[00:00:04]
THREEMAC WHENEVER YOU ARE READY, MR. CHAIR.
>> GOOD AFTERNOON. WELCOME TO THE UTILITIES AUTHORITY BOARD MEETING ON THIS APRIL 21ST.
WE HAVE A PRAYER BY MISS OLIVIA, THE HEIR APPARENT TO THE HOUSE NETWORK, GIVING TODAY'S INVOCATION, AND THEN WE WILL HAVE THE APPROVAL OF THE MINUTES.
>> GOOD AFTERNOON, EVERYONE, MAYOR LINDA HUDSON AND MEMBERS OF THE BOARD MEETING. IT'S A PLEASURE AND AN HONOR TO BE HERE. FATHER, THANK YOU SO MUCH, LORD, FOR THIS MEETING. THANK YOU FOR THIS OPPORTUNITY TO PRAY. THANK YOU THAT WE LIVE IN THIS FREE COUNTRY. THANK YOU FOR YOUR GOODNESS AND HOW WONDERFUL YOU ARE. THANK YOU FOR YOUR PRESENCE AND YOUR FORGIVENESS AND YOUR POWER. I PRAY FOR THIS MEETING TO BE PRODUCTIVE, GIVE THE BOARD INSIGHT AND WISDOM.
LORD HELP US TO FEAR YOU, LET US TREMBLE BEFORE YOU IN AWE AND REVERENCE. YOU ARE HOLY, YOU ARE KING, YOU ARE LORD AND THERE IS NO ONE LIKE YOU.
I PRAY THAT YOU WILL SEND MIGHTY ANGELS TO PROTECT OUR PRESIDENT AND THE MEMBERS OF GOVERNMENT. I PRAY THAT YOU WILL PROTECT AMERICA. I PRAY AGAINST ALL WARS IN THE WORLD. THE VICTORY IS YOURS, LORD.
I PRAY FOR PEACE IN IRAN AND RESOLUTION TO THIS WAR WITH THE LEAST AMOUNT OF DEATHS AND CONSEQUENCES." I PRAY FOR THE YOUTH IN THIS NATION, THAT THEY WILL STAND UP FOR GOOD AND FOLLOW YOU, GOD. YOU ARE LORD.
WE HONOR YOU, GOD, AND YOU ARE LOVED.
I PRAY FOR SIGNS, WONDERS, AND MIRACLES TO HAPPEN TODAY.
I PRAY AGAINST RIOTS AND MURDERS, SPECIFICALLY FOR THE CITY OF FORT PIERCE AND SAINT LUCIE COUNTY THAT WE WILL HAVE THE FEAR OF THE LORD AND BE LED BY IT.
I PRAY AGAINST LAZINESS, AGAINST DIVISION IN THE BOARD AND COMMAND ALL GOSSIP TO BE SILENCED.
I PRAY THAT YOU WILL CLEANSE FORT PIERCE AND AS WE HUMBLE OURSELVES BEFORE YOU, YOU WILL LIFT US UP FOR YOUR GLORY.
I PRAY AGAINST SUICIDE AND DEPRESSION AND PROBLEMS IN THIS NATION. HOLY SPIRIT, AND TRANSFORM US.
I PRAY THAT LEADERS OF FORT PIERCE WOULD SPEAK LIFE OVER THIS CITY. I PRAY AGAINST ISOLATION, RESTORE COMMUNITY, LOVE, FAITH, JOY AND RESTORE FAMILIES.
HEAL THOSE WHO HAVE BEEN HURT. FORGIVE US, HELP US FORGIVE OTHERS. WE BLESS THIS MEETING AND WE BLESS THE CITY OF FORT PIERCE AND EVERYONE HERE.
LET YOUR WILL BE DONE. IN MIGHTY NAME AMEN
>> I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.
>> MISS OLIVIA, YOU HAVE WON THE PRIZE OF THE LONGEST INVOCATION AND MOST PASSIONATE ONE OF ALL TIME.
THANK YOU, THAT WAS BEAUTIFULLY DONE.
PLEASE CALL THE ROLL. >> MISSUS BENNETT.
[A. SET THE AGENDA]
>> PRESENT. >> HAS EVERYONE HAD A CHANCE TO LOOK AT THE AGENDA, MOTION TO APPROVE?
