Energy Market Updates | April 14, 2023
Energy Choice for Lubbock
Hey there, Lubbock electricity consumers! We have some exciting news to share with you. You may have heard that Lubbock is joining the majority of Texas in the deregulated energy market. This means that you will have more options when it comes to choosing your electricity provider, and you could potentially pay lower bills (if you know what you're doing!).
But wait, what exactly does energy deregulation mean? Simply put, it allows customers to choose their own electricity provider and energy plans. Before 2002, all of Texas was regulated, meaning that electricity providers were chosen by the local government, and customers had no control over the rates they paid. Now, more than 80% of Texans have the power to choose their electricity service in a deregulated market.
Competition is the key to energy deregulation. When different companies are pushing to gain customers, prices will decrease, leading to lower electricity bills. While deregulation benefits the customer in theory, around 20% of Texas is still regulated. Lubbock is one of those cities, but not for much longer!
The city of Lubbock was previously connected to the Southwest Power Pool (SPP) electric grid, with Lubbock Power & Light (LP&L) as the main provider of electricity. However, due to contract terms with the SPP, Lubbock was going to be required to build a new power plant for energy generation. This new plant would be extremely costly and would cause Lubbock electricity prices to rise for decades. Therefore, Lubbock City Council decided to deregulate and transition to the ERCOT grid.
In 2021, 70% of Lubbock transitioned to ERCOT, with the final 30% expected to be transferred over soon. Once this happens, deregulation will officially start, and you'll have the power to choose your electricity plan in Lubbock. This is anticipated to happen in Fall 2023.
We understand that all of this might be new and overwhelming to you, especially if you're not used to worrying about the best type of electricity plan or what a kilowatt hour is. But don't worry, we're here to help! At Mantis, we can help you save money on your Lubbock energy bill by finding the best plan for your needs. So get ready to have more control over your electricity bill and potentially save some money in the process!
Contact us Today to find out more.
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