SAN FRANCISCO — The Los Angeles Department of Water and Power’s Board of Commissioners late Thursday approved the first part of a big rate hike to fund the utility’s renewable energy efforts, and approved the sale of $720 million of power revenue bonds.

The nation’s largest municipal utility plans to raise rates by 22% over the next year to preserve its ratings while spending billions of dollars to increase the percentage of renewable power in its electricity portfolio and break its addiction to cheap, but dirty, coal.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.