Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Energy Procurement topic
No spam. Unsubscribe anytime.
Council authorizes 25% gas hedging for summer 2030 and winter 2030–31
Summary
The council authorized a public-works recommendation to hedge 25% of expected summer 2030 gas use at $3.10 per decatherm and 25% of expected winter 2030–31 use at $5.65 per decatherm; the motion passed after a second and voice vote.
During the public-works committee report, Council member McClure moved and council seconded a recommendation authorizing the city to hedge natural-gas purchases for specified future periods. The motion directs the city to hedge 25% of expected summer 2030 gas use at $3.10 per decatherm or better and 25% of expected winter 2030–31 use at $5.65 per decatherm or better, and to extend any agreements necessary with the city's carrier to execute such contracts.
Council discussed the specific price and percentage levels before taking a voice vote. The motion was seconded and approved; the council asked staff to proceed with executing agreements as needed. No budget amendment at the meeting changed the hedging authorization; council authorized staff to finalize contract details.
