HomeMy WebLinkAbout2022-01-27; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's Report-.._,$
CLEAN ENERGY ALLIANCE
Staff Report
DATE: January 27, 2022
TO: Clean Energy Alliance Board of Directors
FROM: Marie Marron Berkuti, Interim Treasurer
ITEM3: Clean Energy Alliance Treasurer's Report
RECOMMENDATION
Receive and File Clean Energy Alliance (CEA) Interim Treasurer's Report for December 2021.
BACKGROUND AND DISCUSSION
This report provides the Board with the following financial information through December 31,
2021:
• Statement of Financial Position (Unaudited) -Reports assets, liabilities, and financial
position of the CEA as of December 31, 2021.
• Statement of Revenues, Expenses and Changes in Net Position (Unaudited) for the six
months ended December 31, 2021.
• Budget to Actuals Comparison Schedule (Unaudited) -Reports actual revenues and
expenditures adopted annual budget as of December 31, 2021.
• Budget Reconciliation to Statement of Revenues, Expenses and Changes in Net
Position
• List of Payments Issued -Reports payments issued for the months of October 2021
through December 2021.
As of December 31, 2021, liabilities represent invoices received for services, but not yet paid.
The noncurrent accounts payable are amounts due to the cities of Carlsbad, Del Mar and Solana
Beach for the $150,000 advance made by each member agency for start-up costs and services
provided to CEA for the period December 2019 to June 2020. These invoices are scheduled to be
paid three years from the time CEA is operational.
DECEMBER 31, 2021 REPORTS
STATEMENT OF FINANCIAL POSITION (Unaudited)
CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
As of December 31, 2021
ASSETS
Current Assets
Cash Operating Account
Lockbox Account
Investment Account
A/R Customers
A/R NEMS
A/R Miscellaneous
Prepaid Expense
Total Current Assets
Noncurrent Assets
Deposits
CCA Bond
CAISO Deposit
Collateral Deposits
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Liabilities
Electric Energy Surcharge
Total Current Liabilities
Noncurrent Liabilities
Due to Member Agencies
Due to City of Carlsbad
Due to City of Del Mar
Due to City of Solana Beach
Total Due to Member Agencies
JPMorgan Revolving Credit Agreement
Total Noncurrent Liabilities
Total Liabilities
NET POSITION
Unrestricted (deficit)
Total Net Position
$
January 27, 2022
CEA Treasurer's Report
Page 2 of 8
997,747.52
484,494.00
1,750,670.94
5,284,272.29
2,423,322.20
148,000.00
351,479.17
11,439,986.12
147,000.00
500,000.00
1,117,000.00
1,764,000.00
13,203,986.12
10,182,651.30
54,468.33
49,213.10
10,286,332.73
186,571.79
151,892.97
165,552.69
504,017.45
5,750,000.00
6,254,017.45
16,540,350.18
(3,336,364.06)
$ (3,336,364.06)
January 27, 2022
CEA Treasurer's Report
Page 3 of 8
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (Unaudited)
CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
For the six months ended December 31, 2021
Operating Revenues
Operating Expenses
Power Supply
Data Manager
Staffing/Consultants
Legal Services
Professional Services
Audit Services
Software & licenses
Membership Dues
Print/Mail Services
Bank Fees
Miscellaneous
Total Operating Expenses
Operating Income (Loss)
Non-Operating Revenues (Expenses)
Interest Revenue
Interest Expense
Total Non-Operating Revenue (Expenses)
Change in Net Position
Net Position at beginning of period
Net Position at end of period
BUDGET TO ACTUALS COMPARISON SCHEDULE
$ 34,918,824.07
$ 34,356,292.81
420,592.00
76,402.50
111,107.38
353,214.42
8,240.00
6,587.00
58,645.50
42,693.02
1,384.38
2,759.74
35,437,918.75
(519,094.68)
670.94
(110,528.15)
(109,8S7.21)
(628,951.89)
(2,707,412.17)
$ (3,336,364.06)
At its June 24, 2021, board meeting, the CEA Board adopted the Fiscal Year (FY) 2021/22 budget
approving $51,547,500 in total operating expenses and uses of funds. Through December 2021,
$3S,912, 775.96 has been expended, leaving $15,634,724.04.
At its January 21, 2021 board meeting, the CEA Board approved a Credit Agreement with
JPMorgan for $6MM to provide start-up funding for cash flow needs and a line of credit should
the need arise. Drawdowns through June 30, 2021, equaled $5MM. A drawdown was made on
July 12, 2021, in the amount of $250,000 and on September 9, 2021, in the amount of $500,000
for a total borrowing of $5,750,000.
