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County board approves 36-month fixed natural gas agreement recommendation with IGS Energy
Summary
The board embraced a committee recommendation and moved to approve a 36-month fixed-rate natural gas contract with IGS Energy at a per-unit rate communicated by staff (0.4570); staff said fixed pricing protects the county from recent winter price spikes while variable markets remain volatile.
Iroquois County Board members voted June 9 to move forward with a fixed-rate natural gas procurement recommended by the Management Services Committee.
County staff presented updated supplier quotes and recommended locking a 36-month fixed rate with IGS Energy at a rate described in the packet as 0.4570 (per therm basis reflected in the meeting materials). Staff said locking a fixed price would protect the county from price spikes seen in a recent winter storm and that the county uses most of its natural gas in winter months, which informed the recommendation.
A board member made a motion on the floor to approve IGS Energy at the 36-month fixed rate of 0.4570; the motion was seconded and taken by roll call. The board approved the motion by voice/roll-call sequence reported in the meeting minutes.
Staff noted that, while commodity prices might decline in the future, the county's winter usage profile and the market volatility argue for the protection provided by a fixed-term contract. The procurement will be administered by the county's management services staff per the committee recommendation.
