 Good afternoon and welcome to today's energy seminar. I'm very excited to introduce our speaker today, Byron Vosberg from San Diego Clean Tower. He's incredibly well, given that he's only been out of Stanford for 10 years, incredibly well-qualified to do this, as I'll now summarize. He did a undergrad here in biological systems and a master's in earthen atmosphere and civil and environmental engineering. I know some of you are in that, many of you, I think, are in that program about 10 years ago, and then actually was a bandmate. I just discovered it with our own Sarah Weaver at that time, playing the first trombone, I think. He then went to PG&E, and from there, went to Marin Clean Tower, a community choice aggregator in Marin County, then went to, I had to look this up, the energy authority, and stood up, helped stand up their Clean Power Alliance, Clean Power Alliance programs, and then got offered a great job, which he hasn't actually showed up for, but works remotely on running the community choice aggregator called San Diego Clean Power. So I'm very excited. I did warn him that we have heard a little bit from previous speakers, particularly our regulators, about community choice aggregators, mostly good, but kind of the good and the bad, the ugly, so I've encouraged him to fight back and say what he doesn't like or like about regulation of energy systems in California. So without further ado, Brian Foster. Great, thank you. Thanks, y'all. Can you guys hear me okay? Is that good distance? This is new, I think, with the mask and the mic, but we'll give it a shot and see how this goes. Yeah, thanks for that introduction. Yeah, I will say this is a little surreal to be back. I think about 10, 12 years ago, I was there watching people present up here. So it's good to be back. Didn't necessarily think I'd be here, but here we are. And again, happy to share and share with you guys about CCA community choice aggregation in California. It sounds like you guys may have some introduction to this briefly, so I've got a few different sections of slides here to kind of go through as much as we want or as little as we want. If you guys wanna make it conversational, ask questions as we go, that's totally fine. It's way more fun to be in a discussion than just me talking at you for 45 minutes. So that sounds just fine. So with that, yeah, let's go ahead and jump in. So pretty simple here on the table of contents, what is CCA? Again, hopefully that's a pretty basic question, but we'll go over that again. Who is SDCP, San Diego Community Power? And then again, all the fun stuff at the end is just kind of energy fundamentals in California from kind of the CCA perspective. So what is CCA? Again, really high level. In 2000, we had an energy crisis here in California. As I think about it, that was like middle school for me, so I remember it's pretty, yeah. Anyway, I remember it growing up in California, I remember being here through the energy crisis kind of led to, again, I think Arnold Schwarzenegger became a governor, they were tied together. PG&E went bankrupt shortly thereafter, realized how many of you are actually born after 2000? Really? All right, that's moment one of me feeling like an old man. But okay, so anyway, so California, we had rolling blackouts last year, we had them again previously in 2000. So that was part of I guess what stemmed this or created this CCA movement. Was it in 2002 coming out of that there was, and I won't say it was really an afterthought, but there was a part of the energy legislation that said that communities can join together to procure power on behalf of their customers, kind of a carve out, but it wasn't really thought of much at that time, again, it was 2002 coming out of the energy crisis in 2000. 2011 then, of course, there was more legislation as well, but it really shows you there was eight or nine years with not a whole lot going on in community choice energy. You know, the three utilities, the IOUs, PG&E, Edison and San Diego Gas and Electric, kind of emerged from energy crisis and there was a lot of reorganization, a lot of new regulation in California from that, but nothing really on this side of CCA. We'll get to it the timeline here in a minute, but just in general, how CCA works, again, kind of envisioned at the time, but not really in 2002 when it was allowed, is that the CCA, again, Community Choice Aggregator, so I'll use CCA frequently, it's a whole lot easier, procures the electricity on behalf of customers or community, kind of joins with other communities, towns, counties in a local area, they go sign contracts or power and deliver it to customers. The delivery in the middle, and I realize this is really oversimplified, but again, it makes it nice and easy, delivery in the middle is still transmission and distribution, so that's still the IOU, the investor-owned utility, again, in Northern California, PG&E, so they're still delivering the energy on behalf of the customers, and then obviously, in this case, the CCA procures electricity, the IOU, whatever the utility delivers it and then the customer receives it, right? It's really the same, the only real change is on that left side, now it's CCA is procuring energy instead of the fully vertically integrated IOUs. The benefits, obviously, of CCA are that primarily local control, right? So you have, instead of decisions being made in boardrooms, being made by the IOUs, being regulated by the PUC, the Public Utilities Commission, you have boards of local elected officials who are responsive to their local communities making these decisions instead. So primarily, CCA is focused on climate impact, so increasing renewables, reducing greenhouse gas emissions, but also having local impacts in their local areas. Another key benefit here is competition, right? So