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Texas Power Retailers to Customers in Face of Freeze: Please, Leave Us

  • Power suppliers caught offguard are asking customers to switch
  • Griddy tells all 29,000 customers to find another provider
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Watch: The dangerously cold temperatures gripping auto-reliant Texas present a terrible dilemma for millions of residents.(Source: Bloomberg)

Some retail power companies in Texas are making an unusual plea to their customers amid a deep freeze that has sent electricity prices skyrocketing: Please, leave us.

One power supplier, Griddy, told all 29,000 of its customers that they should switch to another provider as spot electricity prices soared to as high as $9,000 a megawatt-hour. Griddy’s customers are fully exposed to the real-time swings in wholesale power markets, so those who don’t leave soon will face extraordinarily high electricity bills.