Riverside has locked in a new rate for its electric aggregation program that will last until October 2028.
Village trustees on June 4 agreed to a two-year contract with MC Squared Energy for 100% green energy provided at a rate of 11.35 cents per kilowatt-hour (kWh). According to village officials, the average household in Riverside uses 8,500 kWh per year, meaning the new rate will have an average cost of $964 per year.
Riverside’s previous contract, for one year with MC Squared, had a rate of 10.9 cents per kWh for an average total cost of $926 per year. That contract will remain in effect until October, when the new rate — up about $40 on average per year — will take over for residents who do not opt out of the program.
The new contract is Riverside’s first to extend beyond one year since 2023, after it ended a three-year contract with MC Squared matching the variable ComEd price. From 2023 to 2024, it contracted with Dynegy Energy Services before returning to MC Squared for one-year contracts since 2024.
Last year, the village experienced its biggest leap in energy prices since 2014, when MC Squared raised its rate from 8.09 cents per kWh to 10.90 cents per kWh.
Since 2012, Riverside has maintained its streak of using 100% green energy through renewable energy credits for its electric aggregation program. Residents and small businesses are automatically entered into the program each year and pay for electricity at a rate established by village officials.
“Anyone can opt out,” Village President Doug Pollock said. “If we go with 100% green energy, as we’ve done in the past, residents who don’t feel they can afford that extra [fee] can opt out.”
Residents who opt out can contract privately with a retail electric supplier or receive their electricity from ComEd.
“[Residents] can opt out even after the contract begins. Legal has done a really good job, in coordination with Sharon [Durling, president of Illinois Aggregation Consultants], of making sure that it’s maximum flexibility for our residents,” said Village Manager Jessica Frances.
During the June 4 meeting, trustees had the option to choose between 12- and 24-month bids from MC Squared at 0%, 50% and 100% green energy. Dynegy offered similar bids as well as rates for a 36-month contract at the same green energy ratios.
Across the board, Dynegy’s bids came in nearly one cent per kWh higher than MC Squared’s. For 100% green energy, MC Squared offered rates of 11.25 cents per kWh for 12 months or the rate trustees selected of 11.35 cents per kWh for 24 months.
Another option, Village Clerk Emily Stenzel said, would have been to contract with MC Squared for a price match with the ComEd rate in exchange for either 10% green energy or a $15,000 civic grant. The grant would have been intended to fund Riverside’s sustainability initiatives but ultimately could have been used for any purpose had the board opted for it, Frances said.
