An article said a utility "plans to freeze its electric rates for five years, and by 2003 will allow all its customers to buy power from alternate sources." The writer almost certainly wanted "alternative," meaning providing a choice among options. "Alternate" means by turns, or every other, as in "alternate Sundays."
If you want to book a particular room in a hotel and you find that the room is already booked, the hotel could offer you alternative accommodation.
If a shop is not open every day but say on Monday/Wednesday/Friday, you would say it was open alternate days in the week.
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