Village residents will soon have an opportunity which is expected to reduce the cost for power between 20 and 30 percent, according to Jennifer Maltas, assistant to Village Manager Kent Street.
Maltas hopes the program will be in place in June. Commonwealth Edison will continue to deliver the power through its existing infrastructure. The consortium will only purchase the electricity itself.
After citizens passed a referendum with 74 percent of the votes March 20 giving the Village authority to negotiate electric rates with suppliers other than ComEd, plans are moving ahead with the effort.
Late last year, Deerfield joined forces with Highland Park, Lake Forest, Lake Bluff, Skokie, Park Ridge, Northbrook and Glencoe to form a consortium to bargain with electric suppliers pending passage of the referendum.
“We expect the savings to be between 20 to 30 percent but we won’t know until we go into the marketplace,” Maltas said. “It could be more or less depending on the market the day we lock in a rate.”
In anticipation of passage of the referendum, the eight communities issued a Request for Proposal (RFP) to choose a supplier. MCsquared was chosen as the representative. They were the lowest responsible bidder,” Maltas said.
The consortium and MCsquared will monitor the market and select the best possible rate during the first half of April, according to Maltas. They do not want to take any action ahead of time which could push the rate up.
“The market is responsive deals in the marketplace,” Maltas said. “If we say we are buying on April 15 the market could move up.”
After the rate has been secured, all Deerfield residents who have not signed their own contract with an electric supplier will receive a letter from the Village explaining their options. If people do not specifically opt out of the program, they will be included.
On Monday, the Board of Trustees will vote on one ordinance and two resolutions enabling the Village to go forward with the plan at its regularly scheduled meeting at 7:30 p.m. There has already been a public hearing.
Regardless of the choice electric consumers make, they will continue to receive their bill from ComEd. ComEd will pay MCsquared, according to Maltas.