A Message Regarding the Energy Aggregation Program and Letters Received in the Mail from Mayor Corigliano

Dear Residents,

Over the past few days and in the coming days, some of you will receive various letters for our utility providers and their agents that include JCP&L, IDT Energy and perhaps Constellation Energy and Concord Energy. I know these letters can be confusing and raise questions regarding your electric service. Unfortunately, these communications are mandated to be sent to you by the Board of Public Utilities however the positive is that they are the result of an agreement that your Borough executed to save our residents on energy generation costs. The benefit of this program over the last few years has been substantial resulting in net savings to our residents estimated to approach $100,000.

A few years back, Peapack & Gladstone joined with several other towns in a cooperative called the Hunterdon Area Energy Cooperative (HAEC). By pooling the purchase of our town energy generation requirements together, we are usually able to get a better price on the cost of energy generation than our local power company, JCP&L can give us. On average, this program has saved our residents about 6-7% on generation cost during each contract period. The contract period can run from as short as eight months to as long as a few years, depending on several factors. Every time the cooperative goes back out to bid and the provider changes, you once again get these series of letters in the mail. We regret this annoyance, but it is unfortunately unavoidable. The positive is that the net of these communications is that you need not do anything unless you wish to opt-out of this program.

To be clear, the program is only bidding out the generation portion of your power, essentially the ‘power plant’ where the electricity is generated. JCP&L is still the delivery company of that power, maintaining the network and ensuring that power always is at your home. They are still who you would call if there are any issue with the power service to your property. Also know that if you should still want to purchase the generation of your power from JCP&L, you can (although at a higher price) by opting out of this program. The entire program is managed for our towns by a company called Concord Energy Services (866.688.5197) and you should feel free to call them with any questions or if you wish to opt-out. You may also visit their website at www.njaggregation.us to learn more about this initiative. And of course, you should always feel free to call or visit us at the Borough as well. We are always here to serve you with a friendly welcome and a smile!

Yours truly,

Mark A. Corigliano

Mayor