Today, most of TX is deregulated. However, there are still areas of Texas that remain regulated markets. In regulated electricity markets, customers cannot choose their provider and are bound to the utility in that area. They have no choice but to purchase electricity from regional utility monopolies that own and operate all three parts of electric service. Customers also have to purchase at prices regulated by the state and federal government.
What electricity deregulation does is allow consumers to choose their own electric company and encourage free market competition. In deregulated areas, prices can be determined and driven lower than in regulated areas because of the competition. In a deregulated place, a person’s electricity is still delivered to them through local power lines. What changes is the power to choose what source of power to use (renewable content), who they’re buying power from, how much they’re paying for it.
Deregulation in Texas opens the door to numerous, more flexible energy options thanks to competitive suppliers being able to offer a greater variety of customized solutions. In deregulated areas, every electricity consumer has the power to choose his or her desired providers and plans. It is important to now that once you make a choice, that choice is not permanent. You also have the power to switch electricity providers in order to find the services and rates that continue to best meet your needs and wants.
While a deregulated energy market comes with its perks, it also comes with its challenges. The sheer amount of competition amongst suppliers has made it much harder for people to comparison shop and identify options that satisfy both their cost and lifestyle preferences. With so many different types of rates, plans, contract terms, fees, discounts, etc., there is a generally perceived lack of transparency and a sense of confusion.
Until now, no person had access to easy to use personalized and comprehensive tools to properly analyze and navigate through the hundreds of available electricity choices, and understand not only their effective total cost accounting for their actual consumption trends but also the environmental implications of their electricity usage depending on each plan considered. Seeing the potential that the power of choice combined with consumer awareness could represent towards achieving sustainable energy abundance if empowered by easy to use technology, Quantum New Energy is providing access to Energy Intelligence to all through our EnerWisely services.