CITY OF SEATTLE
RESOLUTION _________________
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A RESOLUTION relating to the City Light Department; endorsing the City Light Department's Wholesale Energy Risk Management policy governing wholesale energy, transmission, ancillary services, renewable energy credit, and greenhouse gas offset trading, and their risk management; establishing it as the policy governing the conduct of wholesale energy, renewable energy credit, and greenhouse gas offset risk management at the City Light Department; and superseding Resolutions 31467 and 31216.
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WHEREAS, in order to provide electricity to its customers economically, the City Light Department routinely buys and sells wholesale energy products; and
WHEREAS, the City Light Department's participation in wholesale energy markets necessarily exposes the City Light Department to risk, including market and credit risk; and
WHEREAS, electric utility industry Best Practices require that the City Light Department have a clear and binding statement of policy to govern the management of those risks; and
WHEREAS, electric utility industry Best Practices further require that such policies be endorsed by the City Light Department's governing body; and
WHEREAS, periodic review and amendment to risk management policies are necessary and a product of good governance and oversight; and
WHEREAS, the Wholesale Energy Risk Management Policy was initially adopted by the City Council on September 8, 2008 by Resolution 31053; and
WHEREAS, the Environmental Attributes Management Policy was initially adopted by the City Council on May 24, 2010 by Resolution 31216; and
WHEREAS, the Wholesale Energy Risk Management Policy was updated by the City Council on August 9, 2010 with the adoption of Resolution 31230; and
WHEREAS, the Wholesale Energy Risk Management Policy was updated by the City Council on May 14, 2012 with the adoption of Resolution 31365; and
WHEREAS, the Wholesale Energy Risk Management Policy was updated by th...
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