HomeMy WebLinkAboutCS 08-10
City b~ Report To
Executive Committee
PICKERING Report Number: CS 08-10
Date: May 10,'2010
18
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: LAS Energy Procurement Program
Recommendation:
1. That Report CS 08-10 of the Director, Corporate Services & Treasurer be
received;
2. That the Commodity-Hedge Pricing Policy attached to this report be approved;
3. That the Director, Corporate Services & Treasurer be authorized to execute
Agency Appointment Agreements with Local Authority Services (LAS) and any
other related documents to provide for the hedging of energy prices;
4. That Council authorizes Local Authority Services, through its appointed agent, to
have access to electricity consumption data from the local electrical utility on an as
needed basis, in order to compile load profile information for the procurement
program; and,
5. That the appropriate officials of the City of Pickering be authorized to give effect
thereto.
Executive Summary: Adoption of the above recommendations will allow the City
of Pickering to participate in the LAS Electricity Procurement Program. LAS purchases
bulk electrical power for its many municipal customers in a forward market through a
competitive bid process to obtain the best possible price. Purchasing of commodities
such as electricity in a forward market requires the municipality to have a "Commodity
Hedge Pricing Policy." Therefore, Council approval is required to adopt the necessary
Commodity Price Hedging Policies.
The objectives of the LAS bulk hedging program are generally synonymous with our
municipal objectives:
a. Facilitates Budgeting - purchasing blocks of electricity will produce stable prices for
budgeting
b. Competitive Pricing - provide savings on required purchases
c. Maximize Purchasing Power - pooling requirements can leverage better
pricing than individually.
Report CS 08-10 May 10, 2010
Subject: LAS Electricity Procurement Program Page 2
LAS requires the following Council actions:
1. Adopt the attached Commodity Hedge Pricing Policy as required under the
Municipal Act, 2001.
2. Adopt the Recommendationauthorizing the enrollment in the program.
Sustainability Implications: By joining the LAS program, the City will reduce its
electricity costs that in-turn will continue to assist the City in maintaining its financial
sustainability objectives.
Financial Implications: Adoption of the recommendations will allow the City to
participate in the LAS "bulk" electricity.purchasing program resulting in savings to the
City. The 2010 electrical utilities budget was based on the assumption that the City
would participate in a bulk purchase program. A major cost saving opportunity through
this program is that the City will now be able to obtain "off-peak" power rates for its
streetlights. (Off-peak power rates are usually a minimum of 10% lower). In 2009, the
streetlight electricity costs were $551,022 and the 2010 budget was reduced to
$501,000 resulting in a projected savings of $56,500. It is possible actual savings may
exceed this projection.
Background: Since 2005, Pickering has paid electricity rates as set out by the
Ontario government's Regulated Price Plan (RPP). Currently, Ontario municipalities can
choose to purchase electricity through one of the alternatives listed below:
1. The Regulated Price Plan (RPP); the rate the City's pays with a fixed price set by the
Province that is reset semi-annually, which has resulted in savings and rebates.
2. Market pricing for interval metered accounts or larger volume municipal accounts
post May 2009: Weighted Average hourly Price (WAP) will apply to conventional
meters; and Hourly Ontario Electricity Pricing (HOEP) will apply to interval meters.
3. A Retail Contract: where the price is set now for the future supply of electricity such
as the LAS program - (recommended)
Local Authority Services Electricity Procurement Program
There are several vendors in the de-regulated marketplace selling fixed price contracts.
The Municipal, Universities, School Boards and Hospitals (MUSH) sector is large
enough to support its own dedicated approach. As our Local Distribution Company
(LDC) Veridian Inc., does not earn its revenue based on where electricity is purchased,
they will continue to earn their revenues through the "wires business" - by distributing
the power. Purchasing electricity from LAS or any other retailer will not affect Veridian's
Report CS 08-10 May 10, 2010
. . . Subject: LAS Electricity Procurement Program Page 3
20
financial performance. Veridian will still be responsible for the distribution of electricity
to the City.
LAS isa wholly owned subsidiary of the Association of Municipalities of Ontario (AMO).
This organization has developed an electricity procurement program to assist
municipalities in achieving cost savings on electricity purchases by leveraging the
advantages of bulk purchasing power. This program is similar in operation to their
longstanding Natural Gas Procurement Program and as a point of information, the City
of Pickering has had an agreement with LAS for the purchase of natural gas for the last
three years. LAS has offered the Natural Gas Program since 1992 and have
consistently provided savings for program members. Due to low gas prices the City is
roughly breaking even on this arrangement which will be renewed in October, 2010
under the above Recommendation.
