HomeMy WebLinkAbout2013-09-19 Finance Committee Minutes
Special Finance Committee Meeting
Thursday, September 19, 2013
Immediately Following the 5:00 PM Executive Session
Club Level – Atrium – Cross Insurance Center
MINUTES
Council Members: Blanchette, Baldacci, Gallant, Hawes, Nealley, Durgin
Staff: Farrar
Others:
1. Review of Electricity Supply Contracts – Maine Power Options
The City has been notified of electrical pricing for new small, medium, and large
account contracts beginning January 1, 2014. Council Order 13-287 (attached)
provided that that Finance Committee would review the pricing offers before
contracts were executed. Due to the sensitive and volatile nature of electricity
pricing, the contract prices are only valid through Friday morning, necessitating
the Special Meeting. Information will be provided at the meeting, or before, if
possible.
Assistant City Manager Farrar explained the pricing options available through Maine
Power Options beginning January 1, 2014. These options replace the three current
contracts that expire December 31, 2013. The Committee endorsed the concept of
staggering the contract end dates to minimize price increase risk if all came due at the
same time. It was moved by Councilor Baldacci, seconded by Councilor Hawes and
voted unanimously to accept staff recommendation as follows:
Group 1 Accounts (Large) 36 months at .058582/kwh
Group 2 Accounts (Medium) 11 months at .061129/kwh
Group 3 (Streetlights/Small) 23 months at .066101/kwh
Per Council Order 13-287, staff is authorized to sign the power purchase agreement in
accordance with the Finance Committee’s review and concurrence.
With no further business to conduct, the special meeting was adjourned at 5:45 p.m.