Important development in Maryland in the effort to protect consumers from unscrupulous retail electric suppliers. SB01, the legislation to curtail the retail electric supply industry, has been approved by the Maryland General Assembly. #energytwitter #mdpolitics https://t.co/N2WDTr6KY3
— PowerForTomorrow (@power_tomorrow) April 9, 2024
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Today, Maryland Governor Wes Moore signed into law Senate Bill 1 (SB1). This legislation provides reasonable oversight of electricity markets and protects customers by restricting the amount retail suppliers can charge. This brings an end to the most harmful component of Maryland's deregulation experiment, which began in 1999 under the Electric Choice Act and promised energy savings for consumers. In the 25 years following the Electric Choice Act, Maryland customers collectively have paid an extra $1.2 billion to retail energy suppliers, compared to regulated electricity and gas prices.
“This report once again shows a clear pattern by the individual competitive electric supply industry of substantially harming our residents,” said Massachusetts Attorney General Andrea Campbell. “The harms caused by these companies significantly outweigh any benefits to consumers.”
“A bill in Kentucky that could become law soon has the utilities industry concerned, along with environmental, business, and consumer groups that say the measure favors coal interests over ratepayers.
Gary Meltz, executive director of Power for Tomorrow, said the group opposes SB 349.”
“Texas power market designers argue that short-term price spikes will encourage long-run investment, but why would power plant owners build more power plants just to make sure prices stay low?” — Power for Tomorrow Expert Ed Hirs in Utility Dive