The LAS program provides strategic advice related to purchases, effective program
oversight, and ongoing accountability. Regular program oversight is provided by the
LAS Energy Advisory Committee and LAS Board of Directors, both of which are
comprised of municipal representatives. While LAS functions as a retailer for electricity
in conjunction with Shell Energy North America, this program is offered as a service to
AMO/LAS member municipalities and is not operated under the same expectations for
profit as other retailers. In addition, the LAS Energy Services Division offers a range of
conservation and demand management services to members of the LAS procurement
programs.
LAS is paid a fixed fee of 0.10/kWh (75% to the program administrator and 25% to LAS)
for all electricity hedged on behalf of the municipality, as well as 0.05¢/kWh for required
billing services. LAS is required to account for all amounts paid under the agreement
and any consumption left to the spot market is not charged an administration fee.
Ontario is progressively adopting time based electricity pricing. This government is
committed to ensuring energy conservation through the true cost of electrical power and
has instructed related regulatory agencies to ensure this is the case. Using cost saving
opportunities by switching some of our electricity requirements to off-peak hours, such
as at the Recreation Complex, the City has helped reduce Ontario's on-peak electricity
demand and reliance on purchasing power outside the province from non-sustainable
sources.
The LAS program takes a blended approach to purchasing electricity. They purchase up
to 75% of our electricity requirements from the forward market (fixed for terms from 6
months up to 1.5 years) and the remaining 25% (or more) is left to the spot market. LAS
will acquire blocks of electricity based on the requirements of the program load profile
for each program purchasing pool. All LAS program tenders are competitive and involve
as many as five pre-qualified suppliers.
The balance of the load requirements will be purchased on the spot market at the
Hourly Ontario Energy Price (HOEP) and we can choose our desired hedging level.
LAS does not allow for a hedging level of more than 75%, however, we may customize
- I
Report CS 08-10 May 10, 2010
Subject: LAS Electricity Procurement Program Page 4
21
our own lower hedge level if desired - the 75% hedge ensures that there is no over-
buying for any program. members and leaving 25% of usage to the spot market provides
flexibility and avoids claims of speculation.
Street lighting accounts are treated differently in the LAS program, as there is more
opportunity for savings on the spot market for these accounts because most
consumption is during "off-peak" hours. After we enroll, LAS will move our street
lighting accounts to the spot market (we cannot do this on our own) and they will charge
a $6 per account fee for this service as a cost recovery. Current LAS program members
are realizing streetlight savings of upwards of 20% - 25% (depending on the month) for
`off-peak' street lighting accounts. These figures are inclusive of the program fees paid
to LAS.
There are currently 78 Ontario municipalities enrolled in the LAS Electricity Procurement
Program. A complete list of members is included as an attachment to this report.
Hedging Policy
The Municipal Act, 2001 Ontario Regulation 653/05, s 6(1) states:
"Before a municipality passes a by-law authorizing a commodity price hedging
agreement, the council of the municipality shall adopt a statement of policies and
goals relating to the use of financial agreements to address commodity pricing and
costs."
As per the legislation, the City must first adopt a Commodity Price Hedging Policy as
indicated in the Municipal Act. A Commodity Hedge Pricing Policy is attached to this
report. The purpose of a hedging strategy is to maintain price stability with volatile
commodities by entering into a fixed price and volume contract. Price hedging agreements
are frequently used for the acquisition of natural gas and electricity. The confirming By-law
for the Council meeting at which this report's Recommendations are approved will be used
to satisfy that requirement of the Regulation.
Attachments:
1. Commodity Hedge Pricing Policy
2. LAS Electricity Program - Pricing Details - 2010
3. List of Current Municipal Members of LAS Electricity Program
4. Excerpt from Municipal Act, 2001, Ontario Regulation 653/05
Report CS 08-10 May 10, 2010
Subject: LAS Electricity Procurement Program Page 5
22
Prepared By: Approved/Endorsed By:
i
B -6b Ku ma Gillis A. Paterson
Senior Purc sing Analyst Director, Corporate Services & Treasurer
Prepared By: Prepared By:
Stan Karwowski Vera Felgemacher
Manager, Finance & Taxation Manager, Supply & Services
GAP:t Ik
Copy: Chief Administrative Officer
Recommended for the consideration
of Pickering CZhief ity
P
J. Quin D , CMM
Administra e Officer
try 000 ATTACHMENT#.LTO REPORT# ' ` - /o City POIICy
PICKERING
Policy Title: Commodity Price Hedging Policy Policy Number: FIN 060
Reference' Date Originated: Date Revised:
Municipal A, ct, 2001 April 1, 2010
Approval: Chief Administrative Officer Point of Contact: Director, Corporate Services &
Treasurer
Policy, Objective
The purpose of this policy is to conform to the requirements of the Municipal Act, 2001
(and any regulations passed thereunder) as it relates to Commodity Price Hedging
Agreements. Section 6(1) of O. Reg 653.05 of the Act requires the adoption of this
policy before the City may enter into a Commodity Price Hedging.
