NEWS FROM GODFREY VILLAGE HALL FOR IMMEDIATE RELEASE
Godfrey, Illinois – Our consultant Good Energy has informed us that Ameren Illinois has established its new residential electric rate for customers in the Godfrey area and these rates should be released by June 1st. Although the rate filings are not yet official, the preliminary rates for Ameren BGS-1 Residential, which would be from June 2023 – May 2024, are estimated to be $0.08450-$0.08650. However, residents need to also know the newly filed rate can return to an upward swing anytime during that period. These new rates are lower than Godfrey’s current municipal electrical aggregation contract with Constellation New Energy which is $0.1220.
With the extreme volatility in the energy markets, in terms of both commodity and capacity, aggregation programs have deviated away from the primary goal of consistently saving the residents money to seeking the best available rates and allowing those rates to be insurance and protection during volatile times in the market while retaining the option to leave at any time without penalty.
Up to this point, the new program rate has been successful, with the current aggregation base rate staying below Ameren’s all-inclusive rate, while residents are protected from the threat of yet higher rates.
A key component of our aggregation program is allowing residents a cost-free opt-out option. The program is designed for the residents to have a choice whether to participate in the program or not.
Although Godfrey’s municipal aggregation rate will be higher than Ameren’s proposed default rate, it is expected that high levels of volatility will continue. While the municipal aggregation rate is higher, the current agreement provides stability, protection, and optionality with a fixed rate through December 2024.
“Since this program’s inception in 2012, municipal aggregation has saved our residents a considerable amount of money at a time when many were struggling financially,” said Mayor Mike McCormick. “Since the concept of the aggregation program was offered to the residents of Godfrey in 2012 in the form of a referendum, which was passed by the residents, I also believed residents should have a choice if they want to participate in the program.”
In our community’s aggregation program, residents are not required to sign a contract and will not be contacted by a salesperson. If you are approached by an electric marketer, please be aware that they are not part of Godfrey’s electrical aggregation program.