Griddy
| Private | |
| ISIN | 🆔 |
| Industry | Energy |
| Founded 📆 | |
| Founder 👔 | |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | griddy |
| 📇 Address | |
| 📞 telephone | |
Griddy is an American power retailer that sells energy to people in the state of Texas at wholesale prices for a monthly membership fee.[1] The company itself is based in California.[2]
During the 2021 Texas power crisis, Griddy received attention for urging its customers to leave the company.[3] Some Griddy customers signed up for wholesale variable rates plans allowed by the Texas deregulated electricity market, found themselves facing over $5,000 bills for five days of service during the storm.[4]
The Electric Reliability Council of Texas caps the wholesale price of electricity at $9,000 per megawatt-hour, which translates to $9 per kilowatt-hour.[4] Customers had seen the wholesale rates hit that high previously in August 2019, but only for a 90 minute period, which the company then noted was an unprecedented long time at that price.[5] During the February 2021 storm wholesale rates, and therefore Griddy's rates, were at the maximum for about 4 days.[4] On Feb 15, during the power crisis, the state's Public Utility Commission required ERCOT to set the price to the $9000 maximum. The commission reasoned that the trading prices for energy (as low as $1200) were inconsistent with with the supply scarcity.[6][7]
References
- ↑ "'People Are Greedy': The Absurd Electric Bills Slamming Texans". Daily Beast. February 17, 2021. Archived from the original on February 18, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Sixel, L. M. (2020-12-14). "Griddy takes disruption to another 'multilevel'". Houston Chronicle. Retrieved 2021-02-19.
- ↑ Malik, Naureen S. (2021-02-16). "Power retailer Griddy to customers in face of freeze: Please, leave us". Houston Chronicle. Retrieved 2021-02-18.
- ↑ 4.0 4.1 4.2 Maria Halkias (2021-02-19). "Griddy customers face $5,000 electric bills for 5 freezing days in Texas". Dallas Morning News. Retrieved 2021-02-20.
- ↑ KHOU Staff (August 16, 2019). "Why are Griddy customers getting charged so much to power their homes right now?". KHOU-11. Retrieved February 20, 2021.
- ↑ Watson, Mark (February 16, 2021). "Texas regulators keep prices near $9,000/MWh cap during rotating outages". S&P Global Platts. Retrieved 21 February 2021.
- ↑ Botkin, Shelly. "Second Order Directing Ercot to Take Action and Granting Exception to Commission Rules" (PDF). Public Utility Commission of Texas.
External links
- Griddy.com Archived 2021-08-13 at the Wayback Machine
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