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.
Financial rating analysts like to see long-term energy needs being met, Utility Director George Morrow said.
"The more we can close the open positions, the less risk we take," he said.
Free counseling on foreclosures available
Counselors from several government agencies and nonprofit organizations will be available to provide advice to the public regarding home foreclosures from 10 a.m. to 1 p.m. on Saturday in the Stockton Arena conference room, 248 W. Fremont St., Stockton. Counselors from the U.S. Department of Housing and Urban Development (HUD), California Housing Finance Authority and Stockton Housing Department will be available as well as nonprofits organizations like NeighborWorks and Consumer Credit Counseling.
Visitors are invited to drop in any time during the three-hour period. To make the most of the time with counselors, participants are asked to bring all relevant mortgage and financial paperwork.
The workshop is sponsored by Reps. Jerry McNerney, D-Pleasanton, and Dennis Cardoza, D-Merced; State Sen. Mike Machado, D-Linden; Assemblyman Greg Aghazarian and Stockton Mayor Ed Chavez.