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Direct Energy Caps Residential Variable Rates in Connecticut
Direct Energy announced that it is capping its residential electric variable rates in Connecticut.
The new caps for Direct's Connecticut residential variable rates are (cents per kWh):
Direct Energy is committing to these price protection levels for a six-month period. After the initial six-month period, to the extent that Direct Energy determines it needs to adjust these price protection levels, Direct Energy also commits to provide its residential customers with a minimum of 30 days advance notice prior to making a change so that customers may make informed decisions regarding which plan is right for them.
The price protection does not include the cost of additional services including but not limited to: green products, rewards, home services or other non-energy related items. The residential electric variable price protection levels are the absolute highest rates, "pending any future regulatory or legislative changes that impose greater costs on retailers."
Direct Energy previously announced that it established caps for its residential variable rates in Pennsylvania.
Direct Energy also proposed
several changes to the Connecticut retail electric market. In addition to the "priority" areas bulleted below, "Direct Energy also supports enhancements that include increasing the financial fitness standards for retail suppliers, stronger enforcement against suppliers and sales representatives that violate customer protection regulations, and new measures to promote fixed price contracts," said David Hindman, vice president and general manager of Direct Energy's U.S. residential business.
Changes proposed by Direct Energy include:
• "A new standard for retail suppliers to offer residential variable electric rates with price protection. Direct Energy believes that all retail suppliers should provide a specific cents-per-kilowatt-hour maximum variable rate for any residential variable electric price products and provide customers 30 days advance notice of any changes the retail supplier makes to that price protection level. This gives customers the ability to make better budgeting, shopping and switching decisions."
• "Clearer customer disclosures. Direct Energy believes all suppliers should be required to identify and communicate clearly to customers all pricing and term information, any early termination penalties and the details for how the supplier will serve the customer after the expiration of any initial contract period."
• "Accelerated switching to retail suppliers. Currently, when a customer wants to change retail suppliers, the process can take one to two billing cycles to complete. Direct Energy supports working with stakeholders to make efforts to ultimately move to a same-day switch model that will directly benefit electricity consumers seeking alternative pricing option."
• "Full smart meter deployment and timely access to usage data. Smart meters enable retail suppliers like Direct Energy to offer advanced products and services that reward customers for managing their consumption to avoid high cost times of day. This not only fosters greater customer empowerment and engagement but also gives customers more control of their energy usage and bills. Direct Energy already offers several innovative products that use smart technology to help customers manage their energy use, which can be particularly helpful during unpredictable weather conditions. Full smart meter deployment would enable Direct Energy and other suppliers to offer more of these types of products and services across the state."
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April 24, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Connecticut Light & Power: 15.7¢
United Illuminating: 14.7¢
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