Businesses have been feeling the effects of deregulated electricity prices since the legislation went into effect in July 2004. A recent report by the Maryland Public Service Commission reports that prices have increased by 65% since passage of the legislation. Electricity market prices are expected to increase an additional 11% over the next twelve months based on a recent report released by the Department of Energy.
The Chamber began an electricity cooperative purchasing program in 2004 to provide long-term budget stability and savings to members. Businesses that are participating in the Chamber purchasing cooperatives have an average saved 12% to 18% per year.
Now you can take advantage of the same program!
The cooperative pools the buying power of commercial customers to procure energy at the best available competitive market price. The program also saves individual members the time and expense of researching and choosing a supplier on their own. This value added service is available to Chamber Members only.
Members in the first enrollment group with contracts ending in 2008 saved 31% compared to those paying the utility Standard Offer Service rates. Members in the initial co-op sought a new contract in the spring of 2008 and are now in a new 36-month contract that is 12% less than the utility Standard Offer Service rate in spite of the lowest energy prices in four years.
Members who have not joined the cooperative or who are not in a supply contract with a third party provider should join the Chamber Energy Purchasing Cooperative now to reduce energy costs.
This is an excellent time to seek pricing for electricity supply services.
The application fee is $250 per location. Current cooperative members have found that the savings has easily paid back the application fee and Chamber dues within the first four months of the contract.
The Chamber is holding an information meeting on Wednesday, March 18 at 4:30 PM at Springhouse, 8911 Reisterstown Road. Please RSVP by sending an email to Sherrie Becker, pikesvillechamber@verizon.net and Rachel Trager, Rachel@cqiassocaites.com
The Chamber is holding a noon time on-line web based information briefing about the Commercial Cooperative on March 20 at 12:00 NOON. To register to participate in the on-line web based information meeting send an email to Sherrie Becker, pikesvillechamber@verizon.net and Rachel Trager rachel@cqiassociates.com.
The application deadline is Friday, March 27, 2009.
Participation in the Cooperative REQUIRES continuous membership in the Chamber of Commerce during the full term of the Agreement. If your membership is not current with the Chamber, you must bring your account current to participate. Submission of the application for participation in the cooperative does not include fees for membership in the Chamber. If your membership is not current the application for cooperative participation will not be processed.
The application fee pays for the administrative costs of the energy purchasing cooperative and selecting a licensed energy supplier who is offering to sell electricity supply services at a lower price than the Standard Offer Service rates offered by the local utility company. Application fees are not refundable.
The cooperative will be monitoring the market and working with numerous licensed energy suppliers to select a supplier. The typical contract for is 24 to 36 months over the next 45 to 90 days. Once a supplier is selected, you will receive a contract offer directly from that energy supplier. Acceptance of the supplier’s contract will ensure budget stability throughout the term of the contract. However, if you do not accept the contract offer you must re-apply.
If you have any questions contact the Chamber.