Texas Energy Savings Day 2023: Date, History, Facts about Power Situation in Taxes

Energy Savings Day in Texas is observed on September 7. With so many complicated plans and invoices, the majority of Texans are overpaying for their electricity, and many of them do not even realise it. By remaining on top of their energy contracts and learning how to better understand their bill, Texans have the opportunity to reduce their electricity bills — sometimes massively.

The background of Texas Energy Savings Day

Texas’ annual energy consumption is equivalent to that of the United Kingdom and Spain. This is one of the reasons why Texas Senate Bill 7 deregulating the electricity market was enacted into law in 1999. In 2002, the law went into effect, terminating state regulation and control of the electricity supply. The objective was to open the electricity provider market to increase competition and allow Texans to choose their own provider and plan.

In spite of the fact that deregulation was initially intended to reduce electricity prices for Texans, it has become increasingly apparent in recent years that the opposite has occurred.

The February 2021 Texas winter storm was the final straw that shattered the camel’s back. After the state’s electric grid operator lost control of the power supply, millions of Texans were without electricity for an entire week. Numerous Texans without fixed-rate contracts were left with exorbitant electricity bills. Local utilities had neglected their facilities and failed to make the necessary upgrades, which sparked a debate as to whether Texas’ energy deregulation was the cause of this calamity.

So why are Texans paying more now?

The primary reason is that in order for market forces to result in the most competitive rates, consumers must consistently compare plans. If not, their contracts will expire. After a contract expires, you are automatically placed on a month-to-month plan where your electricity rate is subject to change every month. These rates are typically significantly higher than contract rates! Worst aspect? Many individuals are unaware that they are being charged above the market average, sometimes more than twice the market average!

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5 INCREDIBLE FACTS ABOUT THE POWER SITUATION IN TEXAS

During the 2021 winter cyclone, 4,3 million Texans were left without electricity.

80% of Texans have never switched, or have done so a long time ago, and are now on plans with costly variable rates, overpaying an average of $450 annually for electricity!

Since 2004, deregulation has cost Texans $28 billion, according to the most recent figures published by the Energy Information Administration (EIA).

If Texas were a sovereign nation, its electricity market would rank eleventh globally.

Texas had the second-highest average monthly household electricity expenditures in the United States in 2021.

TEXAS ENERGY SAVINGS DAY DATES