Washington D.C., September 15, 2023 — The Retail Energy Advancement League (REAL), has released a new report showcasing major trends in the U.S. retail energy industry.
The report, “2022 Retail Electricity and Natural Gas Market Annual Report,” authored by Texas-based consulting group, Intelometry, conducts an assessment of select U.S. retail electric and natural gas markets. The study provides a general breakdown by state of the number of customers on competitive supply, analyzes whether savings opportunities for residential customers existed in 2022 across competitive retail markets, and forecast utilities tariff prices to assess whether the high residential electric and gas prices thus far seen in 2022 and 2023 are expected to abate.
The study discovered that if all residential customers had capitalized on available competitive supply savings opportunities in 2022, the total net savings throughout the year would have surpassed $2.0 billion. Furthermore, it revealed that value-added services offered by retail suppliers provided hundreds of dollars in additional value to individual residential customers over the year, in addition to the social and environmental benefits provided by retailers’ renewable energy plans.
Crucially, the study also anticipates that utility tariff rates will likely remain at levels where residential customers can achieve savings through competitive supply. This view is further supported by the fact that the market has seen competitive savings opportunities in every month of 2023 so far.
“Looking ahead, as we see retail savings opportunities persist in 2023, we believe competition is essential to consumers receiving affordable, reliable, and sustainable energy supply,” said Chris Ercoli, President and CEO of REAL. “Beyond the bottom line, we celebrate the additional value that retail suppliers bring to such a rapidly evolving energy landscape, such as renewable energy plans, demand-response incentives, and unique services that meet their needs.”