just by virtue of introducing a second utility or load-serving entity in these places where you've had monopolies for decades, you get competition and you force the IOUs in some ways, you encourage them to be a little cheaper, be a little greener, provide better products as well. So not only does the CCA try to do its own thing and be more renewable, be responsive to its local communities, but also you introduce a little bit of competition. You increase green energy choices. CCAs typically have one, two, maybe three product offerings for their customers. We'll get a little bit more of that down the road, but again, just choice. Customers can stay with the IOU with the utility or join the CCA. And if they're in the CCA, then they have, again, usually two or three different product offerings. Community-based programs as well. So these decisions, as I said earlier, really are driven at the local level. So you can target your programs based on what your community is interested in. If you're really interested in energy efficiency or electric vehicles or all of the above, but you can target those programs in a way that meets your community, meets their needs, instead of just doing kind of this statewide or half of the statewide approach of the IOUs. You can focus economic development jobs in your local area as well, not just again, kind of statewide. And then another important aspect of this too is that you do have local and transparent decision-making. So all the decisions are made in public board meetings by people who are responsive to their local customers as well. And so if they have questions, everything's kind of done in public. And I think that really does just kind of help the overall process as well. So with a little bit of a history here, you can see on the right side just kind of the timeline of CCA formation. I mentioned that in 2002, it was kind of the legislation that allowed for CCA, but you don't really, you don't see it. The first CCA was Marine Clean Energy, formed in 2010. So again, it wasn't really like a, it wasn't a watershed or it wasn't really intentional at the time that they were gonna form this in 2002 and then everything would run from there. This really came from, like in Marin County, some folks of that were looking to figure out how they could reduce their emissions and said, hey, our energy supply is one of our biggest sources of emissions. How can we increase renewables, reduce carbon intensity and have a biggest impact? So from, again, this was kind of during the early to mid-2000s, Marine Clean Energy was busy doing that and then launched in 2010. You can see then, it moved from Marin up to Sonoma. Sonoma Queen Power launched in 2014 and it kind of was a slow growth at first, but really community choice has taken off. You can see from 2015, 16, 17, a few more here and there and then 2018 launch of, what is that, 12, 11, 12 new CCAs into 2020 and 2021. So the left side, again, on the map, you can see how many communities now are either serving low as CCAs or considering it. So really has become popular, has demonstrated, I guess, the benefits and the impact that CCA can have. Again, especially with increased renewables, reduced carbon emissions, really is a popular way for a lot of these local communities to meet their carbon targets as well. We'll see. Next slide, again, just to show in a different form here. This starts in 2016, I believe, yeah. You can see left to right, just this kind of enormous growth. Again, you don't really think about growth like this in industries that are usually electric utility, but large growth, again, from left to right, just in total load served by CCAs here in California. And the next one, just to look at PG&E, SoCal Edison and SDG&E over the last three years and this is a bit of a teaser because I'll get into San Diego in just a minute, but 2020, 2021, and 2022 left to right. You can see PG&E has kind of already had most of their load or most of their load that has departed, had kind of been steady over these last three years, about 50% of what was originally PG&E's load is now served by CCAs. SoCal Edison down south, most of Southern California except San Diego, is right there around 17, 20, 21%. San Diego Gas and Electric, you can see as of 2020 was at 0%, is 19% this year and next year will be 47-ish percent. Again, these numbers are moving a little bit, but that's where we come in. SDCP is a brand new organization founded in 2019, but we started serving load this year in March and so that's kind of what we see here as San Diego Clean Power, again, kind of a startup within the utility space. Something certainly didn't think I'd get to be part of a startup here in the utility space, but here we are. We're taking almost half of SDG's load over the first couple of years. I'll pause there. Are there any questions? Did I go over anything that was gloss over things too quickly? Anything you guys want to go in more depth or any questions that have come so far? That's a really good question. So the question, I think in case you guys can't hear for the live stream that I'm sure all my fans are doping too, is who pays for maintenance of lines? And so it's a really good question and I guess all of the rates are kind of broken out into generation rates or then transmission and distribution rates. And so the transmission distribution rates are the same and they get paid to the IOUs or the utilities. So PG&E, Edison, even for CCA customers still get paid for transmission distribution. There are a lot of other charges we'll spare you guys from for now, but there are larger public good kind of charges that everybody pays, but it's the generation rate that is the rate that CCAs pay. And if you're a CCA customer, you'll pay the CCA generation rate. If you're a utility customer, you'll pay theirs. But