Harrisburg, PA, May 13, 2019 --(PR.com
)-- New research shows Connecticut residential energy customers are seeing the benefits of the state’s competitive retail energy market – receiving greater savings options and increased customer service. The Retail Energy Supply Association (RESA), the nation’s leading trade association representing competitive retail energy suppliers, today released new data that shows retail electric suppliers could have saved residential customers more than $56 million in the first quarter of 2019. The research comes on the heels of a report by the Public Utilities Regulatory Authority (PURA) that shows a decrease in the total number of retail supplier-related complaints.
“Two decades ago, the State of Connecticut gave customers the right to choose their electric providers so that they could have access to all the benefits retail suppliers offer,” said Matt White, Retail Energy Supply Association President. “This research not only shows that the benefits are certainly there, most importantly, it shows that they are reaching the people they were designed to reach--residential customers.”
A RESA analysis, conducted by Intelometry, Inc., a retail energy systems and data provider that specializes in retail energy markets and operations, reveals that retail electric supply companies routinely offered dozens of rates below the Connecticut basic service price:
- January 2019 - 70 offers below Connecticut price to compare
January potential market savings = $14,666,655
- February 2018 – 81 offers below Connecticut price to compare
February potential market savings = $19,275,776
- March 2018 – 105 offers below Connecticut price to compare
March potential market savings = $22,864,923
Further, the report by PURA on the state of competition in the Electric Industry in Connecticut finds that in 2018:
· Electric supplier customer complaints were down 32.7% from 2017
· Complaints among electric supplier customers were less than 1%.
· There were only 417 complaints of the 434,264 customers who chose retail electric suppliers, which equates to 1 complaint for every 10,000 customers.
“While cost is an important factor, it is important to note that retail electric suppliers are offering even more than potential savings,” said White. “Customers are also receiving greater value for their energy dollars. From renewable energy, to fixed price plans, even loyalty rewards – from a customer standpoint, it’s a win-win.”
The Retail Energy Supply Association is a broad and diverse group of retail energy suppliers who share the common vision that competitive retail energy markets deliver a more efficient, customer-oriented outcome than a regulated utility structure. RESA is devoted to working with all stakeholders to promote vibrant and sustainable competitive retail energy markets for residential, commercial and industrial consumers.