California public power utility Alameda Municipal Power has earned a credit rating upgrade from Fitch Ratings based on the utility’s strong financial performance. The upgrade from Fitch moves the utility’s rating from AA- to AA with a stable outlook.
In a press release on Alameda Municipal Power’s upgrade, Fitch Ratings noted the utility’s rate affordability is very strong, with rates 35% below the neighboring investor-owned utility rates.
Fitch also pointed out Alameda Municipal Power’s commitment to the environment and renewable energy, noting its power supply consists entirely of purchased power designed to meet the city's goal of 100% clean energy which was achieved in 2020, well ahead of state renewable and GHG mandates.
“I am thrilled that the work we have done to maintain Alameda’s electric system in a reliable and financially prudent manner is reflected in this upgrade,” Alameda Municipal Power General Manager Nicolas Procos said.
Alameda Municipal Power’s AA Fitch rating places it among the top tier of electric utilities in the state.