Since 2008, EIA data shows customers in monopoly states potentially could have saved over $230.6 billion for residential customers, $291.4 billion for commercial customers, and $172.2 billion for industrial customers if they were allowed a choice in their energy supplier.
HARRISBURG, PA (December 10, 2024) – Retail Energy Supply Association (RESA), the nation’s leading trade association representing competitive retail energy suppliers, released its 2023 energy trend report based on the latest U.S. Energy Information Administration (EIA) data.
The report shows more than 15.9 million residential customers received power from competitive retail suppliers last year. This represents 46.4% of the residential consumer’s load who reside in the 14 energy choice states and jurisdictions and have the option to select their retail power supplier.
The data reveals that 86.2% of power provided to commercial and industrial customers in competitive energy markets came from retail suppliers. Additionally, since 2008, the average power price for all customers (residential, commercial and industrial) in competitive states has increased by 11.5%, compared to a significantly higher increase of 43.6% for all customers living in monopoly states.
“These statistics, once again, confirm that when consumers—whether homeowners or businesses—are given choices, they will make informed decisions that highlight the value of competitive markets,” said Tracy McCormick, executive director of RESA. “The ability to choose an energy supplier provides access to tailored products, such as solar or other non-carbon-emitting green energy solutions, that meet individual preferences and needs. It also allows customers to potentially take advantage of longer-term contracts that offer fixed rates that may result in cost savings.”
The latest EIA data confirms that customers in monopoly states may have saved more than $703 billion over the last 15 years if their price trajectory had mirrored that of competitive states. By customer class, these unrealized cost savings include $230.6 billion for residential customers, $291.4 billion for commercial customers, and $172.2 billion for industrial customers. In contrast, consumers in the 14 competitive states and jurisdictions saved an estimated $480 billion from 2008 through 2023 compared to the monopoly states’ pricing trends.
“These figures underscore the potentially significant cost-saving advantages of competitive power markets,” said RESA’s president, Edwin Dearman. “Giving consumers the freedom to choose their power providers is not only about potential cost savings but also about driving industry innovation and advancing the adoption of environmentally sustainable energy solutions, which is paramount to meeting aggressive state zero-emission goals. Without retail suppliers, it will be nearly impossible to accomplish this by state-imposed deadlines.”
To learn more about RESA and the benefits of energy choice, visit https://www.resausa.org.
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 www.resausa.org. Follow RESA on LinkedIn and Twitter.
MEDIA CONTACT: Stacey Gaswirth
press@resausa.org
(214) 213-4675
