Oak Brook chooses new electric supplier offering 30 percent savings
Oak Brook residents will be able to save 30 percent on electricity supply rates starting in January if they switch from ComEd.
Oak Brook, Grayslake and Lincolnwood locked in an electricity rate of 5.52 cents per kilowatt hour for residential customers from Wisconsin-based Integrys Energy Services. Inc. ComEd’s comparable rate is 7.90 cents per kilowatt hour.
The three communities — all with the same village attorney, Holland & Knight — had entered into an intergovernmental agreement to jointly solicit bids from alternative retail electric suppliers for eligible residential and small business customers.
“There are a lot of towns talking about banding together, but we’re the first ones to do it,” said Oak Brook Village Manager Dave Niemeyer.
In April, voters in Oak Brook gave the village the authority to look for another electric supplier.
Residents and businesses will receive letters later this year allowing them to “opt out” of the contract with Integrys and stay with ComEd.
Those who choose the cheaper supplier will still receive their power through ComEd’s infrastructure. ComEd still will send the bills and be responsible for fixing power outages.
“People won’t notice the difference,” Niemeyer said.
However, the 30 percent savings on the electrical supply rate doesn’t mean residents’ total bills will decrease 30 percent, since there are other charges that won’t change. The savings will be reflected on electric bills in February.
The three villages handled the bidding process without using an energy broker or consultant, saving the communities an estimated $150,000, officials said.
Niemeyer said he is getting calls from other communities interested in the electric aggregation program, which must be approved by voters.
“There’s really no downside to doing this,” he said.