Brief

The Board of Water and Power Commissioners initiated a second amendment to an agreement with the International Swap Dealers Association and Macquarie Energy, LLC (Agreement 47641A-7). The amendment was referred to the Energy and Environment Committee in mid-May and approved by that committee on June 16, 2026. The file remains open and pending further council action.

Full summary

This file seeks City Council approval of a second amendment to an existing International Swap Dealers Association Master Agreement between the Los Angeles Department of Water and Power and Macquarie Energy, LLC. ISDA master agreements are the standard legal framework governing over-the-counter derivatives and energy trading transactions, and LADWP uses them to manage commodity price risk in its power procurement operations. The second amendment modifies the terms of the existing agreement, though the specific changes to contract provisions are not detailed in the transmittal documents beyond the reference to an accompanying Letter of Guarantee, which suggests the amendment may address counterparty credit or security obligations. The Board of Water and Power Commissioners adopted Resolution No. 026 215 on May 12, 2026, authorizing the amendment under Charter Section 373, which requires City Council approval for certain DWP contracts. Commission Secretary Chante L. Mitchell transmitted the resolution, the amendment, and a Letter of Guarantee to the City Council on May 13, 2026. The package was introduced to the Council the following day and referred to the Energy and Environment Committee, chaired by Councilmember Adrin Nazarian. The Energy and Environment Committee scheduled the item and approved it at its June 16, 2026 meeting. The file now awaits consideration by the full City Council. The file remains open with an expiration date of June 16, 2028.

Activity (4)

• 2026-06-16 Energy and Environment Committee approved item(s) .
• 2026-06-12 Energy and Environment Committee scheduled item for committee meeting on June 16, 2026.
• 2026-05-15 Board of Water and Power Commissioners document(s) referred to Energy and Environment Committee.
• 2026-05-14 Document submitted by Board of Water and Power Commissioners, dated May 13, 2026.

Documents (6)

• 2026-06-16 Speaker Card(s) · speaker_card
• 2026-05-13 Report from Board of Water and Power Commissioners · report
• 2026-05-13 Attachment to Report dated 5-13-26 - Resolution · attachment
• 2026-05-13 Attachment to Report dated 5-13-26 - Letter of Guarantee · attachment
• 2026-05-13 Attachment to Report dated 5-13-26 - Second Amendment · attachment
• 2026-05-13 Attachment to Report dated 5-13-26 - Board Letter · attachment