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Council authorizes gas-hedging plan to lock prices for portions of 2030–31 usage
Summary
The council approved a motion to hedge 25% of expected summer 2030 gas use at $3.10 per dekatherm (or better) and 25% of expected winter 2030–31 use at $5.65 per dekatherm (or better), and authorized contract extensions as needed.
Council member LeFork moved and described a proposed gas-hedging strategy that would authorize the city to hedge 25% of expected summer 2030 gas use at a price of $3.10 per dekatherm (or better) and 25% of expected winter 2030–31 use at $5.65 per dekatherm (or better). “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,” LeFork said.
The motion was seconded by Malinaro, the council called for the vote and the motion passed by voice vote. Council instructed staff to extend any agreements with the city’s carrier as needed to execute the contracts. No roll-call tally of individual council votes was recorded in the transcript.
