Belmont Light board reviews steep Q2 loss

Municipal Light Board · Meeting of September 10, 2026

Belmont Light disclosed an $800,000 preliminary second-quarter loss and more-than-doubled power cost charge. Finance staff told the Municipal Light Board that purchased power expenses hit $10.3 million, 24 percent over budget, driven by spot-market prices and weak hydroelectric output, while the rate stabilization fund fell to $5.16 million from $5.6 million a year earlier. Board member Jessica Harrison questioned why the power cost adjustment charge had "more than double" the 7.1 mills described in a July memo; staff said a shortened recovery period after a one-month implementation delay was the cause.

Staff member Kevin presented a hedging review showing the utility finished the first half of 2026 only 69 percent hedged against an 80 percent target, and in February dropped to under 65 percent hedged during a cold snap, but recommended no policy change, noting a six-and-a-half-year comparison found hedging saved only about $60,000 versus going unhedged. The board also heard that the 4.9-megawatt Grissom Solar project in New Hampshire went into service August 31 and that a proposed energy park remains stalled over a $2.5 million site funding gap. The meeting closed with a unanimous vote to enter executive session on IBEW Local 104 collective bargaining strategy.

In the full story:

• Call to Order and Procedural Items
• Second Quarter 2026 Financial Review
• Hedging Policy Presentation and Board Discussion
• General Manager's Report: Training, Open House and Awards
• General Manager's Report: Batteries, Solar and the Energy Park
• Executive Session
• Who Was There
• Organizations And Documents Referenced
• The complete report: 2,535 words

Source: the Municipal Light Board meeting of September 10, 2026, reported from the official video recording and transcript.

Checked against the record: before publication this article was automatically compared with the meeting transcript.