Options grow for Ohio energy customers shopping for electricity rates

The wholesale electricity sector in Ohio has recently seen a slew of new retail electricity providers, all of which are offering varying electricity rates that are creating a competitive – albeit slightly dizzying – market.

According to the Columbus Dispatch, by May 6, five companies were selling electricity to customers around the state.

“It’s headed in the right direction, giving consumers the opportunity to control their utility bills,” said Todd Snitchler, chairman of the Public Utilities Commission of Ohio.

The companies are aggressively targeting potential customers, hoping to spread the word that they now have the option to break free from rate-regulated energy from American Electric Power. However, while all companies promise savings, beyond that, the contracts are somewhat complex.

“I’d want to see their offer in written form so I can evaluate it later,” said Greg Slone, senior energy analyst at the Office of the Ohio Consumers’ Counsel. “I certainly don’t want to try to evaluate it and make a decision on the spot.”

According to an earlier Dispatch article, state utility regulators are seeing dozens of new companies hoping to have a say in AEP’s new electricity rates, which the utility plans to hike by about 5 percent for its central Ohio customers.