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The original item was published from 5/8/2015 10:10:00 AM to 12/1/2015 12:05:03 AM.

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Posted on: May 8, 2015

[ARCHIVED] City Saves $300K Through Power Contract Negotiation; Helps Defer Future Electric Rate Increases

The City of Geneva was able to negotiate a $301,046 savings on its current power purchase contract with NextEra Energy Power Marketing, LLC.

Purchasing energy contracts allows Geneva to take advantage of low market prices and covers electric requirements not covered by the City’s other power sources. The current purchase agreement runs through 2016.

This power contract is just one component of the City’s diverse electric portfolio. Other sources of power come from the City of Geneva’s Generation Facility, Waste Management Renewable Energy at Settlers Hill and Prairie State Energy Campus.

The City Council approved a new three-year power purchase agreement with NextEra for 2017-2019, which has an average price per MWh that is about 4 percent less than the original price on our current agreement.

What does this mean for residents? While many of the utility’s other costs are rising, the savings generated from the NextEra purchase agreements will likely allow the City to defer future electric rate increases on customers’ utility bills.

For more information about Geneva’s electric operations, visit the City’s website, watch educational videos on the City’s YouTube Channel or call the City’s Public Works Department Electric Division at 630-232-1503.

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