Consumer Counsel Notes Most Residential Retail Supplier Customers Paid Less Than SOS In May, Warns Customers To Be "Vigilant" About Retail Suppliers
July 19, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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In a recent market update, the Connecticut Office of Consumer Counsel noted that, "In the month of May 2022, seven out of ten residential supplier customers paid less than the Standard Offer in Eversource territory, and six out of ten residential supplier customers paid less than the Standard Offer in UI territory."
"In the month May 2022, residential Eversource customers who chose suppliers saved in aggregate $951,609 more than the Standard Offer for their electric generation, and residential UI customers who chose suppliers paid in aggregate $132,922 more than the Standard Offer.," OCC said
"Between January and May of this year, supply customers have saved a combined $5,823,397," OCC said in a consumer notice
OCC cited the "current unique energy landscape" for the current savings available through electric choice
With respect to 60-70% of residential shopping customers paying rates lower than SOS in May, OCC said, "This is most likely due to long term contracts that were locked in when energy prices were substantially lower than they currently are."
However, OCC reported that, for the rolling year of June 2021 through May 2022, "residential consumers who chose a retail supplier paid, in aggregate, $20,108,420 more than the Standard Offer."
In a late June consumer alert, OCC said, "while we don’t have complete data yet for June, based on the data provided on the energizect rate board, third party supplier rates have already increased to prices comparable to standard service."
OCC's report (click here) also includes a list of suppliers that OCC said are charging at least 20% of their customers 50% or more than the Standard Offer in May 2022
As the Connecticut utilities' default service rates increased in July versus the year-ago summer rates, OCC cautioned customers to be "vigilant" with respect to third-party suppliers
"OCC is not advising consumers to never take advantage of third-party market options; but urges consumers to be vigilant about reviewing rate offers including renewal and auto-renewal provisions," OCC said