The Village of Mount Prospect offers its residents and small commercial customers an opportunity to participate in an “opt-out” municipal aggregation plan to take electric energy from an alternate electric energy provider. In the competitive electricity marketplace, ComEd still remains the electricity delivery provider, regardless of energy supplier. The initial Mount Prospect aggregated energy supply contract with FirstEnergy Services concluded this summer. Beginning in August, the Village alternate electricity provider is Homefield Energy (now part of the Dynegy company). You may have noticed a large increase in your recent electricity prices. This increase has affected all electricity suppliers, including ComEd, due to energy market conditions. However, the relationship between ComEd’s energy prices and those of the aggregation program has also changed.
While the aggregation program has been extremely successful during the first two years (average resident savings have been $357), the program’s rates are currently higher than ComEd’s rate. With no early termination fees, residents are free to leave the aggregation program at any time to move to ComEd or other suppliers. Should those rates later rise, residents are free to move back to the Village’s aggregation program or any other retail rate. There are no switching fees to move back to/from ComEd.
ComEd currently resets its energy charges twice a year, and has an additional component (the PEA) that can change monthly, with price swings up to 1.0¢. Because of this monthly variable component, the “all in” ComEd rate now varies considerably. To help keep you better informed of your alternatives, we will update our website monthly to reflect ComEd’s monthly rates (below).
If you choose to purchase electricity from ComEd rather than from the Village aggregation program or another supplier, you will pay 3 individual charges each month. The charges consist of: energy, transmission and the variable PEA. The October energy + transmission charge is 7.487¢, then dropping to 7.43¢ from November 2014 through June 2015. New ComEd prices will be effective June 2015.
However, residents who purchase their power from ComEd would also see a third charge on their ComEd bill for the Purchased Electricity Adjustment (PEA). This can be a charge or a credit, and can change monthly. The PEA for October is a credit of 0.5¢, bringing the “all in” ComEd rate to 6.987¢.
Depending upon the monthly PEA changes, the “all in” ComEd rate will range from 6.93¢ to 7.93¢ from November to June. The Village “all in” aggregation rate is 7.935¢.
Residents are free to leave the aggregation program at any time with no early termination fees. Residents can later re-join the aggregation should they so choose. The Village’s aggregation rate of 7.935¢ will be available to residents through August of 2016, then drop to 7.499¢ through August 2017. (Note: should you leave the aggregation program and move back to ComEd, you would not be able to return to the Homefield Energy aggregation program for a minimum of 6 months.)
Any resident desiring to move back to ComEd should contact Dynegy (formerly Homefield) at 866-694-1262. Have your account number when you place the call.
Residents can find alternative priced rates from other suppliers here
In summary, the Village aggregation program has no early termination fees. Residents are free to return to ComEd (or other suppliers) at any time. Should the ComEd rates later be set above the Village’s aggregation rate, residents would be free to return, by calling Dynegy (formerly Homefield) at 866-694-1262. If you require additional assistance, call the Village’s consultant, Northern Illinois Municipal Electric Collaborative (NIMEC), at 800-727-3820 to leave your questions and callback number. You will be contacted within 24 hours regarding the issue.
To report an electrical outage or for questions pertaining to your ComEd bill, call ComEd at 800-334-7661.
To view Mount Prospect Rates vs. ComEd Rates, click here