Electric Aggregation Program Update
Golf Manor (3/17/2023) – The Village of Golf Manor’s electric aggregation program with Dynegy expired on the December 2022 Duke Energy bill. Electric rates fluctuated wildly through most of 2022 and it was best to wait for the market to regulate on pricing before locking in new rates. Energy Alliances, chosen by Council in 2014 to negotiate our natural gas and electric rates, negotiated with multiple suppliers and was recently able to lock in a rate of 6.91¢ per kWh with Energy Harbor starting with the June 2023 bill and continuing through the May 2025 bill (24 billing periods).
The 6.91¢ per kWh may sound high. However, based on how Duke Energy uses an auction process to set their generation supply rates (learn more here), Energy Alliances anticipates that Duke’s default generation rate will be around 9.5¢ per kWh starting with the June 2023 bill.
A rate of 6.91¢ per kWh for the aggregation would save participants around 25% compared to taking Duke’s default supply rate.
The aggregation will have no termination fees with participants able to leave at any time without paying a fee.
The Village “opt-out” program allows all residential properties and some small business to be automatically enrolled for the preferred rates listed. If you are eligible, you will receive a letter near the end of March advising you of the pending change and offering the you the opportunity to “opt-out” of the program if you wish to not participate. This is what the official letter will look like.