To get a good look at a thriving competitive electric market, many states are turning their attention to the Texas, where retail energy providers are pulling out all the stops to attract new customers and offer lower rates.
According to Intelligent Utility, in order to grow and retain their customer bases, some retail providers are focusing on best practices identified in the newest report from the Utility Analytics Institute (UAI) titled "Case Studies and Best Practices."
One of the most important goals for independent suppliers is to keep customers once they switch electric providers. Often, power companies will entice customers to switch by offering incentives, but to hold on to a strong customer base, they will need to ensure these incentives are strong enough to keep ratepayers in place, the media outlet stated.
According to the UAI report, retail energy providers must develop strong customer service, but it cannot be at the expense of prioritizing retention of existing customers.
Texas energy providers now have a decade of experience navigating the state's deregulated energy market, and reports show customers are happier than ever with their respective power companies.