Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Pre-Suit Litigation
Docket No.: N/A
Claimant: Constellation NewEnergy, Inc.
Claimant's Attorney: Mark Packel, Assistant General Counsel
Attorney's Address: 2301 Market Street, 23rd Floor, Philadelphia, Pennsylvania 19103
Settlement Amount: $3,000,000.00
Funding Source: 2019 Budget/Department of Engineering/011-210-2101- A-95220-B2019 ($921,079.00); and 011-110-1107-A-71520-B2019 ($78,921.00)
Additional Comments:
$3,000,000.00, to be paid in five (5) installments, commencing upon authorization by the Municipal Council and terminating in October 2021.
Invitation: Corporation Counsel
body
WHEREAS, in an effort to reduce the fiscal impacts of rising energy prices and demonstrate a commitment to renewable energy generation the City of Newark (the "City"), 920 Broad Street, Newark, New Jersey 07102 sought to purchase electric generation services for its Public Buildings and Street Lighting ("Electricity Services") from a third-party energy supplier; and
WHEREAS, the Essex-Hudson Regional Cooperative Pricing System (EHRCPS) is a regional cooperative pricing system duly approved by the Department of Community Affairs (Regional Cooperative Pricing System ID# 198ECAEPC), which has been formed between the Essex County Aggregate Energy Procurement Cooperative Pricing System or "ECAEPC" (Cooperative Pricing System ID# 198ECAEPC) and the Hudson County Cooperative Pricing System or "HCCPS" (Cooperative Pricing System ID# 83-HCPS). Participation in the EHRCPS enables participating members to obtain electric generation services from a third-party energy supplier in the retail electricity market at a more competitive rate than is offered through the Public Service Electric and Gas Company (PSE&G) Basic Generation Service and Body Politic Lighting Service; and
WHEREAS, the City, along with other participating Member Loca...
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