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Utilities Board members met with county councilors for a special session Tuesday night. They discussed adopting a resolution that would permit the county to enter into an agreement with the New Mexico Municipal Energy Acquisition Authority for a 30-year supply of natural gas at a set discount of the price index.
After discussion and questions, councilors voted 7-0 to pass the motion.
Council authorized Chair Jim Hall to execute the gas supply agreement and financial guaranty agreement.
However, the county is interested in entering into the agreement only if the market conditions are favorable and the discount can be set at $0.75 per MMBTU (Million British Thermal Units) or better. When and if the conditions exist, Hall will execute the agreement and guaranty.
Utilities Manager John Arrowsmith was in council chambers to make the presentation.
He stated that natural gas for Los Alamos County is always bought from San Juan at the spot market or index price.
“We will still purchase gas at the monthly index price like always, except all purchases through this agreement will be discounted. If we are able to secure a $0.75 discount, the Department of Public Utilities could realize an annual savings of $550,000,” Arrowsmith said.
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