Efficient Financing & Incremental Investment Opportunities
MACRO ENVIRONMENT
DEMOGRAPHIC GROWTH
Largest economy in the U.S. and 5th
largest economy in the world, with GDP
of $3.1T1
Projected gross state product and
housing growth are 2% and 7% CAGRS
through 2021, respectively²
Southern CA has the largest
manufacturing base and some of our
•
nation's largest ports³
Largest dairy and agriculture producer in
the U.S.4
AMBITIOUS POLICY
GHG Emissions
◉
40% below 1990 levels by 20305
Net zero by 20456
Methane emissions 40% below 2015
baseline by 20307
Renewable Portfolio Standard (RPS)
100% zero-carbon resources by 20458
Transportation
◉
100% ZEV passenger vehicle sales
by 2035 and medium | heavy-duty
by 20459
CUSTOMER TRENDS
Over the next quarter century, CA's
energy demand is expected to nearly
double 10
More customer choice where supply is
less utility centric (direct access and
CCAs)11
Achieve the same GHG reductions as
overhauling 100% of CA's buildings to all
electricity with 16% RNG 12
CA has #1 rooftop solar penetration in
U.S.13
Our service territories offer some of the most attractive macro environments in North America
2019 GDP Data. BEA "Bearfacts" (April 2020).
9.
Zero-emission vehicles (ZEV) E.O. N-97-20 set a state goal for 100% zero-emission in-state new passenger vehicle
sales by 2035 and new medium- + heavy-duty vehicles by 2045.
1.
234561
2.
2018 IHS Markit, Real Gross State Product and Housing Permits though 2021.
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3. BEA manufacturing employment 2019 data by metropolitan area (Nov 2020).
U.S. Department of Agriculture, cash receipts by commodity, state ranking, 2019.
CA SB 32 requires GHG emissions reductions to 40% below 1990 levels by 2030.
E.O. B-55-18 requires statewide carbon neutrality by 2045.
10. California Energy Commission, California Public Utilities Commission, California Air Resources Board (CARB)
(December 2020). 2021 SB 100 Joint Agency Report.
11.
Community Choice Aggregators (CCAS).
12.
Navigant Consulting, "Gas Strategies for a Low-Carbon California Future," 2018.
7.
SB 1371 and D. 19-08-020 require CA gas corporations to reduce methane emissions by 20% below 2015 baseline by 2025 and
40% below 2015 baseline by 2030.
13.
2020 Data. EIA Electricity Browser Net Generation: All Sectors, Net Generation for Small-Scale Solar Photovoltaic by
Megawatt Hours (MWh).
8.
CA SB 100 requires 60% of electricity procurement from renewable energy resources by 2030 and remaining 40% supplied by 19
zero-carbon resources by 2045.
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