Loan problem stalls public power program 

Plans to find a new power provider in San Francisco stalled due to financing issues.

A new city-backed program, CleanPowerSF, is planned to compete with PG&E for electricity sales.

To ensure that CleanPowerSF monthly residential bills are within $1 of PG&E’s for the program’s first three years, up to $400 million is planned to be borrowed.

The loans would be repaid, if necessary, using increased rates in later years.

A contract between the San Francisco Public Utilities Commission and a power provider was due Tuesday, but the deadline was missed because of a dispute about how the loan would be guaranteed, General Manager Ed Harrington said.

"We had been very clear all along that we could not guarantee a loan," Harrington said.

jupton@sfexaminer.com

 

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