Placer County Water Agency (PCWA) reaches historic milestone
MIDDLE FORK AMERICAN RIVER HYDROELECTRIC PROJECT REACHES HISTORIC MILESTONE
First-Ever Net Revenue Distribution Approved by Middle Fork Project Finance Authority Board
AUBURN, Calif. (July 23, 2020) — In 1961, Placer County voters overwhelmingly approved the sale of bonds to finance the construction of the Middle Fork American River Hydroelectric Project (MFP). Nearly 60 years later, with the MFP bonds fully paid and financial reserves fully funded, the first-ever distribution of net revenue from the MFP has been made by Middle Fork Project Finance Authority Board (Authority) to the County of Placer and Placer County Water Agency (PCWA). News of the distribution was shared with the PCWA Board of Directors at its meeting last week.
Joe Parker, PCWA
“This is a historic milestone,” stated Joe Parker, Treasurer of the Authority and Director of Finance for PCWA. “When the MFP was conceived of over half a century ago, the benefits were intended for the people of Placer County. Thus, this distribution of net revenue is the realization of the vision Placer County leaders had long ago.”
For the first 50 years of the MFP’s operations, the hydroelectric project was managed through an agreement with Pacific Gas & Electric (PG&E), in which PG&E controlled power generation, but paid all of the operating costs and paid off the construction debt. When that agreement ended in 2013, PCWA took over the economic decisions about when to generate, with money from energy sales going towards operational costs and funding reserves.
More: News Release-MIddle Fork American River Hydroeletric Project Reaches Historic Milestone
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