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Council authorizes gas-hedging contracts for portions of 2030 and 2030–31 usage
Summary
The council approved a motion to hedge 25% of expected summer 2030 gas use at $3.10 per dekatherm and 25% of expected winter 2030–31 use at $5.65 per dekatherm, and to extend agreements with the city's carrier as needed.
During the Public Works report, the council considered and approved a motion to authorize gas-hedging purchases for future years. The motion directed staff to hedge 25% of expected summer 2030 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 extension of agreements with the city's carrier as necessary.
Councilmember (motion maker) explained the timing and rates under consideration and the motion was seconded by another council member; the motion passed on a voice vote with no recorded opposition. "So I make a motion to authorize the city to hedge 25% of the expected use..." the mover said during debate.
