Gone are the days when you had to contact electric companies to discover their rates, and negotiate a better deal on your own. Today, Vault Electricity does the work for you, handling the entire process of finding the best Texas electricity rates and plans from providers that have a pedigree of business stability, customer service, eco-friendliness, and financial transparency. This allows you to shop for electricity in just a few minutes, right from your computer.
When the energy market became deregulated in a majority of Texas in 2002, residents and business owners in these regions earned the power to choose which retail electric provider would supply their electricity. In a deregulated energy market, you could have a range of options for electricity supply rates, which means doing research to find the best one for your needs.
To try to prevent these customers from being further ripped off, the government is planning to implement an energy price cap, which will require Ofgem to set a maximum amount that suppliers can charge on their standard tariffs until 2020. This should be in place by the end of 2018. This is in addition to the current price cap for vulnerable and prepayment customers.
In 2016, for example, they correctly called the recovery in oil prices but failed to foresee that clean energy investment would fall. Funds flowing into the sector were 18% lower than the previous year at $287.5bn, although they estimate that about half of the drop was due to lower costs rather than a decline in activity. A slowdown in the Chinese market was the other major factor.
Even though customers in deregulated cities routinely pay more for electricity, there is a bright spot. The gap between the average price paid for electricity between deregulated cities like Houston and regulated cities like San Antonio have dwindled to the narrowest point ever to 8.8 percent. Back in 2006, customers in deregulated cities were paying nearly 47 percent more for electricity than their counterparts in regulated cities.
Just as you shop for other products and services, you may also be able to shop for an energy supplier. With choice, energy customers from large manufacturers to residential homeowners are able to shop for energy options from a diverse group of competitive suppliers certified by the Public Utilities Commission of Ohio (PUCO). As more suppliers are offering their services in your area, you have the opportunity to choose the company that supplies the generation of your electricity and supplies your natural gas.