Chicago, IL, U.S.A. — (METERING.COM) — February 4, 2008 – The majority of customers who participated in U.S. utility ComEd’s residential real-time pricing (RRTP) program for all 12 months in 2007 experienced annual savings between 7 and 12 percent compared to the fixed rate other residential customers received, according to figures released by the utility today. While there is no guarantee customers will save money in ComEd’s RRTP program, about 95 percent of the 3,300 customers that actively participated last year paid less than customers on a fixed rate.
ComEd was the first utility in the nation to offer a program to all residential customers based on actual hourly pricing. Enrollment in the program requires ComEd to install an electric meter capable of measuring and recording electric usage in 30 minute intervals.
RRTP participants are billed for the electricity they consume based on hourly wholesale market prices. They have access to hourly pricing information via the Internet and pricing alerts via text messaging and email. Participants may choose to make adjustments in their electricity usage based on the hourly prices.
"The odds definitely were in your favor if you were enrolled in the residential real time pricing program last year," said Anne Pramaggiore, executive vice president, Customer Operations, External and Regulatory Affairs. "We can’t predict what hourly electricity prices will be throughout 2008 since they are market-based and driven by supply and demand. But generally, if a customer can shift the use of energy-hungry appliances like air conditioners, laundry machines and dishwashers to low-price hours – like evenings, nights and mornings – they should be able to make a difference in their electricity costs."
Marketing efforts are being increased to make more customers aware of the program. This month, more than 2 million customers in single-family homes received billing inserts with information about the program.