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Officials in Rhinebeck are deliberating whether to accept a five-month extension of their current electricity contract. This extension, offered by Joule Community Power and Oklahoma-based Direct Energy, aims to provide stable electricity rates amid potential summer price changes. The extension would last from July 1 to November 30, maintaining the current rate of 11.22 cents per kilowatt hour.
Town Supervisor Elizabeth Spinzia highlighted the importance of affordability, noting that Central Hudson's average rate over the past year has been 7.9 cents per kilowatt hour. The current contract allows residents to choose between renewable energy sources and standard market electricity. Residents are automatically enrolled in the program but can opt out if they choose.
The proposed extension is seen as a temporary solution while the town waits for potentially more favorable energy prices. Joule Community Power anticipates that market rates may decrease between July and November, allowing for a better long-term contract. The Town Board will decide on the extension in their March meeting. Meanwhile, the village of Rhinebeck, not currently in a Community Choice Aggregation (CCA) contract, plans to wait for updated pricing before making a decision.
According to the Daily Freeman, the extension could serve as a stop-gap measure during a period of price uncertainty. The Daily Catch reports that CCA rates have been higher than Central Hudson's rates, prompting hesitation among town leaders. The decision will be closely watched as it impacts residents' energy costs and the town's commitment to renewable energy.