A RESOLUTION relating to the City Light Department; endorsing the City Light Department’s Wholesale Energy Risk Management policy governing wholesale energy, transmission, ancillary services, renewable energy credit, and greenhouse gas offset trading, and their risk management; establishing it as the policy governing the conduct of wholesale energy, renewable energy credit, and greenhouse gas offset risk management at the City Light Department; and superseding Resolutions 31467 and 31216.
Agenda item 12 Resolution 31616 relating to the City Light Department endorsing the City Light Department's wholesale energy risk management policy governing wholesale energy transmission, ancillary services, renewable energy credit and greenhouse gas offset trading and their risk management. Establishing it as the policy governing the conduct of the wholesale energy, renewable energy credit and greenhouse gas offset risk management at the City Light Department and superseding resolutions three one, four, six, seven and 312, one six. The committee recommends the resolution be adopted. Thank you, council members one. Thank you, President Bridges. This resolution makes minor updates and adjustments to city lights, wholesale energy risk management policy. Like other utilities, Seattle City Light trades, electricity on the open market. And as a matter of fact, we sell more than we buy. But because energy markets fluctuate in general, there is there always financial risk. So the city has to have some policies in place to limit, monitor and manage those risks. And this resolution makes minor adjustments recommended by city like to keep our policies aligned to the current conditions of the industry and energy committee recommends that we pass. Thank you. Questions or comments? All in favor of adopting resolution 31616 vote. I oppose vote no. The resolution is adopted in the chair will sign it. I want to go back to agenda item number one, which is Resolution 31609. Council members who want had to step out very briefly and missed our vote on that resolution. So consistent with Council Rules six g. I move to reconsider the motion to adopt resolution 316090a second. Thank you. All in favor of reconsideration. Vote I. I oppose vote no. We now have item one in before us for reconsideration. Are there any comments or questions? All in favor of adopting Resolution 316609 vote. I oppose vote no. The resolution is unanimously adopted. Thank you. Is there any other business to come before the council? We will reconvene council members at 355. 5 minutes to four when we will sit as the Transportation Benefit District Board of directors. We are adjourned. For a break.