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Council approves gas‑hedging authorization to lock portion of future supply at fixed prices
Summary
Council authorized hedging 25% of planned summer 2030 gas use at $3.10 per dekatherm and 25% of winter 2030–31 use at $5.65 per dekatherm, and approved extending contracts as needed; motion passed by voice vote.
The council authorized a public‑works recommendation to hedge a portion of the city’s future natural‑gas purchases. The motion, presented during the Public Works report, asked the city to hedge 25% of expected summer 2030 use at $3.10 per dekatherm (transcript spelling) or better and 25% of the winter 2030–31 expected use at $5.65 per dekatherm or better, and to extend agreements with the carrier as needed to execute contracts.
Councilmember Sorkin seconded the motion and the council approved it by voice vote. According to the Public Works report, the recommended hedges reflect available market prices relative to the city’s longer‑range procurement plan. Staff indicated contracts and timeframes would be adjusted as required to implement the authorization.
