HomeMy WebLinkAbout2022-05-26; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's Report for March 2022 Transactions~
CLEAN ENERGY ALLIANCE
Staff Report
DATE: May 26, 2022
TO: Clea n Energy Alliance Board of Directors
FROM: Marie Marron Berkuti, Interim Treasurer
ITEM 2: Clean Energy Alliance Treasurer's Report for March 2022 Transactions
RECOMMENDATION
Receive and File Clean Energy Alliance (CEA) Interim Treasurer's Report for March 2022 and List
of Payments for February 2022.
BACKGROUND AND DISCUSSION
This report provides the Board with the following financial information through February 28,
2022, and March 31, 2022:
• Statement of Financial Position (Unaudited) -Reports assets, liabilities, and financial
position of the CEA as of February 28, 2022, and March 31, 2022.
• Statement of Revenues, Expenses and Changes in Net Position (Unaudited) for the
nine months ended March 31, 2022.
• Budget to Actuals Comparison Schedule (Unaudited) -Reports actual revenues and
expenditures compared to the annual adopted budget as of March 31, 2022.
• Budget Reconciliation to Statement of Revenues, Expenses and Changes in Net
Position
• List of Payments Issued -Reports payments issued for February and March 2022.
As of March 31, 2022, liabilities represent invoices and estimated accruals for energy and services
received but not yet paid. The noncurrent liabilities relate to debt with JPMorgan as well as
amounts due to the member cities of Carlsbad, Del Mar and Solana Beach. CEA is currently
making interest only payments on the debt from JPMorgan. The amounts due to the member
agency were 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.
CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
As of March 31, 2022
CWTent assets
Cash and cash equivalents
Accounts receivable, net
Accrued revenue
Other receivables
Prepaid expenses
Deposits
Total cWTent assets
N oncWTent assets
Restricted cash
Deposits
Total noncWTent assets
Total assets
Current liabilities
Accrued cost of energy
Accounts payable
Other accrued liabilities
Interest payable
Total cWTent liabilities
N oncurrent liabilities
Due to member agencies
Bank note payable
Total noncWTent liabilities
Total liabilities
Unrestricted ( deficit)
Total net position
ASSETS
LIABILITIES
NET POSITION
May 26, 2022
CEA Treasurer's Report
Page 2 of 8
$ 1,612,947
7,482,619
1,856,507
108,254
330,479
500,000
11 ,890,806
227,000
877,000
1,104,000
12,994,806
7,964,092
145,046
100,531
55,314
8,264,983
504,017
10,650,000
11 ,154,017
19,419,000
(6,424,194)
$ (6,424,194)
These financial statements have not been subjected to an audit or review or compilation
engagement, and no assurance is provided on them
May 26, 2022
CEA Treasurer's Report
Page 3 of 8
CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
Nine Months ended March 31, 2022
OPERATING REVENUES
Electricity sales, net
Miscellaneous income
Total operating revenues
OPERATING EXPENSES
Cost of electricity
Contract services
General and administration
Total operating expenses
Operating income (loss)
NON OPERATING REVENUES (EXPENSES)
Interest income
Interest expense
N onoperating revenues (expenses), net
CHANGE IN NET POSITION
Net position at beginning of period
Net position at end of period
$ 43,291,485
10,706
43,302,191
45,095,629
1,613,748
107,675
46,817,052
(3,514,861)
14,898
{216,8172
(201 ,919)
(3 ,716,780)
{2,707,4142
$ (6,424,194)
These financial statements have not been subjected to an audit or review or compilation
engagement, and no assurance is provided on them
BUDGET TO ACTUALS COMPARISON SCHEDULE
May 26, 2022
CEA Treasurer's Report
Page 4 of 8
At its February 24, 2022, board meeting, the CEA Board amended the Fiscal Year (FY) 2021/22
budget approving $61,055,025 in total operating expenses and uses of funds. For the year-to-
date through March 31, 2022, $47,033,869 has been expended, leaving $14,021,156.
At its January 27, 2022, board meeting, the CEA Board approved a Credit Agreement Amendment
with JPMorgan increasing the available line of credit to $1SMM. Drawdowns through March 31,
2022, total $10,500,000, leaving $4,500,000 available.
The Budget to Actuals Comparison Schedules as of March 31, 2022, is shown on the next page.
