What Does Deregulation Mean for Your Business?
As you likely know, on June 21st, 2021, the city of Lubbock will enable competition for electricity by transitioning from a regulated jurisdiction to a deregulated jurisdiction, thus officially ending Lubbock Power & Light’s monopoly.
Deregulation in Texas began with hundreds of amendments to the state’s 107-page Public Utilities Code in 1999. That legislation, Senate Bill 7, broke apart most of the state’s public utilities and how Texans receive their power.
Formerly relying on only one municipal utility in cities, and utilities and co-ops in rural places, these entities would own and operate the power plant/lines and customer service network. (Lubbock Power & Light)
Deregulation created a competitive marketplace where electric providers would compete to win business, ultimately lowering pricing.
There were two transitions to the deregulation process. First, the old utilities were broken into (3) three separately owned companies: Generation (Power Plants), Transmission & Distribution Service Providers (Poles & Wires) and the Competitive Retail Energy Providers responsible for selling the electricity to customers. ONLY the Transmission companies remained regulated, as multiple companies stringing up power lines ‘anywhere’ would cause chaos for all!
Needless to say, with the complexity brought on through deregulation, the competitive electricity market can be confusing to navigate without the proper “internal” tools most company’s lack, or a trusted expert in your corner such as an energy brokerage or consulting firm.
So, what does this mean for you and your business?
The Electric Reliability Council of Texas (ERCOT),operates the state’s electric grid.
This unlocks significant opportunity for businesses of all sizes to capitalize on previously unrealized savings.
Energy suppliers are now competing to sell your business electricity which ultimately drives down the cost of goods.
ERCOT’s market design presents transparency of pricing and services for end-users.
Businesses will be able to manage their energy spends moving forward.
Reputable energy brokerage and consulting firms will be able to offer a slew of services to help businesses navigate the complexities of deregulation.
So, how can Infinity Power Partners help?
Infinity Power Partners can work with you and your business team to accomplish the following:
Identify and understand your business’ current, and future, energy goals to create a client-specific strategy.
Manage the Request for Proposals (RFPs) and provide clients with offers from multiple competitive electricity suppliers.
Create an energy strategy that incorporates all of the updated benefits of deregulation without exposing your business to unnecessary risk(s).
Negotiate on behalf of your business and facilitate the most advantageous pricing and customizable contractual language and terms.
Additional services include ongoing customer service (we handle everything on behalf of our clients), continuous monitoring of the market for future risks and opportunities, on-site generation, demand response, renewable energy, energy efficiency projects, proprietary software IP3, Infinity Intelligence to help clients manage data and utility billing for all commodities across multiple sites, tariff analysis and state sales tax audits, etc. This is new territory for Lubbock and your business. You have time to prepare and with guidance from vetted industry professionals like Infinity Power Partners, you can help ensure smart solutions for your organization in the future.
About Our Team
We would love to be your partner before, during and after this exciting change for Lubbock. Infinity Power Partners LLC acts as a third-party consultant for our clients, and our personnel offers a combined experience of 100+ years. We have managed procurement risk and related issues for universities, hospitals, utility districts, commercial of ce buildings, multi-family complexes, banks, restaurants, and other large and intricate facilities. We have great relationships with all of the major providers in Texas and take immense pride in our client relationships and retention, as well. Additionally, we are honored to contribute to the business pulse of Lubbock, as one of our founders and Managing Partners, Nick Altman, is a proud Texas Tech University alum.
Meet Us during the week of April 8th
Managing Partner and Texas Tech Alum, Nick Altman, Director of Risk Procurement, Ron Fort, and Vice President Business Development, Will McGinnis will be in Lubbock the week of April 8th, meeting with several of this city’s most prominent leaders and businesses, and would be thrilled to meet with your team during this time.
