Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Energy Procurement topic
No spam. Unsubscribe anytime.
Council authorizes gas-hedge contracts covering 25% of expected use for 2030 and 2030–31 winter
Summary
The council approved a Public Works motion 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 and to extend contracts as needed to execute the strategy.
During the Public Works report, Councilor McClure moved and Councilor Sorkin seconded a motion authorizing the city to hedge 25% of expected gas use for summer 2030 at $3.10 per decatherm and 25% of expected use for winter 2030–31 at $5.65 per decatherm, and to extend agreements with the city's carrier as needed to execute the contracts. "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 decatherm or better, and also 25% of the expected use for the winter of 2030–31 at $5.65 per decatherm or better," Councilor McClure said.
The motion was seconded, called for discussion and passed on voice vote. The council instructed staff to proceed with the hedging arrangements and to provide documentation needed to execute any contract extensions. No specific counterparty or total dollar commitment was recorded in the meeting minutes; council authorized the percentage and price thresholds only.
