Consider and take action on Resolution No. 16-091, authorizing Mayor to negotiate and enter into an agreement to procure electricity power rates for the City of Texas City effective January 1, 2020. (City Secretary)

With the energy market still depressed and showing signs of potential growth, the City contacted its consultants, 5 (the name of the group), and requested a comparison on rates beyond our current contracts.  If you look at the table they provided to you (page 8 of the handout), it shows the market has declined since our last contract ends in December of 2022.  The City could see an additional savings of about $50,000/year if it signs a contract for the years 2023, 2024, and 2025.  Staff recommends authorizing the mayor to sign the agreement if the market is still depressed enough to see the significant reduction.