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Staff reports higher supplier rates; committee gives straw poll to seek one-year rate lock
Summary
Staff told the finance committee that Amron posted a new rate of 12.679 cents/kWh for the city's local electric accounts while the city’s current/homefield rate was cited as 9.218 cents/kWh; members gave staff a straw poll to place a one-year rate-lock proposal on the next agenda for formal approval.
City staff updated the finance committee on new electric supply rates for the city’s 15 local accounts and the committee signaled informal support to pursue a one-year rate lock.
A staff presenter said the supplier Amron released a rate of 12.679 cents per kilowatt-hour that morning, and stated the city’s current/homefield rate at 9.218 cents per kilowatt-hour. Staff said it expects rates to increase and recommended moving forward to lock a rate for one year if the committee is comfortable; committee members provided a straw poll to place the item on the next agenda for formal approval.
Committee members asked how long any lock could run; staff replied they had not received bids offering guarantees for longer than one year and cautioned that capacity components would be uncertain for multi-year locks. No formal vote was taken; the committee only authorized staff by straw poll to put a one-year rate-lock recommendation on a future agenda for a formal decision.
