Minnesota § 473.1293 - ENERGY FORWARD PRICING MECHANISMS
Full text of Minnesota Minnesota Statutes § 473.1293 — ENERGY FORWARD PRICING MECHANISMS, with citation guidance and answers to common questions.
§ 473.1293. ENERGY FORWARD PRICING MECHANISMS
Subdivision 1.Definitions.
The following definitions apply in this section.
(a) "Energy" means natural gas, heating oil, diesel fuel, or any other energy source, except electric, used in Metropolitan Council operations.
(b) "Forward pricing mechanism" means either:
(1) a contract or financial instrument that obligates an entity to buy or sell a specified amount of an energy commodity at a future date and at a set price; or
(2) an option to buy or sell the contract or financial instrument.
Subd. 2.Authority provided.
Notwithstanding any other law to the contrary, the council may use forward pricing mechanisms for budget risk reduction.
Subd. 3.Conditions.
(a) Forward pricing transactions made under this section must be made only under the conditions in paragraphs (b), (c), and (d).
(b) The amount of energy forward priced must not exceed the estimated energy usage for council operations for the period of time covered by the forward pricing mechanism.
(c) The holding period and expiration date for any forward pricing mechanism must not exceed 24 months from the trade date of the transaction.
(d) Separate accounts must be established for each operational energy for which forward pricing mechanisms are used under this section.
Subd. 4.Written policies and procedures.
Before exercising authority under subdivision 2, the council must have written policies and procedures governing the use of forward pricing mechanisms.
Subd. 5.Oversight process.
(a) Before exercising authority under subdivision 2, the governing body of the council must establish an oversight process that provides for review of the council's use of forward pricing mechanisms.
(b) The process must include:
(1) internal or external audit reviews;
(2) quarterly reports to, and review by, an internal investment committee; and
(3) internal management control.
History:
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 473.1293
What does Minnesota Statutes § 473.1293 cover?
Section 473.1293 ("ENERGY FORWARD PRICING MECHANISMS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 473.1293?
A common citation format is "Minnesota Statutes § 473.1293" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 473.1293 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.