FOR IMMEDIATE RELEASE
Press contact: Rebecca Boyles, Director of Customer Care and Marketing
530-446-2750 | firstname.lastname@example.org
Valley Clean Energy Completes Repayment to SMUD
DAVIS, Calif. (November 9, 2020) — Valley Clean Energy (VCE), Yolo County’s local public electric generation service provider, continues to make significant fiscal strides just 2½ years after its founding.
In October, VCE made its final installment payment to the Sacramento Municipal Utility District (SMUD), reimbursing the utility for its assistance with operating services during VCE’s launch in 2018. The $1.5 million in deferred charges and interest were paid off on schedule, which demonstrates VCE’s financial discipline while continuing to offer clean electricity at competitive rates.
“It is with tremendous pride that our board announces the repayment of SMUD’s deferred fees,” said Don Saylor, chair of VCE’s board of directors. “SMUD continues to assist us in our business operations and we are grateful for their partnership.
“Paying off these charges on time is a testament to VCE’s fiscal stability and to the wise decisions made by the VCE board in the best interest of our customers.”
Added Tracy Carlson, director of customer services and operations for SMUD, “SMUD is proud of our partnership with VCE, and we believe that partnership can continue to bring benefits to VCE’s and SMUD’s customers for many years to come. We congratulate VCE on meeting this financial milestone.”
The SMUD payback is the second major financial commitment met by VCE during its start-up. VCE began its operations in 2018 with a $1.5 million seed loan from its three founding jurisdictions: Woodland, Davis and Yolo County. Saylor noted that these funds, with interest, were paid back in October 2019, years ahead of schedule.
About VCE: Valley Clean Energy is a not-for-profit public agency formed to provide electrical generation service to customers in Woodland, Davis, Winters and the unincorporated areas of Yolo County. Its mission is to source cost-competitive clean electricity while providing product choice, price stability, energy efficiency, greenhouse gas emission reductions and reinvestment in the communities it serves. For more information about VCE, visit www.valleycleanenergy.org or call 855-699-8232.