really good question. Yeah, in Edison, why is it so slow? It's a good question. I don't know that I have a great answer, but I think that there was one large CCA, again, Queen Power Alliance in Southern California Edison territory. I think they formed and they have 31 communities. So they've kind of been one CCA that kind of stood up and took most of that. I think from the competitive landscape, I think Edison is also a little tougher to compete against. PG&E has higher rates, and so it's a little easier for a CCA to compete. And I think in a lot of ways, some of the politics I'll say around PG&E have probably made it easier for folks to opt for a different option as well. So there's no perfect answer there or determining factor, but I think certainly PG&E has had a rough couple of decades. You've seen the wildfires, a couple of bankruptcies, and I think for politicians especially, they're probably a little more eager to find an alternative to PG&E than maybe so-called Edison. Any other questions? Okay. Well, we'll keep going. But just to show kind of the impact that CCAs have had, and again, this is really a new field in some ways, a new organization, but even in the few years that CCAs have been around, again, Marine Clean Energy's been around for about a decade, but most others are a few months to a few years old. Even in that time, CCAs have signed contracts for 10 gigawatts of new-build renewables and storage capacity in California. So that's for scale, the capacity of California. Peak load in California in summer days, maybe 50 gigs. So you build more to have a planning reserve margin, but that's a fifth of the capacity or their bounce of a peak day. And you can see in 2018, again, some of the data may be stale, sorry, but in 2018 alone, CCAs averaged 47% renewable energy compared to the IUs that were 35, and then from a total carbon-free perspective, which includes the renewable energy, but is incremental, so usually it's either hydro or nuclear as carbon-free, but not technically renewable. CCAs have been about 85% carbon-free, whereas the IUs are 59. So to show you the impact that the CCAs have had just over this period in, again, increasing renewables, increasing carbon-free deliveries, and reducing greenhouse gas emissions. And from 2011 to 2019, CCAs purchased twice as much energy as mandated by the RPS. So it's renewable portfolio standard, which again is increasing, which, again, California leading the way in the States in a lot of ways with the RPS that we've had here for over a decade now. But, excuse me, I just coughed into a mask, sorry, that was awkward. But we've had the RPS which really has paved the way and encouraged the IUs to be more renewable. The CCAs themselves have doubled that, right? So because there are intent on having local control, keeping rates competitive, if not cheaper, but also focused on the carbon impact and the climate impact, we've been able to do that here and kind of outpace the incumbent IUs. And then the, let's see, oh, so down below, yeah, so 64 CCAs communities have an option to default to 100% renewable energy, which wasn't really possible before then, right? Some of the IUs kind of did have 100% renewable programs for individual customers, but not for a community as a whole. So especially as a lot of the communities want to meet their climate targets, this is the climate action plans, right? This is really a way from to do that to elect renewable or carbon-free service. Excuse me, so beyond that, beyond just the energy production itself, you've got customized customer programs. So I touched on this a little bit earlier, but again, having local control, local decision-making allows CCAs to look at their local community and figure out what programs suit them best. How do they want to allocate their funds? How do they want to design their programs to really have the impacts that the meet their communities better than, again, kind of a broad brush that works for all of California? So these are, on the left you can see Queen Tower Alliance, on the right side, East Bay Community Energy. They have their local business development plans, local program plans for everything from, again, building decarbonization, demand response, energy efficiency, electrification, you name it, but each CCA then forged local community with involvement of its, again, of its board members, its community, advisor committees, it kind of builds these, and then this sets a framework for their customer programs, instead of them just being run through the IVUs. And then finally, we talk a lot about greening the infrastructure, also greening jobs and creating green jobs. So CCs have been able to work with all of these local unions as well. And so this is, again, is beneficial overall for the state, for the economy, but also for a lot of the politicians, again, right, who want to promote CCA, this is really big for them as well. It's a great talking point. Beyond just the climate impacts, you're also improving jobs, increasing jobs and paying good union labor, as well throughout California. So that's the overview of CCA, or I think about halfway through. I'll get to SDCP here in a minute, but I want to pause again in case there are any questions, clarifications. Yeah. Oh man, that's a good question. Most of them, to get into the nitty gritty, most of them are joint powers authorities. So it's a nonprofit organization which is run kind of governed by a governing board, which has representatives from a number of communities. So I'll give you an example here with SDCP, that might make a little more sense, but they're independent organizations, again, kind of stood up as similar to joint action agencies, in some ways, but it's a joint powers authority. So independent of the cities they serve, but governed by those cities. To the CCA, the