Consider and take action on Resolution No. 138, authorizing the Mayor to enter into an agreement to procure electricity power rates for the City of Texas City beginning in 2019 for 5-9 years over the current agreement. (Management Services)

Currently, we have contracts for electricity for the City of Texas City for streetlights, city offices, facilities, wastewater treatment, etc. through January 1, 2026.  Our consultants have helped navigate us through the up cycles of electric rates to maintain a decreasing cost for the electricity.  They have encountered an opportunity that they feel, while it extends additional years on our current contracts, they are even lower than the those contracts.  Our consultants, 5, recommend that we authorize the mayor to negotiate rates that could save us $62,000 to $79,000/year over the cost with the rates secured for 2025 and over $340,000 over the current rates we have in 2018.  Please see their attachment.