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Council authorizes hedging 25% of projected gas use for summer 2030 and winter 2030–31
Summary
The council authorized a gas-hedging plan to lock prices for 25% of expected summer 2030 use at $3.10 per dekatherm and 25% of winter 2030–31 use at $5.65 per dekatherm, directing staff to extend agreements as needed; the motion passed on a voice vote.
During the Public Works report, the council considered a motion to authorize natural-gas hedging for future utility purchases. A council member moved to authorize hedging 25% of expected use for summer 2030 at $3.10 per dekatherm (or better) and 25% of expected use for winter 2030–31 at $5.65 per dekatherm (or better), and to extend any agreements necessary to execute those contracts.
The motion was seconded by Jan Molinaro and carried on a voice vote after brief discussion of timing and percentages. "So we're looking at… we hedge out pretty far… I make a motion to authorize the city to hedge 25% of the expected use for the time period of summer 2030 at $3.10 per dekatherm or better, and also 25% of the expected use for the winter of 2030, 2031 at $5.65 per dekatherm or better," the mover said. The council voted in favor and the motion passed.
The authorization directs staff to proceed with hedging at the specified levels and price targets; council did not provide a roll-call tally at the meeting.