revenue goes directly to the CCA. Yeah. Any other questions? Yeah. Good question. And let's go back. The question was, again, you guys are well read, and these are really good questions. So we'll go to the map here, but the question was around serving higher income communities. Yeah, I think certainly it's not just higher income communities, but I think that's where a lot of the, certainly where a lot of the programs initially started and rolled out, right? I think in some way, I think it's fair to say, these areas also overlap with a lot of the more progressively minded communities as well, that want to focus on climate and want to put that forth and make it a priority. So I think that really is the biggest driver. We have seen a lot of CCAs. It's not just for higher income areas, but it certainly has started out that way. We certainly do see CCAs as well in lower income areas. And in some ways, it's the beauty of the local design of each program is that some in wealthier communities can choose, we want to be 100% renewable, we don't really care if it's 10% more expensive, we want to, that's our thing, and we want free EV charging for everyone, or whatever their goals may be. Others that are more economically focused can say, yep, we want to be renewable, as renewable, maybe a little more renewable, but we really want to be focused on rates. You can kind of design your own program based on your own communities. So we have seen a number of those programs kind of stand up as well. But again, good question, any other questions? Okay, so San Diego Community Power, sorry, I'm making a mess up here. Who is SDCP? So San Diego Community Power is, and again, this gets to be the organization question, is a joint powers authority? I didn't plan to bring that word up, but it's the organizational structure of SDCP. And it kind of, again, governed by representing and serving these five member communities, so the city of San Diego itself on the right there, and then four other neighboring communities as well, La Mesa, Imperial Beach, Encinitas, and Chula Vista. Slide, soon to be out of date, we do have another couple of communities joining us in 2023 as well, so we'll have a couple more there, but really focused again on San Diego and the San Diego area and serving these customers. So again, not to belabor the point, but SDCP here, then we've got a board of five members, one each representing each of these member communities, and that again, the board will grow to seven as we have seven member communities down the road as well. So just to, I guess, make a, provide a case study right in CCA and how this all works. The history here starts for SDCP in 2019 when we filed our implementation plan. So a number of, I think community members and activists in San Diego area have been pushing for CCA for a long time, again, noting the benefits, especially on the climate side, but in 2019, kind of the organizations came together, filed the implementation plan and kind of established the JPA. And then really from 2020 was a startup year of hiring some folks and getting some consultants and vendors in place. And then in 2021, this year we started serving load. So it really is a startup in that, going from 2019 from filing documents to serving load and actually being responsible as a load-serving entity, buying power in the wholesale markets and selling to customers, you're doing all that kind of within two years. So 2021, we started serving customers. Again, we've got a phased enrollment. So we're not bringing on, 900 megawatts of customers all at once. We rolled in just a small first tranche in March with our government kind of quasi-government accounts. We brought in a large number of customers, all the commercial and industrial customers and in June of this year. So currently that's kind of our customer base about 60,000 total. And then next spring, over a four month period from February through May, we're bringing in all the residential customers. So going from about 60,000 or 70,000 customers, bringing in another 700,000 customers, again, smaller customers, but it should double us or they're about in size to be about 900 megawatts average next year. So this slide, of course, is out of date as well. We, the County of San Diego, as well as National City, another city nearby, neighboring city have both voted to join recently as well. So we'll need to clean this up, but they'll be joining us again in 2023. And then we'll be growing by about another 25 or 30% in the year after. Let's see, this just outlines kind of our specific enrollment schedule. I don't think you guys are too concerned about that. But the values for SDCP really are similar to what we've seen from a lot of other CCAs. It really is about choice and the competition that we provide in the local community. And I should have made it clear early on. CCAs formed and becomes the default energy provider. So all the customers who are currently being served by the utility get transitioned over. But in true to the name choice, those customers, if they prefer service from SoCal Edison, SDG&E, or PG&E, they can opt out and go right back if they'd like. So again, at worst, you're providing a new alternative and people can go back if they really like the utility service. But again, at best, you're providing new options, new programs, these people to enroll in. We'll see. So again, local, open, accountable, right? We're transparent. We're all of our board meetings. If you guys have in trouble falling asleep some nights, you can go online and watch our board meetings are all there, sometimes three, four, five hours long. But it's all done in public, right? So everything, there's no kind of back door conversations or back room meetings. It's all kind of in public as the decisions are made. And then again, we're looking at the customer