but if they're constructed -- >> unbundled recs. actually in that case it was constructed in a way to call it a bundled rec. they were trying to get around the way the law used to be written. there are ways you can do a contract where you scratch your head and say it's done. if the rules are done right and they're monitored right and the people procuring the electricity aren't being cute, it doesn't matter where if it's a bundled rec or unbundled rec for carbon reduction. >> i don't want to put you on the spot about a report you hadn't read. there was a report around in san francisco called what the heck is a rec. something like that. have you -- >> i have not. >> you haven't seen it. which contended that unbundled recs had less of a market -- didn't generate -- i'm probably going to sort of do it wrong. it's complicated. they were basically arguing that unbundled recs didn't -- were less likely to come from new power plants, i think, or -- >> that's actually a good point. right now that is true and that is something i failed to ment

but if they're constructed -- >> unbundled recs. actually in that case it was constructed in a way to call it a bundled rec. they were trying to get around the way the law used to be written. there are ways you can do a contract where you scratch your head and say it's done. if the rules are done right and they're monitored right and the people procuring the electricity aren't being cute, it doesn't matter where if it's a bundled rec or unbundled rec for carbon reduction. >> i don't want to put you on the spot about

so, no unbundled rec in bucket 1. bucket 3 is unbundled recs and some other things in there, and the percentages that are attached to those over time, most importantly by 2020 no more than 10% of unbundled recs can be in that 33% procurement. however -- >> excuse me. very fascinating. since we're over time, i'd like for him to tell me a little bit more about the rec limit page. could you do that? thank you. >> maybe why there is a limit, for example. >>> let me go back to this page. the categories, and to clarify again to make the point, this applies, this is state law, it would apply to sf clean energy or clean energy sf. up to the 33% procurement. anything above that is a voluntary procurement. if they say it's coming from a california eligible renewable resource, it could be a rec from that california eligible renewable resource unbundled or bundled. from the puc standpoint we would have to clarify. we would be indifferent as long as up to the 33% statutory standard it was there. the purpose for the three buckets w

and the california energy commission have both determined that when you purchase a rec whether it's bundled or unbundled, you're buying the attributes of a renewable resource, which is greenhouse gas free in most instances and -- well, not all in state. some out of state. >> and before you continue, because i'm pretty familiar with this for a long time with a lot of folks in the room. what was the reliance or the mix using renewable energy credits when the discussion was at the board at that time? >> it was -- i believe it was 10% of bundled bucket 1 product, and 85% bucket 2 product, and 5% recs. and at the time i think that bucket 2 product was a lot less expensive than it is today relative to bucket 1. so, because the utilities have commit today a lot more renewables or a lot of renewables and more than they actually need to comply with state rules, there is -- the price for bucket 1 resources has come down and for recs. >> okay. but if somebody were to say rec renewable energy certificate, if there's one number, what it is today versus what it was when the conversation was at the board and we were l