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Council authorizes contracts to hedge 25% of city gas needs for 2030–31 period
Summary
Council authorized a motion to hedge 25% of expected city gas usage for summer 2030 at up to $3.10 per decatherm and 25% for winter 2030–31 at up to $5.65 per decatherm, with authority to extend agreements as needed; the motion passed by voice vote.
During the Public Works report, council considered and approved a motion to authorize the city to hedge a portion of its anticipated natural‑gas purchases.
A council member explained the proposed strategy: hedge 25% of expected use for summer 2030 at $3.10 per decatherm (or better) and 25% of expected use for winter 2030–31 at $5.65 per decatherm (or better), and authorize staff to execute or extend any agreements necessary with the city’s carrier. The motion was seconded and approved by voice vote after brief discussion; committee members described the strategy as consistent with prior hedging practices and noted price monitoring across multi‑year timeframes.
Council did not provide a roll‑call tally in the meeting transcript; the motion as recorded authorized the finance/public‑works process to proceed with purchases under the stated price parameters.