impact and community investment, right? So same thing there. And we've got our community advisory committee. So they also serve members of our local community on a committee. We review a lot of our kind of decisions and planning with them. They then provide recommendations as well to our board as part of our process. And then we want to be 100% renewable. So I think this is part of our marketing documentation here. You can see where the first CCA to reach 100, to codify the goal to be 100% renewable by 2035 in our founding agreement. I think other CCAs also have a goal to be 100% renewable but we're the first one obviously to do it in our foundational document. So we're pretty proud of that and plan now to be 100% renewable by 2035, if not sooner. Again, similar values that you see across a lot of CCAs here as well, support for local jobs, right? Local investment, local jobs, really important, as opposed to, again, just kind of the main difference. You guys probably tired of hearing me say it, but it really is about the local control and being able to direct your programs, direct your jobs or direct your investment to something that fits your community a whole lot better than, again, just this broad brush works for California and who knows where the jobs end up? No, you can really direct them kind of, community by community and program by program. Also, a huge focus for us is on equity as well. So kind of getting the question around, is this just for the high income communities on the coastal communities, right? STCP and most CCAs as well, if not all CCAs focus on equity as well, but STCP really would take it to heart. So we have incentives as well in communities of concern to site facilities there and also to provide additional benefits to those communities. Saving money in the environment, right? I'm adding that, that goes without saying, that's kind of what CCAs are here for. So we obviously want to increase renewables, reduce greenhouse gases, also save money or at least provide competitive rates to what the alternative is with SDG&E. And then, as I mentioned before, run locally and community focused. So our customers are RS. I'm actually one of the few who still hasn't moved to San Diego. So this doesn't apply to me, but the rest of my coworkers are down there in San Diego and our customers and our residents. So SDCP itself, again, we have, I mentioned earlier, two standard products or one standard and one optional, but kind of two service offerings to customers. These are available to all of our residential customers, all of our business customers and if communities want to opt their customers up to one or the other, they can. It's kind of as the default product. So I think one of our communities opted actually that all of their accounts will automatically start in the Power 100 product. So Power On is, again, the standard service, 50% renewable, which is above the renewable portfolio standard of a requirement of 36%, I think this year. So 40% renewable. And then we've got an additional 5% of carbon-free energy. And again, we don't buy any nuclear energy, so that's just carbon-free hydro. So 55% in all carbon-free, of which 50% of that is renewable. And then the Power On service, obviously, or Power 100, sorry, is pretty clear. It's just 100% renewable for only fractions of a, what is it, three quarters of a penny more per kilowatt hour. And again, compared to SDG and E, right, our local competitor, so to speak. They're currently, as of 2019, I think, they were 31% renewable. Our standard is 50%. My guess is that SDG and E will increase a little bit, right? If they lose some customers without, if they don't fully sell all the renewables, they'll probably take up a little bit. But again, will be at least 50%, if not more. And then our Power 100 product, of course, 100% renewable. So that's all I have in the first two, I've got a thank you slide before the appendices, but I think we still have some time. We can get into more, some more than 80 gritty, but I also will be happy to open up for questions if you guys have any at this point. And keep going. Okay, so yeah, in the back. Yeah, okay, you've been doing the pre-reading also. I see PCIA didn't expect many questions on that. Oh, cool, okay, awesome. Yeah, so I mean, challenges, certainly, we go into that for the rest of the period here as well. It's not, you know, it's not challenge-free. And the PCIA, by the way, is the, oh, God, I'm blanking on the term. I'm sorry, this is really embarrassing, is the indifference adjustment. It's, yeah, power charging difference adjustment. Sorry, that, man, I use the term every day. So the PCI is the kind of the exit fee that the CCA customers pay back to the IOUs. So again, take a quick step back, right, when renewable energy mandates started, you know, and PG&E and Edison and SDG&E went out and bought long-term contracts. These are 20, 30-year contracts at the time that were well above market, right? Kind of paving the way, stimulating the renewable energy, kind of transition a lot of ways, but those contracts were expensive. So as CCAs have had to, have moved out, it's kind of determined that, you know, it's only fair that as these IOUs made huge investments on long-term contracts for these customers, that some of that cost would kind of follow the customers to the CCA as well. So again, conceptually, I think that makes sense. There's been, it's been a contentious topic for as long as CCA has been around about how that's calculated, right? How it's administered, but there is an exit fee. So it certainly is one of the challenges of CCA, right? And it's not just that you are setting your rates for your generation, but as you kind of, as CCAs compare themselves to the IOUs to be competitive, they need to not only beat the IOU in terms of their generation