Reduced Electric Rates For Some Lakewood Residents

LAKEWOOD, OH — Electric bills for most Lakewood residents will be lower than they have been, at least between March and May 2018. The Northeast Ohio Public Energy Council (NOPEC) announced it was implementing a $9 million price reduction that would lower electric rates for most customers.

For Lakewood residents, that means a roughly $18 savings over the program period. For Lakewood's small businesses, that means a roughly $39 discount over that period.

“We think this is a significant benefit for our members – and we’re happy to pass along this substantial price reduction on top of the bulk buying savings we’re able to offer our customers every day,” said Chuck Keiper, NOPEC’s executive director.

Customers that qualify for the price reduction should get a card in the mail in the next week or so. However, customers don't need to do anything, the price reduction will simply kick in.

Where is the money coming from for the price reduction? A legal settlement, mostly.

In late 2016, FirstEnergy ended its contract to provide electricity to NOPEC customers. That termination came three years before the contract was set to end, so FirstEnergy paid a $5.4 million settlement to NOPEC. Keiper said the decision was made to add the settlement proceeds and bring the give back total to $9 million.

“The $9 million represents a good portion of the benefit NOPEC customers would have received had that contract run to term. When combined with the $25 million previously given back in the form of additional on-bill savings, these funds bring the total give back to NOPEC electric customers to well over $34 million from 2010 to 2016,” Keiper explained.