Local Energy Agency Receives Clean Financial Audit

Local Energy Agency Receives Clean Financial Audit

SV Clean Energy receives audit report

Sunnyvale, Calif. – On March 9, Pisenti & Brinker, LLP reported clean and unmodified financial audit results for the 2020 – 2021 fiscal year, to the Silicon Valley Clean Energy Board of Directors. This is the fifth clean and unmodified audit received by the agency.

“We have reported an unmodified opinion, which means based on our audit the financial statements are materially accurate,” said Brett Bradford, Audit Partner for Pisenti & Brinker. “No significant deficiencies in internal controls have been noted.”

The Pisenti & Brinker audit focused on policy and procedures, considering ongoing impacts of the coronavirus pandemic, revenue recognition, tested customer billing, accrued cost of electricity and other liabilities.

“The board of directors is pleased to announce the clean financial audit for SV Clean Energy,” said Liz Gibbons, SVCE Board Chair and City of Campbell Councilmember. “These reports ensure that we are meeting our business and fiduciary responsibilities.”

As a public agency, SVCE is committed to fiscal responsibility. The agency’s financial information is publicly available and reviewed through an annual process by the board of directors. Approximately ninety-two cents of every dollar are spent on power supply, and net revenues are returned to the community in the form of competitive rates and customer offers and services or held in reserves for future contingencies. The SVCE board recently allocated an additional $17 million to fund decarbonization programs to help customers and the region achieve significant carbon reductions. And $3 million was allocated to low-income customer bill relief.

This audit report is a positive indicator of SVCE’s financial standings. SVCE earned an ‘A’ credit rating from S&P Global in early 2021, and a ‘Baa2’ rating from Moody’s in 2020. Learn more about SVCE finances and budget at svcleanenergy.org/plans-policies-reports.

About Silicon Valley Clean Energy

Silicon Valley Clean Energy is a not-for-profit, community-owned agency providing clean electricity from renewable and carbon-free sources to more than 270,000 residential and commercial customers in 13 Santa Clara County jurisdictions. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Silicon Valley Clean Energy is advancing innovative solutions to fight climate change by decarbonizing the grid, transportation, and buildings. Learn more at SVCleanEnergy.org.

Media Contact: 
Michaela Pippin, michaela.pippin@svcleanenergy.org, 408-721-5301 x1020