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Brigham City adopts power rate stabilization policy to buffer wholesale price swings
Summary
City council approved a formal policy establishing a $5.6 million target for a power rate stabilization fund and rules for when the power purchase adjustment (PPAC) is collected or suspended.
Brigham City council on Jan. 16 approved a policy that formalizes how the city will build and use a power rate stabilization fund intended to blunt sudden swings in wholesale electricity costs.
The council approved the policy after a presentation by the citys financial staff explaining the funds target level and automatic trigger conditions. The policy sets the target at roughly 120 days of operating cash for the power utility, which the presentation calculated at about $5.6 million for the current fiscal year. Under the policy, if the fund reaches or exceeds its target during the annual budget process, the citys power-purchase adjustment (PPAC) will not be…
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