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Based in California, Griddy Energy was a Texas Retail Electric Provider that touted itself as a wholesale electricity provider. Their business model was different from most other suppliers.
The Texas Winter Storm in 2021 caused wholesale electric rates to skyrocket. Griddy customers where left holding the bag. The bag of giant electric bills. Shortly after the storm Griddy ceased operations.
For a flat monthly fee Griddy connected your home or business with the wholesale rate of electricity. Meaning you paid 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.
*Griddy is no longer active
Email: info@gogriddy.com
Text: 281-942-4386
Call Griddy: 800-993-6207
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Headquarters: Playa Vista, California
Service Offerings: Wholesale electricity rates via a mobile app (No longer active)
Market Served: Texas