Based in California, Griddy Energy is a Texas Retail Electric Provider that touts itself as a wholesale electricity provider. Their business model is different from most other suppliers.
For a flat monthly fee Griddy connects your home or business with the wholesale rate of electricity. Meaning you pay the cost of electricity based on the market value, not a predetermined rate with some sort of markup.
In theory this would mean you always get the lowest rate, right? Unfortunately, the answer is, it depends. Here’s why.
Energy suppliers work similar to insurance companies in that they forecast the market over the length of a contract to determine what the average market price will be, then they add a small margin on top of their forecast. This means if they forecast wrong, and rates spike your safe, the supplier has to eat the difference and vice versa if rates drop you still pay the same and the energy supplier makes more margin.
With Griddy, you are almost acting as your own supplier. This means if rates hike (like they did last summer) you could be on the hook for a huge electric bill.
If you are savvy about the energy industry and are okay with putting in some extra work to monitor the market on a daily basis, Griddy could be a great option. If you prefer to set it and forget it, then you might want to find a traditional fixed rate plan - just make sure you find the lowest available rate.
Availability: Monday - Friday from 8am - 7pm CT
Call Griddy: 800-993-6207
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Headquarters: Playa Vista, California
Service Offerings: Wholesale electricity rates via a mobile app
Market Served: Texas
Griddy Energy does not offer an electricity “plan” like most suppliers. Instead, you pay for access to the wholesale market via their mobile app. Membership to Griddy app starts at $9.99 per month.
Griddy uses a prepaid billing system. You add money to the app and as you use energy it is automatically deducted from your account.
See today’s electricity rates for our service areas.