�4Fft I\t9AY jl��Sj': ,c'. ��.:,�� Caamrn�lative Diiference 2Q22 Actual 2023 Actual ��.��2023�udget �''; 5f3 ru e�'s �4� � r� t� er � m � � �fl m 35 3q � N �� O�.. . � �' � „. � , ,..� , �. � � , `w 2 1 i � � ' l ? t 15 � � .�.__ �_v„M d�.a.... � � a .,,, ft,� w�w. .u� i � � � " � i � ` � 20 � � '� �, ! ' � � c� �l a...................� S � � � i i �—� L e ei t � � g � ; � n. "„'," ; . � ;;�, 1 '.' �:' € '.. .-, 1 a l ',"� o ..,,:;, ;;, ,:. ,.: :'' 'i g ;,' �;. ; ;:, @ ..., .. ..: ... , '; ., '. ,s. , _.. .. f ,,. „ .,., ; e �VL ��Y'� ��I' �M� �� 8.. J�� I��LLe IYI�k\ �P"� tYk�� ,��,�., �,j. ' 70.(3 65.0 _ 60.Q ' 55.0 � 50.Q � �? �'a 4S.G �, �a m,H�,w � i 40.Q � nnn�� 35.4 ,,.��, ' 30.0 zs.a 2�.0 _ JuI �lug Sept C�ct i�ov �ee jan Feb IvSar Apr I�ay �un �LJnrestricteci Casiz-2022-23 �3.7 �5.7 48.4 43.0 �3e3 4Q.6 39.f3 36.2 35.0 32.7 32.3 49.7 Unrestricted Casl�-2021-22 52.0 57.6 5£3.4 59,1 54.0 54.7 53.2 52.7 52.9 4�3.0 44.2 44.9 City of Redding Electric Utility Tndustry Activities Update—September 2023 Federal Le�islation Update In June, the House Energy and Commerce Subcommittee on Energy, Climate, and Grid Security held an in-depth hearing on grid security. Witnesses testified about supply chain disruptions, overreliance on carbon-free energy, state and federal information-sharing protocols that hinder efforts to prevent attacks, and the grid's ability to be restored in the wake of attacks. Federal legislation has been proposed to expedite supply chain issues that could prevent critical substation repairs. After much delay and concessions, H.R. 3'746 — The Fiscal :Responsibility Act of 2023 (Federal Budget), was passed, increasing the national debt ceiling and effectively allowing the government to continue spending money until January 2025. State Legislative Update Per the State's constitution, the Legislature passed a "budget" for the upcoming fiscal year; however,this"budget"did not allocate nor direct where to spend dollars. The Legislature,working with the Governor's Office, will make allocations to specified programs (August/September). One of the more critical bills that affect the City of Redding (City) utilities is AB 1594. This bill establishes the Medium-Duty and Heavy-Duty- Zero-Emissions Purchasing Assistance Program and would have been very burdensome and costly to all utilities in its original form. In its current amendment status, the legislature removed the 13-year replacement requirement, allowing public agency utilities to purchase replacements for traditional utility-specified vehicles that are at the end of life when needed. The other amendment to this bill that publicly owned utilities (POUs) wanted to be included considers the highest usage days for vehicles when assessing whether replacement with an electric vehicle would be workable in its place. The Redding Electric Utility(REU) and an overwhelming majority of all POUs wrote letters supporting these amendments. After adjourning in early July,the Legislature reconvened on August 14th and is considering more than two dozen bills that the City utilities are watching as they have many implications for Redding. With one month left in the session, much work is in front of the legislators. State Re�ulatory Update CARB Considers Possible Amendments to Cap-and-Trade Regulation On June 14th, the California Air Resources Board (CARB) hosted a Joint California-Quebec workshop to discuss potential amendments to each jurisdiction's Cap-and-Trade Regulation. CARB stated that amendments to California's program would increase the stringency of the regulation and align it with California's 2022 Scoping Plan for Achieving Carbon Neutrality. Formal rulemaking could begin as early as this year. Cap-and-trade has been a significant component of California's climate program, generating approximately $30 billion in revenues to reduce carbon emissions across the state. POUs such as REU use some funds to implement energy efficiency and other programs that reduce greenhouse gas emissions while benefitting their communities. Utilities are urging CARB to recognize how critical the funding is for decarbonization efforts and maintaining ratepayer affordability. REU will work with its associations to help inform amendments as the rulemaking process continues. 