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Board approves restated Compass participation agreement; members note new deposit requirement and ask for future market review
Summary
The board approved a restated, three-year participation agreement with Compass (the MISO representative used by the utility) after staff and attorneys negotiated deposit and fee terms; board members asked staff to review alternatives before the agreement’s next renewal.
The Eldridge City Utility Board voted to approve a restated and amended participation agreement with Compass, the entity that brokers access to MISO power purchases for the utility. Staff said the board’s attorneys in Des Moines negotiated reductions in a proposed new deposit requirement but that Compass is requesting up-front deposits going forward to limit float between billing and payment.
"They want money up front," a board member summarized after staff described the change and the attorneys’ negotiations. Members noted that while Compass remains a working option, the board should explore alternatives ahead of the agreement’s expiration to ensure the utility continues to get competitive terms. The packet included a proposed three-year agreement; the board approved the restated agreement by roll-call vote after the attorney negotiations were summarized.
Board members did not direct immediate procurement of an alternative broker, but asked staff to evaluate options before the contract expires and to report back to the board on competitive alternatives and fee comparisons. The board also approved a separate resolution on electric/water reliability planning during the meeting.
