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HomeMy WebLinkAboutResolution - 2021-R0319 - LP&L Delegation to Director for RECs 8.24.21Resolution No. 2021-R0319 Item No. 7.33 August 24, 2021 RESOLUTION WHEREAS, Lubbock Power & Light is the municipally owned public power utility of the City of Lubbock ("LP&L"); WHEREAS, from time to time, LP&L receives certain renewable energy credits ("RECs"). WHEREAS, the profitability of the sale of RECs, as an energy commodity, is generally determined by real-time energy commodity market prices; WHEREAS, to extract the most value from the sale of RECs, LP&L requires the ability to enter into REC sales quickly when the energy commodity market price is favorable; WHEREAS, the Director of Electric Utilities ("Director"), or his designee, needs the flexibility to be able to enter into agreements for the sale of RECs expeditiously for the benefit of LP&L and its ratepayers; WHEREAS, delegating authority to the Director to enter into agreements for the sale of RECs is in the best interest of LP&L and its ratepayers; WHEREAS, the Electric Utility Board has approved a resolution delegating the authority to enter into agreements for the sale of RECs to the Director, or his designee; NOW, THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: The City Council of the City of Lubbock hereby finds that the competitive and other interests of LP&L require a delegation of authority to execute agreements for the sale of renewable energy credits to the Director of Electric Utilities, or his designee. BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: The Director of Electric Utilities, or his designee, shall have the authority to execute agreements for the sale of renewable energy credits and related documents on behalf of the City of Lubbock, acting by and through Lubbock Power & Light, effective as of August 17, 2021. BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF M-10 11614.4 The Director of Electric Utilities, or his designee, shall update the Electric Utility Board, at a frequency of not less than once a month, of total amounts received from the sale of RECs by the City of Lubbock, acting by and through Lubbock Power & Light. Passed by the City Council this 24 h day of August, 2021. Dan Pope, Mayor A E T: Ak'JA r Re ecca arza, Board Secretary AP OVED AS TO CONTENT: David McCalla, Director of Electric Utilities APPROVED AS TO FORM: ir tilmneg ']Wyll 51m�m, up`i L Gt*uhz j CA"i Gi Resolution No. EUB 2021-R0056 RESOLUTION WHEREAS, Lubbock Power & Light is the municipally owned public power utility of the City of Lubbock ("LP&L"); WHEREAS, from time to time, LP&L receives certain renewable energy credits ("RECs"); WHEREAS, the profitability of the sale of RECs, as an energy commodity, is generally determined by real-time energy commodity market prices; WHEREAS, to extract the most value from the sale of RECs, LP&L requires the ability to enter into REC sales quickly when the energy commodity market price is favorable; WHEREAS, the Director of Electric Utilities ("Director"), or his designee, needs the flexibility to be able to enter into agreements for the sale of RECs expeditiously for the benefit of LP&L and its ratepayers; WHEREAS, delegating authority to the Director to enter into agreements for the sale of RECs is in the best interest of LP&L and its ratepayers; WHEREAS, the Electric Utility Board desires to delegate the authority to enter into the agreements for the sale of RECs to the Director, or his designee; NOW, THEREFORE: BE IT FURTHER RESOLVED BY THE ELECTRIC UTILITY BOARD OF THE CITY OF LUBBOCK: The Electric Utility Board hereby finds that the competitive and other interests of LP&L require a delegation of authority to execute agreements for the sale of renewable energy credits to the Director of Electric Utilities, or his designee. BE IT FURTHER RESOLVED BY THE ELECTRIC UTILITY BOARD OF THE CITY OF LUBBOCK: The Director of Electric Utilities, or his designee, shall have the authority to execute agreements for the sale of renewable energy credits and related documents on behalf of the City of Lubbock, acting by and through Lubbock Power & Light, effective as of August 17, 2021. BE IT FURTHER RESOLVED BY THE ELECTRIC UTILITY BOARD OF THE CITY OF LUBBOCK: This delegation of authority is valid until revoked by further action of the Electric Utility Board. BE IT FURTHER RESOLVED BY THE ELECTRIC UTILITY BOARD OF THE CITY OF LUBBOCK: The Director of Electric Utilities, or his designee, shall update the Electric Utility Board, at a frequency of not less than once a month, of total amounts received from the sale of RECs by the City of Lubbock, acting by and through Lubbock Power & Light. BE IT FURTHER RESOLVED BY THE ELECTRIC UTILITY BOARD OF THE CITY OF LUBBOCK: This resolution and delegation contained herein shall be null and void and of no effect whatsoever unless the City Council shall, on or before September 30, 2021, have approved such delegation as provided herein. Passed by the Electric Utility Board this 17`h day of August, 2021. Dan Odom, Chairman Stafford, Boar APPAOVED AS T CONTENT: David McCalla, Director of Electric Utilities APPROVED AS TO FORM: 'Seyw"• sv-"