Scope
This policy applies to all commodity price hedging agreements and provides the
framework for the consideration of commodity hedge pricing by the City.
Index
01 (Definitions
02 'Statement of Commodity Hedging Policies and Goals
03 Authority
04 Responsibility,
05 (Reporting Requirements
01 Definitions 2 4
01.01 Contract Agent - means an individual or organization acting on behalf
of the City as an independent contractor, external to the City to provide
advice on a price hedging strategy and/or to execute agreements and
transactions to acquire a Commodity.
01.02 Commodity - means, a product or products bought and sold in
commerce, including but not limited to electricity, natural gas and
foreign currencies.
01.03 Price Hedging Agreement - means a financial agreement to provide
price stability and/or minimize the cost, financial and other risks
associated with the procurement of a Commodity.
01.04 Hedge - means, the purchase of a commitment to acquire a specified
quantity of a commodity, at a specific price, at some future point in time.
02 Statement of Commodity Price Hedging Policies and Goals
The City will consider commodity price hedging agreements as a means of fixing,
directly or indirectly, or enabling the City to fix the price or range of prices to be paid
by the City for the future delivery of some or all of the commodity or the future cost to
the City of an equivalent quantity of the commodity, where it is advantageous for the
City to do so.
The Director, Corporate Services & Treasurer is responsible for determining whether
a particular commodity price hedging agreement is advantageous for the City,
whereby the following considerations will be taken into account:
(i) any and all projects of the City are projects for which commodity price
hedging agreements will be appropriate;
(ii) if, at the time, it is the opinion that fixed costs and estimated costs of the
City will be reduced by virtue of the use of such an agreement;
(iii) if, at the time, it is the opinion that the future price or cost to the City of the
applicable commodity will be lower or more stable than it would be without
the agreement;
(iv) if, at the time, the project includes a detailed estimate of the expected
result of using such an agreement;
(v) if, at the time, it is the opinion that the financial and other risks to the City
that would exist with the use of such an agreement, will be lower than the
Policy Title: Commodity Price Hedging Policy Page 2 of 3
Policy Number: FIN 060
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financial and other risks to the City that would exist without such an
agreement;
(vi) if, at the time, it is the opinion that the agreement contains adequate risk
control measures relating to such an agreement, such as:
a) limited credit exposure based on credit ratings and/or on the degree
of regulatory;
b) oversight and/or on the regulatory capital of the other party to the
agreement;
c) a standard agreement; or
d) ongoing monitoring with respect to the agreement.
03 Authority
The, Director, Corporate Services & Treasurer, or designate, is authorized to enter into
contracts for the purpose of engaging a Contract Agent to acquire a Commodity.
04 Responsibility
The Director, Corporate Services & Treasurer or Manager, Supply & Services, in
conjunction with the Senior Purchasing Analyst, are responsible for the application,
implementation and interpretation of this policy.
05 Reporting Requirements
The Director, Corporate Services & Treasurer shall report to Council at least once
each fiscal year with respect to any and all commodity price hedging agreements in
place. The report shall contain, as a minimum, all requirements as set out in O. Reg.
653/05 of the Municipal Act.
Policy Title: Commodity Price Hedging Policy Page 3 of 3
Policy Number:) FIN 060
ATTACHMENT# TO REPORT#_L_og- (0
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November 2009
L A C Local Authority
J-~~ Services Ltd.
LAS Electricity Program
Pricing Details for Pool 1/2/3 Purchase Calendar Year 2010
This purchase included 58 municipalities for a 12 month term, commencing on January 1, 2010
and continuing to December 31. Of the 58 municipalities, 6 are new members of the LAS
program and 52 are current members with hedges ending at December 31, 2009.
This purchase reflects the blending of our Pool 1, 2 & 3 groups into a single aggregated group.
The only other LAS purchasing group (Pool 4 with 17 municipalities) will be rolled into the larger
group at the end of their current purchase term in December 2010, resulting in additional buying
power for all program members.
