Massena Electric Department

Pending Approval by the MEUB MASSENA ELECTRIC UTILITY BOARD MINUTES of TUESDAY, December 6, 2022 Town of Massena Electric Department - 71 East Hatfield Street Present: James Shaw Andrew McMahon, Superintendent Rene Hart Matt Gray, Deputy Superintendent John Bogosian Jeff Dobbins, Treasurer Richard Maginn Margo Rochefort, Deputy Treasurer Charles Raiti Eric Gustafson, Attorney Chairman Shaw opened the meeting at 1:00 pm. Motion to move into executive session at 1:00 pm. Moved by Charles Raiti – Seconded by John Bogosian, All in Favor Motion to move out of executive session at 2:25 pm. Moved by Richard Maginn – Seconded by Rene Hart, All in Favor Forward Energy Procurement Superintendent McMahon distributed the agreement proposed by NYPA to provide incremental power supply hedging on behalf of Massena Electric. Attorney Gustafson noted that he had reviewed the language in the agreement, as well as the authorization form also distributed. He had no additional changes to either document. Chairman Shaw inquired on the procedure to approve hedging transactions. Superintendent McMahon and Treasurer Dobbins indicated that prior to completing and submitting the authorization form, a recommendation would be provided to the board. Both managers noted that any recommendation would be on a monthly basis and for only a portion of the projected Incremental Energy needed during the month. For the upcoming heating months, January 2023 and February 2023, Superintendent McMahon noted that he would provide recommendations for the board to consider at the upcoming regular meeting scheduled for December 19, 2022. After some discussion a resolution was made to enter into the agreement and start the process of receiving estimates from NYPA for hedging incremental supply. RESOLUTION: The Massena Electric Utility Board hereby authorizes the Chairman to sign the Incremental Power Supply Hedging Agreement with NYPA. Moved by Richard Maginn – Seconded by Rene Hart, In Favor – John Bogosian Abstained – Charles Raiti Motion to adjourn at 2:35 pm. Moved by Richard Maginn – Seconded by John Bogosian, All in Favor