The Board meets on the first and third Monday of each month. Meetings begin at 1:00 p.m. and are held in the department conference room at 65 Lafayette Ave, Littleton. Board meetings are open to the public and time is allotted for public comments at each meeting.
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The regularly scheduled business meeting of the Littleton Water and Light (LWL) Board of Commissioners (BOC) began at 1:00 p.m. on Monday,
December 19, 2022 in the LWL conference room. Present were Commissioner Peter Cooper, Commissioner Ralph Ross, Commissioner Linda MacNeil, Director of Finance Lori Hogan and Superintendent Thomas Considine.
MINUTES REVIEW:
The minutes of the December 5, 2022 regularly scheduled Commissioners meeting were reviewed. Commissioner Ross made a motion to accept the minutes as presented, seconded by Commissioner MacNeil.
The vote was in favor of the motion 3-0-0
SUPERINTENDENT/ GENERAL MANAGERS REPORT:
1. The NH Department of Energy intends to distribute fourth quarter proceeds from the fifty-eighth (58) Regional Greenhouse Gas Initiative (RGGI) Cap and Trade auction to LWL in the amount of about $57,900. Once LWL received payment from the NHDOE eligible LWL electric customers will receive a rebate (credit) applied to their next LWL statement.
2. The result of the year-ended 2022 physical inventory count was discussed with the BOC. The net impact (true-up) on the general ledger was recorded as a loss of about $2,000. Approximately seventy (70) percent of the total inventory in the warehouse was selected. It is expected that the auditors will select a representative sample from the warehouse to verify that the inventory is accurately reflected on the balance sheet.
3. LWL plans to submit a proposed project/concept paper to the USDOE/NHDOE for possible funding under the 2022 federal Infrastructure Investment and Jobs Act (IIJA). The proposed project would be to extend about 5,000 feet of overhead electric 3-phase distribution line to interconnect a proposed 5MW solar array at a system voltage of 12,470. If accepted then the proposed project would move to the funding consideration stage.
GENERAL/OTHER BUSINESS:
On December 6, 2022 LWL solicitated a request for proposal for wholesale power supply resource for January 2023 through March 2023 in the amount of about 3,315 MWh. Several counterparties provided bids though the results were less than appealing due to market pricing. Commissioner Cooper was in attendance and observed the process and took part in the decrement process between LWL and Daymark. There appears to be high anxiety among bidders (speculators) as the prices provided do not reflect what is happening on the day-ahead and real time markets. It was agreed that because of these record high prices LWL would request the apparent low bidder (Emera Energy) if they would hold their bid prices and reduced the requested volume by 50%, which they agreed to do, therefor LWL locked in with Emera Energy as a slight hedge and to diversify our power supply portfolio.
There was some discussion as to how this transaction would affect the draft 2023 operating and maintenance (O&M) budget projections that the BOC is due to finalize at their next meeting. It was agreed that as the cost of these resources are less than what is currently allocated in the draft 2023 O&M budget that there is expected to be no change in the expenses realized due to this solicitation.
MEETING ADJOURNMENT:
There being no further business to come before the board Commissioner MacNeil made a motion to adjourn the meeting, seconded by Commissioner Ross.
The vote was in favor of the motion 3-0-0.
Meeting adjourned at 2:07 p.m.
The regularly scheduled Commissioner’s meeting is held twice monthly on the first and third Monday, at 1:00 p.m., in the Department’s conference room.