Texas REP GridPlus Energy Offers Temporary "At-Cost" Electricity Pricing During COVID-19 Pandemic

GridPlus Energy announced that it is offering Texas consumers, "a special 12-month energy plan to address the financial needs of consumers during the COVID-19 pandemic."

"Through June 2020, GridPlus Energy’s COVID-19 Relief plan offers a reduced energy rate meant to only cover the estimated wholesale energy costs, with zero markup, to provide short-term financial relief to customers," the company said

In the Oncor service area, GridPlus's COVID-19 Relief plan is a 12-month plan, defined as an index plan, that for the period through June 30, 2020 only, has an average all-in rate of 7.3¢ per kWh, at 1,000 kWh usage. This reflects an energy charge of 3.4¢ per kWh (through June 30, 2020) which is meant to only cover the REP's estimated wholesale energy costs (with no mark-up or margin), plus Oncor delivery charges of 3.5448¢ per kWh and $3.42 per month

After June 30, 2020, the average all-in rate is 10.1¢ per kWh at 1,000 kWh usage. This reflects an energy charge of 6.2¢ per kWh (the company's standard energy pricing for the plan which includes a margin) for July 1, 2020 forward, plus Oncor delivery charges of 3.5448¢ per kWh and $3.42 per month

The plan has an early termination fee of $195

GridPlus said that, "Texas households are currently facing financial uncertainty resulting from measures designed to slow the spread of COVID-19. At the time of publishing, GridPlus Energy already offers some of the lowest fixed price 12-month contracts available in the CenterPoint and Oncor utility regions of Texas. With consumers tightening their budgets, GridPlus Energy’s COVID-19 Relief plan provides additional alleviation on an essential service. During these difficult times, GridPlus Energy is offering the COVID-19 Relief plan as a means of sharing the burden with customers and eliminating plan profits through June 2020."

GridPlus currently offers service at CenterPoint Energy Houston Electric and Oncor

GridPlus said that, "GridPlus Energy offers homeowners conventional payment methods as well as the unique ability to pay in cryptocurrency. The company is working to radically change the energy industry by enabling intelligent electricity consumption through software, hardware, and blockchain technologies. With these innovative tools, GridPlus Energy strives to lower your electricity costs, increase energy efficiency, and encourage smarter energy usage by allowing consumers to respond to electricity market prices in real-time."