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Illinois Residents Eager to Shop Electricity Providers, Save Money As Rising Energy Costs Squeeze Household Budgets

^{Published on 2011-06-20 05:55:39 - Market Wire}
 

CHICAGO--([ BUSINESS WIRE ])--Constellation Energy (NYSE:CEG), a leading competitive electricity supplier to business and public sector customers, today released results of a statewide poll of Illinois consumers showing residents strongly support shopping for electricity providers at a time when high gasoline prices are affecting their household budgets and lifestyles.

"As a market leader in Illinois and nationwide, we are a strong choice for Illinois residential electricity shoppers who are eager to save money by locking in their electricity rate and do so at time when their household budgets are strained by rising gas pump prices"

The Kelton Research survey of more than 500 Illinois residents showed 73 percent are likely to switch home electricity providers to save money and 77 percent would switch to take advantage of renewable energy, also known as green energy.

The poll coincides with the launch today of Constellation Energya™s new summer savings offer to 1.4 million homeowners and renters in northeastern Illinois. Constellation Energy is offering residential consumer savings* of up to 15 percent off ComEda™s current electricity rate, which changed June 1, 2011.

The new offer mailed today also provides protection against future electricity price changes for up to 24 months, by providing consumers up to 13 percent savings off ComEda™s 2011 winter rate. Constellation Energy offers a standard green electricity plan that includes 10 percent green energy when customers choose Constellation as their supplier. Chicagoland customers may also select 50 or 100 percent green product offers.

aAs a market leader in Illinois and nationwide, we are a strong choice for Illinois residential electricity shoppers who are eager to save money by locking in their electricity rate and do so at time when their household budgets are strained by rising gas pump prices,a said Kenny Matula, senior vice president of Mass Markets for Constellation Energy. aWe are encouraged that the consumer poll reinforced the strong demand by Illinois residents for electricity choice. Constellation Energy remains committed to bringing electricity savings to Illinois residents.a

The poll showed that among those inclined to choose a new electricity supplier, 90 percent would be most influenced by cost savings, 72 percent reliability, 59 percent ease of transition, and 45 percent company reputation (see chart).

The survey also showed that Illinois residents are feeling the pinch of rising gasoline prices, making locked-in electricity rates and saving money on energy bills an attractive proposition.

• When it comes to household expenses other than rent or mortgage, 40 percent say electricity is the most expensive.
• More than one-third, 36 percent, said the high cost of gasoline over the last two months has caused their household spending to increase.
• More than three-quarters, 79 percent, say increased gas prices have affected their lifestyle in the last two months. Changes include cutting back on vacation travel (59 percent), walking or riding a bicycle more often (27 percent), using public transportation more often (21 percent), carpooling more often (17 percent), purchasing a vehicle that uses less gas (10 percent) and working from home more often (8 percent).

Constellation Energya™s savings offer to Illinois consumers comes amid growing support for electric competition and news reports that clean air rules will force closure of some coal plants, driving up consumer electric bills. Last week, 24 major U.S. companies sent [ letters ] to the governors of six states, including Illinois, urging the statesa™ leaders to continue to support competitive electricity markets. The companies highlighted access to cost savings, innovation gains, increased customer choice, improved reliability, and access to clean energy.

By Illinois state law, consumers can switch to a competitive electricity supplier and it will have no impact on utility service reliability. For customers in the ComEd service territory who choose Constellation Energy as their supplier, ComEd will continue to bill the account, deliver electricity over the same poles and wires and handle inquiries about service outages.

Constellation Energy offers a simple online sign-up process at [ home.constellation.com ] or consumers may call 1-866-577-4700.

The consumer awareness poll of 509 Illinois residents was conducted by Kelton Research, a leading national public opinion research company based in Los Angeles, between June 3 and June 9, 2011, using an email invitation and online survey. The survey results had a margin of error of 5 percent.

*COMEDa™S RATES ARE SUBJECT TO CHANGE AND THEREFORE WE CANNOT GUARANTEE SAVINGS OVER THE FULL TERM OF OUR PRICE PLANS. Our price does not include any taxes, utility distribution charges or other utility fees, charges or credits. ComEd also invoices its customers for Purchased Electricity Adjustment (PEA) costs in the form of monthly varying charges or credits. We excluded the PEA costs from our savings calculation, as ideally they will net each other out over each June a" May supply period. Savings are against ComEda™s BES residential (non-electric space heating) rate applicable from June 1, 2011 through Sept. 30, 2011 (summer rates), which includes an Electricity Supply Charge of 7.154 cents and a Transmission Services Charge of 0.767 cents and Oct. 1, 2011 through May 31, 2012 (winter rates), which includes an Electricity Supply Charge of 6.986 cents and a Transmission Services Charge of 0.767 cents, respectively, but not PEA costs. The fixed price will apply for the remainder of your initial 12 or 24 month term. ComEda™s residential rates after May 31, 2012 have not yet been set. Customers on ComEda™s BES residential (electric space heating) rate will not save. Also, customers that are currently net metered must contact us prior to enrollment to determine eligibility. For more information on our price comparison, visit home.constellation.com. Your current supplier may charge you an early termination fee.

** Guarantee Period. You may terminate this Contract without incurring an early termination fee during the 90 days following your enrollment date (the Guarantee Period) by notifying us in writing or by calling our customer care center at 1-877-997-9995. Upon your termination during the Guarantee Period, we will return you to being supplied by the Utility at your next available meter read date and you will remain responsible for payment for electricity and related costs and charges incurred under this Contract through such meter read date.

a ONLY NEW CUSTOMER CONTRACTS NOT TERMINATED WITHIN 90 DAYS ARE ELIGIBLE FOR DINING REWARDS CARDS. Cards are issued by The Rewards Company (TRCO). Your dining card is valid for one year, but in any event no later than October 1, 2012. Your dining card can be redeemed Sunday through Thursday ONLY. Only one voucher is redeemable per person, per household, per restaurant and per booking group (group is defined as more than one person accompanying the voucher holder). The voucher claimant may not claim another free 2 for 1 dining voucher in the same sitting(s). Anyone accompanying the voucher holder must pay the regular price for their entrees. Please allow 8-10 weeks after your first bill to receive your card.

aa 10% of the total electricity usage over the term of the contract will be supplied from Wind farms located within the PJM control area.

©2011 Constellation Energy Group, Inc. The foregoing offering is sold and contracted by Constellation NewEnergy, Inc., a subsidiary of Constellation Energy Group, Inc.

About Constellation Energy

Constellation Energy ([ www.constellation.com ]) is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010.

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