Voters in the City of Chicago (including me) passed a referendum giving the city the authority to negotiate electricity prices on behalf of everyone. Implementation will be swift:
The timing of the deal is important because Chicagoans stand to save the most money over Commonwealth Edison's rate between now and June 2013, when ComEd's prices are expected to drop because pricey contracts they entered into years ago will expire. The timeline has Chicagoans moving to the new supplier in February 2013.
Michael Negron, deputy chief of policy and strategic planning for the mayor's office, said electricity suppliers have shown great interest in snagging Chicago's service. Nearly 100 people packed a conference Monday for the city's "request for qualifications" process. The bidders ranged from multi-billion corporations to smaller providers from all over the country, he said. Industry analysts say the deal could be worth hundreds of millions of dollar to the winning supplier or suppliers.
Residents and businesses may opt out of the scheme and negotiate supply prices separately. As readers of this blog know, I'm desperate for lower prices, and eagerly looking forward to my electric bills next year after the new rate deal hits right after I shut down the Inner Drive Technology Worldwide Data Center.