Retail Provider Griddy Officially Launches In Texas With Membership Program Giving Access To Wholesale Prices

Griddy has officially launched service in Texas today, with its program that gives consumers access to wholesale electricity prices for a flat monthly membership cost.

Griddy charges a monthly membership fee of $9.99 for its service. Customers are charged the monthly fee, wholesale prices on a pass-through basis (15-minute Load Zone Settlement Point Price energy prices plus ancillaries, uplift, etc.), and TDU charges on a pass-through basis

As part of the launch, Griddy is offering a free month of membership to all new members.

Service is on a pay-as-you-go (prepay) basis. As such, there is no early termination fee.

Griddy's pass-through of wholesale prices includes negative pricing when present. Griddy said that, according to historical ERCOT energy data, in 2016, there were 555 instances (139 hours) when prices were negative

Griddy also said, based on such ERCOT data, "for every hour that prices were greater than $1 per kilowatt-hour (kWh), there were 37 hours when prices were negative."

Griddy includes a mobile app that gives consumers near real-time insight into and control over their energy usage and costs, presenting customers with usage information and accrued electricity cost

The app also includes tracking of real-time fluctuations in energy prices so members can decide to shift usage to lower priced intervals if desired

"Texas’s residential electricity system looks like a snake pit," said Gregory Craig, co-founder and CEO of Griddy. "Hundreds of retail energy providers focus on attracting customers through flashy deals, and then see 40% annual turnover because they haven’t invested in keeping customers happy for the long-run. Griddy is built on an entirely new philosophy that energy providers should be transparent, less expensive, environmentally friendly—and even fun. Make no mistake: Griddy is here to revolutionize the energy market for good"

Griddy in a news release cited data from the Texas Coalition for Affordable Power, stating, "The Texas Coalition for Affordable Power reports that since the majority of the Texas energy market became deregulated in 2001, residents in these areas pay nearly 15 percent more than residents in areas with regulated utilities."

Griddy Energy falls under the same investment group as Northeast retail supplier Star Energy Partners, but operates independently.