Santa Clara, Calif. – October 25, 2006 – Silicon Valley Power (SVP), the City of Santa Clara’s municipal electric utility, will hold electric rates steady in 2007.  Building on a track record of rate stability, SVP has raised the price it charges customers for electricity only once in the past 14 years–a 10.25 percent increase last year due to the greatly increased cost of natural gas.  This stability is in sharp contrast to most other Northern California locations, which have seen rate increases of nearly 30 percent since 2000, and will face additional increases in January 2007. 

“We are proud to announce that our customers will not face a rate increase in 2007.  Our diverse portfolio of power resources has protected our customers from many price increase pressures,” says Junona Jonas, SVP Director.  “We are right on track for maintaining low prices and the competitive advantage for years to come.”

SVP’s rate stability is largely due to a power resource portfolio containing 34 percent renewable energy starting this month and a number of long-term power contracts.  In addition, SVP recently built the Donald Von Raesfeld Power Plant–a local, flexible resource that has generated both clean energy and financial savings for the utility.