Council authorizes gas-hedging contracts for 2030–31 period

During the public-works report, council considered a proposal to hedge a portion of the city's natural-gas exposure for future seasonal periods.

A council member moved to authorize hedging 25% of expected use for summer 2030 at a price of $3.10 per decatherm (or better) and 25% for winter 2030–31 at $5.65 per decatherm (or better), and to extend agreements with the city's carrier as needed to execute the contracts. The motion was seconded; council members voted by voice and the motion passed.

Council asked for additional documentation and the public-works director is expected to supply the standard form motion paperwork at a future meeting. The motion delegates authority to staff to execute hedge agreements within the price thresholds described.