RESA Reports Prices In Monopoly States Rising Faster Than Retail Choice States
Says 15.5 Million Residential Customers Now Use Competitive Retail Suppliers For Their Power
September 21, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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The Retail Energy Supply Association (RESA) released its 2021 data report based on the latest figures collected by the U.S. Energy Information Administration (EIA).
"In 2021, EIA data shows that customers in monopoly states experienced cost increases of 28.5% more than their counterparts in the competitive states/jurisdictions compared to what they paid in 2008. During this time period, customers in the monopoly states could have saved more than $560 billion if they had experienced the same price trajectory as the competitive states/jurisdictions. By major customer class, these unrealized savings in the monopoly states would have cumulatively been $189.4 billion for residential customers, $230.1 billion for commercial customers and $138.2 billion for industrial customers. Meanwhile, the 14 competitive states/jurisdictions saved an estimated $382 billion during this time period compared to the monopoly states' price trajectory. These data points highlight the impact of cost savings that competitive power markets have realized," RESA said
RESA said that its latest report, based on the latest EIA data, shows that the average power price in the competitive states/jurisdictions rose by 4.6%, while the rates for this same customer group in the monopoly states increased by 18.6%.
"For the last decade (2011 to 2021), nearly 27% of residential customers receive their power from competitive retail suppliers. This represents 15.5 million consumers living in energy choice states and jurisdictions who are customers of retail suppliers," RESA said
"The data also shows that over 85% of power provided by retail suppliers to commercial and industrial customers increased significantly. More than 85% of the non-residential supply requirements are served by retail suppliers within the states/jurisdictions, enabling retail power competition. During this same period, the average power price in the competitive states/jurisdictions rose by 4.6%, while the rates for this same customer group in the monopoly states increased by 18.6%," RESA said