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If the City Council adopts Option 3, the estimated increase in annual cost for residential accounts is $5.00 per month or $60.00 per year per account. Commercial accounts will also experience an increase. Due to the variety of commercial accounts the estimated increase was calculated for the commercial sector as a whole, which is estimated to be $2.7 million per year. BACKGROUND EBCE formed in 2016 as a joint powers authority to provide cleaner, greener energy at lower rates to customers throughout Alameda County. EBCE purchases electricity and works with PG&E, who delivers the power, maintains the grid and bills customer accounts. EBCE customer accounts are still entitled to PG&E's special pricing, efficiency programs, and rebates. EBCE began services to municipal and industrial/commercial customer accounts in June 2018 and to residential customer accounts in November 2018. When EBCE launched in 2018, three electricity products were offered: • Bright Choice —which provides 38 percent renewable energy with 85 percent carbon free' energy at 1.5 percent lower rates than PG&E2. • Brilliant 100 —which provides 40 percent renewable energy with 100 percent carbon free energy (60 percent being large hydro power) at rates equal to PG&E. • Renewable 100 —which provides 100 percent renewable energy with 100 percent carbon free energy at rates one penny per kWh more than PG&E. EBCE also created the Local Development Business Plan program which allocates approximately $6.5 million per year to local development initiatives such as funding for solar + storage projects and electric vehicle charging infrastructure development (CALeVIP). The CALeVIP project is a multi-year development program in which the California Energy Commission is matching EBCE's investment amount. This program could be a great resource for the City toward implementing CAP 2.0 actions. To ensure fiscal stability, the EBCE Board adopted a financial reserve policy in 2018 establishing reserve fund targets along with minimum and maximum contribution limits, for the purposes of establishing supporting agency credit, finance necessary collateral postings, and to support the Local Development Business Plan funding. The fund balance currently stands at just over$90 million. Included in this reserve is an allocation for the Rate Stabilization fund with $4.2 million set aside to assist with smoothing rate increase impacts on its customers. 1 According to California's renewables portfolio standards, eligible renewable energy sources include biomass and biowaste, geothermal, eligible (small) hydroelectric, solar, and wind. All renewable energy is also carbon free energy. The two sources of carbon free energy that are not renewable are nuclear and large hydroelectric. 2 PG&E's 2018 power mix was 39% renewable, 13% large hydroelectric, 34% nuclear, and 15% natural gas. 2