The Budget to Actuals Comparison Schedule is shown on the next page.
January 27, 2022
CEA Treasurer's Report
Page 4 of8
CLEAN ENERGY ALLIANCE
BUDGET TO ACTUALS COMPARISON SCHEDULE
For the six months ended December 31, 2021
Operating Revenues
Energy Sales
Miscellaneous Income
Total Operating Revenue
Operating Expenses
Power Supply
Data Manager
Staffing/Consultants
Legal Services
Professional Services
Technical
Schedule Coordinator
Marketing
SDG E Service Fees
Other Professional Services
Audit Services
Software & Licenses
Membership Dues
Print/Mail Services
Advertising
Insurance
Bank Fees
Miscellaneous
Total Operating Expenses
Operating Income (Loss)
Non-Operating Revenue (Expenses)
Interest Revenue
Interest Expense
Total Non-Operating Revenue (Expenses)
Other Sources and (Uses}
Sources
JPMorgan Credit Agreement
Uses
Collateral Deposits-SDG&E
Total Sources (Uses)
Net Increase (Decrease) in Available Fund
$
ADOPTED
BUDGET ACTUALS VARIANCE
53,573,000.00 $34,908,118.57 $ 18,664,881.43
10,705.50 (10,705.50)
53,573,000.00 34,918,824.07
48,700,000.00 34,356,292.81
811,000.00 420,592.00
235,700.00 76,402.50
510,000.00 111,107.38
283,200.00 154,807.50
155,400.00 70,200.00
115,000.00 47,479.48
270,000.00 79,852.44
25,000.00 875.00
848,600.00 353,214.42
25,000.00 8,240.00
9,100.00 6,587.00
116,000.00 58,645.50
43,100.00 42,693.02
15,000.00
18,654,175.93
14,343,707.19
390,408.00
159,297.50
398,892.62
128,392.50
85,200.00
67,520.52
190,147.56
24,125.00
495,385.58
16,760.00
2,513.00
57,354.50
406.98
15,000.00
7,000.00 7,000.00
2,000.00 1,384.38 615.62
2,759.74 (2,759.74)
51,322,500.00 35,437,918.75 15,884,581.25
2,250,500.00 (519,094.68) 2,769,594.68
(225,000.00)
(225,000.00)
670.94
(110,528.15)
(109,857.21)
750,000.00
(385,000.00)
365,000.00
(670.94)
(114,471.85)
(115,142.79)
(750,000.00)
385,000.00
(365,000.00)
Balance $ 2,025,SOO.OO $ (263,951.89) $ 2,289,451.89
Total Operating and Non-Operating
Expenses and Uses of Funds $ 51,547,500.00 $35,912,775.96 $ 15,634,724.04
January 27, 2022
CEA Treasurer's Report
Page 5 of 8
BUDGET RECONCILIATION TO STATEMENT OF REVENUES. EXPENSES AND CHANGES IN NET
POSITION
CLEAN ENERGY ALLIANCE
BUDGET RECONCILIATION TO STATEMENT OF
REVENUES, EXPENSES, AND CHANGES IN NET POSITION
For the six months ended December 31, 2021
Net Increase (Decrease) In Available Fund Balance
per Budgetary Comparison Schedule
Adjustments needed to reconcile to the changes
in Net Position in the Statement of Revenues,
Expenses, and Changes in Net Position
$ (263,951.89)
Subtract Advances-JPMorgan Revolving Credit Agreement
Add back:
Collateral Deposits-SDG&E
Change in Net Position
LIST OF PAYMENTS ISSUED
(750,000.00)
385,000.00
$ (628,951.89)
The reports on the following pages provide the detail of payments issued by CEA for the months
of October 2021 through December 2021. All payments were within approved budget.
