Current Energy Pricing August Message from NOPEC
Revised: August 11, 2022
The energy markets are experiencing unprecedented inflation due to international tension and hotter than normal weather. NOPEC is not immune to this current inflationary spike putting our current prices in sharp contrast to the historically low pricing NOPEC customers have enjoyed in the past. NOPEC’s current electric rates are higher than the utility’s PTC because the utility’s rate was determined largely in auctions conducted prior to April 2022, when energy prices were considerably lower. These rates do not reflect current energy market prices. The current below market PTC pricing is likely to increase significantly next year.
Here’s what NOPEC is doing to assist you, your residents, and small businesses:
NOPEC Electric Pricing
• Residents that compare pricing on the Apples-to-Apples website should notice that NOPEC’s current pricing is still 7% to 31% below pricing offered by other major retailers and that many of those offers listed have high early termination fees and tricky terms that may result in future price increases.
• To give customers options, NOPEC offers many product choices including competitively priced 12 and 24-month fixed terms rates that can provide price stability during this time. Residents can call the NOPEC Customer Care Center 24/7 at 855-667-3201 and switch anytime without penalties or termination fees. Customers may also inquire about the option to return to the utility’s default service, a monthly variable rate offered by their electric company, until the market stabilizes. Customers that have returned to the utility’s default service will remain eligible for NOPEC’s aggregation program.
NOPEC Natural Gas Pricing
• The current NOPEC Standard Program natural gas price is still much lower than other retail offers and 12% less than the Dominion Standard Choice Offer (SCO) and 23% less than the Columbia SCO.
Final Message to Residents and Small Businesses
• Despite these troubling times, energy markets will stabilize.
• We have discovered that some for-profit energy suppliers are using this uncertainty to their own advantage. Please remind your residents and small businesses to be especially wary of energy offers that sound too good to be true. Most are deceptive and have costly consequences. Consumers should NEVER share their utility bill or account information with anyone that contacts them unprompted and should review the fine print very carefully before signing any contract.
• To further help our customers control their energy costs, NOPEC continues to closely monitor current energy-related regulation and legislation to strongly advocate against unfair passthrough charges and rate hikes. We also offer helpful, simple energy-savings tips on our website to help manage energy usage (nopec.org/residents/energy-tips).