rate, but beat their IOU generation rate by the amount of the PCIA or the exit fee as well. So yeah, so it's certainly something for us, you know, it fluctuates with market prices, it fluctuates with the contracts that the IOUs served, but it certainly means that, you know, we don't just need to beat from a cost perspective the IOUs, we need to beat them as well, you know, by the value of the PCIA. So I think that's one great challenge. I mean, the other one also, you know, it's not included in the slides, but, you know, starting up a utility that is, you know, going to go out and be, you know, financeable, right, for long-term contracts, and it was gonna serve load and may try to beat rates from these IOUs for a long period of time. There's credit risk and finance risk involved in that as well. So, you know, there was one CCA, the first and hopefully the last, but Western Community Energy, what was a CCA in Riverside County, they declared bankruptcy and kind of went out of business and returned their customers to SoCal Edison earlier this year as well. So it certainly didn't make my job any easier. I joined SDCP in February, we started serving customers in March and have been, you know, planning and building out this phase in, right, buying a whole lot of power for the next couple of years and beyond, and of course the story around CCAs, right, there is a really good kind of finance and credit story that goes along, right, with CCAs. We're the default energy provider. We have rates setting authority, right, and so there's a lot there that is really sound financially as well, but it's a conversation I've had to have more the last few months that I think I expect or hoped. Hold on, you know, we were told CCAs were gold, you know, but one just went back, what's going on? So, you know, kind of noting the differences between programs, right, and then how we consider ourselves to be different from Western Community Energy has kind of been part of the job as well. So I think those are probably the two biggest. Yeah, thanks, good question. Yeah, yeah, good, good question. That gets into, kind of, hey, Brian, what do you do every day? So it's a broad mix of power contracts, you know, there's every utility or a load-serving entity in California has to buy all of its power from the California ISO, from the independent system operator. I don't know if you guys have been through, kind of, you know, RTOs and ISOs, but the California independent system operator, you know, mandates that you buy all your power, and, you know, so you're subject to market prices, right, so it makes sense to go out and sign longer-term deals, fix your price and fix your cost, again, to reduce uncertainty. So some of it is just, kind of, financially hedged energy on longer-term deals than the spot market, but also, obviously, all these long-term deals that we're signing to support renewable energy facilities, you know, being built as well. So a lot of long, as much as we can, right, because it increases renewable energy and provides certainty, a lot of fixed-price, long-term renewable contracts to support new renewable facilities. That's kind of our primary goal, where we can. As you, you know, kind of manage the portfolio and mix and match around the edges, there's some short-term contracts as well involved, and then also some, again, just kind of financial hedge products. Can I ask a follow-up? Yeah. Listen, that's a good question. So we do both. And we usually see, so we have a contract for the, yeah, so. Oh, yeah, sorry, the question was, do we deal? Thanks, sorry. Do we deal with the energy producer directly or the ISO? Technically, it's both. So we have, you know, basically fixed-refloating contracts, right, if it's a fixed-price deal, where we will pay the generator at a fixed price, they'll deliver, they'll sell into the ISO on our behalf, usually, and then either they'll collect the revenue or we'll collect the revenue and then kind of pay it back to them. So we are, you know, SDCP is its own scheduling coordinator. You know, we have a third party that kind of provides some of that service for us, but we are buying and selling in and out of the market. And then, but also, you know, settling with our suppliers as well. Good questions. Is there another one? Yeah, yeah, yeah. So same wires, you know, same poles, same wires. Yeah, when you get down to the, an electron or electric charge, right? Yeah, it's the same throwing through the wires. You know, a lot of examples around swimming pools and straws and all that kind of stuff to hear about, you know, power grids. But yeah, your money is, you know, going to the CCA as opposed to the IOU and then sourcing at the broader level, you know, the CCA then is sourcing from different sources that the IOU is. But overall, kind of the ISO is considered a balancing authority, right? And so it balances the power. So it's, you know, you've got to put on as much as you take off. So within the whole CC portfolio, right? Of which you're one meter or one customer. Then, yeah, that's where the difference is. Any other questions? We can, all right, we'll keep moving. And again, through some of these appendices, if it's good conversation, great. If you want me to just keep blowing through it all, that's great too. But, so some of the fundamentals here, just again, to orient, I feel like it's really helpful. We zoom way out, just orient ourselves here. And I think this was also part of John Oliver's show last night. I don't know how many of you guys have watched it, but Weck and PG&E got a shout out. So if you guys haven't seen it, feel free to go check that out as well. But we do have three different interconnections in California, or sorry, in the U.S. So it's not all one big grid. We have three separate grids that technically do interconnects very