San Diego’s public power company’s governing board approved rates that are three percent cheaper than its competitor, San Diego Gas and Electric.
Leaders of San Diego’s public power company voted Monday to set electricity prices three percent lower than its investor-owned competitor, San Diego Gas and Electric.
The San Diego Community Power board could have opted to lower electricity prices even more, but staff of the three-year-old agency encouraged its leaders to focus on banking more cash in reserves so the company can better stabilize rates during future heat waves or other unpredictable changes in energy markets. The young company also wants cash reserves to earn a better credit rating so it can borrow money at lower interest rates when it builds its own energy projects.
