AN ORDINANCE relating to the City Light Department; amending subsection 21.49.086.D of the Seattle Municipal Code to define the Net Wholesale Revenue target used in Rate Stabilization Account operations for 2021-2024.
The report of the Transportation and Utilities Committee at 1035. Campbell 119898 related to city life departments amending subsection 21.49 points two zero 86.80 of the SAT on the code for defined the net wholesale revenue target used rate stabilization accounts operations for 2021 through 2,021% 2024. The committee recommends the bill passed. Thank you, Madam Clerk. Councilmember Peterson, you are chair of the committee and are recognized to provide the committee's report. Thank you. Council President So this council bill 119898 passed unanimously out of the Transportation Utilities Committee. This legislation sets the 2021 to 2024 baseline targets for a rate stabilization account, which helps Seattle see light to better manage and reduce risk from the volatility of the wholesale energy market on the utility's revenues. The good news is that the revenue from selling our excess energy is up this year and the utility forecasts that the current rate surcharges are likely to be reduced or removed in 2021. So with along with no general rate increase in 2021, that means our customers will likely experience further rate release in 2021. Again, this passed unanimously out of committee. Thank you. Councilmember Peterson, are there any additional comments on the bill? Hearing none. Will the clerk please call the role on the passage of the bill? Ms.. Skinner, I. Peterson. I so want. Yes. Strauss. Yes. Purple? Yes. Lewis. Yes. Morales. Yes. President Gonzalez, I. Favor favored unopposed. Thank you, Madam Clerk. The bill passes and the chair will sign it. Will the clerk please affix my signature to the legislation? Item six Will the clerk please read item six into the record? Agenda Item six. Constable 119899 Police Department and then inspection 21.2 49.1 25. At the same time as the code updated, the City Lights Department's open access, transmission, tariff and rates to meet changes in costs and regulations. The committee recommends the bill pass.