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Retail Supplier Launches Longer-Term Fixed Price Contracts Under 3DOM Brand

September 16, 2014

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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

Viridian Energy has begun offering 36-month fixed electric and natural gas contracts to residential customers, branding the products as "3DOM."

Viridian said that 3DOM is now available for electric and natural gas supply in Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York and Washington D.C.,

3DOM encompasses two products: a traditional 36-month fixed rate, and a 36-month hybrid product that allows the customer to convert to a fixed rate, as established on their initial enrollment date, when desired.

The traditional 36-month fixed rate includes a "back-end" rebate that provides that if, at the end of the term, the customer has paid more under the product than what they would have paid with their utility, Viridian will rebate the customer for "110% of the difference up to an established average amount for utility customers."

Under the hybrid 3DOM Flex, the customer receives an introductory 5% off the, "utility price index," for the first two months of service, with subsequent rates established by a monthly Viridian Energy index plus a custom retail adder (essentially a rate fluctuating with the market) until the customer elects to lock-in a fixed rate which was established at the time of enrollment

The retail adder is based on the customer's green content and customer type (residential or small commercial).

Values for the Viridian Energy index rates can be seen on Viridian's website, at the bottom of the page by selecting a utility from the list

An early termination fee applies for the standard 36-month fixed 3DOM plan, and during the fixed portion (if elected) of the 3DOM Flex plan. The fee is $50 for residential customers. For small commercial customers, the early termination fee equals the remaining contract quantity times the greater of the contract price less market price at the time of the termination, or $0.02/kWh or Ccf/therm.

The 3DOM products also include a monthly usage report based on each customer’s actual meter usage which also includes weather and seasonality data and personalized savings insights

Viridian describes 3DOM by stating, "3DOM is an entirely new approach to energy rates and usage. It’s part rate protection for savings when energy prices rise, as predicted by world energy and economic experts, and part consumer education for smarter energy use for both residential and small commercial customers in the deregulated markets we serve -- as customers want more from their energy provider."

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