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I RESOLUTION NO. 2002-02 2 A RESOLUTION OF THE BOARD OF PUBLIC UTILITIES OF THE CITY OF RIVERSIDE, CALIFORNIA, (1) ADOPTING ELECTRIC RATE SCHEDULE NEM -- 3 NET ENERGY METERING FOR SOLAR OR WIND TURBINE ELECTRIC GENERATING FACILITIES EFFECTIVE JULY 1, 2002,(2) ADOPTING REVISED 4 ELECTRIC AND WATER UTILITIES RULES, AND FEES AND CHARGES OF THE DEPARTMENT OF PUBLIC UTILITIES EFFECTIVE SEPTEMBER 1, 2002,(3) 5 ADOPTING REVISED ELECTRIC RATE SCHEDULES INCREASING ELECTRIC RATES EFFECTIVE NOVEMBER 1, 2002, NOVEMBER 1, 2003 AND NOVEMBER 1, 6 2004,(4) MAKING FINDINGS OF FACT AND (3) RECOMMENDING CITY COUNCIL APPROVAL THEREOF. 7 8 WHEREAS the City of Riverside ("City") by and through its Public Utilities Department 9 ("Department") is obligated to (1) serve its electric customers safe, reliable and equitably priced 10 electricity, (2) operate its Electric Utility in an efficient and economical manner, and (3) operate, I 1 maintain and preserve its Electric Utility in good repair and working order; and 12 WHEREAS the Department is responsible for operating the Electric Utility in such a 13 manner that revenues from the sale of electricity shall at least equal the costs of operation, 14 including all maintenance and operating, administrative and general, debt service, capital 15 improvements, tax -related payments and other costs incurred in complying with prudent utility 16 business practices; and 17 WHEREAS the rates charged for electric services are required to be designed on a fully 18 allocated basis providing for full cost recovery on a fair and equitable basis for all rate classes; and 19 WHEREAS except for a state mandated 2.85% public benefits surcharge adopted in 20 January 1998, the Electric Utility's retail electric rates have not changed since July 1993; and 21 WHEREAS the Electric Utility will experience a variety of cost increases during at least 22 the next three years including highly volatile wholesale energy prices, increased labor and 23 construction costs, increased debt service expenses, an expanded overhead to underground 24 distribution program and an accelerated cable replacement program; and 25 WHEREAS the Department's staff and management have (1) performed an analysis of the 26 costs of providing electric services which indicates that without an electric rate increase the 27 revenue shortfall for the Electric Utility shall be $6,011,000 in fiscal year 2003, $5,682,000 in City Attorney's Office 3900 Main Street Riverside, CA 92522 (909)826-5567