A group of Michigan electricity experts will meet soon to get the ball rolling on energy deregulation discussions, a topic that has been gaining momentum in the last month after a report revealed ratepayers were indeed better off under a deregulation plan.

According to The Detroit News, members of Michigan Legislature, business CEOs and energy experts from around the country will convene at the event, titled "Michigan's Electricity Market: Time for Gardening." The meeting will discuss the potential effects of implementing a competitive energy market into Michigan's electricity generation and distribution industry.

The meeting was called as utility electricity rates continue to rise in Michigan, with Consumers Energy recently requesting from the Michigan Public Service Commission a rate increase of $148.3 million this year. In 2014, that proposal asks for another $82.6 million.

If the state does decide to implement energy deregulation laws, it will join the ranks of a growing number of states that have embraced the system and reaped the benefits of a competitive market. Residents in Texas, Illinois and Connecticut have all been able to search for the best electricity prices for years, with many turning to online resources to compare energy rates.