>> MOTION TO APPROVE. >> SECOND.
>> PLEASE CALL THE ROLL. >> DO WE HAVE ANY COMMENTS FROM
[B. COMMENTS FROM THE PUBLIC]
THE PUBLIC TODAY? YES, WE DO.PLEASE COME UP TO THE PODIUM. YOU HAVE APPROXIMATELY 2 MINUTES TO SPEAK, OR IS IT THREE? 3 MINUTES TO SPEAK.
>> I RESIDE AT 916 AVENUE H. TODAY MY COMMENTS ARE IN REGARDS TO A POSSIBLE SOLUTION TO A PROBLEM THAT IS NOT JUST SPECIFIC TO LOCAL AREAS, BUT IT'S A FREQUENT THING.
LEGALLY I THINK IT IS ILLEGAL TO LITTER ON ANY PROPERTY, DUMP ANY HIGH AMOUNTS OF TRASH ON THE GRASS, THE LAWN, OTHER PROPERTIES AS IT DOES CAUSE A PROBLEM ENVIRONMENTALLY AND IMPACT OTHER THINGS THAT ARE NOT ALWAYS IMMEDIATELY KNOWN BY THOSE WHO DO THINGS LIKE THAT. I JUST ASK THAT THERE IS SOME AWARENESS AMONGST YOU GUYS IN REGARDS TO POSSIBLY TAXING OR
[00:05:04]
PUSHING THAT THERES AN AUTHORITATIVE FIGURE, MAKING SURE THAT TRASH ISN'T CONSISTENTLY BEING ON THE GROUND. THANK YOU FOR LISTENING.THAT WILL BE ALL FROM ME. >> THANK YOU, SIR.
[C. APPROVAL OF MINUTES]
>> MOVE FORWARD WITH THE APPROVAL OF THE MINUTES.
IS EVERYONE SATISFIED WITH THE MEETING MINUTES?
>> MINUTE APPROVAL. >> SECOND.
>> PLEASE CALL THE ROLL. >> MOVING ON TO THE CONSENT
[D. CONSENT AGENDA]
AGENDA. IF EVERYONE IS SATISFIED WITH THE LIST OF ITEMS IN THE CONSENT AGENDA, MAY I HAVE A MOTION TOAPPROVE? >> MOTION TO APPROVE.
>> SECOND. >> PLEASE CALL THE ROLL.
[E.1. Status Report on Electric Power Cost Adjustment (PCA) for February 2026]
>> YES, MA'AM. >> I BELIEVE WE ARE NOW TO THE
REGULAR AGENDA. >> THANK YOU PIERRE GOOD AFTERNOON. WE ONLY HAVE ONE ITEM TODAY.
WE ARE PRESENTING OUR QUARTERLY UPDATE FOR THE ELECTRIC POWER COST ADJUSTMENT. THIS IS AN INFORMATION ITEM ONLY, SO WE ARE NOT ASKING FOR ANY ADJUSTMENTS OR CHANGES TO THE POWER COST ADJUSTMENT. THIS PRESENTATION WILL INCLUDE, IT'S GOING TO LOOK A LITTLE DIFFERENT THAN WE'VE SEEN IN THE PAST BECAUSE IT IS GOING TO INCLUDE A QUICK OVERVIEW OF OUR PROGRAM SPECIFICALLY RELATED TO THE POWER COST ADJUSTMENT, THE PCA. OUR FINANCE MANAGER WILL PRESENT
> THANK YOU. Select to skip to this part of the video">THIS ITEM." >> THANK YOU.
GOOD AFTERNOON, MADAM MAYOR, CHAIRMAN FY, AND BOARD MEMBERS.
TODAY I WILL BE PRESENTING THE MARCH UPDATE TO THE POWER COST ADJUSTMENT AND THE RATE STABILIZATION FUND.
WE ARE GOING TO HAVE A BRIEF OVERVIEW OF THE DART PROGRAM WHICH STANDS FOR OUR DAYS OF CASH, THE POWER COST ADJUSTMENT, RATE STABILIZATION FUND, AND THE TARGET IT AIMS TO ACHIEVE.
