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Response to MineralMan (Original post)

Sun Feb 21, 2021, 12:28 PM

14. Griddy sent out an email to all 29,000 of its customers urging them to switch to another provider.

The problem is many other providers wouldn't take the ones who tried. They were warned. They also know what they were signing up for. Cheap rates with money back when energy was cheap and the knowledge when and if energy prices would go up, so would their bills. It's a risk that they knowingly gambled on and they lost.


Griddy, however, is in a different position. Its service is simple — and controversial. Members pay a $9.99 monthly fee and then pay the cost of spot power traded on Texas’s power grid based on the time of day they use it. Earlier this month, that meant customers were saving money — and at times even getting paid — to use electricity at night. But in recent days, the cost of their power has soared from about 5 to 6 cents a kilowatt-hour to $1 or more. That’s when Fallquist knew it was time to urge his customers to leave.

“I can tell you it was probably one of the hardest decisions we’ve ever made,” he said. “Nobody ever wants to see customers go.”

Griddy isn’t the only one out there actively encouraging its customers to leave. People were posting similar pleas on Twitter over the holiday weekend from other Texas retail power providers offering everything from $100 rebates to waived cancellation fees as incentives to switch.

Customers may not even be able to switch. Rizwan Nabi, president of energy consultancy Riz Energy in Houston, said several power providers in Texas have told him they aren’t accepting new customers due to this week’s volatile prices.

Hector Torres, an energy trader in Texas, who is a Griddy customer himself, said he tried to switch services over the long weekend but couldn’t find a company willing to take him until Wednesday, when the weather is forecast to turn warmer.

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Arrow 23 replies Author Time Post
MineralMan Feb 21 OP
yardwork Feb 21 #1
MineralMan Feb 21 #2
yardwork Feb 21 #3
alphafemale Feb 21 #4
ananda Feb 21 #15
drray23 Feb 21 #16
XanaDUer2 Feb 21 #21
alphafemale Feb 22 #23
blueinredohio Feb 21 #20
c-rational Feb 21 #5
dalton99a Feb 21 #6
MineralMan Feb 21 #7
dalton99a Feb 21 #8
MineralMan Feb 21 #9
ret5hd Feb 21 #10
MineralMan Feb 21 #11
ret5hd Feb 21 #12
MineralMan Feb 21 #19
dlk Feb 21 #13
LineNew Reply Griddy sent out an email to all 29,000 of its customers urging them to switch to another provider.
Autumn Feb 21 #14
drray23 Feb 21 #17
Snarkoleptic Feb 21 #18
gratuitous Feb 21 #22
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