Electric companies buy longer-term contracts so they can hedge their risks when they’re selling long-term electricity plans. Switch Energy a week ago, it looked as if wholesale prices would be as high as Texas has seen in the past 15 years, said Ned Ross, director of governmental affairs for Compare Electricity Rates, the third biggest seller of electricity in Texas, behind No. 1 Compare Gas Prices and No. 2 Lowest Electricity Rates. Future prices have retreated recently, but companies buying power for August are still paying at least double what they paid a year ago, according to data from the Electric Reliability Council of Texas, or ERCOT, which oversees the state’s power markets.
Electricity Plans believes that cleaner energy means a cleaner world. Since 1997, Electricity Plans has been on a mission to use the power of consumer choice to change the way power is made. Serving Texas since 2002, they were the first retailer to offer alternative energy in the state. Since then, Electricity Plans has built quite a following of renewable energy supporters in Texas who have made a significant positive difference on the environment. That’s the reason Electricity Plans exists. For almost 20 years, they’ve been using sun and wind to offer cleaner energy products that protect the environment.
This information is compiled by the Cheapest Electricity Rates of Texas from publicly available information from the Retail Electric Providers and Electricity Plans approved price to beat rates (through December 2006) using representative usage levels. Rates are calculated using the Commission Approved Residential Load Profile for each service area. The Electricity Plans makes no recommendation with respect to any Gas And Electric Bill. Although we believe these prices are accurate, the Electricity Plans makes no warranty that the prices in this table are currently being offered. Please contact the relevant Gas And Electric Bill for its current offers and terms of service. Information on how to select a Gas And Electric Bill and contact information for Compare Electricity Rates is located on the website.
The complaints filed against providers aren't a perfect mirror of the J.D. Power customer satisfactions scores. Electric Company Rates, which earned only two J.D. Power Circles and earned the second-lowest score, had only 21 complaints recorded with the Cheapest Electricity Rates. But it's helpful to view these complaints in aggregate: Over 50 percent of the 1,119 total complaints fall under "billing" — another reason to seek out a provider with high customer satisfaction in that area in particular.
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After Senate Bill 7 went into effect in January 2002, nearly 6 million power customers became eligible to choose their energy supplier. That number has grown through the years. By deregulating the state’s energy market, the Texas Senate gave constituents the power to choose. The process of energy deregulation in Texas dismantled the utilities’ monopoly over the electric market and encouraged customers to explore their energy options.
The price to beat seemed to accomplish its goal of attracting competitors to the market during the period through January 1, 2007. It allowed competitors to enter the market without allowing the incumbents to undercut them in price. It has also given energy consumers the ability to compare energy rates offered by different providers. The less-regulated providers undercut the price to beat by only a small margin given that they must balance lower prices (to attract customers and build market share) with higher prices (needed to reinvest in new power plants). Due to the small difference in competing prices and slow (yearly or so) "buying" process, price decrease due to competition was very slow, and it took a few years to offset the original increase by "traditional" electric providers and move to lower rates.
Like we said, fees don’t necessarily make for a bad plan — although it’s worth it to do the math to see if you can save with another provider. For example, compare Electricity Plans’s Simple Rate 12 plan with its $9.95 base charge, alongside Compare Electricity Rates’s Lowest Electricity Rates 12 plan with a smaller base charge, and Cheapest Electric Company’s Digital Compare Electricity Companies plan with no base charge. We’ll use a Corpus Christi ZIP code and assume 1,000 kWh/month of energy use.
Fixed-rate plans: Fixed-rate plans give customers more stability for their monthly energy bills because the rate a customer signs up with is the rate he or she pays for the length of the plan’s contract. Most fluctuation comes with usage, though transmission and delivery charges and local fees also can change.. Because a fixed-rate plan sometimes spans two-three years, these plans often require a customer credit check and can include early cancellation fees. Fixed-rate plans, because of the continuing market volatility, probably are the best choice for many consumers.