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Quarterly dashboard: Weatherford reports 13¢ average rate, $15.6M stabilization fund and largely fixed power costs
Summary
City staff told the board that 66% of the utility's power-supply costs are fixed, the 12-month average natural-gas price is $3.12, the NYMEX is $3.77, and the rate-stabilization fund sits at about $15.6 million; the retail rate has remained 13¢ per kWh since September 2022.
Joe Farley presented the quarterly performance dashboard and focused on power-supply contract structure and near-term price exposure. Farley said two contracts are fixed-price and account for roughly two-thirds of the utility's power-supply costs, while the remaining heat-rate contract is more exposed to natural-gas prices and has little locked in beyond January 2027. He noted a price spike in February tied to winter storm Fern and reported a 12-month average natural-gas price of $3.12 compared with NYMEX at $3.77.
On retail rates and reserves, Farley said the utility's rate had been 13¢ per kilowatt-hour for a 1,000-kWh customer since September 2022 and that the rate-stabilization fund remains within its guideline range, at about $15,600,000. "66% of our power supply cost is already locked in," Farley said on the record, and he answered members' questions about market exposure and comparisons with nearby utilities during the brief report.
