GENOA – For the second year in a row, Genoa residents and small business owners could see lower electric rates because of the city’s participation in an electrical aggregation consortium.
Joe Misurelli, the city’s planning and development consultant, presented the intergovernmental agreement for membership in the Northern Illinois Governmental Electric Aggregation Consortium for a second year at Tuesday’s City Council meeting. Genoa joins the city of Woodstock and the villages of Algonquin, Huntley, Lakewood and Ringwood in the consortium.
Aldermen unanimously approved entering the agreement for the second year in a row.
“Genoa passed a referendum allowing for electrical aggregation in March 2012,” Misurelli explained. “Some communities had trouble passing a referendum.”
“Genoa was a little ahead of the curve on this issue,” Genoa Mayor Mark Vicary said.
Misurelli said the city of Genoa, with about 2,000 residential and small business electrical customers, is not large enough to provide for aggregation on its own. Combining those customers with about 18,000 total in the other communities makes a big difference.
“Combining with other communities, we can offer significant savings,” he said. “Last year, we ended up with a rate of about 41 cents per kilowatt hour. At the time, ComEd was in the 80-cent range.”
Misurelli said the average homeowner saved about $400 a year with the better rate.
He told the council the rate for the coming year has not been established, but customers can opt out and return to ComEd’s rates if they are lower.
“If that should happen,” Misurelli said, “that’s what we would recommend.”