REPORT TO COUNCIL
SUBJECT
Title
Action on a Resolution Approving an Electric Revenue Bond Issuance Estimated at $130 Million Plus a 10% Contingency for a Total Amount not to Exceed $143 Million to Finance Capital Costs of the Electric System, Authorizing the Execution and Delivery of Related Documents, and Other Related Actions; and Approval of Related Budget Amendment
Report
COUNCIL PILLAR
Deliver and Enhance High Quality Efficient Services and Infrastructure
BACKGROUND
The City of Santa Clara's Electric Utility, Silicon Valley Power (SVP), has provided reliable electric service for over 128 years and is experiencing significant continued growth. SVP has developed a City Council approved Capital Improvement Strategy to address near-term and long-term impacts from potential load growth and aged infrastructure to maintain system reliability. In 2021, SVP recorded a peak load of nearly 600 Megawatt (MW) and delivered approximately 4,100 Gigawatt-hours (GWh) to customers. In 2022, SVP's recorded peak load increased to 702 MW, and energy delivery rose to 4,550 GWh. This represents an approximate 10% increase in energy delivery and represents the largest year-over-year growth in the last 30 years. In July 2024, SVP recorded a new peak load of 705 MW and continues to see increased energy consumption averaging 6% over the last three years since 2021 and delivered nearly 4,590 GWh of energy in 2023.
On September 28, 2021, City Council accepted SVP's Three-Year System Growth Strategy Plan (RTC #21-871). The Three-Year System Growth Strategy Plan identified $300 million of proposed projects to install new facilities and replace aged infrastructure with higher capacity infrastructure where needed. On November 15, 2022, City Council accepted SVP's System Expansion Plan report for the California Independent System Operator's Transmission Planning Process FY2023/24 (RTC #22-1172). This report included a comprehensive list with $200 million of proposed projects for S...
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