PRESS RELEASE - Electric Aggregation Update

10/5/2015 12:55:00 PM
October 5, 2015
 
FOR IMMEDIATE RELEASE 
CONTACT INFORMATION:  
Darryl Lindberg, Mayor 
Phone: 815-654-5030                 
Email: lpmayor@aol.com
 
ELECTRIC AGGREGATION UPDATE

LOVES PARK, IL – ComEd electrical supply rates have fallen over the last several months and it is expected that they will remain below the negotiated electrical aggregation contract rate for the foreseeable future.  City staff urges residents to review current ComEd pricing, other market pricing, and the terms of the current aggregation contract to determine what option is best for them.
 
Key points for consideration include:
  • The negotiated electrical aggregation contract is with Constellation at a rate of $0.0737 per kilowatt hour through October 2016.
  • The current ComEd price for October is $0.0683 per kilowatt hour.  The base component of this rate is approved by the State and is fixed until May 2016.  ComEd is allowed to adjust that base rate by $0.005 positive or negative each month.
  • Offers are available for a number of other suppliers in the state.  See details at: http://www.pluginillinois.org/offers.aspx?said=1.  Please be certain to familiarize yourself with the terms and conditions of these offers prior to switching.
  • The aggregation contract allows residents to leave the contract at any time, with no penalty.  However, ComEd is allowed to put your account in a status called “bundled hold” if you return to them as your supplier.  This “bundled hold” means that you will be required to stay with ComEd as your supplier for 12 months.  After that period, you are eligible to move to a third party supplier again.
  • To switch back to ComEd, contact ComEd customer service with your account number at 1-800-334-7661.  They will notify Constellation of the switch.
 
Any questions regarding this please contact Loves Park City Hall at 815-654-5030.

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