THE OBJECTIVE OF THE PROGRAM IS TO MAINTAIN AN AVERAGE $10 MILLION BALANCE IN OUR RATE STABILIZATION FUND WITH AN OPTIMAL RANGE BETWEEN EIGHT AND 12 MILLION, WHICH THE PCA IS USED TO MANAGE. CURRENTLY OUR BASE RATE IS 7952 PER 1000-KILOWATT HOURS AND THE PCA IS $4 WHICH IT HAS BEEN SINCE FEBRUARY OF 2026 AFTER THE BOARD APPROVED THE ADJUSTMENT IN DECEMBER. OUR TEAM CONTINUALLY REVIEWS AND ANALYZES THE PCA AND RSF BALANCES AND THE DATA THAT WE USE COMES FROM BOTH INTERNAL AND EXTERNAL SOURCES.
EXTERNALLY WE HAVE A RATE CONSULTANT AND MBA.
THIS TABLE SHOWS THE HISTORICAL QUARTERLY OVER AND UNDER COLLECTION OF THE POWER COSTS AND THE CUMULATIVE BALANCE AND RATE STABILIZATION FUND SINCE DECEMBER 2023.
END OF MARCH, YOU WILL SEE THE PROJECTED BALANCE IN OUR RATE STABILIZATION FUND IS APPROXIMATELY 8.725 MILLION, AND THIS IS CONSISTENT WITH THE PROJECTIONS PRESENTED BACK TO THE BOARD IN DECEMBER. THIS SLIDE IS A GRAPH TAKEN FROM FPA THAT SHOWS THE CURRENT NATURAL GAS AMOUNTS THAT HAVE BEEN PRE-PURCHASED DURING THE HEDGING PROGRAM.
YOU CAN SEE THE DARK BLUE AREAS INDICATE NEW HEDGING POSITIONS THAT HAVE BEEN UNDERTAKEN. UP UNTIL ABOUT OCTOBER 2026, WE ARE APPROXIMATELY 70% HEDGED, AND THEN GOING OUT INTO THE FURTHER MONTHS FROM NOVEM NOVEMBER OF 26 UNTIL OCT OCTOBER 2027. AND GOING ALL THE WAY OUT TO OCTOBER OF 28 AS WELL. THIS GRAPH, AFFECTIONATELY REFERRED TO AS THE SPAGHETTI HURRICANE MODEL, WAS THE ONE THAT I PRESENTED TO YOU BACK IN DECEMBER AS A LITTLE BIT OF A REFRESHER. WE HAD VARIOUS PROJECTIONS FOR YOU AND SCENARIOS FOR THE BOARD TO CONSIDER, AND ULTIMATELY THE BOARD DECIDED ON THE $4 PCA INCREASE TO PREVENT US FROM GOING OUTSIDE OF OUR TARGET AREA RANGE BETWEEN 8-12000000.
WE JUST KIND OF WANTED TO STEP BACK AND REMIND YOU OF WHAT YOU HAD SEEN BEFORE. GOING FORWARD, RIGHT AFTER THE BOARD MADE THAT DECISION, WE WENT BACK TO OUR CONSULTANTS AND SAID, GIVE US A NEW PROJECTION WITH A $4 SCENARIO.
THAT'S INDICATED BY THE YELLOW LINE ON THE BOTTOM.
WE PUT THAT IN SO THE BOARD COULD SEE IMMEDIATELY IN DECEMBER THAT'S WHAT THEY WERE PROJECTING.
[00:10:03]
THE RED AND BLUE LINES INDICATE THE CURRENT PROJECTIONS THAT WE ARE IN RECEIPT OF, AND AS THE BOARD CAN SEE, WE LOOK LIKE WE ARE GOING TO BE IN A VERY HEALTHY POSITION.THINGS HAVE CHANGED A LITTLE BIT.
THE PRICES OF NATURAL GAS HAVE COME DOWN.
SO IT'S MADE OUR PROJECTIONS A LOT BETTER MUCH FURTHER OUT.
THIS IS GOOD NEWS AND IT ALSO SHOWS OUR PLANS FOR THE RATE STABILIZATION FUND ARE WORKING. WE ARE EFFECTIVELY ABLE TO MANAGE THESE CHANGES IN THE PRICE OF NATURAL GAS WITHOUT HAVING HUGE IMPACTS TO RATEPAYERS IN THE FORM OF THE PCA BEING VOLATILE AND GOING UP AND DOWN.
