Brief

The Board of Water and Power Commissioners has submitted a second amendment to an existing agreement (47641A-7) involving the International Swap Dealers Association and Macquarie Energy, LLC. The specific terms of the amendment are not detailed in the available documents. The file was referred to the Energy and Environment Committee on May 15, 2026, and remains pending there. The file is set to expire in May 2028 if no action is taken.

Full summary

This Council File asks the City Council to approve a second amendment to an International Swap Dealers Association Master Agreement between the Los Angeles Department of Water and Power and Macquarie Energy, LLC. The Board of Water and Power Commissioners adopted Resolution No. 026 215 on May 12, 2026, formally approving the amendment on LADWP's side and forwarding it to the Council for ratification as required under City Charter Section 373. The submission package includes the board letter, the resolution, the amended ISDA Master Agreement, and a Letter of Guarantee. ISDA Master Agreements are standardized contracts used by utilities and energy traders to govern over-the-counter derivative transactions, such as financial swaps tied to energy commodity prices or interest rates. LADWP uses these instruments to manage financial risk in its energy procurement and financing activities. Macquarie Energy, LLC is an energy trading and marketing firm. The specific changes introduced by this second amendment are not described in the transmittal documents beyond the reference to amended contract terms and the accompanying Letter of Guarantee, which typically provides a parent company's backing for the counterparty's obligations. The Board of Water and Power Commissioners submitted the file on May 13, 2026, and it was referred to the Energy and Environment Committee, chaired by Councilmember Adrin Nazarian, the following day. The file remains pending in committee, with no vote or further action recorded as of May 15, 2026. Standard procedure requires the committee to review and recommend action before the full Council votes on approval. The file expires in May 2028 if the Council takes no action.

Activity (2)

• 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 (5)

• 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