slightly. But basically, we have three of them grids, one of which is Weck and then Texas obviously does its own thing. And then the Eastern interconnection is on the far east side. Weck itself is the western most 11 states of the U.S. And this is kind of one big piece of machinery, all moving at the same time, all 60 Hertz and all in sync. So when we talk about sourcing power from different places, it's possible. If you want to purchase energy in Wyoming and transmit it or deliver it from there to San Diego or wherever or British Columbia, you can. Within, but it does get a little more complicated than that obviously. You can see all the transmission lines here. Within the KISO, again, the independent system operator kind of runs the grid for California. So we'll zoom in slowly with Shirley here. California runs the market for California, is balancing authority, but then also to a lot of these other organizations, it's branching out and trying to integrate the KISO with other entities and other balancing authorities again throughout the West. So the more high level, the more interconnection, the more we branch out, the more we can integrate resource from different areas and kind of lean on each other, right? In order to produce in times of over generation or under generation in certain areas, the more we can kind of co-optimize among different balancing authorities. So I got to mention the KISO kind of is, I think 85, 90% of California. And you can see here each of those dots, each of those colorful dots on the screen is different pricing node. So just to give you high level overview of kind of what we're doing, each one of these nodes settles at a different price every hour of every day in the day ahead market. Then, and this is, you know, introduction to energy markets, right? Then there's the day ahead market, there's a real-time market and the real-time market is broken into 15-minute intervals and then five-minute intervals. So if you guys are into big data, you've found one great source of it where you have 10,000 pricing nodes, they all have 24 prices in the day ahead market, then they have whatever 15-minute intervals there are in the day in the 15-minute market and then again through the real-time market every five minutes. So they're all reprised and re-optimized. So anyway, that's kind of the complexity of KAISO. We do pay our load kind of based on an average of the San Diego point, so it's not like a customer down the street, you know, it's gonna be paying a different one as another. We buy our load kind of at the aggregate, but when we're buying from a specific resource, we might be buying energy at one of those nodes specifically. So the reason I kind of bring this up is kind of what we're trying to do. The load that we serve, again, we're trying to buy enough energy from the right resources to meet customer demand. So if you look at these charts here, the top right is just one hourly customer demand on one day, so hours one to 24 left to right and you see kind of the shape of energy and this is across all of the ISO. And you can see on the bottom, this is kind of one, I don't know, an average week, you can see the daily variability as well. So you've got the daily variability, but you also then have seasonal variability. You've got weather variability and also just kind of days of the week or variability as well. I think on the bottom it's, you know, you can see Monday, Tuesday, Wednesday, Thursday, Friday, all weekdays and then Saturday, Sunday, low drops off as not as many people go to work, right? So Thanksgiving, for example, is usually the lowest load day just because no one's working, everyone's at home but kind of all getting together and so no one's using much energy. So a ton of variability there. And as I mentioned, the bottom right chart here just shows over what is five different days, how much load can vary. Again, this is in California but about 35 to 37 gigawatts peak load on September 3rd, this is from last year and then two days, three days later it's up to 47,000 or 47 gigawatts. So load forecasting is really important to what we do, right? So again, talk about applications of big data. We've got to buy all of our load out of the California grid, right? And those prices, as I said, fluctuate all the time just based on localized supply and demand. So this gets to kind of a question earlier about power purchase agreements. The more you can sign contracts to fix your costs, whether it's through a bunch of different arrangements but just fixed price energy, whether it's from renewable generators, whether it's from energy storage facilities that we're seeing, especially now in the last couple of years that are online to help move some of this energy around and kind of arbitrage prices. That's how we reduce our exposure to real-time prices and to load variability. Let's see. So okay, load forecasting obviously is critical and then matching generation and purchases helps us reduce kind of our exposure to the real-time market. Market prices, I may leave off after this one or the next one here, but market prices in the top rate chart, you can see those three lines that are pretty well flat and then spike into hours, hours 19, 20 and 21. Those are price curves for a specific day. That's actually, sorry, average for last summer, July through September. So you can see that during noon, energy is 25, 30 bucks every day at 8 p.m., 9 p.m., prices jump up to about $150. And you see these, this variability every day, right? Unfortunately, the prices are highest when your load's highest also. So from a risk perspective, from a cost perspective, you've got your most load in the most expensive hours. But again, that's what we talk about. Risk management really is about trying to procure that energy cheaply, but also just reducing