SO WE LIKE TO SEE THAT, THAT OUR PLAN IS WORKING AND WE ARE DOING A GOOD JOB OF HOLDING THOSE RATES FOR OUR CUSTOMERS.
THIS IS THE SAME GRAPH, JUST MOVING THE TIMELINE A LITTLE BIT SO YOU CAN SEE A BIT OF A BIGGER PICTURE AND HAVE IT BE MORE CLEAR EXACTLY WHERE THE BALANCES ARE TARGETED TO LINE UP IN THE FURTHER OUT TIME. YOU WILL NOTICE THE RED AND THE BLUE LINES ARE FAIRLY CLOSE TOGETHER.
THE FMPA AND THE REF TALLIES PROJECTIONS COME IN VERY CLOSELY EVEN THOUGH THEY USE DIFFERENT METHODS.
WE LIKE TO SEE THAT AS WELL BECAUSE IT GIVES US A GREATER DEGREE OF CONFIDENCE THAT WHAT THEY ARE PROJECTING IS ACCURATE INFORMATION. THIS SLIDE IS THE SAME INFORMATION IN A DIFFERENT FORMAT.
IT DEPICTS THE HISTORICAL AND PROJECTED CSF BALANCES NOTED BY THE BLUE AND THE YELLOW BARS ALONG WITH THE CORRESPONDING PCA AMOUNT. YOU CAN SEE AGAIN THAT PCA LINE HAS REMAINED RELATIVELY FLAT. AGAIN, A TESTAMENT TO THE EFFORTS TO KEEP THE CHANGES TO THE PCA AS MINIMAL AS POSSIBLE AND KEEPING THE BILL STABLE FOR THE CUSTOMER.
YOU CAN SEE IN FEBRUARY, INDICATED THAT THE PCA WENT TO $4 AND WE HAVE THAT TARGETED FOR THE IMMEDIATE FUTURE TO STAY THERE SO THAT WE CAN ADEQUATELY MAKE SURE OUR RATE STABILIZATION FUND CONTINUES TO RECOVER FROM THE LITTLE DOWNTREND THAT IT TOOK. AS FAR AS TODAY GOES, THERE IS NO ACTION REQUIRED FROM THE BOARD AT THIS TIME.
OUR PLAN IS TO HOLD THE PCA STEADY AT $4 UNLESS PROJECTIONS FOR THE NEAR TERM VARY SIGNIFICANTLY FROM THE CURRENT OUTLOOK. WE WILL CONTINUE TO MONITOR THE RSS AND PCA MONTHLY AND PROVIDE QUARTERLY UPDATES TO THE BOARD GOING FORWARD. ANYBODY HAVE ANY QUESTIONS FOR
ME? >> ANY QUESTIONS OF THE BOARD?
>> DO WE HAVE ANY KIND OF IDEA HOW WE FARED IN THE LAST MONTH
OR SO WITH THE -- >> THE WINTER STORM? IF YOU COULD GO BACK TO THAT SLIDE, THE OVER UNDER, THE SECOND SLIDE I THINK ON PAGE 2 OR PAGE 3.
THAT ONE RIGHT THERE. I THINK IT WAS JANUARY AND FEBRUARY AND MARCH THEY WERE KIND OF SPREAD OVER THAT TIME FRAME. THAT WAS A PRETTY BIG HIT AS GAS PRICES SPIKED QUITE A BIT. AT THE SAME TIME, FMPA HAD A SERVICE FOR A LARGE OUTAGE. SO WE WEREN'T ABLE TO USE THAT SITE AND THEY HAD ONE OF THE OTHER UNITS HAD COME OFFLINE FOR A SHORT. OF TIME.
SO WE HAD TO USE MORE EXPENSIVE POWER GENERATION RESOURCES, COAL AND SOME OF THOSE OTHERS. SO WE TOOK A LITTLE BIT OF A HIT, BUT OUR FUND DID EXACTLY WHAT IT'S DESIGNED TO DO, TO BUFFER OUR CUSTOMERS DURING THAT TIME.
>> EXACTLY. >> AT THIS MOMENT, THAT ONE SLIDE, DID IT SAY HOW MUCH WE HAD PRE-PURCHASED? I JUST NOTICED THAT WHEN YOU WENT THROUGH AND I DIDN'T REALIZE BEFORE IT WASN'T OURS. KEEP GOING.
