The City Council approved a resolution 5-0 on Nov. 21 allowing City Manager Blair King to procure energy for three years to meet much of the city's electricity demand through 2011. The cost cannot exceed $10 million per year. Lodi Electric Utility has taken steps to reduce its open position by locking into long-term energy contracts and avoiding the volatile spot market. A recent Conoco Phillips purchase took care of some energy needs through 2010.
The city still has a 6 percent open position in 2008, 23 percent in 2009, 25 percent in 2010 and 70 percent in 2011. The utility will buy power to meet some of those long-term power needs.
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