Peninsula Clean Energy Receives A- Credit Rating from S&P
Strongest indication yet of financial stability amid lower rates for customers, renewable power expansion
REDWOOD CITY, CA – Peninsula Clean Energy has received an A- rating from S&P Global, the strongest indication yet of its financial stability as the organization preserves discounted power rates and accelerates renewable power procurement.
The rating is the highest Peninsula Clean Energy has received from a credit agency. It underscores robust post-pandemic growth while keeping its ECOplus electric generation rate for all customers at least five percent below PG&E’s baseline electric generation rate.
“This strong showing is the independent verification we need to support our continued commitment to operating a financially robust organization with an ability to reinvest in our community electrification and decarbonization programs,” said Burlingame Vice Mayor Donna Colson, who is also vice chair of Peninsula Clean Energy’s board of directors.
“It is gratifying that we achieved such a high credit rating while remaining true to our rate discounts as many of our customers were struggling financially during the pandemic,” Peninsula Clean Energy CEO Jan Pepper said. “At the same time, this important financial milestone highlights our ability to also deliver on our sector-leading goal of providing 24/7 renewable power to our customers.”
The benefits of the higher rating include the potential for Peninsula Clean Energy to negotiate lower energy prices and improved credit terms for future power purchasing needs as it moves toward its utility sector-leading goal of achieving all-renewable power on an hourly basis. The higher rating also assures regulators and legislators that the CCA business model provides a stable framework for serving customers and advancing California’s low-carbon energy future.
About Peninsula Clean Energy
Peninsula Clean Energy is a Community Choice Aggregation agency. It is the official electricity provider for San Mateo County and for the City of Los Banos. Founded in 2016 with a mission to reduce greenhouse gas emissions, the agency serves a population of 810,000 by providing more than 3,600 gigawatt hours annually of electricity that is 50 percent renewable, 100 percent clean and at lower cost than PG&E. As a community-led, not-for-profit agency, Peninsula Clean Energy makes significant investments in its communities to expand access to sustainable and affordable energy solutions. Peninsula Clean Energy is on track to deliver electricity that is 100 percent renewable by 2025. Follow us at PenCleanEnergy.com, Twitter, Facebook and LinkedIn.