TRENTON –– The New Jersey Food Council (NJFC) Energy Aggregation group recently completed an electricity supply procurement process that will reduce participating 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 the State’s largest electricity suppliers. Prices for the new contract term which extends to June 2021 represent a discount of 3.6 percent versus current contract prices and reductions in annual electricity supply expenditures of $1.7 million. The new contracts also included special provisions – such as the ability to close stores without penalties and protections on market and regulatory risk factors – that have been a part of past Aggregation contracts.
“We are extremely pleased with the favorable results of our recent electricity supply procurement process” said NJFC President Linda Doherty. “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 is one of the State’s oldest and largest energy purchasing groups, and is comprised of 60+ members representing over 600 million kilowatt-hours, or approximately one percent of the State’s annual electricity consumption. Started in 1999, the NJFC Energy Aggregation brings together food industry companies for the common goals of reducing electricity supply costs and navigating the ever-changing retail electricity supply industry. To learn more about how the New Jersey Food Council or the NJFC Energy Aggregation can help your food-related business, please contact us at 609-392-8899 or visit us at njfoodcouncil.com.
The New Jersey Food Council is the Garden State’s preeminent trade association representing 1,200 retail food stores, wholesalers, manufacturing and service companies that collectively employ more than 200,000 associates in NJ. For more information, visit www.njfoodcouncil.com.