5 things to know about Griddy's wholesale energy deal

By Cory McCord - Digital News Editor, Joel Eisenbaum - Investigative Reporter

HOUSTON - Griddy is a company that says it provides Houston customers with wholesale energy prices.

For months, customers said they thought they had a great deal, but when the Houston heat wave hit, prices skyrocketed.

Some customers said they spent more than $350 for eight days' worth of energy.

READ: New electricity company claims it has lowest price in Texas

Here are five things to know about the deal:

1. A little give back

The company says that 96% of the time, Griddy's energy prices are below the Texas average. In order to try to make up for the price spike, the company said it is giving back the $9.99 membership fee for August.

READ: Griddy customers upset over electricity prices during recent heat wave

2. Read the fine print

Customers admit they signed up for the service and should have done more research. "Obviously, we didn't do enough research, but I believe Griddy should be more upfront about how things work," one customer said.

3. The worst hike ever

This is the worst price spike the company said it has ever seen. Griddy said the current prices are five times worse than anything it has seen in Texas for the last five years.

4. Good news for some

Griddy says its customers who have been with the company for at least a year will still see savings compared to the Texas average for the past 12 months.

5. 46 complaints in last 2 weeks

According to the Public Utility Commission of Texas, of the 53 total complaints received about Griddy since the company entered the Texas marketplace, 46 have been submitted since Aug. 5.

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