NOPEC - ELECTRIC SUPPLIER UPDATE
UPDATED NOPEC INFORMATION REGARDING A ELECTRIC SUPPLIER
For Immediate Release: Contact:
November 7, 2016 Chuck Keiper
NOPEC, NextEra Energy team up to provide low price electricity to 500,000 Ohio customers with added sustainability focus
(Solon, Ohio) – The Northeast Ohio Public Energy Council (NOPEC) has reached an agreement for NextEra Energy Services Ohio, LLC (NESO) to become the supplier of electricity for a program that currently serves almost 500,000 customers in 13 Northern Ohio counties.
This three-year agreement with NESO will replace the current electricity supply contract for NOPEC customers. In late October, NOPEC’s current supplier announced that it was terminating its contract effective January 2017. The NESO agreement will commence as the current contract ends.
NOPEC’s new agreement with NESO assures that its customers will continue to receive the benefits of NOPEC membership which have resulted in about $250 million of electric cost savings to date. NOPEC considers itself most fortunate to have a new supplier with both an extremely strong financial standing and a nationally-recognized brand in the clean energy space, said Chuck Keiper, executive director of NOPEC.
NOPEC customers should expect to receive their opt-out notices for service under the new program in the next few weeks.
“We’re thrilled to expand our relationship with NESO,” Keiper said. “This is a world-class clean energy company and we know that NOPEC electricity customers will be in very capable hands.”
NESO and NOPEC have entered into a separate agreement under which NESO will provide NOPEC with additional EarthEraTM Renewable Energy Certificates (RECs) for 2017 that, when added to the RECs specifically required by applicable Ohio Renewables Portfolio Standard, will equal 50% of NOPEC customers’ energy usage in NOPEC’s footprint. Besides the provision of this increased REC quantity, NOPEC’s EarthEra program participation is also expected to direct over $10 million of NESO’s electricity sales revenues from these 13 Northern Ohio counties to be used for the construction of future NextEra Energy Resources renewable energy projects. This separate agreement will not result in any additional costs to NOPEC customers.
"All of this is good news on the green and renewable energy front," NOPEC's Keiper said. "NOPEC knows that it’s fostering a more sustainable future and that $10 million of NESO’s revenue is guaranteed to be spent on building new renewable energy generation."
NESO’s parent is the largest generator of renewable energy from the wind and sun in North America. NOPEC and NESO have been working together to purchase Ohio-sourced natural gas and provide low- cost service to over 300,000 customers in 173 member communities since April 2014, and electricity to AEP member communities since August 2015.
Under the NOPEC-NESO retail electric aggregation supply agreement, customers will receive initial pricing from January 2017 through the summer high-demand period that will generate savings comparable to the expiring NOPEC contract savings. After the initial price period, customers will receive competitive variable rates based on favorable wholesale purchase prices then available in the market. There will be zero cancellation or early termination fees.
NOPEC-NESO electricity customers also will have the option to choose a variable rate that will mirror the percentage off utility price savings contained in the expiring contract. That variable rate will be available for as many as 10,000 customers.
“Our focus and goal since our recent contract termination has been to quickly find a supplier so that the power and savings would keep flowing to NOPEC customers as seamlessly as possible,” Keiper said. “But we also knew it was crucial to find a financially strong company that was first-in-class among energy suppliers. With NESO, we have all that, plus the familiarity from our existing successful partnerships. This is a slam-dunk and a great opportunity for our customers.”
“We are pleased to have the opportunity to expand our business relationship with NOPEC and increase our business presence in the Buckeye State. We have been working hard to deliver results for NOPEC over many years now, and the level of confidence that they have expressed in our capabilities is quite humbling,” said Vice President of NESO Mark Palanchian.
For more information on the new NOPEC-NESO electricity agreement, visit NOPEC’s website at www.nopecinfo.org/electricupdate or call 855-667-3201 (855-NOPEC01).
About the Northeast Ohio Public Energy Council: The Northeast Ohio Public Energy Council (NOPEC) is the largest public retail aggregation in the United States. Our members are communities (residential and small businesses) throughout Northeast Ohio. Currently, we serve more than 200 communities in 13 counties. For 15 years we have saved our communities and members more than a quarter of a billion dollars in cumulative electric savings and have provided more than $16 million in NOPEC community energy efficiency grants. Our flagship product, myNOPEC, is an online tool designed to help our members to understand that they have the power to control how much energy they use through rebates, energy saving tips and products, and technologies offered through our online store. For more information about NOPEC or how to become a member of myNOPEC, visit us at nopecinfo.org.
About NextEra Energy Ohio, LLC.: NextEra Energy Ohio, LLC is the Ohio retail affiliate of NextEra Energy, Inc. (NYSE: NEE). NEE is a leading clean energy company with consolidated revenues of approximately $17.5 billion, and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), as of April 2016.For more information about NextEra Energy companies, visit these websites:
www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.