HERE. >> THAT WAS OLD AMOUNTS FROM BACK IN DECEMBER. CURRENTLY WE ARE ABOUT 75, 60,
THAT PROBABLY HELPS US OUT QUITE A BIT.
>> IT DID. I THINK IT WAS JUST OVER $4 FOR JANUARY AND FEBRUARY OUR HEDGED GAS, FOR LACK OF A BETTER WORD, THE GAS STABILITY PROGRAM PRICE IS JUST OVER $4.
SO THAT DID HELP BUFFER US, BUT WE WERE ALSO NOT ABLE TO USE OUR GAS RESOURCES AT THE TIME. THEY WERE ABLE TO OFFSET THAT, FMPA WAS ABLE TO DO A LOT OF OTHER STUFF TO OFFSET THAT COST AND WE WERE ABLE TO SELL THAT GAS FOR A LITTLE HIGHER PRICE.
BUT BETWEEN FMPA AND THE RATE STABILIZATION PROGRAM, THE DART
[00:15:02]
PROGRAM, THE GAS STABILITY PROGRAM AND ALSO THEY RECENTLY APPROVED THE INTERNATIONAL SWAMPS AND RIVERS, WHICH I THINK YOU HAD A SLIDE IN HERE DURING THE HEDGES, THAT'S GOING TO BE A BIG DEAL FOR US WHEN IT COMES TO POWER COST ADJUSTMENT.IN THE PAST, IF WE HAD HEDGED GAS AND THE PRICES ENDED UP DROPPING SIGNIFICANTLY ENOUGH, WE WOULD HAVE TO POST MARGIN AND CHARGE MEMBER CITIES." THEY'LL BE ABLE TO NOT HAVE TO POST MARGINS, WHICH IS A BIG DEAL, BECAUSE THAT CAN BE A BIG NUMBER AND FMPA HAS TO RECOVER THAT IN A SHORT TIME.
SO THOSE ARE GOING TO BE THREE HUGE MILESTONES FOR FPUA AND FMPA, PROVIDING EVEN MORE STABILITY IN THE WAY THE PCA MANAGEMENT LOCALLY THROUGH OUR CUSTOMERS.
>> TO THANK ALL OF US DID A GOOD JOB ON THIS ONE, MAINTAINING VERY CONSISTENT PRICE AND ALSO BEING ABLE TO MAKE SURE THAT WE MAINTAIN THAT FUND SO THAT WE CAN WHETHER IF THERE'S ANY OTHER VOLATILITY. SO KUDOS TO YOU AND YOUR STAFF AND TO THE REST OF THE BOARD FOR MAKING SURE WE MADE THE MOVE
WHEN WE DID. >> MR. CHAIR, THE -- THEY ARE VERY CLOSE IN THEIR PROJECTIONS. I KNOW WE DON'T KNOW HOW THEY DO THEIR MAGIC, OR AT LEAST I DON'T KNOW HOW THEY DO THEIR MAGIC.
BUT I WAS WONDERING, IS IT BECAUSE OF THE FACTORS THAT WE ARE SEEING, WHAT MAKES THOSE PROJECTIONS IMPROVE?
IS THERE A SIMPLE ANSWER? >> WE CONTINUALLY PROVIDE THEM DATA MONTHLY, EVEN AS OFTEN AS WE HAVE AND CONTINUALLY PROVIDE THEIR STATISTICS, THEY ARE CONTINUALLY UPDATING MODELS WITH OUR STATISTICS MAYBE GOING BACK FIVE YEARS, ADJUSTING FOR SEASONALITY, THINGS LIKE THAT. THEY ARE MONITORING THE PRICE OF NATURAL GAS. OBVIOUSLY FMPA HAS THEIR FINGER ON THE TRIGGER AT ALL TIMES. SO THEY ARE TRENDING ALL OF THAT OUT AND COMING UP WITH THE LONG TERM PROJECTIONS BASED ON THE HISTORICAL CONSUMPTION AND CURRENT TRENDS AS WELL.
SO IT'S JUST CONTINUAL EVERY MONTH.
>> WHAT ARE THE CURRENT TRENDS? DO WE KNOW?
