The Village's one year agreement with First Energy Solutions to supply electricity will end in June 2014. This is the first year of the program. Approximately 89% of eligible residents and 80% of eligible businesses participated in the program for the first year, with cumulative savings of over $500,000.
After a thorough review of market pricing for the second year of the program, the Village has determined that the most cost-effective choice for residents at the end of the June 2014 billing period is to return to the ComEd default rate, and has opted to switch residents back to the ComEd default rate starting with the July, 2014 bill. The Village's Plan of Operation and Governance anticipated this possibility, by including an option that the Village could choose ComEd if it was in the best interest of residents.
The ComEd default rate beginning with the July bill is not yet known, but is anticipated to be announced on or about May 9.
ComEd will send a letter (anticipated the week of May 12) advising residents that their accounts will revert to the ComEd default rate, and that residents will continue to have the option of selecting another supplier for up to two billing cycles. After two billing cycles, residents will be required to remain with ComEd for an additional 10 billing cycles (total of 12 months). Residents interested in switching to an alternative supplier should do so prior to June 30 if possible.
The Village will continue to assess marketplace conditions over the next 30-45 days. If more competitive pricing than the ComEd default rate can be obtained prior to mid-June, 2014, and it is deemed to be in the best interest of residents, the Village will have the option of considering switching residents to the alternative supplier.
In summary, the Village's municipal aggregation electrical program remains in place, and we are electing ComEd to be our electricity supplier for the second year of our program unless and until the Village determines that more competitive pricing can be obtained.
More information is available on the Village's website regarding electrical aggregation including a list of Frequently Asked Questions, or by calling the Village at (708) 579-2315.