Peninsula Clean Energy Gets 'A-' Credit Rating From S&P

REDWOOD CITY, CA — Peninsula Clean Energy recently received its highest-ever credit rating, logging an "A-" from S&P Global. That rating adds to a previous "BBB+" from Fith and "Baa2" from Moody's Investors Service.

Officials said its newest and best rating is a powerful indicator of the agency's financial stability, underscoring post-pandemic growth while keeping rates lower for its customers.

"It is gratifying that we achieved such a high credit rating while remaining true to our rate discounts as many of our customers were struggling financially during the pandemic," said Jan Pepper, Peninsula Clean Energy's CEO. "At the same time, this important financial milestone highlights our ability to also deliver on our sector-leading goal of providing 24/7 renewable power to our customers."

Founded in 2016, Peninsula Clean Energy serves 810,000 customers and currently provides 50 percent renewable energy, with rates at least 5 percent cheaper than PG&E's baseline. The agency is on track to reach 100 percent renewable energy by 2025.

Officials said the higher credit rating grants Peninsula Clean Energy chances to negotiate lower energy prices on better terms in the future and gives legislators more proof that the model is stable and sustainable.