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- Written by: Elizabeth Larson
The $54.0 million increase in net income was due to the company’s determination that the Oct. 14 proposed decision in the California 2018 General Rate Case, or GRC, was sufficient evidence to record regulatory assets and associated revenues for interim rate recovery as well as benefits balancing accounts and the decoupling mechanisms.
In the third quarter of 2020, the company recorded revenues of $37.6 million related to interim rate recovery regulatory assets, balancing account net revenue increases of $37.0 million, and customer refunds for 2017 excess deferred federal income taxes, or TCJA, of $7.1 million.
Included in the amounts above were third-quarter interim rate recovery regulatory assets of $18.9 million, balancing account net revenue increases of $11.5 million, and $3.0 million of 2017 TCJA refunds to customers.
These increases were partially offset by increases in depreciation and amortization of $2.4 million, employee wages costs of $2.2 million, income taxes of $1.6 million, bad debt expenses of $0.9 million, and outside service costs of $0.7 million.
Additionally, certain factors outside the company’s immediate control decreased net income $1.2 million, including a $2.6 million reduction in accrued unbilled revenue, partially offset by a $1.2 million increase in unrealized gain on certain benefit plan investments.
The proposed decision for Cal Water’s California GRC is subject to adoption by the California Public Utilities Commission, or CPUC, which can occur no earlier than the CPUC’s Nov. 19, 2020, meeting.
Both California Water Service Co. and the CPUC's Public Advocates Office have provided feedback on the proposed decision. If adopted as proposed, the decision would approve the settlement reached in October of 2019 by Cal Water and the CPUC’s Public Advocates Office, allow Cal Water to continue its decoupling balancing accounts through 2022, and allow Cal Water to retain its Pension Cost Balancing Account and Health Cost Balancing Account.
According to President and Chief Executive Officer Martin A. Kropelnicki, the Oct. 14 proposed decision helps enable the company to continue to provide safe and reliable water service to customers.
“I’m pleased with the Oct. 14, 2020, proposed decision for our California GRC. It fully supports our goal of providing customers with the highest quality water service and reflects the Commission’s support of our operations during the challenging COVID-19 pandemic health crisis,” he said.
“I’m also pleased with the solid progress we’ve made on our 2020 infrastructure improvement investment program, making improvements totaling $221.3 million during the first nine months of 2020, despite the continuing pandemic. A top priority for the remainder of the year is to continue doing everything we can to keep our employees healthy and take care of our customers during this unprecedented time,” he added.
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- Written by: Elizabeth Larson
Washington and California, in partnership with the Departments of Insurance from Connecticut, Minnesota, New Mexico, and New York, conduct the annual survey and release the results on the California Department of Insurance website.
The Climate Risk Disclosure Survey is sent to insurance companies that generate $100 million or more in annual premium income and are licensed in the participating states, which in total encompasses over 70 percent of the U.S. insurance market.
The TCFD guidelines were approved by the G-20 Finance Ministers and endorsed by both environmental groups and more than 1,500 businesses from around the world.
The guidelines will help insurance companies better understand the concentrations of carbon-related assets in their investments and recognize climate risks and opportunities in their investing strategy.
The news of increased alignment with the TCFD guidelines comes as insurance companies worldwide work toward consistent climate disclosure, a recommendation of multiple international insurance supervisors and a requirement in France.
“This is a significant step in the right direction for climate disclosures in the insurance industry,” said Commissioner Kreidler. “Using TCFD’s guidelines allows insurance regulators to assess insurers’ risk in a meaningful way, it streamlines reporting for the insurance industry and aligns with practices in other industries nationally and internationally.”
“The record-breaking wildfires, heat waves and extreme weather we experienced in 2020 are a taste of the future,” said Commissioner Lara. “With more insurance companies adopting a global standard for reporting climate risks, the industry is going to be in a better position to meet growing threats in a way that protects consumers and prevents future losses.”
“Commissioner Kreidler, Commissioner Lara and their colleagues deserve credit for their leadership in addressing climate risks facing people across the country,” said Steven M. Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets. “Using TCFD climate disclosure is a vital first step for insurance companies to address climate change.”