2022 POWER CONTENT LABEL Reddin Electric Utilit www.reu ower.com . . � . . -. . . . • . REU Power Mix 2022 CA Utility Average Eligible Renewable' 27.3% 35.8°/a Biomass&Biowaste 0.0% 2.1% ................................................................................................... 455 422 Geothermal 0.0% 4.7% 1000 Eligible Hydroelectric 4.4% 1.1% Solar 0.0°/o 17.0% 800 - � REU Power �lind 23.0% 10.8% Mix Coal 0.0% 2.1% 600 -_..�.�. _ Large Hydroelectric 26.1% 9.2% 400 2022 CA Natural Gas 44.8% 36.4% Utility Nuclear 1.2% 9.2% 200 Average Other 0.1% 0.1% 0 Unspecified Power� 0.5% 7.1% TOTAL 100.0% 100.0% Percentage of Retail Sales Covered by Retired Unbundled RECs3: 0% �The eligible renewable percentage above does not reflect RPS compliance,which is determined using a different methodology. ZUnspecified power is electricity that has been purchased through open market transactions and is not traceable to a specific generation source. 3Renewable energy credits (RECs)are tracking instruments issued for renewable generation. Unbundled renewable energy credits (RECs)represent renewable generation that was not delivered to serve retail sales. Unbundled RECs are not reflected in the power mix or GHG emissions intensities above. For specific information about this Redding Electric Utility electricity portfolio, contact: 530-339-7300 For general information about the https://www.ener�y.ca.�ov/pro�rams-and- Power Content Label, visit: topics/pro�rams/power-source-disclosure-pro�ram Version:Apri!2023 � •• - • - • • - , , • .�. � •-� - • � - • • . � . .. . . •• - a• � .... ......... ' ,• ' � .............. . .� . . ......... Instructio�s:Enter informatio�about power procurements anderlying this electricity portfolio for which you�company is filing the Annual Report. ''- -' �t2 atS Insert additional rows as needed.AII fields in white should be filled ouL Fieids in grey auto-poputate as needed and should not be filled out.For " *" '*' • ' ' Ji2Aii EIA IDs for unspecified power or specified system mixes from asset-controlling suppliers,enter"Unspecified Power","BPA",or"Tacoma Power"as '' '''' p applicable.For specified procurements of AGS power,use the AGS Procurement Calculator to calcuiate the resource breakdown comprising the '" " ' '•'-' '' 0 ACS system mix. Procurements of unspecified power must not be entered as line ikems below;unspecified power will be calculated - �� - - - 318,817" automaticaily in ce!I N9_Un6undled RECs must not be entered on Schedule 1;these products must be entered on Schedule 2.At the bottom - •- -� � � • - • • � portion of the schedule,provide the other electricity end-uses that are not retail sales including,but not limited to transmission and distribution losses - •- -r -. � �- •r `- - _•- . • ' -• - 393,a9a' or municipal street Iighting.Amounts should be in megawatt-hours. • - •- • • •- --*• � i1a7,15a • - • -. :-0:2q66-. . . . . a�• ��e' -�. a • �..c: :� .. .. . . . : . . .. .. . � .. . ! ...� � � . ...t . � ..� '' +* ,. t .�. .. . � �-. • ... . � . .. ..... . �. Whiskeykawn H dro .. . -. � . Etfgible fl dro CA N1851� f1135 7189 25:�1& - 25��,9i8 25�:978 _::: -':�. ... �� NimbusPawerRiant� EG ibiehYdro CA Wti89 61045 44�4 4.839 :4;�38 ��:639 -": _�:� .. .. �� Stampade PuwerPlant.. . .Eligible h dro CA W1177 69�46 7066 428��.� '�::-0X8 :-02$ _- -:�.� ... .. � Lewiston Power Plant Eligibie hydra CA W1t08 61044 .... :977 239 �:`.239 ��239 _.�: _... : � Bi Hom1 Wind �WA w24Q fi077fi� 56361 � �A0,128 � :40;128 4Q;128 - ^ - ��' • .��.a..: � .-�.�a . .