Peak Time Rewards Turns 2
June 1st marked the start of the 2nd program year! Over 40,000 customers joined the program and are ready to help reduce peak electricity usage. That helps to make service more reliable for our communities by reducing stress on the grid, and it benefits the environment by reducing the need for additional power generation. We appreciate your help!
During 2016, we shared the good news that customers would earn $1.51 for every kilowatt hour (kWh) of energy they reduced during an event. In 2017, the regional electricity market prices were much lower than expected; this has reduced the likelihood of Peak Time Rewards events and bill credits. We shared this news with participants in our summer guide, and we are sharing more context here for those who are curious.
Each spring, regional electricity market prices determine how many bill credits are available through this program. Ameren Illinois enters this program in what is called the Midwest Independent System Operator (MISO) Capacity Auction. It’s a complex market covering territory from the Gulf of Mexico into Canada that ultimately determines how much this broad region is willing to pay for the benefits that programs like PTR bring. In 2017, the market price was much lower than the price in 2016.
This lower market price means there are substantially fewer dollars that can be allocated as rewards. So in 2017, participants can expect few—if any—Peak Time Rewards events. There is, however, good news. These lower market prices can also help lower electricity rates lower for all customers. So even though you may not earn many rewards this summer, you may still see lower bills. Plus, remember that there is no cost to participate in Peak Time Rewards, so there’s every reason to stay on the program for the chance to help your community, the environment, and your wallet. Remaining in the Peak Time Rewards program will also ensure that you will be able to participate in events and potentially earn rewards in 2018 when the market price changes again.
We would also like to share the other ways offered by Ameren Illinois to help you keep costs low and take control of your energy use.
Find a variety of options to manage your energy costs at AmerenIllinois.com/WaysToSave. Simply grab your account number and follow the steps to create an online account. You can build a customized energy savings plan, see your hourly energy usage, and more. You can also sign up for new email and text message alerts that allow you to monitor your energy usage and costs.
Find energy efficiency tips and access to helpful programs, rebates, and incentives at AmerenIllinoisSavings.com. Discover energy savings throughout your home with videos featuring TV personality and home renovation expert Matt Muenster.
Power Smart Pricing
Customers have saved 15% on Power Smart Pricing by making simple adjustments to when they use some of their electricity.* On this program you’ll pay an hourly rate that is typically lower in the mornings, evenings, and on weekends. Enroll now or learn more at PowerSmartPricing.org.
You can also contact specialists at 1-877-655-6028 or at info@PowerSmartPricing.org.
*Savings based on average participant savings compared with the standard Ameren Illinois residential rate for January 2007 through April 2017. Individual savings vary based on customer’s usage and market conditions. Savings are not guaranteed.