Scott Belcastro, Trebel LLC, Genoa Township’s energy broker, was in chambers during last Thursday evening’s Genoa Township Board of Trustees meeting to present bids for the township’s natural gas governmental aggregation program.
Belcastro noted the low cost of natural gas nationwide, adding that consumers would have to go back seven years or more to find a natural gas rate as low as the current rate.
Belcastro submitted bids from Volunteer Energy, Interstate Gas Supply (IGS), and Constellation Energy based on the current New York Mercantile Exchange (NYMEX) month end settlement price plus the Columbia Gas of Ohio adder.
Volunteer Energy was the only bidder that offered a variable price with a guaranteed 7 percent off of the adder.
All three companies offered fixed rates – Volunteer $0.4550 (cents) per cubic foot for a one year contract, $0.4530 for the second year of a two year contract; IGS $0.5190 one year, $0.5210 second year; Constellation $0.4750 one year, $0.4900 second year.
“The fixed price is a good price, but I don’t typically like a fixed-price,” Belcastro said. “A fixed price is not about saving money, it’s about price stability. I recommend you take Volunteer Energy’s 7 percent off the adder for the next two years. It’s a pretty good product, we have the option to fix it, and there is no early termination fee for residents if they want to get out of the program.”
Belcastro also noted that the savings on natural gas is not huge because it’s a seasonal product.
The trustees approved a 12-month contract with Volunteer Energy at the NYMEX Rate with 7 percent off the adder.
“It’s not a lot of money, but it’s a guaranteed discount off the market,” said trustee chair Rick Carfagna. “If residents want to do something else there’s no early termination fee, so they’re welcome to do it.”
In chambers, objecting to the township’s electric and natural gas governmental aggregation programs and specifically Belcastro and Trebel, was township resident Kevin Gainer.
Gainer said he had submitted a list of questions about the governmental aggregation plans to the trustees on April 1, and the questions had not been answered to date.
To listen to an audio recording of the Thursday, July 7, Genoa Township Board of Trustees meeting go to genoatwp.com, on the left rail click Meeting Audio, on the audio page click Trustee, on the Trustee page click 2016, on the 2016 page click 2016-07-07 Trustee Meeting MP3.
An updated list of Genoa Township meetings and activities is available on the township website at < genoatwp.com >. The Genoa Township Hall and Administration Office is located at 5111 S. Old 3C Hwy., Westerville. The township administration and zoning offices are regularly open to the public Monday through Friday from 8 a.m. to 4:30 p.m.
Reporter Lenny C. Lepola can be reached at 614-266-6093