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Home : News : Electricity Aggregation Update – Switching from Current Supplier

Electricity Aggregation Update – Switching from Current Supplier

9/10/2012



The Village is pleased to announce that it has just concluded the bidding process for electric power for its residential and small business customers. The winning bidder was First Energy – the power company for portions of Ohio, Pennsylvania, New Jersey, West Virginia, and Maryland – which serves over 6 million customers in those states. The winning residential bid price is 4.85 cents per kilowatt which is considerably lower than the recently announced new Com Ed rate of 8.5 cents per kilowatt (which takes effect June 1st) – 43% lower in fact. This means that residents that choose to participate in the Village program will save 3.65 cents per kilowatt over the Com Ed rate. This rate reduction is substantial and will save the average resident an estimated $260 per year (based on a 9,000 kilowatt yearly usage).
This price is locked in for two (2) years and it is estimated it will go into effect in either July or the beginning of August 2012. Residents (or small businesses) that do not wish to participate in the program will be given an opportunity to opt-out of the program via a letter sent to their residence/business. These letters have been mailed and should have been received by residents - if you did not receive one please click here to download a copy so you can opt-out if you so desire. If a resident/business declines to opt-out in the initial free opt-out period they will be in the program and subject to the terms of the agreement. One provision of note is that residential customers wanting to opt-out later on in the term of the two-year agreement (i.e. after the initial opt-out opportunity) will be required to pay a $25.00 opt-out fee. Residents that move away from the community will be exempt from this opt-out fee.
The Village is glad that the bidding process was so successful and is proud to point out that it is estimated that our residents and small businesses will collectively save over 3 million dollars during the term of this agreement. People with questions about this process can contact the Village at (847) 678-2550.

Considering moving from your current supplier to the Village’s aggregation?
You are welcome to join at any time. Before you do, you should contact your current supplier to determine if your current pricing plan has an early termination fee. Like cell phone contracts, some electric contracts come with an early termination fee, that is charged to you in the event that you leave prior to the end of your contract.
 
If your plan has no such fee, or your plan has expired, you are welcome to join the Village’s program. We suggest that you not call your current supplier to terminate your plan. Instead, just call the Village’s supplier, FirstEnergy Solutions, at 888-651-5200 to join. FirstEnergy will coordinate the transition of your account from your current supplier.
 
In about 1-2 months, you should receive your ComEd bill with the Energy portion showing FirstEnergy Solutions’ rate of 4.85¢.




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