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Council authorizes gas‑hedging plan for future winters and summers
Summary
Public Works presented a hedging proposal and council authorized hedging 25% of expected summer 2030 use at $3.10 per dekatherm and 25% of expected winter 2030–31 use at $5.65 per dekatherm; the motion passed by voice vote.
The council authorized a gas‑hedging plan to fix a portion of the city's future natural‑gas costs.
On a motion from Councilor McClure, the council voted to hedge 25% of expected use for summer 2030 at $3.10 per dekatherm (or better) and to hedge 25% of expected use for winter 2030–31 at $5.65 per dekatherm (or better), and to extend any agreements necessary with the city's carrier to execute the contracts. Councilor McClure moved the item and it was seconded by another member; the motion passed by voice vote.
Public Works staff had been monitoring forward markets and presented the recommendation to purchase hedges for select future periods; council approved the motion and directed staff to proceed with executing agreements as needed.
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