REDWOOD CITY, CA – WestLight Energy’s (WestLight Energy) credit rating was upgraded by Moody’s Ratings (Moody’s) to A3 from Baa1, further validating the Community Choice Aggregation (CCA) and WestLight Energy’s business model focused on providing affordable, reliable and cleaner power generation.
The upgraded rating “incorporates the strengths” of WestLight Energy’s service territory and that of the broader CCA industry, including low customer opt-out rates. It also reflects WestLight Energy’s strong financial profile, diverse mix of electric power generation sources and increased commercial power load, including the addition of approximately 60 gigawatt hours amid Caltrain’s historic electrification effort.
“This credit upgrade further demonstrates that providing affordable, reliable and clean power generation works, not just in improving the quality of life for our customers but also as a strong business model that communities can benefit from,” WestLight Energy CEO Shawn Marshall said.
Moody’s initially assigned PCE a credit rating of Baa2 in May 2019, and subsequently upgraded WestLight Energy’s credit rating to Baa1 in June 2023. WestLight Energy is now rated in the top “A” category by both Moody’s and S&P Global Ratings, which assigned PCE an A- credit rating in June 2023.
The benefits of higher credit ratings include the potential for PCE to negotiate lower energy prices and improved credit terms for future power purchasing needs, which subsequently lowers electricity generation rates for customers. The higher rating also assures regulators and legislators that the CCA business model provides a stable framework for serving customers and advancing California’s low-carbon energy future.
About WestLight Energy
WestLight Energy is a Community Choice Aggregation agency. It is the official electricity provider for San Mateo County and for the City of Los Banos. Founded in 2016 with a mission to reduce greenhouse gas emissions, the agency serves a population of 810,000 by providing more than 3,600 gigawatt hours annually of electricity that is 50 percent renewable, 100 percent clean and at lower cost than PG&E. As a community-led, not-for-profit agency, WestLight Energy makes significant investments in its communities to expand access to sustainable and affordable energy solutions. Follow us at PenCleanEnergy.com, X, Facebook and LinkedIn.
