Electricity rates are dropping for many Americans, particularly for Connecticut residents who have long endured some of the highest electricity prices in the country. The Hartford Business Journal reports that this change in the market has forced alternate electricity providers to distinguish themselves in ways other than price.
Connecticut implemented electricity deregulation in the late 1990s, but it was not until several years later that electricity suppliers were able to compete based on price, at which point much of the state began to take advantage of these savings.
With a new purchasing plan allowing utility companies to take advantage of the same price drops as electricity providers, however, that distinction has begun to change, which has placed a greater emphasis on unique offerings. Variable prices based on time of use and demand as well as various mixtures of renewable electricity offer customers more choices as well as lower electricity prices.
"Competitive retailers are really able to create products that cater to a customer’s need," Dan Allegretti, New England regional chairman for the national Retail Energy Supply Association, told the Journal. "It is important for customers to shop and be aware of what is available to them."
According to the U.S. Energy Information Administration, at an average retail electricity rate of 16.06 cents per kilowatt-hour, Connecticut was second only to isolated Hawaii with the priciest electricity.