May 26, 2022
CEA Treasurer's Report
Page5of8
CLEAN ENERGY ALLIANCE
BUDGET TO ACTUALS COMPARISON SCHEDULE
Nine Months ended March 31, 2022
Operating Revenues
Energy Sales
Total Operating Revenue
Operating Expenses
Power Supply
Data Manager
Staffing/Consultants
Legal Services
Professional Services
Audit Services
Software & Licenses
Membership Dues
Print/Mail Services
Advertising
Insurance
Bank Fees
Telephone
Total Operating Expenses
Operating Income (Loss)
Non-Operating Expenses
Miscellaneous lncome
Interest Income
Lnterest Expense
Total Non-Operating Expenses
Other Sources and Uses
Sources
JPMorgan Credit Agreement
Total Uses
Total Sources
Net Increase (Decrease) in Available
Fund Balance
ANNUAL
AMENDED ACTUAL YEAR-BUDGET
BUDGET TO-DATE VARIAN CE
$ 57,282,755 $ 43,291,485 $ 13,991,270
$
57,282,755
58,222,525
840,000
235,700
375,000
883,600
41 ,000
9,100
121,000
48,100
15,000
32,000
2,000
5,000
60,830,025
(3,547,270)
(225,000)
(225,000)
6,000,000
6,000,000
2,227,730 $
43,291,485
45,095,629
630,734
130,523
228,885
568,621
8,240
7,479
90,453
46,748
5,619
1,434
2,687
46,817,052
(3,525,567)
I 0,706
14,898
(216,817)
(191,213)
5,650,000
5,650,000
1,933,220 $
13,991,270
13,126,896
209,266
105,177
146,115
314,979
32,760
1,62 l
30,547
1,352
15,000
26,381
566
2,313
14,327,952
(336,682)
(l 0,706)
(14,898)
(8,183)
(33,787)
350,000
350,000
(20,469)
These financial statements have not been subjected to an audit or review or compilation engagement, and
no assurance is provided on them
CLEAN ENERGY ALLIANCE
May 26, 2022
CEA Treasurer's Report
Page 6 of 8
BUDGET RECONCILIATION TO STATEMENT OF
REVENUES, EXPENSES, AND CHANGES IN NET POSffiON
For the Nine Months ended March 31, 2022
Net Increase (Decrease) in Available Fund Balance
per Budgetary Comparison Schedule
Adjustments needed to reconcile to the changes
in Net Position in the Statement ofRevenues,
Expenses, and Changes in Net Position
Subtract Advances-JPMorgan Revolving Credit Agreement
Change in Net Position
$ 1,933,220
(5 ,650,000)
$ (3,716,780)
These financial statements have not been subjected to an audit or review or compilation
engagement, and no assurance is provided on them.
LIST OF PAYMENTS ISSUED
May 26, 2022
CEA Treasurer's Report
Page 7 of 8
The report on the following page provides the detail of payments issued by CEA for February
2022. All payments were within approved budget.
PAYMENTS ISSUED DURlNG FEBRUARY2022
Date Num Vendor Descrietion Amount
02/25/2022 ACH Richards, Watson & Gershon Nov 202 1 General Counsel Svcs 7,184.75
02/07/2022 Wire lHE ENERGY AUTHORITY 0I/13/22-01/20/22 210,179.56
02/14/2022 Wire THE ENERGY AUTHORITY 01/2 1/22-0 I /27/22 212,202.72
02/25/2022 ACH Equus Energy Group, LLC RA A vangrid broker fee 451.72
02/25/2022 AC H Calpine Energy Solutions Jan 2022 Services 69,994.00
02/25/2022 ACH Hall Energy Law PC Jan 2022 Energy Procurement Counsel Svcs 762.00
02/25/2022 AC H Keyes & Fox LLP Jan 2022 ERRA Forecast Counsel Services 670.00
02/25/2022 Wire THE ENERGY AUTHORJTY Jan 2022 Scheduling Coordinator & CRR 11,700.00
02/25/2022 ACH N eyenesch Printers 340 CEA New Move Letter Mailing 612.02
02/25/2022 ACH Bayshore Consulting Group, Inc Jan 2022 CEO Services 15,723.65
02/25/2022 ACH Richards, Watson & Gershon Dec 2021 General Counsel Svcs 37,226.27
02/25/2022 ACH Hall Energy Law PC Dec 202 1 Energy Procurement Counsel Svcs 1,397.00
02/25/2022 ACH Pacific Energy Advisors, Inc Jan 2022 Technical Consulting Svcs 28,488.75
02/25/2022 AC H OneStream Networks, LLC Jan 2022 Telephone 695.92
02/07/2022 Wire JPMorgan February 2022 -Interest Payments 52,490.31
02/03/2022 AC H USPS February 2022 -Postage Payment 125.35
02/22/2022 Wire Powerex March 2022 -Energy Prepayment 144,479.17
02/22/2022 Wire Direct Energy January 2022 -Capacity Purchas 177,500.00
02/22/2022 Wire lHE ENERGY AUTHORJTY February 2022 -CAlSO Weekly Statement 261,324.32
02/22/2022 Wire SEMPRA January 2022 -Capacity Purchase 274,400.00
02/25/2022 Wire TosdalAPC January 2022 -Regulatory Services 9,701.00
02/23/2022 ACH USPS February 2022 -Postage Payment 174.92
02/28/2022 Wire THE ENERGY AUTHORJTY February 2022 -CAJSO Weekly Statement 160,012.42
02/22/2022 Wire EDF TRADING NORlH AMERICA January 2022 -Capacity Purchase 208,500.00
02/23/2022 Wire Exelon Generation Company,LLC December 2021 -Power Purchase 1,437,543.91
02/22/2022 Wire SDG&E January 2022 -.RA Purchases 76,012.00
Total for Cash Operating Account $3,399,551.76
02/23/2022 Wire Shell Energy North America December 2021 -Energy purchase 1,152,705.00
02/23/2022 Wire Morgan Stanley Capital Group, Inc. November -December 2021 Energy 1,85 1,156.02
02/23/2022 Wire Morgan Stan.ley Capital Group, Inc. Renewable Energy Certificate purchase 725,623.50
Total for Cash Lockbox Account $ 3,729,484.52
LIST OF PAYMENTS ISSUED
May 26, 2022
CEA Treasurer's Report
Page 8 of 8
The report on the following page provides the detail of payments issued by CEA for March 2022.
