Texas Retail Provider, "Freezes Summer Energy Rate and Lowers Price"

Bulb, a new entrant into the Texas retail electric market (see background here), announced that it is freezing its energy rate under its variable rate plan (its only Texas residential offering) for the summer, offering a variable rate with a "price lock."

Bulb said, "We’ll freeze our rate from June 1 to August 31, when our rate will go back to reflecting the true cost of energy."

Bulb said, "when energy prices start to come down, we’ll unfreeze it [the energy rate]."

Bulb also said that if its prices increase outside of the summer, the company will provide 60 days' notice before any changes. Bulb noted that it does not charge cancellation fees

Specifically, Bulb is freezing the energy rate under its plan for the period June 1 to August 31 (no increase nor decrease.) Tariffed TDU rates, which Bulb passes through to customers, remain subject to change.

A spokesperson for Bulb said that the new frozen Bulb energy rate is 5.36¢/kWh in the CenterPoint Energy Houston Electric service area, and 5.06¢/kWh in the Oncor service area. A spokesperson for Bulb said that, for context on the rate drop, the old Bulb energy rate in the CenterPoint Houston area was 5.96¢/kWh.

An Electricity Facts Label for Bulb's variable rate plan with the rate freeze in the Oncor area, reflecting the frozen 5.06¢ per kWh energy charges, has an average all-in rate (at 1,000 kWh usage) of 8.9¢ per kWh. This reflects the frozen 5.06¢ energy rate plus Oncor charges of $3.42 per month and 3.54¢ per kWh

Bulb's sole product for Texas residential customers, for which the frozen energy rates are listed above, is 100% renewable

Bulb said, "Since January, wholesale prices have fallen by 9.5%, so Bulb is passing those savings on to its members. As a result, the average Bulb home in Houston will save an additional $89 per year, bringing total savings to $542 compared to the standard plans offered by Green Mountain, TXU and Reliant. The average Bulb home in Dallas will save an additional $36 per year, bringing total savings to $515 compared to those same standard plans."

Bulb said, "Bulb is able to keep costs down by investing in technology and working with companies that do the same. Clear communication with members and education about energy usage also contributes to Bulb’s ability to operate efficiently."

Bulb is continuing its 'Energy for the frontline' offer, which gives every essential worker in Texas $100 when they sign up and $10 to Feeding Texas, a hunger-relief organization with 21 food banks across the state.