Electricity rates, along with just about everything else, have increased to record highs this summer. Texans have seen themselves paying 50-70% higher for electricity than this time in 2021.
Why?!
Well, there are actually a handful of reasons, including...
Price of natural gas
Since 40% of Texas electricity is driven by natural gas, the overall price of electricity is closely tied to the price of natural gas, which was, and still is, affected by the pandemic and supply chain issues. In addition, natural gas prices skyrocketed due to the war in Ukraine, and the repercussions are being felt by consumers.
Time of year and warmer climate
It is natural for there to be at least some electricity price hike in summer months due to higher usage. But, increased temperatures lead to increased demand, and subsequently increased prices.
Reprioritization of ERCOT
After last year's winter storm, during which we experienced weaknesses in the system, the Electric Reliability Council of Texas has restructured its priorities to focus on grid reliability instead of cheap power, which means consumers are paying for last year's crisis.
Inflation
Like just about every industry, inflation affects energy prices too. As costs go up for producers, they trickle down to retail energy providers and consumers.
What does all of this mean? It means that if you've just entered a new contract no matter the provider, you're very likely going to see a significant increase in your energy bill that you've never seen before because of both increased rates and potential increased usage.
At GoodCharlie, we aim to make managing your monthly bill as cost-effective as we can. That's why we provide top-of-the-line technology for user-friendly, customizable alerts to help you keep your energy costs low.
In addition, we provide every customer with completely FREE Pack Benefits to help keep the cost of vet care down too.
With GoodCharlie, it's more than just electricity: not only do you get energy for your home, but you also save when caring for your pets.