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A risky ballot initiative is currently being promoted that would force a government takeover of the electric grid serving the City of San Diego. Given the significant risk associated with forcing a several billion-dollar seizure of the electric grid, we felt it was important that San Diegans be armed with facts about the true cost of this dangerous initiative.
The below valuation study was conducted by Concentric Energy Advisors, an industry recognized utility financial expert, to provide an assessment of the true estimated cost of the ballot initiative’s government takeover proposal. This study is the only study that uses real data estimates from existing electrical infrastructure assets to assess the cost of a government takeover of the energy grid. The study provides an analysis of many of the significant expenses that would be required under the initiative’s proposal including the value of the existing electrical infrastructure assets, separation and reintegration costs, startup costs and forgone revenues to the City. This assessment provides a staggering conclusion – the total direct cost to San Diegans under the initiative would be $9.3 billion or more in new debt and $3.9 billion in lost revenue.
A government takeover of the electric grid will not only require significant debt, but would also remove existing revenue from the City of San Diego including franchise fees, franchise renewal fees, property taxes and general fund contributions. In total this equates to:
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Let's be clear about what the Power San Diego proposal is really all about -creating a government-run electric utility that would seize the electric grid and cost $13.2 billion - paid for through HIGHER ELECTRIC BILLS.