>> THE BIGGEST TRENDS RIGHT NOW, THAT'S A GOOD POINT, MAYOR.
THE HEDGING PROGRAM IS SOMETHING THAT FMPA HAS HAD A BIG IMPACT TO GAS PRICE STABILITY AND MAKING THAT, RATHER THAN HAVING TO GUESS WHAT THE PRICES MIGHT BE AND FACTORING THAT OUT THEY'RE ABLE TO MAKE THE MARGIN A LITTLE TIGHTER.
ADDITIONALLY, FMPA HAS DONE SIGNIFICANT UPGRADES TO THEIR POWER PLANTS. THAT WAS PART OF WHAT THE ENERGY CENTER WAS ABLE TO DO TO PRODUCE MORE POWER WITH THE SAME CARRYING COST. SO THEY'RE ABLE TO EITHER SELL THAT OFF TO THE MARKET AND RECOVER SOME COSTS, SO THEY'VE BEEN DOING THAT OVER THE LAST YEAR OR SO.
THE HEDGING PROGRAM HAS NOW BEEN IN PLACE A COUPLE YEARS.
A LOT OF IT IS ALSO BASED ON PROJECTED LOAD LIKE WHAT ANDREA MENTIONED. ONE THING THAT'S ACTUALLY BEEN A LITTLE BIT SURPRISING IS WITH SOLAR, EVEN THOUGH SOLAR ISN'T A DISPATCHABLE RESOURCE BECAUSE YOU CAN'T TURN IT ON AND OFF, IT IS OFFSETTING THE PEAK DURING THE DAY.
SO NOT AS MUCH GAS IS USED DURING THE MIDDLE OF THE DAY.
THAT ALLOWS STORAGE NUMBERS NOT TO DIP SO HARD WHEN THERE'S A PEAK MONTH OR A PEAK TIME OF DAY FOR A WEEK OR TWO.
SO THAT SOLAR, EVEN THOUGH IT IS EXPENSIVE, IT DOES HELP KEEP SUPPLY AND DEMAND FOR GAS LOWER. SO THAT MAKES IT A LITTLE EASIER TO PROJECT THEIR NUMBERS. I THINK WE'VE ONLY BEEN WORKING WITH THEM MAYBE EIGHT MONTHS, 12 MONTHS OR SO.
SO WE'VE ADDED THEM AS AN ADDITIONAL RESOURCE FOR PROJECTING. AND WE CAN'T GET INTO THEIR SPREADSHEETS, BUT I THINK WE WERE ABLE TO REVERSE ENGINEER IT, BUT THE OTHER SPREADSHEETS, THAT'S THEIR PROPRIETARY.
BUT WE DO TRY TO REVERSE ENGINEER SOME OF THAT STUFF.
BUT WE HAVE A GOOD WORKING RELATIONSHIP WITH BOTH OF OUR
FOLKS. >> IS IT DRIVEN BY WORLD EVENTS?
>> SOME OF THAT IS. THAT HEDGING KIND OF REMOVES SOME OF THAT. NOT AS MUCH AS IT USED TO BE, BUT OF COURSE NEXT WEEK I'M SURE I'M GOING TO BE WRONG.
[00:20:02]
BUT AS OF RIGHT NOW, THE HEDGING PROGRAM HAS REALLY BEEN A BIG PART OF OUR INSURANCE POLICY. MAKING SURE WE AREN'T THE LOWEST BUT AMONG THE LOWEST TO KEEP IT COST LOW AND FIXED.>> STABLE. >> STABLE, THANK YOU.
>> THOSE ARE QUESTIONS I ASK AS WELL WHEN I'M CONVERSING WITH THEM. WHAT ARE YOU SEEING, WHAT'S GOING ON. SOMETHING THAT WE CAN UNDERSTAND. I JUST TOLD JAVIER THAT I ASKED THEM AT FMPA, WHAT ARE THE IMPLICATIONS OF WHAT'S GOING ON IN THE WORLD, IS THEIR RISK FOR GAS PRICES TO SPIKE BECAUSE OF THE FACT THAT WE MAY BE EXPORTING MORE AND THEY TOLD ME
NO. >> OR THE WEATHER OR DISASTERS.
