WOOD RIVER - The City of Wood River is pleased to announce they have renewed the municipal electricity aggregation program with a new supplier, Constellation NewEnergy. The City's primary goal is to protect residents from the continued rise in electric supply rates.
Since June, the City's residents and small businesses participating in the municipal electricity aggregation program, have been receiving rates of $0.0429 cents versus the Ameren rate of $0.10628 cents. This equates to an average household savings of over $50 per month, with larger households saving considerably more. Ameren's current price to compare (PTC) as of October 1st, 2022, through May of 2023 is $0.12236 cents.
Get The Latest News!
Don't miss our top stories and need-to-know news everyday in your inbox.
The City along with their consultant Good Energy LP has secured a fixed rate of $0.1220 cents for a 22-month term starting in February, which is less than the current Utility PTC. Therefore, if the rate with Ameren continues to increase, the residents and small businesses in our community have the option of price protection.
Residents and small businesses concerned about a decrease in Ameren rates could simply opt-out of the aggregation program. If residents decide to opt-out of the program and return to the Utility, they will be forced to stay with the Utility for a minimum of 1 year.
Over the next 60 days, each household will receive a notice from Ameren stating their accounts will return to the Utility, but only for 2 billing cycles. Shortly thereafter, residents will receive the opt-out letter from the new supplier Constellation. If residents and small businesses wish to continue participating in the program, they simply do nothing. They automatically are enrolled when the program restarts with February’s billing cycle. Lastly, Ameren will send a third letter stating you have chosen Constellation NewEnergy and residents and small businesses have 10 days to opt-out. Unless account holders opt out of the program they are automatically enrolled.
Since the inception of the program over a decade ago, every community has realized savings for their residents over the length of the program. There is no guarantee, however, the success of the program speaks for itself. Currently upwards of 90% of all residents in the participating communities in the Metro-East participate in the program.
The City of Wood River says it is fortunate to partner with Good Energy L.P., the largest municipal aggregation consultant in the US, whose headquarters are in New York, and has regional offices in Edwardsville and Peoria, IL.
During these trying times, the City officials feel an obligation to help our community residents reduce their costs and protect them during uncertain times.
Questions or concerns about the municipal aggregation program can be addressed via email at gecsi@goodenergy.com or by phone at 844-686-4244.
More like this:
