Here's a case for entering into new alternative gas and electric supply contracts.
The Nicor gas supply rate is 42 cents/therm as of September 1. Nicor changes their rate at the start of the month. The current competitive rates I am seeing are around 44-46 cents/therm.
Gas supply rates are expected to increase in the wholesale market during 2024. This includes utilities and supplier rates, so locking in for a 2-year term or longer is the best option right now.
The graph below are wholesale power prices from Oct. '21 to August '24.
The black dot is the current pricing.
Look at the forecasted jump coming in the next few months. That's roughly a 8-12 cent increase being forecasted for winter.
You can see the same pattern happening each winter - major price spikes in this market.
Between this date range, today's pricing is lower than 90% of the days.
Electric rates follow gas so increases in gas eventually flow to increases in electric supply rates.
Current Comed rate is 6.809 cents/kWh through 9-30-23.