As you are likely aware by now, FirstEnergy Solutions no longer intends to sell electricity to medium-sized companies and industries and will not renew contracts when they expire.
Anthony Alexander, FirstEnergy president and CEO, announced the change of direction during the a company teleconference mid-2014, explaining the company wanted to move away from retailing to "weather sensitive" customers. They are however, continuing to serve strategic large industrial and commercial customers as well as their governmental aggregation, like NOPEC.
By now, you may have also received a letter in the mail indicating the expiration of your term and of your options. Like many, this caused some alarm.
No need to panic. You will not lose power.
If you do nothing, you revert back to the utility (FirstEnergy Corp.) for generation supply at a variable rate that is subject to increase, especially as we inch closer to summer. Having this uncertainty puts you at risk for a large increase in a future Price to Compare (PTC) which could quickly erase past savings when the PTC was slighting less than the current offer.
For budget certainty and to lock in with a fixed rate, COSE recommends calling our partners at OnDemand Energy to secure your rate for 12 to 36 months. We want to ensure you have long-term stability and know up front what your rate will be. COSE strives to provide members with
A few points to note with the new rates however. Prices are increased overall. Suppliers today are now adding more risk premiums to their products to head off against unexpected circumstances such as last winter’s Polar Vortex charges that we all recall.
And while you are at it, let’s be sure we are also reviewing your natural gas bills.
So don’t get left out in the cold snowy weather this winter…let’s think spring and secure your electric and natural gas rates now so you can enjoy the warm weather when it arrives.