Volunteer Energy files bankruptcy, new firm will offer services
Trending
BRIDGEPORT -- Although Volunteer Energy recently filed for bankruptcy protection and will no longer provide its services to local communities, a new company is looking to administer the natural gas aggregation program for the village of Bridgeport.
Energy Specialist Larry Taylor, now with Trebel Energy, met with Bridgeport Village Council recently to discuss some changes to the village's former contract. Prior to the company's filing,Taylor was an energy specialist for Volunteer Energy, which administered the gas aggregation program for the village for the past 12 years.
Council renewed its contract with the company in April 2021, which provided a guaranteed 7% in savings on natural gas each year for residents who are enrolled.
Even though Volunteer Energy will no longer be providing services to the village, Taylor assured council members that the residents will be unaffected.
"On March 25, we were told Volunteer Energy was filing bankruptcy. It was a surprise to us employees. How that affects the residents, they simply, anybody who was in the aggregation program will automatically go back to the utility - 99.9% of the residents, there's no interruption to the service and they won't know that anything has changed. They'll go back to Columbia Gas, who will divide them up and they will be supplied by some of the supply companies that won the bid a year ago. Those customers will then be on the Standard Choice Offer program, and again there's no interruption to service," he explained.
Taylor said he wanted to have the opportunity to explain the circumstances to council and to address any questions or concerns.
After losing his job with Volunteer Energy, he said he reached out to the "best aggregator" in the state in hopes of securing a position.
"I love what I do. I love coming out and working with the administration and the council and helping the community. … Volunteer Energy filed on (March) 25 and I took a position with Trebel Energy who has over 160 aggregation programs in the state, been around for 12 years, No. 1 aggregator in the state of Ohio. I became employed with them on (March) 31," he said, adding that his main objective is to do his best for the communities he had previously served under Volunteer Energy.
Taylor presented council with information regarding Trebel Energy. He said the natural gas and electric markets have been "extremely volatile" lately. He said they have reached out to multiple suppliers to find the best deal for the communities they hope to serve. A guaranteed savings of 2% was originally discussed; however, the supplier recently informed him that due to the market they would be unable to lock the village into that rate at this time.
"They just can't do it. … The last time the gas commodity prices were this high was back in 2008 and it was horrible back then. Initially I was here to offer a 2% but we can't do that," he said.
Instead of offering a fixed rate with Trebel, Taylor requested council retain the company until gas prices become more adequate to lock in a better rate for village residents.
"What we need to do for you and the residents is put you into a position to put us in a position that when the market drops, we trigger a fixed rate. … We want to set a trigger, so when the gas prices, the market drops and we can offer $0.565 (per CCF, centum, or 100, cubic feet) to your residents, we lock it in and they save money. In order to do that we have to be ahead of the ballgame," he said.
Mayor Norma Teasdale said they would have to meet with the finance committee prior to making a decision.
Taylor asked if they would come to a decision before council's next meeting which is set for 6 p.m. Tuesday.
Teasdale said she will get back to Taylor after the committee meets.