DAVIS, Calif. (November 13, 2020) — Valley Clean Energy (VCE), Yolo County’s local public electric generation service provider, continues to make significant fiscal strides just 2½ years after its founding. In October, VCE made its final installment payment to the Sacramento Municipal Utility District (SMUD), for their assistance with operating services during VCE’s launch in 2018. The $1.5 million dollars in deferred charges and interest were paid off on schedule and continue to demonstrate VCE’s financial discipline while still offering clean electricity at competitive rates.
“It is with tremendous pride that our Board announces the repayment of SMUD’s deferred fees,” said Don Saylor, Chair of VCE’s Board of Directors. “SMUD continues to assist us in our business operations and we are grateful for their partnership. Paying off these charges on time is a testament to VCE’s fiscal stability and to the wise decisions made by the VCE Board in the best interest of our customers.”
“SMUD is proud of our partnership with VCE, and we believe that partnership can continue to bring benefits to VCE’s and SMUD’s customers for many years to come,” added Tracy Carlson, Director of Customer Services and Operations for SMUD. “We congratulate VCE on meeting this financial milestone.”
The SMUD payback is the second major financial commitment met by VCE during its start-up. VCE began its operations in 2018 with a $1.5 million dollar seed loan from its three founding jurisdictions: Woodland, Davis and Yolo County. These loans, with interest, were paid back in October 2019 — years ahead of schedule — Saylor added.
About VCE: Valley Clean Energy is a not-for-profit public agency formed to provide electrical generation service to customers in Woodland, Davis, Winters and the unincorporated areas of Yolo County. Its mission is to source cost-competitive clean electricity while providing product choice, price stability, energy efficiency, greenhouse gas emission reductions and reinvestment in the communities it serves. For more information about VCE, visit valleycleanenergy.org or call 855-699-8232.