The purchase price was $37.55/MW (7x24 block). Unless a different hedge amount has been
chosen, LAS has hedged 75% of each program member's electricity requirement at the above
noted price; this leaves a minimum of 25% of total exposure to the spot market, which provides
municipalities with flexibility in terms of consumption and prevents any claim of speculation.
For all hedged electricity - 75% of total requirements unless advised otherwise:
The new contract cost of power for members for 2010 is $39.05/MWh or 3.9050/kWh; this price
includes all program fees as outlined in the Agency Agreement between each municipality and
LAS.
For usage left to spot market - 25% or greater, depending on municipal choice:
It is impossible to predict this figure given that it is dependant on the supply and demand of
electricity on a day by day basis, but spot market (HOEP) prices have averaged 4.2820/kWh
over the past 24 months - November 2007 to October 2009. Similar HOEP pricing during this
purchase term should produce commodity only cost savings of 2.60/kWh compared to the
Regulated Price Plan (RPP).
Although there will be points during the purchase term when the HOEP cost of electricity may
be lower than the hedge contract, LAS program members are ensuring budgetable and
predictable commodity pricing by hedging a portion of required electricity. In addition, some spot
market exposure for all accounts ensures that these savings opportunities are being leveraged.
Expected Commodity Savings (7x24 usage)
Block, ; Volume Price (c/kWh)
Hedge Purchase Price (including program fees) 3.905
75% of Load 2.93
Avg. HOEP (1) 4.282
25% of Load 1.07
Expected Cost = Purchase Price + Spot (2) 100% of Load 4.00
RPP (3) 6.60
Expected Commodity Only Savings (cents/kWh) 2.60
Notes:
1) The HOEP price is reflective of the average HOEP from November 2007 to October 2009. Past averages
are not always indicative of future performance.
2) This does not include any Provincial Benefit (charges/credits).
3) The RPP presented is an average price of the two-tiers based on typical municipal account usage.
Page 1
27
Streetlight Accounts:
The streetlight accounts of all program members will settle at the prevailing HOEP rate as this is
the best cost saving option for program members. The reason for low market prices for
streetlight accounts is that these lights are in operation when demand for power is typically low,
and with a low demand comes advantageous "off-peak" power prices.
For the November 2007 to October 2009 period the average streetlight commodity price was
3.330/kWh (see note 4 below). Similar pricing for the purchase term would result in commodity
only savings of 3.270/kWh compared to current RPP prices.
Expected Streetlight Savings
HOEP (c/kWh)
Avg. HOEP (4)(5) 3.33
RPP (6) ; 6.60
Expected Commodity Only Savings (cents/kWh) 3.27
Notes:
4) Average HOEP price is reflective of the average streetlight cost based on the Hydro One Networks OEB
approved streetlight profile for November 2007 to October 2009. Savings within different LDC service areas
may vary.
5) This does not include any Provincial Benefit (charges/credits) or OPG Rebate dollars.
.6) The RPP presented is an average price of the two-tier price based on a typical streetlight account usage.
Current RPP Price - at November 1, 2009:
The new RPP rate for non-residential consumers (including municipalities) is:
- Up to 750 kWh - 5.80/kWh
- Additional Usage - 6.70/kWh
This new RPP price represents an increase of 0.1 cents/kWh for both pricing tiers compared to
the May-November 2009 period price.
Note that the RPP ended at November 1, 2009 for municipal accounts with annual consumption
of greater than 250, 000kWh. Accounts that exceed this volume threshold, and which are not
enrolled with a retailer program (like the LAS program), will now be billed at less budgetable
spot market rates.
The LAS program is unaffected by changes to the RPP, and was created specifically to help
municipalities proactively exit the RPP and take control of their energy costs by providing
budgetable energy commodity costs.
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5x16 Hedge - Only for members .with identified interval meter accounts:
The cost of the "peak load" (5x16) power purchase was $48.20/MWh or 4.820/kWh; this price
includes all program fees as outlined in the Agency Agreement between each municipality and
LAS.
The hedge provides designated interval meters with a 75% level of coverage for "peak period"
consumption (Monday-Friday - 7am to 11pm). Usage over and above the 75% level in peak
hours will be settled at the HOEP. It is impossible to predict the spot price as noted above, but
the peak HOEP price averaged 5.270/kWh from November 2007 to October 2009.
All Usage outside of this peak period (i.e. nights and weekends) is "off-peak", and will be settled
100% at the prevailing HOEP. The average off-peak HOEP average for the same period was
3.270/kWh..
