Regulations can be an essential part of keeping you safe and ensuring things work as expected. But deregulation can be just as impactful for improving your daily life and the world at large. That’s particularly true when it comes to the energy and utility industry. However, relatively few people truly understand what energy deregulation truly means. Read on as we break down this vital topic and explore what you need to know.
Energy Deregulation Explained
In 2023, 29 U.S. states have adopted energy deregulation, with states like Connecticut and Texas focusing on electricity, while others like Illinois and New York have deregulated both electricity and gas sectors. Meanwhile, states such as Florida and Georgia have opted to deregulate only their gas markets.
To understand deregulation in the energy industry, think of your power provider as two separate services – one that generates the electricity from sources like fossil fuels or renewables and a second that delivers that energy to you and maintains transmission equipment. In states where energy deregulation has occurred, customers can now choose the former, with multiple energy generation options available. Meanwhile, their current utility company (to whom they pay their bill and who fixes issues like power outages) remains the same, as does their experience receiving electricity.
Personalized Energy Options: Exploring the Benefits of Energy Choice
Why bother taking the time to switch energy providers if the power will be just the same anyway? There are some significant advantages to shopping around in a deregulated energy market.
Empowering Energy Consumers: Choosing an Energy Company That Fits
Did you know that, according to a study by the U.S. Energy Information Administration (EIA), consumers who compared energy rates saved an average of 10% on their monthly energy bills? This highlights how shopping around for energy providers can help you spot valuable deals. Instead of a single company setting rates as they choose, competition can help keep prices down. Different rate structures can also appeal to various types of customers, with some preferring a reliable fixed rate while others take their chances on a variable one that can grow or shrink month to month.
Net-Zero Options: Customer-Focused Sustainability Solutions
The benefits of energy choice also include the ability for power users to lower their impact on the environment without any changes to their daily routine. Often, one or more of the energy companies available is focused on clean and renewable energy or provides a plan that sources power from these alternatives. By shifting away from dirty, polluting sources like coal, oil, or gas to environmentally friendly alternatives, you can reduce what’s often the largest source of individual emissions to next to nothing.
To put this into perspective, consider the following key statistics from the International Energy Agency (IEA):
- To reach net zero emissions by 2050, annual clean energy investment worldwide will need to be more than triple by 2030 to around $4 trillion.
- Achieving this goal will create millions of new jobs, significantly lift global economic growth, and achieve universal access to electricity and clean cooking worldwide by the end of the decade.
- In the net zero pathway, global energy demand in 2050 is around 8% smaller than today, but it serves an economy more than twice as big and a population with 2 billion more people.
- Instead of fossil fuels, the energy sector is based largely on renewable energy. Two-thirds of the total energy supply in 2050 will be from wind, solar, bioenergy, geothermal, and hydro energy.
- By 2050, almost 90% of electricity generation will come from renewable sources, with wind and solar PV together accounting for nearly 70%.
These statistics illustrate the shift required to transition to a net-zero energy system by 2050. By choosing clean and renewable energy sources, consumers can play a crucial role in reducing carbon emissions and building a more sustainable future.
Why Switch to Indra Energy?
With extensive choices in deregulated energy markets, it’s worth remembering the many Indra Energy benefits. Indra offers excellent value plans with both variable and fixed rates, as well as 100% renewable energy plans. The company also offers Indra Reward Dollars, which are earned monthly and can be used for restaurant meals, discounts on well-known brands, travel experiences, and more. Customers praised Indra for “great customer service” and a smooth transition from their former company, while others said they loved the extra perks.
Utility Deregulation: Empowering Energy Consumers
By now, the benefits of energy choice are clear. Energy freedom encourages competition for the best rates and customer-focused energy solutions, along with innovation like net-zero electricity options. Contact Indra Energy today to learn more about the potential benefits of switching your energy company!
