Program Update - June,2016
The City of Momence established its initial electric aggregation program in 2013 by combining the purchasing power of eight Kankakee County Villages as well as the entire County, unincorporated portions, to seek competitive pricing for residents' electric supply costs. To date, the average participating ratepayer in the City of Momence has saved $266, for a citywide cumulative savings of $210,000.
Power prices have steadily declined over the last year. The ComEd base rate was set for the period June 2016 to May 2017, at 6.27¢ per kWh, a fairly large decline reflective of lower power costs. (Specifically, the ComEd default rate is 6.19¢ for four summer months, followed by 6.31¢ for the next eight months.) There is an additional component to the ComEd rate that is readjusted each month, the Purchased Electricity Adjustment (PEA). The PEA can be an additional credit or debit of up to one-half cent. Therefore, the ComEd rate to compare will be re-set each month at some point between 5.69¢ and 6.81¢ per kWh over the next year.
This surprisingly lower ComEd rate reflects the price decline much like the drop that has occurred in the price of gasoline and other commodities.
Residents are always encouraged to make their own choices about power supply. Any currently enrolled ratepayer may switch their account from the aggregation program at Dynegy Energy back to ComEd at any time without incurring a penalty. The Momence aggregation program rate is currently fixed at 6.722¢ per kWh through September 2017. The ComEd base rate is expected to increase effective June 2017. To move back to ComEd, residents may simply call the City's current supplier, Dynegy, at 844-351-7691. Residents should have their ComEd account number on hand when they call. (Neither the City, nor ComEd can switch your account; only Dynegy.) There is never a fee to leave the program.
If you have any questions, contact the City's consultant, the Northern Illinois Municipal Electric Collaborative (NIMEC) at 800-727-3820. Leave your callback number, and a NIMEC staff person will return your call very shortly, or at latest, within 24 hours.