Is Your Business Taking Advantage of Energy Choice?3 min read
Constellation professionals presented at The Energy Professionals Association event in Illinois this summer regarding the benefits made accessible to customers in states that have competitive retail power markets with the ability to choose an energy supplier other than a utility. Presenters also paid tribute to Dr. Philip R. O’Connor who was dedicated to making known the benefits of competitive markets compared to the once traditional vertically-integrated monopoly model in Illinois and across the country.
Beginning in the 1990s, lawmakers began changing laws and regulations that allowed energy suppliers to offer electricity supply to customers in competition with local utilities, leading to competitive prices for customers.
Prices in Competitive Jurisdictions Show Reduced Prices Compared to Monopoly States, Especially for C&I Customers
In addition to price performance, it has also become clear that choice brings many other benefits to consumers. Without retail electricity competition, for example, there is little incentive to develop better technologies, efficiencies, products and services for customers.
Today, businesses in states with energy choice can choose from a range of relatively simple, to very complex, energy management strategies that can be used to gain a competitive advantage in their respective business.
States with competitive energy markets might reap the following benefits:
More energy efficiency options.
Energy efficiency programs, such as Constellation’s Efficiency Made Easy solution, requires no upfront capital and helps businesses to reduce energy usage.
Improved climate for investment in renewable energy.
Some retail suppliers offer renewable energy solutions, such as solar or wind power, that can meet the sustainability needs of businesses of all sizes. Learn more about Constellation’s Offsite Renewables product (CORe) and how aggregation makes it possible for a company to support the development of renewable energy projects.
In order to meet customers’ evolving needs, Constellation continues to explore new innovations that can improve the customer experience. Artificial intelligence is one area that is being explored by Constellation Technology Ventures, Exelon’s investing arm.
More diverse investments, products and competitive suppliers.
For example, suppliers might offer businesses the ability to manage their total gas usage through a combination of floating and time-diversified locked purchases, such as with Constellation’s SmartPortfolio solution for natural gas customers. Or they may offer solutions that allow electricity customers to manage their usage during peak hours, which may reduce capacity charges over time, via our Peak Load Management solution.
Selecting the right energy supplier
While a lot of the thinking behind the idea of energy choice has to do with providing customers with the best possible price point, it’s not all just about cost. You’ll need to find an energy supplier that has a proven track record, a commitment to customer service and simply put, understands your energy needs.
At Constellation, we take pride not only in the products and services we deliver to the market, but also in upholding our strong values and reputation. We continue to invest in not only offering an array of solutions for our customers, but also in being an energy resource. Our market analysts understand all aspects of the energy value chain, from wholesale markets, retail markets, new technologies and an evolving energy landscape, and we leverage these insights to provide differentiated services and expertise to our customers. Whether its developing new renewable solutions, energy efficiency options, flexible product and contracting structures, or providing valuable market insights, we continue to invest and innovate to meet customers’ evolving needs.
To find out if you live in a state with energy choice and to learn more about what to look for when choosing an energy supplier, visit our website.