CAPE LIGHT COMPACT AND CONEDISON SOLUTIONS ANNOUNCE NEW ELECTRICITY RATE FOR FIRST HALF OF 2010
New six-month basic service rate 30% lower than current 2009 price
Barnstable, MA, Nov 23, 2009 – Underscoring their continuing commitment to affordable energy and customer service, Cape Light Compact and its electricity supplier, ConEdison Solutions, are pleased to announce the Compact’s new basic electricity rates for the first six months of 2010, available to Cape Cod and Martha’s Vineyard residential, small commercial and large industrial customers.
Basic service rates for January through July 2010 meter-read dates:
- Residential 8.790 cents per kWh
- Small Commercial 9.260 cents per kWh
- Large Industrial 9.019 cents per kWh
The new electricity prices for the first half of 2010 marks the second consecutive rate reduction for Cape Light Compact customers, providing our Cape and Vineyard customers 30% savings over current 2009 rates. As always, the Compact negotiated a comprehensive contract to ensure continual, worry-free service at a fixed price regardless of fluctuating market conditions.
“The Compact believes in and supports competitive electric markets and customer choice,” said Bob Mahoney, Chairman of the Cape Light Compact. “Our latest basic service rate reflects how healthy competition, coupled with overall lower market prices for energy, can benefit our ratepayers. Ultimately, Cape Light Compact’s goal remains the same – helping our customers make informed decisions that best serve their financial and personal needs. We continue to offer a stable, comprehensive approach to energy services and remain strongly committed to providing competitive rates for electricity, progressive energy education, advocacy support on the local, state and federal level, and proven savings through our energy efficiency programs.”
“We would also like to invite any customers who have left the Compact for other competitive suppliers to come back and take a second look at our excellent new rates and quality services,” added Joseph Soares, Cape Light Compact’s Senior Power Supply Planner. “Choosing Cape Light Compact as your electricity supplier is fast, secure and hassle-free. Just call ConEdison Solutions at 1-800-381-9192. There is never a fee to leave or rejoin our service.”
“Businesses and households throughout Cape Cod and Martha’s Vineyard save money on electricity by leveraging the power of the marketplace,” said Robert E. Anderson, Vice President of Retail Commodity Sales for ConEdison Solutions. “In these challenging economic times, ConEdison Solutions knows that lower energy costs can make a significant difference in making ends meet. We are proud to work in partnership with Cape Light Compact to help manage energy costs throughout the region.”
Understand Your Electric Rate: How Cape Light Compact and other energy suppliers arrive at their price
Timing of the electricity purchase is an integral component of Cape Light Compact’s price. The point at which power supply is purchased to serve load for a contracted term reflects the price passed on to consumers. This is true for Cape Light Compact as well as other companies procuring power supply for the consumer market. The timing of electricity purchase also explains why the Compact’s price can either be higher or lower than other offers currently available in the market.
The Cape Light Compact’s 2010 electricity prices decreased because the market price for fossil fuels, used to power the generators that produce electricity, remained significantly lower than in 2008 and most of 2009. The Compact’s current electricity prices reflect energy purchases that were made for calendar year 2010 during the latter part of 2009, when market prices had dropped dramatically from the highs seen in mid-2008.
About Cape Light Compact
Cape Light Compact is a regional inter-municipal agency authorized by 21 towns on Cape Cod and Martha’s Vineyard to protect consumer interests, secure competitive electricity prices, and offer green power options for our 200,000 residents. The Compact also provides a variety of activities and programs to support regional energy efficiency, renewable power development, and award-winning energy education.
From July 2001 through December 2008, Cape Light Compact contributed over $35.5 million in energy efficiency services to the residents and business of Cape Cod & Martha’s Vineyard and will invest $10 million more in the coming year. In 2008, Cape Light Compact’s Energy Efficiency Programs saved enough electricity to power 1,600 homes and remove the greenhouse gas emissions from the equivalent of about 1,000 cars.
For more information on Cape Light Compact, please visit www.capelightcompact.org or call 1-800-797-6699.
About ConEdison Solutions
ConEdison Solutions is a leading energy services company that provides competitive power supply, renewable energy, sustainability services, and cost-effective energy solutions for commercial, industrial, residential, and government customers. The company is based in White Plains, New York, with offices in Burlington, Massachusetts; Cherry Hill, New Jersey; Falls Church, Virginia; Houston, Texas; Tampa, Florida; Durham, North Carolina and Overland Park, Kansas. The firm’s dedicated team of energy professionals delivers a broad range of commodity, consulting, demand-side management and performance contracting services. ConEdison Solutions offers programs and services designed to help customers achieve their individual energy objectives and is accredited as an Energy Services Provider (ESP) by the National Association of Energy Service Companies (NAESCO).
ConEdison Solutions is a subsidiary and registered trademark of Consolidated Edison, Inc. (NYSE: ED). More information can be obtained by calling 1-888-210-8899 or visiting the ConEdison Solutions website at www.conedsolutions.com. You can also visit the Consolidated Edison, Inc. website at www.conedison.com for information on all of the Consolidated Edison companies.