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Council authorizes gas hedging for future years, approving 25% of expected use at set price caps
Summary
Council approved a motion authorizing the city to hedge 25% of expected natural gas use for summer 2030 at $3.10 per dekatherm (or better) and 25% for winter 2030–31 at $5.65 per dekatherm (or better), and to extend contracts as needed; motion passed by voice vote.
During the Public Works committee report, council considered authorizing city staff to hedge natural‑gas purchases for future delivery periods. A council member moved “to hedge 25% of the expected use for the time period of summer 2030 at $3.10 per decatherm or better, and also 25% of the expected use for the winter of 2030–31 at $5.65 per decatherm or better, and to extend any agreements needed with our carrier as needed to execute those contracts.” The motion was seconded and passed by voice vote.
The council discussed the timing and percentages during committee reports; no roll‑call tally or budget amendment related to the hedge was recorded in the meeting transcript. The motion authorizes staff to proceed with contracts consistent with the price and percentage parameters stated on the record.
