The New Jersey Food Council Energy Aggregation group, an energy purchasing group in New Jersey, announced Wednesday it has completed an electricity supply procurement process that will reduce NJFC members’ annual electricity supply costs, provide budget certainty and eliminate price risk for the next two years.
NJFC retailers completed a six-month procurement process by selecting the lowest price offers from three of New Jersey’s largest electricity supplies. Prices for the new contract term, which extends to June 2021, represents a discount of 3.6%.
“We are extremely pleased with the favorable results of our recent electricity supply procurement process” NJFC President Linda Doherty said. “NJFC Members of the Aggregation Committee, and our energy consultants, Energy Procurement Partners, worked collaboratively over the past six months to ensure a competitive procurement process that provides members with favorable contract terms and conditions, and the lowest available prices from the State’s largest electricity suppliers. As in the past, we achieved our goals of budget certainty and elimination of price and regulatory risk for our members in the NJ food industry.”
The NJFC Energy Aggregation group is comprised of approximately 60 members representing 60 million kilowatt-hours, or about 1% of the state’s electricity consumption.