November 8, 2016 Read More →

NextEra Steps Into the FirstEnergy Void in Ohio, and at a Discount to Ratepayers

John Funk for the Cleveland Plain Dealer:

The Northeast Ohio Public Energy Council, or NOPEC, has approved a three-year contract with NextEra Energy Services Ohio, a subsidiary of Florida-based NextEra Energy Resources, to supply power to some 500,000 Northeast Ohio consumers and small businesses.

NOPEC made this decision10 days after current supplier FirstEnergy Solutions canceled its contract.

Under the NextEra contract, consumer prices for the first eight months of 2017 will be fixed at rates that will be roughly 6 percent lower  than the regulated price set by the Illuminating Co. and Ohio Edison, said Chuck Keiper, NOPEC’s executive director.

In other words, consumers represented by NOPEC won’t see a difference between the non-regulated FirstEnergy Solutions rate and the new non-regulated NextEra rate, said Keiper.

But on June 1, when utility power prices increase to a higher, three-month summer rate, the NOPEC-NextEra price will not go up, making the discount larger than 6 percent discount, he said.

NextEra is also providing NOPEC with renewable energy certificates, or RECS, equivalent to about half of all the power NOPEC customers will use, said Keiper.

“Because NextEra has so much green content in their [power] mix, we were able to negotiate … a product that contains 50 percent renewable energy credit, so it has been generated by a much cleaner energy source,” said Keiper.

The contract calls for NextEra to use $10 million in the revenues it earns here ove the next three years to build renewable energy, though not necessarily in Ohio, due to the state’s freeze on renewable energy.

“Not only will you know you are getting a greener supply, and therefore not causing as much carbon footprint but you will also know that the money you are spending on electricity will help create a greener future,” said Keiper.

Full article: NOPEC signs three-year discount power deal with NextEra Energy