Above: Vicken Kasarjian, MCE COO, and Maira Strauss, MCE Director of Finance, visit Pittsburg Unified School District energy storage site.
Local electricity provider increases credit rating, lowering costs for customers
FOR IMMEDIATE RELEASE
December 16, 2024
Press Contact:
Jenna Tenney | Director of Communications and Community Engagement
(925) 324 – 6747 | communications@mceCleanEnergy.org
SAN RAFAEL and CONCORD, Calif. — On December 10, 2024, local electricity provider, MCE, received an upgraded credit rating from Fitch Ratings from BBB+ to A-. Fitch’s upgraded A- rating was awarded to MCE for its strong historical trend of customer retention and improved liquidity position.
“Despite occasionally higher rates… MCE… has retained approximately 86% of the customers… in its service area since 2018,” said Fitch’s statement. “MCE’s competitive advantage over PG&E is its power supply portfolio, which is predominately renewable (60%) [and almost] entirely carbon-free.”
Fitch’s rating included an assessment of MCE’s “strong emphasis on customer retention”, noting its dedicated resources including in-house call center and customer service. Also noted was MCE’s renewable and carbon-free content that are well ahead of state mandates and robust operating margins and liquidity levels.
“This increased credit rating underscores MCE’s commitment to financial strength and operational excellence,” said Vicken Kasarjian, MCE COO. “Increasing our already strong rating enables us to contract for energy at lower prices and make strategic investments that help keep costs stable for our customers, ensuring long-term benefits for the communities we serve.”
The benefits of this A- credit rating include:
- MCE’s ability to negotiate more favorable power contracts and improved credit terms;
- Further validation of the CCA business model from an internationally recognized rating agency; and
- Assurance for customers that MCE’s financial strength is sound and that it will continue to provide competitively priced and reliable clean energy services over the long term.
MCE has been serving customers since 2010, reinvesting an estimated $358 million back into its member communities through energy services and programs. By choosing MCE, customers are investing in the clean energy economy and building a brighter future for all.
Read Fitch’s statement here.
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About MCE: MCE is a not-for-profit public agency and the preferred electricity provider for more than 585,000 customer accounts and 1.5 million residents and businesses across Contra Costa, Marin, Napa, and Solano counties. Setting the standard for clean energy in California since 2010, MCE leads with 60-100% renewable, fossil-free power at stable rates, serving a 1400 MW peak load, significantly reducing greenhouse emissions, and reinvesting millions in local programs. For more information about MCE, visit mceCleanEnergy.org, or follow us on your preferred social platform @mceCleanEnergy.
