Cape Light Compact announced that its aggregation power supply load is going with 100% renewable power and supporting future development of renewable energy projects.
The trend of the electricity market has been driving towards building more renewable energy facilities and utilizing green sources for electricity production instead of relying on facilities that aren’t environmentally friendly, in order to help combat climate change.
“This is an exciting opportunity for Cape Cod and Martha’s Vineyard electric ratepayers to support renewable energy while still having the stability that the Compact provides, with no long-term commitment or surprises” said Maggie Downey, Cape Light Compact Administrator. “We are excited to join other aggregators in Massachusetts that are offering higher renewables content products by going with 100% renewable power.”
The Compact has teamed up with NextEra® Energy Services Massachusetts, LLC (NextEra Energy Services) to provide low price electricity to all of its customers with an added sustainability focus. This agreement will provide additional EarthEra™ renewable energy certificates (RECs) equal to 100% of the Compact’s customers’ energy usage in addition to all RECs required to comply with Massachusetts Renewable Portfolio Standards.
Besides the provision of the EarthEra™ RECs, the Compact’s EarthEra program participation will also direct up to $3 million annually(1) into the EarthEra Renewable Energy Trust. The Compact’s agreement with NextEra Energy Services requires that 100% of all proceeds deposited in the Trust are to be used to develop new renewable projects in North America with an effort to direct those funds to projects within the New England area.
“We are very happy to have the opportunity to expand our business relationship with the Compact. We have worked hard to deliver an innovative product that has provided positive results for the Compact and the Cape Cod and Martha’s Vineyard electric ratepayers. The level of confidence that the Compact has expressed in our capabilities, and their thinking of us as business partners, has been worth all of our hard work.” said Mark Palanchian, representative of NextEra Energy Services.
“In addition to discussing green aggregation at Compact Board meetings, we held several public information sessions and heard from ratepayers that clean energy was important in order to address climate change, but that pricing was a big concern,” Downey said. “With our selection of NextEra Energy Services and EarthEra we are able to add renewables attributes to the structure and help support future projects, all while being competitively priced.”
The Compact’s green aggregation offering is good for the environment and without adversely impacting customers’ wallet, because the Compact’s green residential supply price is 9.930 cents per kWh, starting with January 2017 meter reads and ending with June 2017 meter reads. This is slightly lower than Eversource’s basic service price.(2)
The Compact’s new commercial rate for December 2016 through June 2017 meter read dates is 9.700 cents per kilowatt hour. The Compact’s new Industrial rate for December 2016 through March 2017 meter read dates is 9.800 cents per kilowatt hour. Both are slightly lower than Eversource’s basic service price.(3)
After the initial price period, customers will receive competitive rates based on wholesale purchase prices then available in the market.
- (1) Assumes current customer counts and historical usage remain stable
- (2) Eversource Residential (9.996 cents/kWh) and Commercial Pricing (9.711 cents/kWh) valid from January 1, 2017 – June 30, 2017
- (3) Eversource Industrial Pricing valid from January 1, 2017 – March 31, 2017 (9.822 cents/kWh)