Energy Lock – Fixed Full Requirements
Energy Lock product is a full swing, fixed price product that promotes price and budget certainty by offering protection against market volatility.
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In July 1999, Ohio began restructuring its energy market with Senate Bill 3 (SB3) which gave consumers choice with their energy provider. Customers could now choose to buy energy from Certified Retail Electric Suppliers (CRES) instead of automatically receiving it from the utility company in their area.
Retail competition was initially slow to emerge in Ohio. Instead of allowing the competitive retail market to develop through the initial five-year the Public Utilities Commission of Ohio (PUCO) and Ohio’s electric utilities developed “rate stabilization plans” (RSPs) that extended then-current rates for another two to three years (with adjustments for fuel and other non-bypassable generation-related costs). The RSPs essentially brought Ohio’s slowly developing competitive retail market to a halt except for very limited competitive opportunities.
In August 2007, then-Governor Ted Strickland announced his Energy, Jobs and Progress Plan, which advanced four major energy policy goals: (1) keep electricity rates stable and predictable; (2) support development of advanced and renewable energy technologies, (3) increase electricity conservation efforts and (4) modernize Ohio’s electric infrastructure.
In Ohio today, both residential and business customers can shop around and choose a competitive retail electricity supplier to provide the generation component of their electric service. The local electric utility still delivers power to all customers, even those who have switched to an alternative generation supplier.
Ohio is part of the PJM Interconnection, a regional transmission organization (RTO) that coordinates the movement of wholesale electricity in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.