�,�... � . �. �. E . � � , " � . . .. . . , . . . .. . . . , . m. . a _ . p .. F 4 .a . e R ..q. ...a x. ' a� -rt ' e �e ! � ! � Bi Hom�i� . - � � Wind WA W246 80178 563fi9 U�s.cified 123;A58 123;458 925,458 Q.4280 52;840:�� Yes . .. �^� � :�..:.� ,;,., ..�. , ... . . . .. . .. . .. • � . . . � . .., .... .. � . .. • . .. � . � . . . . �� RetldingPowerPlaM� � Natura6gas. GA 7307 426,9t8 108,p01 : 318;917 318;9t7 4!4574 ]43;866 �. .�� WAPA-NewMelones� Lar eh dro CR &159 9,3AS �9;345 9;346 _�� -:��. . . � . . � WAPA-Shasta Pcaws�Plant Lar e h dro CA i:�. 445 �� .....2i.705.'�. 21;705 27�;705 - �. _�:' . � - �'WAPA-Spri�g Creek Power Plant �a�qe.hydro CA 450 1,064. :1.�064 1�064 � �� - �- " . �� .. � ��WAPA-Trinit��PowerPiant� �L.arqe h dro CA 451 ��4,195 AJi95 4��;195 � - � �� . � � � � WAPA-FoIsomPowerPlant ' �� -I.ar eh dro �'��.CA 441 ��11,315 11;315 11,315 - '� - � . " �� WAPA-Gianetti Power PIaM �� Larqe�hydro ��.CA 448 1,60$ Y;608 1,608 -- . � � WAPA-�JF�CarrPowerPiant ��I.ar�ehrdro ��..CA 442 -� 3&DO 3,800 3,800 -�� WAPA�-��KeswickPowerPlant Largeh.dra :CA �� A43 4,752 :4;752 Q;152 -�� - "� � � � � WAPA-O'Neil Power Plant targe hydro CA 446 73 -:73 :73 -` - �� '� �� .. � Mid-C.Hydro-Priest Rapii3s and Waria nm Dam�large hydro WA 3887 B9;221 9,112 ��: 60;SQ9 6t�;ftl9 �. . . ,.� . ..:�...... .4. _�� .�... �_ . . . �. . , . . . .. . .. . . ,_ . , . . . e . .,. .. --�. . . . .. '... .., � . w . . . ...... �. Bonneviile Power Administretion-ACS large hydro =BPA 64;406 64,406 O:Oi60 1';030 �� Bonneville PowerAdmimshation-ACS �Nuc4ear %6PA. 8;383 8;383 O:Dt60 �::734 �"�� BonnevillePowerAdministration-ACS Other .HPA �:� '� 595 545 O:pt6p �ip � ''��.Bon�eville Power AdminisUation-AGS �� Unspecifted Power I ��BPA �''� 3,371 3,371 0:0160 �54 Tacama Power-ACS ��ar e h d{o C �.�� :,Tacama Power �3,539 3��539 0 0203 72 �� Tacoma Power•AGS -�Nuclear �:Tacoma Powee 23a '234 O.p203 a5 � � '��Tacoma Power-ACS � ��Unspecif�ed Power�� ''��Tacoma Power .z90 140 0:0203 ��:�.4 . � � , a * . . .. � N O N Q Q C O N N � O r � r N 'V' M U O �p iJ C n � c a> m c -r L N w a o �v~aa� � a`�m c� vi a- 0 3 0 -o c�i m'��m a �' 14 � � � > o m�- d ai U O N (0 O)��= N � C �n C ��U O� @ O� T N — N.0 = E.� a� �m� � ,=n �° E o N o c a� ° c ° 1° ��c��% � � E o(U a� � aUi �'o T m E E y �_ �Qr n:E . ro v ' a�— o. °�� a�i E a�¢Y Version: April 2023 ......... ......... ... , • * • • �' , , � � � � • � � ... .... .... � " • ' • � � i � � • - - . • • � - - • - 1 . � � . � . � � Instructions: No data input is needed on this schedule_Retail suppliers should use these auto-populated calcutations to fill out their Power Content Labels. . . -. - • - - . . . • . -. - - - � �, � �� ,� �� .,� � .. „e 194;$10 27.3% -�___m,.�� _�__ _ r_�rcm�..��...m�..� � • , : C • � - '_ �.�% -• - . - Q0°!o • . - . .- - 31,224 4.4°l0 • _ � 0.0% __._. _m��m �,. • 163;588 23.0°/a ��. ��e,�� .�.r� ._ i_ 1�.�% �.. .....��.. - �.Y._� _ .- . .- - 185;911 26.1% .w__ _ _ ! ._ 3�1$;917 44.8% -. 8;617 1.2°l0 _..__�__ n�m • - '595 ' 0.1% ��.��....m. •- -. -. - 3,562 0.5°l0 � • - 712,411 ' 1 AQ.O°Io . . - - . . - 712,411 . - . - -. . . � - A55 •- - _. - . - - . . - . - -. . - - -. . . -. „ A.A°10 � •, � , • � " •' • +rr _ � _ � _ . � ��,;�4 ,.:�,,,�� `� . � � "'' • • � ��i� �� '{ �:.�ct�?��.�Y}, � Z�i i �4�`�,,,�,..;E,�'t"�; �u�ir. .:'<,rt�\1 ��r �„�,;1�° �, � �� :<<:,� 3` ~ �'�� 5� � � � �is; 4t� �� t5�.� �4 >, � Z '�"� �� . ;:2 ti � �`� �„ � 'l 4 ;� ,, `\� �.. �e }#F o,� {, "�; " i t,v f`, � � ' � } t� �?��i�� I l. 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Average residential bill as a share of Median Income (Redding family of 4) 5.0% 4.0% 3.0% I N m FY'12 FY'13 FY14 FY'15 FY'Ifi FY'17 FY'18 F'Y'19 FY '20 Fy'21 FY'22 FY'23 EMM REU CLIStOmer Savings —4B,--REU Res Avg Rate, olow4biow PG&E 154m Res Avg Rate Oct 1 Nov 1 Dec 1 Jan'1 Feb 1 filar 1 Apr 1 May 1 Jun ";I Jul -1 Aug 1 Sep 1 Oct 1 Water Year October 1 - September 0