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Council authorizes gas-hedging contracts for summer 2030 and winter 2030–31
Summary
Council authorized city staff to hedge 25% of expected gas use for summer 2030 at up to $3.10 per decatherm and 25% for winter 2030–31 at up to $5.65 per decatherm, and to extend agreements needed to execute contracts; the motion passed by voice vote.
During the public works report, council members considered a proposed gas-hedging strategy designed to lock in prices for a portion of the city's future gas needs.
A council member proposed authorizing hedges for 25% of expected gas use for summer 2030 at $3.10 per decatherm or better and for 25% of expected use for winter 2030–31 at $5.65 per decatherm or better, and to extend agreements with the city’s carrier as needed. Council Member Sorkin seconded the motion. After discussion, the council approved the motion by voice vote.
Council did not record a roll-call tally in the transcript; the meeting record shows a voice vote and the chair declared the motion passed.
