S&P Global Ratings Issues ‘A’ Credit Rating to East Bay Community Energy
EBCE’s solid financial performance shows deep customer base, diverse power supply arrangements, and lack of outstanding debt
Oakland, Calif. (December 15, 2021) — East Bay Community Energy (EBCE), one of California’s most successful community choice power agencies, today announced it reached a notable financial milestone by earning an ‘A’ issuer credit rating (ICR) from S&P Global Ratings report. To date, EBCE is the largest community choice aggregator (CCA) in California to earn an ‘A’ credit rating, with its swift acquisition of more than half a million customer accounts in just three years.
The report also cites:
- EBCE maintains solid financial performance.
- At fiscal year-end 2021, EBCE had no debt outstanding.
- EBCE’s environmental risk exposure is low, based on its predominantly carbon-free resource portfolio.
- The outlook is stable.
“The credit rating is important for two reasons,” said EBCE CEO Nick Chaset. “For EBCE’s counterparties, such as renewable energy project developers, it shows that we’re on solid financial footing and are low risk, which can help us secure the best terms in our contracts. This translates to better access and service of low-cost, long-term renewable energy for EBCE customers in the decades to come.”
EBCE is a not-for-profit public agency that operates a Community Choice Energy program for Alameda County and fourteen incorporated cities, serving more than 1.7 million residential and commercial customers. EBCE initiated service in June 2018 and expanded to the cities of Pleasanton, Newark, and Tracy in San Joaquin County in April 2021. As one of 19 community choice aggregation (CCA) programs operating in California, EBCE is part of the movement to expedite the climate action goals of their communities and those of California. EBCE is committed to providing clean power at competitive rates while reinvesting in its local communities. For more information about East Bay Community Energy, visit ebce.org.