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- Understanding Rates
- Electric Supplier Renewal & Options Notices
Electric Supplier Renewal & Options Notices
Prior to your contract expiring, you should receive two contract renewal notices from your current supplier. Suppliers should send out an initial renewal notice 45-60 days prior to your contract’s expiration date.
Additionally, at least 30 days prior to your contract’s expiration date, the supplier should provide you with an options notice, which includes:
- The specific changes to the terms of service being proposed
- Information on new prices
- An explanation of the customer’s options and how to exercise those options
- The date by which the customer must exercise one of the options
- The telephone numbers and website addresses for the Commission and the Office of Consumer Advocate (OCA)
Make sure you read these notices, as they will assist you in making the decision to stay with your current supplier or shop for another supplier.
IMPORTANT: If you choose to take no action with your renewal and options notices, your rate may change once the contract expires. For example, a fixed rate may change to a monthly variable rate. If you have a variable rate, once the term expires, you may be moved to a different variable rate that could be higher.
Understanding Contracts & Terms
In addition to pricing information, you will also want to find out important information about the contract or terms of the agreement for each supplier. Some electric suppliers offer plans with no minimum contract period, while others may offer plans with a minimum term, which may be several years. Be sure to ask competitive suppliers about the contract terms, and whether there is a penalty if you cancel before the contract period ends.