The Natural Gas Procurement Plan Rules are promulgated under the authority of the Arkansas Public Service Commission. These rules require that utilities develop and maintain a diversified gas supply portfolio. The portfolio should consist of an appropriate combination of different types of gas purchase contracts and/or financial hedging instruments designed to yield an appropriate balance of reliability, reduced volatility and reasonable price. In so doing, each utility should take into consideration various factors including, but not limited to, its particular circumstances, the demographics of its customers, the then-current market projections of both volatility and price, supply/demand estimates, and other relevant information that is available in the industry. These rules are intended to be consistent with Ark. Code Ann. 523-15-103.