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Council authorizes gas-hedge purchases to cover 25% of projected usage for 2030 and 2030–31 winter
Summary
Council approved a motion to hedge 25% of expected 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), with contracts extended as needed.
During the public-works report, council members debated and then approved a motion authorizing the city to enter gas-hedging contracts to stabilize future natural-gas costs.
The motion instructed staff to hedge 25% of expected gas use for the summer of 2030 at a price of $3.10 per decatherm or better, and 25% of expected use for the winter covering 2030–31 at $5.65 per decatherm or better, and to extend any agreements needed with the city’s carrier to execute those contracts. The motion was made on the floor, seconded and approved by voice vote.
Council members discussed timing and percentages during the public-works report prior to the vote.
