CITY OF SEATTLE
RESOLUTION __________________
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A RESOLUTION relating to the City Light Department; endorsing City Light's Wholesale Energy Risk Management Policy ("WERM Policy"), which governs wholesale energy, transmission, and ancillary services trading, including renewable energy credits and greenhouse gas offsets; establishing the WERM Policy as the guiding policy for managing risks related to wholesale energy, ancillary services, renewable energy credits, and greenhouse gas offsets within the City Light Department; and superseding Resolution 31616.
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WHEREAS, to economically provide electricity to its customers, the City Light Department ("City Light") routinely engages in the buying and selling of wholesale energy products; and
WHEREAS, City Light's participation in the wholesale energy markets inherently exposes it to various risks, including market and credit risks; and
WHEREAS, utility industry best practices mandate that City Light adhere to a clear and binding policy statement to effectively manage these risks; and
WHEREAS, these industry best practices further stipulate that such policies should receive approval from an independent governing body, such as City Light's Risk Oversight Council, and endorsement by City Light's General Manager and Chief Executive Officer; and
WHEREAS, the periodic review and amendment of risk management policies are essential for 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 June 7, 2010, by Resolution 31216; and
WHEREAS, the Wholesale Energy Risk Management Policy was updated by the City Council on August 9, 2010, with the passage of Resolution 31230; on May 14, 2012, with the passage of Resolution 31365; and on September 3, 2013, with the passage of Resolution 31467; and
WHEREAS, the ...
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