Lake Forest, Lake Bluff Lock In Electric Savings

Savings of about 25 percent are in store for Lake Forest and Lake Bluff residents who choose the city's or village’s source of electrical power based on the one-year rate announced Tuesday. 

A consortium of eight north-suburban communities including Lake Forest and Lake Bluff will purchase electricity for 4.836 cents per kilowatt-hour rather than the 8.233 cents rate Commonwealth Edison charges.

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The price, which was negotiated by MC Squared Energy Services for consortium of Deerfield, Highland Park, Lake Forest, Lake Bluff, Glencoe, Skokie, Park Ridge and Northbrook, was announced at a news conference of the North Shore Electricity Aggregation Consortium on Tuesday in Skokie. 

“This figure is actually a little bit better than what our consultant estimated,” Glencoe Assistant Village Manager William Jones said. “As of today we’ve achieved a rate that’s 41 percent below ComEd’s current rate.”

This number will go into effect June 1 and be reviewed in May 2013 to ensure it is still a competitive rate, Jones added. By that time, the savings could be a little lower, depending on market fluctuations.

However, Jones said he and other local officials are happy customers will receive the lower rate in time for peak summer months.

"We couldn’t have done this if it was just Glencoe. We needed all eight communities in the consortium to get this done in a quicker fashion," he said. 

ComEd will continue to distribute power and collect billing payments. According to officials, about half the existing bill is for the power itself and the rest is for the balance of service.

The consortium was formed late last year and all eight communities approved the opportunity in the March 20 primary. More than 75 percent of Lake Forest and Lake Bluff voters gave their municipal governments the right to purchase power for their residents. 

In the next 21 days, eligible residents and businesses will receive a letter from their municipal government giving them the option to choose the plan. Affirmative action is necessary. All residents and small businesses who have not purchased electricity already from a source other than ComEd can participate. 

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