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Council authorizes gas-hedging contracts for portions of 2030 and 2030–31 winter demand
Summary
Public Works moved and council approved hedging contracts covering 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 authorized contract extensions as needed.
At the Public Works report, a motion was made to authorize the city to hedge 25% of expected gas use for summer 2030 at $3.10 per decatherm (or better) and 25% of expected use for winter 2030–31 at $5.65 per decatherm (or better), and to extend agreements with the city's carrier as needed. The motion was seconded by Council Member Jan Molinaro and the council voted in favor.
Councilors discussed contract timing and percentages; the motion language in the minutes calls for the city to execute the hedges and extend agreements as needed to implement the contracts.
