FOR IMMEDIATE RELEASE: May 7, 2019
Press Contact: Leora Broydo Vestel
(415) 999-4757 | email@example.com
CalCCA Statement on Moody’s Assigning Investment-Grade Credit Rating to PCE
The California Community Choice Association (CalCCA) congratulates Peninsula Clean Energy (PCE) on obtaining a Baa2 Issuer Rating from Moody’s Investors Service.
“PCE’s achievement of an investment-grade credit rating speaks to the inherent strengths of the CCA business model in California, and the leadership role CCAs are playing in the state’s efforts to lower greenhouse gas emissions and transition to cleaner energy resources,” said Beth Vaughan, executive director of CalCCA.
The benefits of a credit rating include the potential to negotiate lower energy prices and improved credit terms for future power purchasing needs, PCE noted in a May 6 news release. “This credit rating assures regulators and legislators that PCE’s financial strength is sound and, in light of PG&E’s bankruptcy filing, the CCA business model provides a stable framework for serving customers and advancing the state’s low carbon energy future,” PCE said.
PCE provides Community Choice Aggregation (CCA) service to all cities and unincorporated areas in San Mateo County and is the second aggregator in California to be assigned a credit rating by Moody’s in the past year. MCE, which serves 34 communities across four Bay Area counties (Napa, Marin, Contra Costa, and Solano), obtained a Baa2 Issuer Rating in May 2018. Moody’s Issuer Rating is an independent assessment of the ability of entities to honor senior unsecured financial obligations and contracts.
Launched in 2016, the California Community Choice Association (CalCCA) represents California’s community choice electricity providers before the state Legislature and at regulatory agencies, advocating for a level playing field and opposing policies that unfairly discriminate against CCAs and their customers. There are currently 19 operational CCA programs in California serving approximately 10 million customers.
For more information about CalCCA visit www.cal-cca.org.