>> THEY SAID IN THAT SITUATION THEY DIDN'T FEEL BECAUSE THEY SAID WE HAVE PLENTY OF GAS. IT'S JUST A MATTER OF GETTING IT WHERE IT NEEDS TO GO. SO THEY LAID MY HESITATION A
LITTLE BIT. >> YOU KEEP ASKING THEM AND THEY
GET IT AT SOME POINT. >> I WANTED TO ASK, THE FREQUENCY OF THE REPORT YOU PRESENTED TODAY.
>> YES. IF THE BOARD WOULD LIKE WE COULD GIVE YOU UPDATES MORE FREQUENTLY.
WE COULD PUT IT IN AS CONSENT AS WELL.
IT'S ENTIRELY UP TO YOU. >> YOU GUYS ARE VERY OPTIMISTIC.
BUT I WOULD SAY IN THIS CURRENT ENVIRONMENT, AT LEAST THE NEXT SIX MONTHS, WE MIGHT WANT TO KNOW IF THINGS LOOK A LITTLE
DIFFERENT THAN THE PROJECTIONS. >> WE CAN ABSOLUTELY BRING IT BACK EVERY MONTH FOR AS LONG AS YOU WANT FOR A SHORT TIME OR AS LONG AS YOU WANT. WE USED TO PRESENT IT EVERY MONTH FOR 20 YEARS. BUT WE ARE MORE THAN HAPPY TO DO THAT, ESPECIALLY WITH THE DYNAMICS AND THE ENVIRONMENT.
>> AS PREDICTABLE AS IT SEEMS, AND I THINK YOU'VE ALL DONE A GREAT JOB, I DON'T FEEL THAT WAY AND I CAN IMAGINE YOUR AVERAGE CONSTITUENT WOULD HAVE SOME CONCERNS.
WE KNOW ALL THE TECHNICAL AND INDUSTRY DRIVEN LANGUAGE THAT IMPLIES THAT WE HAVE NOTHING TO BE NECESSARILY CONCERNED ABOUT.
BUT MOST OF THE TIME WHEN WE SEE THE GAS PRICES, IT'S WHEN THEY GET A BIT OF NEWS AND FILL THE CAR.
>> THEY THINK IT'S THE SAME. >> EXACTLY.
SO JUST THE TRANSPARENCY PART NOT JUST FOR US, BUT AS WELL FOR OUR CONSTITUENTS TO KEEP THEM AT EASE.
>> YES, MA'AM. WE CAN BRING IT BACK.
WE WILL MAKE SURE TO BRING IT BACK EVERY MONTH.
I'M SURE ANDREA WILL ENJOY THAT. ACTUALLY, THE ENTIRE TEAM REALLY DO A GREAT JOB STAYING ON TOP OF IT AND THEY DO ASK A LOT OF QUESTIONS. WE MEET WITH THEM EVERY MONTH.
>> I WAS GOING TO ASK. >> ANDREA MEETS WITH THEM EVERY MONTH. I GET A PRESENTATION AT THE FNP AND BOARD LEVEL. SO I WOULD SAY TWICE A MONTH IS PROBABLY THE MINIMUM AMOUNT OF TIMES WE TALK ABOUT THE PRICE OF GAS OR THE DELIVERED POWER. THERE'S OTHER RESOURES AS WELL,
DISPATCHABLE RESOURCES. >> WE USED TO DO IT MONTHLY.
WE COULD GO BACK TO MONTHLY. JUST DURING THIS.
>> KEEPS US ON TRACK AS WELL. >> WE WILL MAKE SURE TO DO THAT.
[F. DIRECTOR COMMENTS]
>> THANK YOU. >> THANK YOU VERY MUCH.
NEXT ITEM. OKAY, DIRECTOR'S COMMENTS.
YES, SIR. THE NEXT THREE MONTHS WE ARE GOING TO BE PRETTY BUSY FOR THE BOARD AND STAFF.
WE HAVE A PRETTY BUSY SCHEDULE. WE HAVE THE BUDGET WORKSHOP, THE SECOND MEETING OF JUNE. THEN WE HAVE THE ANNUAL CONFERENCE IN LATE JULY, I THINK.
