![]() Customers do not have to be on a low-income program to be eligible for the CAPP funds. Utilities statewide applied for the funds through CSD on behalf of their customers. The program is funded by the state budget and is administered by the California Department of Community Services and Development (CSD). A message will also be included on eligible customers’ bills to let them know that CAPP funds have been applied to their accounts.ĬAPP is intended to help residential utility customers who fell behind on their energy bills because of the economic impacts of the COVID-19 pandemic. SDG&E is notifying eligible customers via email and letters in the mail, if the CAPP funds credited to their account are more than $10. If an active customer’s outstanding balance was $100, they would have received $100 to offset their outstanding balances. In recent days, SDG&E credited the second round of CAPP funds to customers’ accounts and was able offset 100% of each eligible customer’s outstanding pandemic period arrearages incurred between March 4, 2020, and Dec. To date, CAPP has provided a total of $113.8 million in debt relief to customers served by SDG&E and local CCAs, including San Diego Community Power and Clean Energy Alliance. “We are committed to helping our customers who are experiencing financial hardships due to high winter energy bills.” “In addition to the state’s CAPP debt relief program, I want our customers to know that there many other assistance programs available to them,” said SDG&E Vice President of Customer Services Dana Golan. The first round of funding was credited to more than 93,000 eligible customers’ accounts in February 2022, eliminating $62.5 million in overdue bills incurred between March 4, 2020, and June 15, 2021. This is the second round of CAPP funding that SDG&E, working in collaboration with local Community Choice Aggregation (CCA) programs, has applied for and secured from the state to assist their mutual customers. The amount of CAPP credit will be shown on customers’ next bill. ![]() CAPP funds were automatically applied to eligible customers’ accounts over the weekend, according to eligibility rules set by the state. "The issue isn't do the regulator's have confidence in our solvency.Approximately 113,000 San Diego Gas & Electric customers who fell behind in paying their energy bills during the initial years of the COVID-19 pandemic recently received debt relief through the California Arrearage Payment Program (CAPP), which erased a total of $51.3 million in overdue balances they incurred between Maand December 31, 2021. The bank had 147% LCR before the bank failures and this was "substantially higher now", Winters said, without disclosing the current level. The banking chief said the move to guarantee non Federal Deposit Insurance Corporation-insured deposits was the "most wonderful example of moral hazard that we've come across in quite a while."įollowing the banking crisis, Standard Chartered's liquidity coverage ratio (LCR), a measure of how much cash-like assets the bank has, is much higher now, Winters said. Winters said there appeared to be "non-viable business models remaining, at least in the U.S.", with other banks that had similar deposit concentrations. banks collapsed in the past two weeks and America's biggest lenders agreed to deposit $30 billion in beleaguered First Republic Bank (FRC.N). "I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves," Winters said.Īpart from Credit Suisse takeover, two U.S. Federal Reserve move to guarantee non-insured deposits was a "moral hazard".Īs part of the deal for UBS Group AG (UBSG.S) to take over Credit Suisse, the Swiss regulator determined that Credit Suisse's AT1 bonds with a notional value of $17 billion would be wiped out, a decision that stunned global credit markets and angered many holders. Winters told a financial forum in Hong Kong the U.S. HONG KONG, March 24 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday Credit Suisse AG's (CSGN.S) $17 billion Additional Tier 1 bonds wipeout had "profound" implications for global bank regulations.
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