variability and volatility. And I guess to leave off kind of with where, I think we've got a couple minutes, is that right? With kind of where we are in California as far as our grid mix. We've done a really good job of decarbonizing the solar hours. You can see the bottom right is a chart of all the different energy resources that we have on the grid. Solar, no surprise, is the yellow one that comes online around eight in the morning. Peaks at noon, it comes off a line around, you know, hour 19 or 20. And you see up above the difference between the two charts, one's the kind of gross load need and one's the net load. So the gross load is the top line, the net is the total load that we serve to customers in California, net of renewables. So you can see we've done a great job of reducing, reducing generation and reducing emissions during those periods. Unfortunately, the evening is still kind of our issue, right? Because solar, we have a ton of solar and we've been building a lot of it. We've done that really well and we have really decarbonized the middle of the day. The evening, though, if you look on the right side of that lower chart is where you see that blue line, the natural gas line, just go straight up, right? Or not quite straight, but it peaks there about 18 gigawatts. So again, this is a summer period. So we'll use less, certainly in the spring when we've got a lot of hydro, when loads lower, this is peak load period. But this is kind of the next frontier, so to speak. We do have a lot of work to do to kind of completely decarbonize. And it's exciting to see, I think, one solar price as being as cheap as they are and solar plus storage, I think it's kind of a new standard. I think anyone that signs or builds a solar facility now doesn't just build standalone solar, it's solar plus storage. And so we're shifting a lot of that energy from the yellow line into that evening period to shift into the afternoon evening peak. But it really is kind of where we are and the kind of the next focus for us is we try to fully decarbonize. And the next chart here, again, just kind of the same thing. But you see so much solar during the middle of the day and then with imports and natural gas really hitting the evening. So the more we can build in-state that can kind of shift generation and that solar generation in the evening is really going to help us decarbonize because we're still building almost as much or still relying upon almost as much natural gas in the evening as we have been for a while. So that's kind of the state of things at least from my perspective in the CCA world. I'll pause there. Yeah. Good question. So as you laid out, this is really a California deal, the CCAs. Yes. Do you see any interest in this or I've taken this in other states or other countries even at this point? Yeah, great question. I know there are, and I'll embarrass myself by saying I forget where there are a few other CCAs and kind of a few other areas, I think in the Northeast that are allowing CCA in some sort. We haven't seen it take- New York, New England maybe. New York, New England maybe. Right. Yeah, but so there are a few other CCAs kind of elsewhere but nowhere has it taken off kind of as it has in California. And the big takeaway in some ways for me is that we have a lot of the technological solutions. We have a lot of the financing solutions but so much of it comes down to politics, right? And so in California it's become so popular and politicians want to make climate one of their big messages and focus. So we've done it here and it really is when you've got an interest elsewhere, not to get too cynical but an interest elsewhere, tougher to break away. But this may, the trend may go into other jurisdictions. Yeah. We're right in the middle of a cop right now. Yeah. The last thing I'd like, one more question is for these students, what advice would you give them are our careers? Are you, do you hire students interns? If not even if so, what would you advise them to do if they wanted to give in on part of the action as you see us? Yeah, great question. And yeah, first of all, the great thing about kind of like in localized CCAs, right? So there's one in every neighborhood, right? So if you want to stay in the Bay Area, great. If you want to move to Southern California. Start your own, is that the answer? Yeah, yeah, exactly. Talk to me before you do. Might have some. Yeah, there certainly are a lot of opportunities in CCAs, right? I think there's a lot of staffing up, right? I mean, SDCP, we're in the middle of that now. We're looking to double kind of in the next year, but most CCAs are looking to grow and looking for, yeah, people at all kind of ranges of the professional, whatever professional development curve. So yeah, certainly opportunities there. I mean, I think the biggest, again, career advice is just with respect to CCAs, just jump in, let's keep learning. I never expected myself to end up kind of going into this, in some ways, obscure kind of government startup thing, where all my friends left Stanford and went to do some kind of startup work and then here I am, had a government startup without stock options. Someone didn't get that one, right? But yeah, I just went to PG&E and decided I'd keep learning how energy works there and kept learning, kept following the interesting things and kind of ended up where I am. But yeah, certainly feel free to reach out to me, reach out to your local CCAs. I mean, it's a friendly, collaborative bunch as well. So certainly to extend our good smart people looking to get involved, have it be a resource. Great, with that said, at this point, I'd like to thank you very much for giving us this very quick and comprehensive tour of the world of the new world of CCAs here in California. Yeah, my pleasure. Yeah, thank you. Sure.