March 12, 2014
A consortium of seven Northwest Chicago suburbs has chosen Constellation, a business unit of Exelon Corp. and longtime retail electricity supplier in Illinois, to supply residents with fixed price electricity following a competitive bidding process under the state's electricity choice aggregation program. The Northwest Consortium, which includes the communities of Arlington Heights, Buffalo Grove, Lincolnshire, Palatine, Vernon Hills and Wheeling, signed the agreement with Constellation on Mar. 5. Long Grove is expected to sign the agreement later this month.
'This agreement will deliver rate certainty to the residents of these seven communities, as they now can lock in a competitive rate for electricity supply for a three-year term,' said Bruce Stewart, chief marketing officer for Constellation. 'We are proud to add these 95,000 program participants to our growing list of Illinois customers. This agreement illustrates that the competitive electricity market continues to give homeowners and businesses strong choices and value.'
Electric service under the new agreement is scheduled to begin in May 2014.
Constellation will work with the Northwest Consortium to notify all eligible customers of the new electric supply rate, terms and conditions, and their right to opt-out of the program. Residential and small commercial retail customers will have the right to opt-out of the aggregation program without penalty. Customers who do not opt out, but later choose to leave the program, can do so at any time within the three-year term without penalty.
The Constellation family of retail electricity and natural gas suppliers are subsidiaries of Exelon Corp., and are leading competitive retail suppliers of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's retail businesses serve more than 100,000 business and public sector customers, including more than two-thirds of the Fortune 100, and nearly one million residential customers.
Exelon Corporation (NYSE: EXC) is the nation's leading competitive energy provider, with 2013 revenues of approximately $24.9 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 35,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. The company's Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon's utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).
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