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When Griddy Wholesale Electricity Prices Spiked – What We Learned

By Adam Newton

This past week proved a couple of facts everyone should know about Texas electricity prices.

First: Summers in Texas are hot. Actually, they get REALLY HOT.

Second: Texas wholesale electricity prices can go SKY HIGH when Texas weather gets hot.

What Happened This Week

Suppose you are a Griddy customer on a real-time wholesale Texas electricity rate, you will likely get hit with an extraordinarily high electricity bill this month or next. Why? Because during the week of August 12th, 2019, the wholesale price of a megawatt-hour of electricity soared into the thousands of dollars, and it even briefly hit $9,000 per MWh on Tuesday, August 13th, 2019. Secondly, you will likely receive a high electric bill if you’re on a variable month-to-month rate with a traditional retail electricity supplier.

That translates into a per-kWh rate of $9.00. Yes, that’s right. $9.00 per kWh!

The average rate Texans pay for electricity is just over 11 cents per kWh. At $9 per kWh, that’s almost 90 times the average, meaning it would cost you nearly $1/hour to use a single 100-watt light bulb. That’s crazy!

Can you imagine the cost of running the air conditioner, doing your laundry, or running your pool pump? OMG!

Texas Electricity Prices can be challenging if you pick the wrong electricity plan.

A Simple Solution

It’s pretty straightforward: Do not expose yourself to a wholesale or month-to-month variable rate. Instead, you should sign up for a low fixed-rate electricity plan with a reputable retail electric provider. You know precisely what you will be paying on a fixed-rate contract, and you aren’t exposed to the extreme volatility of Texas electricity prices.

If you need some help finding the best plan for your home, let help you.

Power uses advanced technology to automatically compare hundreds of Texas electricity plans to find the best one for you and your home. Our analysis is completely unbiased because we work for you, not the energy companies. We are running a free one-year trial so that you can check out our service at absolutely no cost to you.

Check us out and give us a try. We can probably save you hundreds of dollars on your annual electricity bill. – A better way to shop for electricity.

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