CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the City Light Department; amending Section 21.49.086 of the Seattle Municipal Code to create Net Wholesale Revenue targets for 2019 and 2020 consistent with those assumed in the City Light 2019-2024 Strategic Plan approved by the City Council via Resolution 31819.
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WHEREAS, the City established the City Light Rate Stabilization Account ("RSA") within the Light Fund in part to buffer the City Light Department and its rate payers from shortfalls in the amount of Net Wholesale Revenue actually earned relative to that specified in budgets and assumed in electricity rates; and
WHEREAS, Ordinance 123260 provided a funding mechanism for the RSA and established rules for its operation, including a formula for computing the target level of Net Wholesale Revenue for the purpose of developing budgets and retail electricity rates, and for determining deposits to, and withdrawals from, the RSA; and
WHEREAS, Ordinance 123989 changed the methodology for computing the Net Wholesale Revenue target, eliminating the formula and establishing specific dollar amount targets for 2013 and 2014 consistent with those assumed in the City Light 2013-2018 Strategic Plan adopted by Resolution 31383; and
WHEREAS, the City Light 2019-2024 Strategic Plan, adopted by Resolution 31819, assumes specific targets for Net Wholesale Revenue for the years 2019-2024, and electricity rates consistent with those targets; and
WHEREAS, the City Council intends to adopt retail electricity rates for 2019 and 2020 that are consistent with those in the 2019-2024 Strategic Plan; and
WHEREAS, Ordinance 123260 established the quarterly percentages for the distribution of net wholesale revenue over the year based on the historical pattern of receipts of such revenue up to that time; and
WHEREAS, the distribution of net wholesale revenue has changed due to changes in City Light's power portfolio and whole...
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