Vault Energy Solutions, which operates a website that allows Texas energy users to compare electricity rates, is urging users to lock in to current low electricity rates before the coming summer heat, which the National Weather Service Climate Prediction Center (NWSCPC) forecasts to be above average this year.
"It's easy to become complacent with the mild temperatures Texas experienced this winter," said Devon Bass, managing director of Vaul. "Mild weather along with the cheapest electricity rates Texas has seen in years has meant very low electricity bills for several months."
But this trend, he warns, may not last, as both the temperature and electricity rates are expected to spike in the coming three months. Adding to the daunting NWSCPC forecast, the Texas Public Utilities Commission is making moves to raise the current cap on wholesale electricity rates throughout the state by 50 percent this summer.
Since enacting energy deregulation laws in 2002, Texas has developed a highly competitive electricity supply market. With dozens of retail electricity providers across the state, shopping for electricity rates can at times be confusing, but new methods of comparing electricity rates are helping to remedy this issue.