EIA data shows customers in monopoly states could have potentially saved more than $776 billion if given the ability to choose their energy supplier
HARRISBURG, Pa.–(BUSINESS WIRE)–#AffordableEnergy—Retail Energy Supply Association (RESA), the nation’s leading trade association representing competitive retail energy suppliers, has released its 2024 energy trend report based on the latest U.S. Energy Information Administration (EIA) data.
The report highlights that more than 16.5 million residential customers received power from competitive retail suppliers in the previous year. This represents 47.1% of the residential load in the 14 energy choice states and jurisdictions where consumers have a choice in their retail energy supplier.
EIA data also shows that 87% of power supplied to commercial and industrial customers in competitive markets came from retail suppliers. Additionally, since 2008, the average power price for all customers (residential, commercial and industrial) in competitive markets increased by 14.3%, compared to a much steeper 46.5% increase for customers in monopoly states.
“Year after year, the numbers tell a consistent story: competition works,” said Tracy McCormick, executive director of RESA. “When consumers have the freedom to choose, they gain access to innovation, competitive pricing and renewable options that meet their needs. Monopoly markets cannot offer that level of consumer empowerment.”
The EIA data further confirms that customers in monopoly states may have missed out on more than $776 billion in potential savings over the past 16 years had their price trajectory followed that of competitive states. These unrealized savings include $250.7 billion for residential customers, $322.8 billion for commercial customers, and $189.4 billion for industrial customers. By contrast, consumers in 14 competitive states and jurisdictions saved an estimated $530.6 billion between 2008 and 2024, compared to the pricing trends in monopoly states.
“Energy choice is not just about economics, it’s also about progress,” said RESA’s president, Edwin Dearman. “Competitive suppliers are leading the way in delivering sustainable energy solutions, helping states meet ambitious clean energy targets. Without competition, those goals become harder—and in many cases, impossible—to achieve.”
To learn more about RESA and the benefits of energy choice, visit https://www.resausa.org.
ABOUT RESA
The Retail Energy Supply Association is a broad and diverse group of retail energy suppliers who share the common vision that competitive retail electricity and natural gas markets deliver a more efficient, customer-oriented outcome than a regulated utility structure. RESA is devoted to working with all stakeholders to promote vibrant and sustainable competitive retail energy markets for residential and industrial consumers. For more information, visit resausa.org. Follow RESA on LinkedIn and X (Twitter).
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