BUT WE ARE ALSO LOOKING TO ADD A PROCUREMENT WORKSHOP NEXT MONTH, THE SECOND MEETING IN MAY AS WE WANT TO CLOSE THE LOOP WITH THE DISCUSSION WE HAD FROM A YEAR AGO ABOUT PROCUREMENT, AND ALSO PROVIDE SOME DIRECTION TO STAFF ON HOW TO PROCEED ON PROCUREMENT OVERALL WITH SOME OTHER STUFF WE WANT TO TALK ABOUT.
DUE TO THE LARGER SCOPE OF THE WORKSHOPS, WE TYPICALLY SPEND SOME ONE ON TIME WITH BOARD MEMBERS.
THAT'S WHY I'M SAYING IT'S GOING TO BE BUSY, BECAUSE WE WILL MEET ONE ON ONE WITH THE BUDGET WORKSHOP AND PROCUREMENT WORKSHOP JUST TO MAKE SURE WE COVER AS MUCH AS WE CAN AND GET YOU UP TO SPEED. SO WE WILL DO OUR BEST TO WORK AROUND YOUR SCHEDULE AND MAKE SURE WE GIVE OURSELVES PLENTY OF
[00:25:01]
TIME TO DISCUSS THESE ITEMS BEFORE WE BRING THEM TO THE BOARD. THE MEETINGS WILL MOST LIKELY BE AT LEAST A COUPLE HOURS. THE BUDGET WORKSHOP IS USUALLY 2-3 HOURS, I THINK THAT'S PROBABLY GOING TO BE AT LEAST A COUPLE HOURS BECAUSE WE WANT TO CLOSE THE LOOP OF WHAT WE TALKED ABOUT LAST YEAR. WE ARE ALSO BRINGING A PROCUREMENT MANUAL TO THE BOARD. SO THERE WILL BE QUITE A BIT OF DISCUSSION ABOUT A FORMAL MANUAL PROCUREMENT THAT'S REVISED, THAT'S OUR OWN INTERNAL REVISED PROCUREMENT.WE'VE BEEN USING ONE THAT'S QUITE OUTDATED.
>> SO THOSE DATES AGAIN FOR THE LONGER SESSIONS, SECOND MEETING
IN JUNE? >> SECOND MEETING IN JUNE.
WE WILL TRY TO MOVE THAT UP FOR EVERYONE.
>> THE SECOND MEETING IN MAY WHICH WILL BE THE 19TH.
>> THANK YOU. >> PROBABLY DO THAT AT 2:00 AS
WELL. >> NINETEENTH WOULD BE AT 2:00.
THERE'S A MEETING AT ONE BECAUSE WE ARE GOING TO DO LAUNCH.
>> THE BUDGET WORKSHOP, YEAH. >> AND THAT JULY DATE PLEASE?
>> THIRD JULY DATE IS FOR THE CONFERENCE, AND THAT'S
>> THE 16TH. >> WE WILL MAKE SURE --
JUNE 16TH. >> END MAY 19TH IS ALSO GOING TO
BE A LONGER ONE, RIGHT? >> WE WILL MAKE SURE TO GET THIS ON THE CALENDAR AND GIVE YOU A REVISED SCHEDULE.
SO YOU'LL SEE A CALENDAR INVITE FOR THESE DATES.
ALL THAT DISCUSSION ABOUT BOARD MEETINGS, THE NEXT ONE WILL BE MAY FIFTH AT 4:00 IN CITY CHAMBERS.
THAT'S ALL I HAVE FOR THE BOARD TODAY, MR. CHAIRMAN.
>> THANK YOU. ANY COMMENTS FROM THE ATTORNEY?
>> NO, SIR. >> OTHER THAN FILE YOUR REPORTS.
[H. BOARD MEMBER COMMENTS]
>> YOUR FORM ONES, YES. >> ANY COMMENTS FROM THE BOARD
MEMBERS? >> MR. CHAIRMAN, I DID FILE MINE ALREADY. I GOT A CONFIRMATION, SO I APPRECIATE THE REMINDER. AND ALSO, THE TWO MEETINGS THAT ARE GOING TO BE LONGER, ARE THEY GOING TO BE OUT OF THE ENERGY
CENTER OR HERE? >> ENERGY CENTER.
YES, MA'AM. THE WORKSHOPS ARE BETTER IN THAT
>> ALL RIGHT.
* This transcript was compiled from uncorrected Closed Captioning.