The price of electricity in Texas recently reached its legal limit, surging to $9,000 per megawatt-hour.
That's bad news for people on a variable plan for their electricity service.
If you're under a contract, you're protected from the surge.
But what if you're not? What if you're on a variable rate plan or you let your contract expire? What if you're on a month-to-month plan?
You might want to consider trying to find an electric company with a fixed rate.
This recent price spike coincides with a heavy marketing push from a California-based company that operates on a wholesale model plan.
While this option may offer customers flexibility and the opportunity to buy at wholesale prices, it does not provide protection when market prices surge.
Now, this is why some customers are finding themselves with prices reaching as high as $9.03 per kilowatt hour, based on real-time wholesale prices for certain intervals Aug. 13.
Wholesale prices might seem effective in theory, but predicting markets can be tough.
"The key difference between our rates and those from companies offering wholesale prices is that we build in risk for instances like this," TriEagle Energy Vice President John Smith said. "We have a team dedicated to monitoring trading prices and making sure that we've acquired enough energy from various sources, protecting our customers and supporting a growing business."
TriEagle Energy is lending a hand to customers impacted by the surge of wholesale costs with an added discount to their published rates when you use the promo code "NOTGREEDY" at www.trieagleenergy.com.
Enrollment can happen in just five minutes, and you can be switched to the new service by the next day.