“Globally climate change financial risk is now a mainstream focus of forward-looking firms and economies," said Geoff Summerhayes, executive board member of the Australian Prudential Regulation Authority. "The adoption of TCFD has been a critical enabler of this shift.”
Survey responses for the current and prior years are available to the public and can be found on the California Department of Insurance website.
Findings from the 2020 survey include:
– Approximately 80 percent of insurers plan to assess, reduce or mitigate emissions in their operations or organizations.
– 56 percent of insurance companies do not have a climate change policy with respect to risk management and investment management.
– 80 percent of insurance companies have a process for identifying climate-change-related risks and assessing the consequences for their business, including financial implications.
– 75 percent of insurance companies have identified current or anticipated risks that climate change poses to their companies.
– Although roughly 80 percent of insurance companies have considered climate change in their investment portfolios, 58 percent have not altered their investment strategy in response to those considerations.
– More than 75 percent of insurance companies have acted to manage risks climate change poses to their business.
The Climate Risk Disclosure Survey pre-dates the TCFD guidelines, and has been issued annually since 2010, including eight questions for insurance companies to answer about how they incorporate climate risks into their mitigation, risk-management and investment plans.
The eight Climate Risk Disclosure Survey questions overlap with the TCFD guidelines and recommendations. The TCFD guidelines were established as a voluntary climate-related financial risk disclosure standard for all industries in 2017.
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- Written by: Elizabeth Larson
The commercial Dungeness crab season in the northern management area was scheduled to open Sunday, Dec. 1, but was delayed until at least Wednesday, Dec. 16, due to low meat quality.
Meat quality testing and delays are a long-standing tri-state industry-supported component of the season opener to ensure high-quality crab at the start of the fisheries in northern California, Oregon and Washington.
In early December, the California Department of Fish and Wildlife director will re-assess entanglement risk in the central management area and evaluate risk in the northern management area to inform the season opener for both areas.
CDFW in partnership with researchers, federal agencies and the fishing industry has conducted surveys from the Oregon state line to the Channel Islands to observe marine life concentrations.
CDFW has conducted five aerial surveys since late October and more than 10 vessel-based surveys have been conducted by researchers and the fishing industry.
Additional sources of data include observations from a network of observers spread across three national marine sanctuaries.
Based on those data sources, “CDFW, after consulting with the Dungeness Crab Fishing Gear Working Group, is enacting a delay in the central management area,” said CDFW Director Charlton H. Bonham. “Available data indicates the whales still remain in the fishing grounds. This risk assessment focused on the central management area because the northern management area was already delayed due to low meat quality. CDFW staff, collaborators and partners have scheduled additional surveys in the next few weeks that, weather permitting, are anticipated to provide the data necessary to reassess whale presence. Our hope is both quality testing and additional marine life survey data will support a unified statewide opener on Dec. 16, just in time to have crab for the holidays and New Year.”
CDFW is planning additional aerial surveys for the first week of December to inform a risk assessment in advance of Dec. 16. When the data indicates the whales have migrated out of the fishing grounds, CDFW stands ready to open the commercial season.
For more information related to the risk assessment process or this delay, please visit CDFW’s Whale Safe Fisheries page.
For more information on Dungeness crab, please visit www.wildlife.ca.gov/crab.
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- Written by: Elizabeth Larson
The funding for this grant program was made available by the Budget Act of 2020, which includes a $10 million one-time General Fund allocation for the 2020-21 fiscal year and $1.5 million annually thereafter for CDFA to establish a Farm to School Incubator Grant Program and provide ongoing support for the California Farm to School Network, or CFSN.
CFSN is a "one-stop shop" that works to align farm to school efforts, share resources and bring together farmers, schools, distributors and practitioners.
The Farm to School Incubator Grant Program will award competitive grants to support innovative local and regional farm to school projects in nutrition education, sustainable food production and procurement, and high-quality student engagement through experiential learning.
Review the RFA for the grant program here.
Comments received will be considered before this Farm to School RFA is made final and when developing future Farm to School RFAs.
Written comments should be submitted via email to
Please include “Farm to School Stakeholder Comments” in the subject line of the email.