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Power department says reserves recovering after 2022 price shock; turbine replacement and substation work remain costly
Summary
Murray power staff reported the utility remains near its reserve policy target after draws during the 2022 gas‑price spike, outlined remaining bond draw and capital work including a new turbine diffuser and central substation transformers, and previewed an Energy Day‑Ahead Market connection in mid‑May.
City power staff gave the Committee of the Whole a quarterly update Thursday, saying the utility’s cash reserves have recovered toward policy targets after steep drawdowns during an energy‑market spike in 2022.
Staff said the utility’s reserve policy targets 30% of prior‑year revenue for emergency stability. According to presenters, last year’s revenue was about $46,400,000, which yields a policy reserve goal of roughly $13,900,000. Presenters said reserves fell during the 2022 gas‑price surge—an episode they described as a “perfect storm” of high fuel costs and generation limits that drove the utility…
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