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Report Says Massachusetts Customers Could Have Saved $1.7 Billion Over Past 2 Years By Shopping For Retail Supplier
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A new report prepared on behalf of NRG Energy shows that Massachusetts customers enrolled in an energy plan with a competitive electric supplier could have saved hundreds of millions of dollars since 2022 rather than choosing basic utility service.
"In addition, competitive supplier data collected for 2024 shows that from January to March, if all residential customers selected the lowest cost retail supplier, customers would have saved more than $238 million during that period compared to basic utility service," NRG said
NRG said that this is the first report to utilize and analyze cost data covering the winter period from 2023-2024.
"The comprehensive study of Massachusetts electric rates outlined in the report also found that if all electric consumers in Massachusetts had chosen the lowest cost competitive supplier in 2022 and 2023, the potential savings when compared to basic utility service would have been approximately $1.7 billion over the two years," NRG said
"A review of proprietary data provided by NRG related to its subsidiary Direct Energy, a competitive supplier operating in Massachusetts, shows that Direct Energy customers saved $15.3 million dollars over the years 2022 and 2023, when compared to basic utility service," NRG said.
"Massachusetts’ utility customers have recently seen some of the highest electric rates in the country, but fortunately there was relief for customers in the form of the electric retail market," said Mike Rombach, Vice President and General Manager of NRG Home. "This report proves what retail customers already know - that choosing a retail electric supplier over the past two years has saved families hundreds of dollars on their bills. The last thing we should be doing during this moment of high costs is eliminating this choice for Massachusetts consumers and forcing people to live under monopoly utility service."
NRG listed highlights from the report as follows:
2022
• 84% of residential choice customers saved money over monopoly utility service.
• Savings totaled nearly $370 per choice customer.
• Collective residential choice savings was approximately $420 million.
• If all customers selected the lowest cost supplier available, savings would have topped $1 billion for the year.
2023
• Direct Energy residential customers collectively saved nearly $9.9 million over basic utility service.
• If all residential customers had signed up for Direct Energy products in 2023, collective savings would have been over $705 million for the year.
• Direct Energy customers saved $241 in 2023 compared to basic utility service.
2024
• Competitive supplier offer data collected for 2024 shows that from January to March, if all residential customers selected the lowest cost retail supplier, customers would have saved more than $238 million in just the first three months of 2024, compared to basic utility service.
• The data shows that at least 71% of offers were below basic utility service rates, with a savings average of between 25% to 41% depending on month and utility.
• Even when green products are included, at least 63% of all such offers were below basic utility service rates.
The full report can be seen here
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Realized Annual Savings $370 Per Choice Customer
March 28, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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