Several state lawmakers said Friday they're concerned the $10 billion in revenue bonds authorized for power purchases might not be enough to pay for power through the summer, when demand and prices increase.
A Department of Water Resources memo circulated to lawmakers this week shows that the state has been paying an average of 30 cents per kilowatt hour -- about 20 percent higher than what State Treasurer Phil Angelides says that price should be for the bonds to last through September.
And the price for wholesale power is expected to increase when summer electricity demands increase by up to 50 percent. A drought in the Northwest also could deplete hydroelectric power that California imports, further reducing already tight supplies.
Though no power alert was declared Friday, grid officials said 11,000 megawatts were not available due to repairs, and an additional 1,000 megawatts would be out during the weekend.
Jim Detmers, managing director of the Independent System Operator, keeper of the state's power grid, said it's going to be "challenging to find power" in the next few weeks as plants that have been running hard all winter are being taken down for maintenance to get them ready for summer.
The DWR memo, given to lawmakers at a budget subcommittee meeting Wednesday, lists the number of megawatt hours purchased through March 11 and the total amount of money the power cost. Daily totals are given for Feb. 15 to March 11.
The state's highest daily average was on Feb. 16 at 43 cents per kilowatt hour. Since then, the rate has decreased with some fluctuation to about 22 cents per kilowatt hour on March 11.<
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CA Is Burning said:
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