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Madeline: Board renews 2025 TCC contract after staff says it has recouped about 75%
Summary
The Green Island Board voted to renew its 2025 TCC contract, which staff described as an annual insurance-like instrument to protect against market volatility in supplemental power; staff said the current contract has recouped about 75% year-to-date and runs through Oct. 1.
The board voted to renew the 2025 TCC contract after a brief staff explanation of the contract's purpose and recent performance. Chair called for a motion to renew the contract, the motion was seconded, and the Chair recorded the voice vote as "Aye," stating the motion was carried.
Madeline explained the contract is purchased annually as insurance against market price fluctuations for supplemental power and said the board typically purchases three TCCs each year. "We always purchase 3 TCCs every year," she said, adding that, "year to date on our current contract, we've recouped about 75%, and the contract goes through, October 1." The board approved the renewal following that explanation.