Similar HOEP pricing during this purchase term would produce savings of approx. 2.26¢/kWh
for all interval meter usage compared to the RPP. Across all enrolled interval metered
accounts, the 5x16 hedge purchase represents 36% total usage coverage (all hours).
Expected Commodity Savings 5x16 usage)
Block Volume Price
c/kWh
Hedge Purchase Price (including program fees) 4.82
36% of Total Load 74
(75% of Peak Load)
Avg. HOEP (7) 4.06
64% of Total Load 2.60
Expected Cost = Purchase Price + Spot (8) 100% of Load 4.34
RPP (9) 6.60
Expected Commodity Only Savings (cents/kWh) 2.26 .
Notes:
7) The average (HOEP) price is reflective of the blended on/off peak weighted spot market price for the period
of Nov 2007 to Oct 2009. Past averages are not indicative of future performance
8) This does not include any Provincial Benefit (charges/credits).
9) The RPP presented is an average price of the two-tiers based on typical municipal account usage.
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ATTACHMENT #-.4.-TO REPORT #-a5-.0 S
Excerpt from Municipal Act, 2001, Ontario Regulation 653/05 30
Debt-Related Financial Instruments and Financial Agreements
COMMODITY PRICE HEDGING AGREEMENTS
Commodity price hedging agreements
5. (1.) A municipality that has entered, or plan to enter, an agreement under Part 11 of the Act
for the supply of a commodity required for a municipal system may enter into one or more
financial agreements to minimize the cost or financial risk associated with incurring debt for
the commodity. O. Reg. 653/05,s 5(1).
(2) The financial agreement must fix, directly or indirectly, or enable the municipality to fix
the price or range of prices to be paid by the municipality for the future delivery of some or
all oflthe commodity or the future cost to the municipality of an equivalent quantity of the
commodity. O. Reg. 653/05,s 5(2).
(3) Subject to subsection (4), the municipality shall not sell or otherwise dispose of the
financial agreement or any interest of the municipality in the agreement.. O. Reg. 653/05,s
5(3).
(4) The municipality may sell or dispose of the financial agreement or an interest of the
municipality in the agreement, if in the opinion of the Treasurer of the municipality, the sale
or disposition is in the best interests of the municipality and if either of the following
conditions is satisfied:
1. The sale or disposition is part , of a transaction for the sale of real property by the
municipality relating to a change in the use of the property by the municipality.
2. The municipality has ceased to carry on any activity relating to the municipal system
for which the commodity was being acquired. O. Reg. 653/05,s 5(4).
Statement of Commodity Price Hedging Policies and Goals
6. (1) Before a municipality passes a by-law authorizing a commodity price hedging agreement,
the council of the municipality shall adopt a statement of policies and goals relating to the
use of financial agreements to address commodity pricing and costs. O. Reg. 653/05,s 6(1)
(2) The council of the municipality shall consider the following matters when preparing the
statement of policies and goals:
i
1. The types of projects for which commodity price hedging agreements are appropriate.
2. The fixed costs and estimated costs of the municipality resulting from the use of such
agreements.
3.' Whether the future price or cost to the municipality of the applicable commodities will
be lower or more stable than it would be without the agreements.
4. A detailed estimate of the expected result of using such agreements.
5. The financial and other risks to the municipality that would exist with and without the
use of such agreements.
31
6. Risk control measures relating to such agreements, such as:
(i) credit exposure based on credit ratings and on the degree of regulatory
oversight and on'the regulatory capital of the other party to the agreement,
(ii) standard agreements, and
(iii) ongoing monitoring with respect to the agreements. O. Reg. 653/05,s,6(2).
Report on commodity price hedging agreements
7. (1) If a municipality has any subsisting commodity price hedging agreements in a fiscal year,
the of the Treasurer of the municipality shall prepare and present to the municipal
council once in that fiscal year, or more frequently if Council so desires, a detailed report
on all of those agreements. O. Reg. 653/05,s 7(1).
(2) The report must contain the following information and documents:
1. A statement about the status of the agreements during the period of the report,
including a comparison of the expected and actual results of using the agreements.
2. A statement by the Treasurer indicating whether, in his or her opinion, all of the
agreements entered during the period of the report are consistent with the
municipality's statement of policies and goals relating to the use of financial
agreements to address commodity pricing and costs.
3. Such other information as the council may require.
4. Such other information as the Treasurer considers appropriate to include in the report
0. Reg. 653/05,s 7(2).
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