Date
10/04/21
10/12/21
10/18/21
10/18/21
10/18/21
10/20/21
10/20/21
10/20/21
10/20/21
10/2S/21
10/25/21
10/26/21
10/27/21
10/28/21
10/28/21
10/28/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/29/21
10/25/2021
10/25/2021
10/25/2021
January 27, 2022
CEA Treasurer's Report
Page 6 of 8
Clean Energy Alliance
List of Payments Issued October 2021
Via Vendor Description
Wire The Energy Authority (TEA) 09/10/21-09/16/21
Wire The Energy Authority (TEA) 09/17/21-09/23/21
Wire The Energy Authority (TEA) 09/24/21-09/30/21
RCBBillPaySDG&E For Services Rendered under Sch CCA-June 2021
RCBBillPaySDG&E For Services Rendered under Sch CCA-May 2021
Wire Direct Energy Sept 2021 PWR-CAP
Wire SDG&E Sept 2021 RA Sales
RCBBillPaySDG&E For Services Rendered under Sch CCA-July 2021
ACH USPS 10/20/21 Mailing
Wire Powerex PCCl Installment 2 of 3 & CF PCC2 Installment S of 6
Wire The Energy Authority (TEA) 10/01/21-10/07/21
Checks CEA Customers NEM Term Cash Out-July 2021
ACH USPS 10/26/21 Mailing
Checks CEA Customers NEM Term Cash Out-Aug 2021
ACH California Dept Tax & Fee Ad min Q3 093021
Checks CEA Customers NEM Term Cash Out-Sept 2021
ACH Braun Blaising Smith Wynne Aug 2021 Legal
ACH Tosdal APC Sept 2021 Regulatory Counsel Svcs
ACH Tripepi, Smith & Associates, Inc. Oct 2021 Retainer
ACH Keyes & Fox LLP Sept 2021 ERRA Forecast Counsel Services
ACH Bayshore Consulting Group, Inc Sept 2021 CEO/Clerk Services
ACH The Energy Authority (TEA) Oct 2021 Scheduling Coordinator & CRR Management Services
ACH Richards, Watson & Gershon Aug 2021 General Counsel Svcs
ACH Hall Energy Law PC Sept 2021 Energy Procurement Counsel Svcs
ACH Pacific Energy Advisors, Inc Sept 2021 Technical Consulting Svcs
ACH CalCCA Q2 FY 21-22
ACH Calpine Sept 2021 Services -69,939 meters @ $1.00
ACH Neyenesch Printers Invoices through 10/27/21
Total October Payments-Operating Account
Wire Morgan Stanley Capital Group, Inc. August 2021 Power Sale
Wire Shell Oil North America August 2021 Power Sale
Wire Direct Energy Aug 2021 PWR-PHYS {Custom Product)
Total October Payments-Lockbox Account
Amount
$ 289,856.54
86,088.73
38,924.30
16,337.04
781.20
254,500.00
623,733.00
19,770.67
199.93
206,791.67
342,157.22
3,828.54
188.71
1,082.15
56,423.00
2,214.73
567.09
7,880.00
7,891.58
8,582.75
9,293.75
11,700.00
938.00
3,927.00
23,600.00
30,246.00
69,939.00
4,097.25
$2,121,539.85
641,146.54
1,833,823.72
2,270,636.52
$4,745,606.78
Date Via
11/01/21 Wire
11/01/21 ACH
Clean Energy Alliance
List of Payments Issued November 2021
Vendor Description
The Energy Authority (TEA) Jan 2022 Capacity Purchases
The Energy Authority {TEA) 10/08/21-10/14/21
January 27, 2022
CEA Treasurer's Report
Page 7 of8
Amount
$ 69,000.00
374,578.73
11/01/21 RCBBillPaySDG&E For Services Rendered under Sch CCA-Aug 2021 15,655.66
11/02/21 Wire
11/08/21 Wire
11/08/21 ACH
11/08/21 ACH
11/08/21 ACH
11/12/21 ACH
11/15/21 Wire
11/22/21 Wire
11/22/21 ACH
11/22/21 Wire
11/22/21 Wire
11/26/21 ACH
11/29/21 Wire
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/29/21 ACH
11/23/2021 Wire
11/23/2021 Wire
11/23/2021 Wire
11/23/2021 Wire
JPMorgan Interest payments due -3 months
The Energy Authority (TEA) 10/15/21-10/21/21
OneStream Networks, LLC Oct 2021 Telephone
Marie Marron Berkuti May and June Treasurer Services
Tripepi, Smith & Associates, Inc. Sept 2021 Retainer
USPS 11/09/21 Mailing
The Energy Authority (TEA) 10/22/21-10/28/21
The Energy Authority (TEA) 10/29/21-11/04/21
Direct Energy Oct 2021 PWR-CAP
SDG&E Oct 2021 RA Sales
Powerex PCCl Installment 3 of 3 & CF PCC2 Installment 6 of 6
USPS 11/26/21 Mailing
The Energy Authority (TEA) 11/05/21-11/11/21
