Government

Paterson Votes to Purchase Energy Through Online Auction Process

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PATERSON, NJ - The Council voted to adopt a resolution that will allow the city to purchase its energy from a vendor through an on-line auction process.

Paterson currently supplies electricity to city property through Public Service Enterprise Group, more commonly known as PSEG. After an auction that will be held in the near future, however, a local company may get the job.

The online auction is hosted by the Energy Market Exchange, a company who brings together local electricity providers in an effort to bid for the opportunity to supply energy to buyers.

The company with the lowest bid for supplying energy to the City of Paterson will win the contract. John Smith, the government relationship manager, says the switch could save the city up to $100,000 on their electricity bill.

5th Ward Councilman Julio Tavarez urged his fellow council members to move quickly to pass the resolution. Tavarez says the only party to lose from the deal is PSEG, which he states is not his concern.

“I don’t see a downside to approving this resolution,” said Tavarez, during the meeting. “We should move on with this and see what we can save.”

The resolution says the city can only be charged a maximum of $0.11 per kilowatt-hours, regardless of the supplier. The Energy Market Exchange says the Township of Morris saved more than $160,000 on its electricity bill after switching to the lowest bidder on their online auction.

Auctions usually last about ten minutes, according to Energy Market Exchange. If the city is not satisfied with the bidding process, another auction may be held at a different time.

A specific date for the auction has yet to be determined.

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