The agreement extends from January 1, 2011, through December 31, 2019. In addition, FES and Gexa Energy, NOPEC’s current generation supplier, have signed a letter of intent that is expected to make FES the supplier for NOPEC communities in 2010.
Through its ‘Powering Our Communities Programme’, FES will make a one-time grant of $12m, which will be administered by NOPEC for energy-related programmes throughout its communities. The programme will also provide residents and small businesses of those communities with long-term electric generation savings that are expected to total an estimated $19m a year, based on current generation prices. In addition to these savings, NOPEC will use funds it has available to offer its communities additional discounts.
Anthony Alexander, president and CEO of FirstEnergy, said: “We are pleased to have the opportunity to supply electric generation to the approximately 500,000 electric customers in NOPEC’s communities.
“Our Powering Our Communities programme has been instrumental in bringing customers guaranteed, long-term savings on their electric bills – as well as much-needed funding for the communities where they live. This agreement will benefit Northeast Ohio for many years to come.”
The community grant available through Powering Our Communities will be paid to NOPEC on or before January 31, 2010, and funds will be disbursed to the NOPEC communities through a grant application programme administered through an independent committee. The level of funding is based on the number of customers in each community who participate in the programme.
