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Council authorizes gas-hedging contracts for 2030–31 period
Summary
Council authorized staff to hedge 25% of projected gas usage for summer 2030 at $3.10 per decatherm (or better) and 25% for winter 2030–31 at $5.65 per decatherm (or better), delegating contract extensions as needed.
During the public-works report, council considered a proposal to hedge a portion of the city's natural-gas exposure for future seasonal periods.
A council member moved to authorize hedging 25% of expected use for summer 2030 at a price of $3.10 per decatherm (or better) and 25% for winter 2030–31 at $5.65 per decatherm (or better), and to extend agreements with the city's carrier as needed to execute the contracts. The motion was seconded; council members voted by voice and the motion passed.
Council asked for additional documentation and the public-works director is expected to supply the standard form motion paperwork at a future meeting. The motion delegates authority to staff to execute hedge agreements within the price thresholds described.
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