Peninsula Clean Energy Receives Upgraded A3 Credit Rating from Moody’s
Further validates successful resilient and clean power model
REDWOOD CITY, CA – December 12, 2024 – Peninsula Clean Energy’s (PCE) credit rating was upgraded by
Moody’s Ratings (Moody’s) to A3 from Baa1, further validating the
Community Choice Aggregation (CCA) and PCE’s business model focused on
providing affordable, reliable and cleaner power generation.
The
upgraded rating “incorporates the strengths” of PCE’s service territory
and that of the broader CCA industry, including low customer opt-out
rates. It also reflects PCE’s strong financial profile, diverse mix of
electric power generation sources and increased commercial power load,
including the addition of approximately 60 gigawatt hours amid Caltrain’s historic electrification effort.
“This
credit upgrade further demonstrates that providing affordable, reliable
and clean power generation works, not just in improving the quality of
life for our customers but also as a strong business model that
communities can benefit from,” Peninsula Clean Energy CEO Shawn Marshall said.
The
benefits of higher credit ratings include the potential for PCE to
negotiate lower energy prices and improved credit terms for future
power purchasing needs, which subsequently lowers electricity
generation rates for customers. 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, X, Facebook and LinkedIn.
Media Contact
Darren Goode
Peninsula Clean Energy
202-550-6619
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