All payments were within approved budget.
Date Num Vendor Descri~tion Amount
03/01/2022 Wire JPMorgan Interest Payments 1,399.22
03/01/2022 Wire THE ENERGY AUTHORITY Apr 2022 Capacity Purchases 69,000.00
03/02/2022 Wire POWEREX March 2022 -PCC I 144,479.17
03/07/2022 Wire JPMorgan Interest Payments 17,236.25
03/07/2022 Wire THE ENERGY AUTI-IORITY March 2022 -CAISO Weekly Statement 170,344.68
03/08/2022 Wire USPS March 2022 -Postage Payment 81.11
03/09/2022 Wire SDG&E December 2021 -SDG&E Services fees 14,522.56
03/09/2022 Wire USPS March 2022 -Postage Payment 104.76
03/14/2022 Wire THE ENERGY AUTHORITY March 2022 -CAJSO Weekly Statement 74,910.48
03/21/2022 Wire JPMorgan JP Morgan -lnterest Payments 7,733.33
03/21/2022 Wire THE ENERGY AUTHORITY March 2022 -CAI SO Weekly Statement 96,397.30
03/2 1/2022 Wire Direct Energy February 2022 -Capacity SW AP 165,500.00
03/21/2022 Wire EDF TRADING NORTH AMERICA February 2022 -Capacity Purchase 208,500.00
03/2 1/2022 Wire SEMPRA February 2022 -Capacity Purchase 274,400.00
03/21/2022 Wire Powerex April 2022 -PCC I 144,479.17
03/2 1/2022 Wire SDG&E February 2022 -RA Purchases 75,992.00
03/28/2022 Check NEM Payouts NEM Payouts 2,333.32
03/28/2022 Wire THE ENERGY AUTI-IORITY March 2022 -CAJSO Weekly Statement 142,486.38
03/29/2022 Wire USPS March 2022 -Postage Payment 185.87
03/29/2022 ACH Braun Blai5ing Smith Wynne January & February 2022 -Professional Services 3,376.93
03/29/2022 ACH N eyenesch Printers Mar 2022 -New Move Letter and Notice #4 1,935.67
03/29/2022 ACH Tripep~ Smith & Associates, Inc. February & March 2022 -Marketing 16,064.84
03/29/2022 ACH Bayshore Consulting Group, Inc Feb 2022 -CEO and Clerk Services 10,755.00
03/29/2022 ACH Calpine Energy Solutions February 2022 Services 70,039.00
03/29/2022 ACH Granicus, LLC Mar 2022 -2023 -DisclosureDocs Subscription 426.94
03/29/2022 ACH Hall Energy Law PC February 2022 -Energy Procurement Counsel 2,286.00
03/29/2022 ACH Keyes & Fox LLP Feb 2022 -Professional Services 2,879.75
03/29/2022 ACH THE ENERGY AUTHORITY February 2022 -Scheduling Fees 11,700.00
03/29/2022 ACH TosdalAPC February 2022 -Regulatory Services 10,394.00
03/29/2022 ACH Pacific Energy Advisors, Inc Feb 2022 -Technical Consulting and E>..-pansion 30,465.00
03/30/2022 Check SDG&E January & February 2022 -SDG&E Services 29,302.54
Total for Operating Account $1,799,711.27
03/23/2022 Wire Exelon Generation Company,LLC January 2022 -Power Purchase 1,639,590.49
03/23/2022 Wire Morgan Stanley Capital Group, Inc. February 2022 -Energy purchase 1,210,429.99
03/23/2022 Wire Shell Energy North America January 2022 -Energy purchase 499,943.60
Total forLockbox Account $ 3,349,964.08
FISCAL IMPACT
There is no fisca l impact associated with these items.