17 Oct Attorney General wants to shut down residential customer choice in Illinois; Supplier offers products tied to seasonal price fluctuations
Illinois AG wants to shut down residential electricity choice. Illinois Attorney General Lisa Madigan said state legislators should act to end electricity competition residential market. The demand to shut down the residential market in Illinois came as Madigan announced a $2.65 million settlement with Sperian Energy, a competitive retail energy supplier charged with deceptive marketing practices.“My settlement with Sperian Energy refunds all Illinois customers deceived by the company’s fraudulent marketing,” Madigan said in a press release. “Alternative retail electric suppliers have a terrible track record of deceptive marketing tactics and selling overpriced electricity. This settlement is another step in reforming the ARES industry that the legislature should ban in the residential market.” The settlement calls for Sperian to provide $2.65 million in refunds to customers and would ban Sperian from marketing to Illinois consumers for two years. “This is the first time an ARES has faced an extended marketing ban, setting a new standard for ensuring deceptive companies reform their practices,” the press release said.
Retail energy supplier offers seasonal buying strategies. Patriot Energy Group has launched two new hybrid energy strategies for businesses looking to take advantage of seasonal price fluctuations to better manage energy costs, the company said in a press release. The plans will allow customers to “harness the power of aggregate purchasing” to get advantageous pricing from suppliers, the company said. “Clients locked into long-term fixed rates lose the opportunity for the ability to take advantage of pricing at times when rates dip during the ‘shoulder months’ of fall and spring,” said Patriot Energy’s Craig Wall. “Because rates are typically lower in the fall and spring, many clients locked into year-round fixed rate plans lose the ability to take advantage of these market conditions. In addition, these new plans help minimize the exposure to price spikes during the most volatile periods during the winter and summer.”
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