ComEd's Residential Real-Time Pricing Program Expanding
Participants will have the power to better manage their electric costs through hourly pricing
East Hanover, NJ - January 16, 2007: ComEd announced today the expansion of its Residential Real-Time Pricing Program, affording customers an effective bill management tool by providing participants hour-to-hour electricity pricing to help them manage their energy consumption and lower their monthly bills.
“We are pleased to offer residential customers a pricing program that puts more control into their hands,” ComEd President Barry Mitchell said. “This voluntary program is an option that participating customers can use to potentially save money by reducing their electric consumption during high hourly price periods.”
Under the legislatively mandated program, approved by the Illinois Commerce Commission last month, residential customers choosing the real-time pricing option will be billed for the power they consume based on hourly market prices. Participating customers will be able to lower their monthly electric bills by changing their usage habits to take advantage of lower-priced time periods, and avoiding heavy usage during higher-priced time periods.
The first 110,000 customers to enroll in the Residential Real-Time Pricing Program will pay an additional $2.25 per month service charge on their bill to cover a portion of the cost associated with the installation of a new meter, capable of maintaining hourly usage data. Additional program participants may face a higher monthly service fee and other program related installation costs.
Participants will receive hourly pricing information from the program’s third party administrator, Comverge, who was selected following a competitive bidding process held in December. Over the past four years, 1,100 customers participated in a pilot program administered by the Community Energy Cooperative.
“Comverge is excited to have been chosen to manage this important real-time pricing program rollout,” said Robert M. Chiste, president and CEO of Comverge, Inc. “Real-time pricing programs are a critical element to the long term reliability of the electric infrastructure. Comverge is pleased to share this vision with ComEd and bring its expertise to this program.”
Interested customers can sign up for the program and receive additional information by calling the program’s toll-free customer service line: 1.866.WATTSPOT (1.866.928.8776).
About Commonwealth Edison
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), one of the nation’s largest electric utilities with approximately 5.2 million customers and more than $15 billion in annual revenues. ComEd provides service to approximately 3.7 million customers across Northern Illinois, or 70 percent of the state’s population.
Comverge is a leading provider of clean energy solutions that enhance grid reliability and enable utilities to increase available electric capacity during periods of peak energy demand on a more cost-effective basis than conventional alternatives.