Richards, Watson & Gershon Sept 2021 General Counsel Svcs
Keyes & Fox LLP Oct 2021 ERRA Forecast Counsel Services
Richards, Watson & Gershon Oct 2021 General Counsel Svcs
Hall Energy Law PC Oct 2021 Energy Procurement Counsel Svcs
Tripepi, Smith & Associates, Inc. Nov 2021 Retainer
TosdalAPC Oct 2021 Regulatory Counsel Svcs
The Energy Authority (TEA) Sept 2021 Scheduling Coordinator & CRR Management Services
Pacific Energy Advisors, Inc Oct 2021 Technical Consulting Svcs
Calpine Oct 2021 Services -69,874 meters@ $1.00
Bayshore Consulting Group, Inc Oct 2021 Services
Total November Payments-Operating Account
Exelon Generation Company,LLC Sept 2021 PWR-PHYS
Morgan Stanley Capital Group, Inc. Sept 2021 Power Sale
Shell Oil North America Sept 2021 Power Sale
Direct Energy Sept 2021 PWR-PHYS
Total November Payments-Lockbox Account
54,677.81
290,640.08
209.77
7,009.17
7,891.58
209.09
251,947.05
151,883.71
179,500.00
688,789.00
206,791.67
186.81
221,598.63
3,015.00
4,776.40
1,141.03
2,921.00
7,891.58
8,380.50
11,700.00
30,425.00
69,874.00
7,895.68
$2,668,588.95
299,006.28
470,153.31
1,796,875.90
2,073,714.75
$2,566,035.49
Date Via
12/01/21 Wire
12/01/21 Wire
12/06/21 Wire
12/08/21 ACH
12/13/21 ACH
12/13/21 ACH
12/13/21 ACH
12/15/21 Checks
12/20/21 Wire
12/20/21 ACH
12/20/21 ACH
12/23/21 ACH
12/27/21 Wire
12/27/21 Wire
12/27 /21 Wire
12/27/21 Wire
12/27/21 ACH
12/27/21 ACH
12/27/21 ACH
12/27/21 ACH
12/27/21 ACH
12/27/21 ACH
12/27/21 ACH
12/27/21 ACH
12/28/21 Wire
12/30/21 Checks
12/23/21 Wire
12/23/21 Wire
12/23/21 ACH
FISCAL IMPACT
Clean Energy Alliance
January 27, 2022
CEA Treasurer's Report
Page 8 of 8
list of Payments Issued December 2021
Vendor Description Amount
The Energy Authority (TEA) Feb 2022 Capacity Purchases $ 46,500.00
Pacific Gas & Electric Performance Assurance--CEA RPS Energy Sale (PG&E Log No. 3~ 147,000.00
The Energy Authority (TEA) 11/12/21-11/16/21 195,371.09
USPS 12/08/21 Mailing 128.69
The Energy Authority (TEA) 11/17/21-11/23/21 145,724.15
OneStream Networks, LLC Nov 2021 Telephone 182.25
Tripepi, Smith & Associates, Inc. CTCT Account Upgrade 3,383.00
CEA Customers NEM Term Cash Out-Oct 2021 2,436.78
Direct Energy Nov 2021 PWR-CAP 179,500.00
The Energy Authority (TEA) 11/24/21-12/02/21 180,260.01
S0G&E Nov 2021 RA Sales 688,719.00
USPS 12/21/21 Mailing 221.18
JPMorgan Q2 92 days $250,000 2.150000% (unutilized) 1,373.61
Powerex PCCl Installment 1 of 12 (2022) & CF Installment 1 of 6/ PCC2 In 144,479.17
The Energy Authority (TEA) 12/03/21-12/09/21 319,373.12
Tripepi, Smith & Associates, Inc. Dec 2021 Retainer 9,187.58
Hall Energy law PC Nov 2021 Energy Procurement Counsel Svcs 254.00
Neyenesch Printers Invoices through 12/24/21 844.11
Keyes & Fox LLP Nov 2021 ERRA Forecast Counsel Services 5,391.25
The Energy Authority (TEA) Nov 2021 Scheduling Coordinator & CRR Management Services 11,700.00
Pacific Energy Advisors, Inc Nov 2021 Technical Consulting Svcs 26,347.50
Calpine Nov 2021 Services -69,808 meters@ $1.00 69,808.00
Tosdal APC Nov 2021 Regulatory Counsel Svcs 5,842.50
Bayshore Consulting Group, Inc Nov 2021 CEO Services 10,478.75
SEMPRA Cash Collateral Deposits-Cash Collateral Deposits-CEA/Sempra V 385,000.00
CEA Customers NEM Term Cash Out-Nov 2021 1,469.64
Total December Payments-Operating Account $2,668,588.95
Shell Oil North America Oct 2021 Power Sale 1,246, 703.02
Exelon Generation Company,LLC Oct 2021 PWR-PHYS 1,261,896.02
Morgan Stanley Capital Group, Inc. Oct 2021 Power Sale 430.102.14
Total December Payments-lockbox Account $2,938,701.18
There is no fiscal impact associated with these items.