>> >> the clerk: a presentation on the energy watch energy efficiency program the speaker is kathleen brian, senior energy specialist. >> thank you for having me. i'm going to focus on our local energy efficiency programs the san francisco energy watch and the bayren program. for the longest running energy running program is called the san francisco energy watch since 2006. as the a local and governmental partnership and we're under pge to do implementation of the program. the 12-year partnership has allowed to us build a strong team in-house of dedicated energy professionals including engineers, environmental scientists and construction folks. the funding for this program, as for other energy programs, is the public goods charge on your build. they provide buydown of the equipment at every stage and san francisco energy watch is the only one serving san francisco with what we call direct install from the beginning to end, audit to installation. we provide reduced cost installation to customers in san francisco, commercial and multifamily. these change over the court reporters over the year

kathleen: we are expecting less issuance. it also appears that tax bill favors equity over debt. so, supply should be lighter than this year. julie: i had an interesting conversation yesterday with brianlds, who is a strategists over at canaccord. he talked not only about the national tax picture, but the local tax picture in the -- tax picture and the implications of rate rising local taxes for the corporate market. listen what he had to say. brian reynolds: state and local taxes went up by about $100 billion this year just for pension allocation votes. they need to get 7.5% annual returns on that money. so they put it into very aggressive credit funds. those funds by corporate bonds, those bonds put cash in the corporate balance sheet and ceos push up their stock prices through buybacks. julien: so, this is an interesting concept to me, julien that with these rising , taxes at the local level, the tax revenue is then going to underpin some demand for corporate bonds. is that a phenomenon you have seen and do you think that is going to continue to be a trend? julien: it could be an incremental source of demand. we think demand for high-grade corporate bonds domiciled in the -- willgo