OPINION: Unfortunately, millions of Americans still buy their power from monopoly suppliers, with no competition to ensure that customers are offered the best services and prices.
With winter looming, a global energy crunch has sent prices soaring worldwide. In Europe, natural gas prices hit a record in early October, with some contracts for future delivery surging to four times their normal price. The problem? Too much demand and too little supply, a formula that spells higher prices for energy consumers worldwide, including U.S. businesses and families.
In a recent Executive Order, President Biden underscored the importance of competition by noting that “excessive market concentration threatens basic economic liberties, democratic accountability” as well as the welfare of consumers. While the president wasn’t focusing on energy in his order, the principles that he cites are just as applicable to the electric power industry and its customers.
Many expect that the state report will outline results consistent with a Energy Department study in June that found that an RTO could save the West $2 billion yearly by 2030. According to a new report written by Pacific Research Institute senior fellow Wayne Winegarden, states with competitive retail electricity markets have had lower prices than states with monopolies. From 2008 to 2020, for instance, the 37 states with monopoly or partial competition models saw power prices rise 20.7%, while the 14 jurisdictions with retail electricity competition saw prices decline 0.3%.
Within PJM, the competitive wholesale electricity market that comprises all or part of 14 states in the Mid-Atlantic and Midwest, data shows that emissions went down 39% during the same period.
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