Thanks to Texas Senate Bill 7 electric choice in Texas began in 2002, and since then Texas energy customers have seen more electricity purchasing options each year. Electricity customers in Dallas Texas live in one of the most competitive electricity markets in the world with over 50 rate options to choose from.
Despite the mirage of options, there are still many Dallas energy customers who are paying electric rates that are double to what can easily be found by shopping for competitive electric rates. Some of these customers never learned about Texas electricity deregulation and have remained on default service with their incumbent electric company. Since 2002, Texas electricity prices have been on a roller coaster. Due to rising natural gas prices, electric rates tripled in the summer of 2008 only to come back down by the summer of 2009. Since then electricity prices have had smaller peaks and lows, but the market has remained volatile nonetheless.
Texas energy consumers who have never shopped for electricity saw their rates rise dramatically when market rates rose in 2008. When energy prices came back down TXU, the incumbent provider in Dallas, did not have an incentive to lower the rates for those customers who never shopped. While these customers continue to pay top dollar for their electricity, TXU is able to buy the power at market rates and make huge profits from these customers. If these customers only took the time do shop and compare rates, they could save a significant amount on their electric bill. They could even lower their electric bill by shopping and choosing a rate plan offered by their current provider TXU, but savings can only be achieved if these customers shop which is something that they have not done since 2002.
There are also Dallas Energy customers who have done electric shopping at some point in the past, but haven’t taken the time to compare electric rates recently. These customers would have signed an electric contract for a set term. When the contract expires the electric company puts the customer on a variable month to month rate. These customers usually don’t notice that their contracts have expired and continue to pay their electric bills as normal. When electricity prices go down in the competitive market, the competitive electricity company has no reason to voluntarily lower the customers electric rate. In order to fully benefit from Texas electric choice customers have keep track of their electricity contracts, or at least just make a habit to shop and compare rates once a year.
Dallas energy customers who haven’t compared energy prices in awhile should take the time to do so as electric rates have lowered significantly over the last several years. The competitive Dallas electricity market has given Dallas customers the edge over electricity companies.
Here are some current competitive electricity rates for customers in Dallas in the Oncor territory: