Consumers could have saved over $39 million in October by shopping for electricity
(Baltimore, MD and Harrisburg, PA) December 4, 2023 – The Retail Energy Supply Association (RESA), the nation’s leading trade association representing competitive retail energy suppliers, released its monthly energy market savings report today, showing Maryland residents can take advantage of a substantial number of offers from retail energy suppliers that are below the utility Price to Compare (PTC) rates.
In October, 179 offers from competitive suppliers were less than PTC. Additionally, the considerable volume of offers below the PTC was notably impressive, marking a significant leap from 72 in September to 179 in October.
The report, created by Intelometry, Inc. on behalf of RESA, also shows that Maryland consumers could have saved more than $39 million ($39,390,995)in October by shopping for the best deal for electricity.
“Maryland market demonstrates remarkable strength overall, with the upsurge in PTC rates surpassing the slight increase in suppliers’ lowest offer prices,” said Craig Hardy, director of energy markets, Intelometry, Inc. “October was a record month for Maryland with 179 offers available to consumers that were below the PTC. This was an increase of more than 100 additional offers below the PTC since September. Procuring electricity from a retail energy supplier instead of the utility’s default service rate can produce big savings opportunities.”
“The large surge in offers below the PTC reflects a robust and competitive market, benefitting consumers and fostering a climate of choice,” said Frank Caliva, RESA’s national spokesperson.
“The Maryland Market Saving Report highlights the importance of educating consumers to shop for electricity and take advantage of plans from retail suppliers that can help save money on their energy bills.”
RESA strongly supports the Maryland Public Service Commission’s (PSC) education initiatives to inform all customers how to shop for their energy needs. The Maryland PSC created and operates the MD Energy Choice website, which provides direct links to MD Electric Choice and MD Gas Choice. The site will help consumers understand their choices when shopping for energy suppliers. In addition to price, it also explains important things to consider, such as stable pricing plans, green energy options or value-added services. It also highlights the importance of understanding terms such as fixed and variable rate plans. It explains identifying which charges are from the utility or a retail supplier on your monthly energy bill.
Maryland consumers can achieve impactful savings by shopping and comparing plans and prices. The state is one of only 13, plus the District of Columbia, in the U.S. that enjoys the freedom to choose.
For more information on shopping for competitively priced electricity and natural gas suppliers, visit RESA’s consumer resource center online. RESA has broken down what you need to look for and where you can find more information in our Energy Shopping Guide 101.
ABOUT RESA
The Retail Energy Supply Association is a broad and diverse group of retail energy suppliers who share the common vision that competitive retail electricity and natural gas markets deliver a more efficient, customer-oriented outcome than a regulated utility structure. RESA is devoted to working with all stakeholders to promote vibrant and sustainable competitive retail energy markets for residential and industrial consumers. For more information, visit resausa.org. Follow RESA on LinkedIn, Facebook and X (Twitter).
ABOUT INTELOMETRY
Intelometry, Inc. is a technology, data provider and consulting services company specializing in retail electricity and natural gas market operations. Intelometry clients include retail energy suppliers, energy brokers, large energy users and user groups, and consulting firms across the continental U.S. The company provides insightful research, analysis and business strategies. For more information, visit intelometry.com.
MEDIA CONTACT:
Stacey Gaswirth, 214.213.4675, Press@resausa.org
