Issue - meetings

Report of the Director of Regeneration and Economy

(Listing Officer: L Lewis – Email: Lowell.lewis@coventry.gov.uk)

Further to Minute 93 above, the Cabinet considered a private report of the Director of Regeneration and Economy, that would also be considered at the meeting of Council on 19 March, 2024, which set out the commercially sensitive confidential matters relating to the procurement of a new contract for the supply of electricity and ancillary services.

RESOLVED that Cabinet recommends that Council:

1)  Approves the proposal to enter into an electricity supply contracts pursuant to the Strategic Energy Partnership up to the value as identified in the private report for the supply of electricity up to 31^st March 2030.

2)  Delegates authority to the Director of Finance and Resources, following consultation with the Director of Regeneration and Economy and the Director of Law and Governance, to finalise the terms and conditions of the supply contract and any other legal agreements required to facilitate delivery of the electricity supply and its ancillary services.

3)  Delegates authority to the Head of Energy Services, following consultation with the Director of Regeneration and Economy, to oversee the ongoing management of the wholesale purchasing strategy during the term of the contract.

4)  Notes the exercise of the emergency functions by the Chief Executive on 19^th December 2023 pursuant to Paragraph 3.8 (a) of Part 2M of the Constitution to secure an immediate hedging of energy using an interim 12-month standard flex contract.