The Retail Energy Supply Association released new data that shows that retail electric suppliers could have saved residential customers in Massachusetts more than $204 million in the first two quarters of 2019.

A RESA analysis, conducted by a consultant, shows that competitive retail electric supply companies, "routinely offered dozens of rates below the Massachusetts basic service price."

RESA reported the following offers from suppliers below the price to compare, and associated savings represented by such rates:

First Quarter 2019

• January - March: 547 offers below Massachusetts price to compare

• January - March potential market savings = $106,728,628

Second Quarter 2019

• April - June: 599 offers below Massachusetts price to compare

• April - June potential market savings = $98,055,479

RESA said that, "Further, data from the U.S. Energy Information Administration (EIA) also shows that consumers in states that have undergone restructuring have saved significantly compared those in monopoly states."

RESA said that the EIA data shows, in Massachusetts from 2008 to 2017:

• Electricity prices for all sectors decreased by 0.6%. But over the same period, electricity prices in monopoly states increased by 18.7%

• Electricity prices for residential customers increased by 7.7%. However, over the same period, electricity prices in monopoly states for residential customers increased by 22.3%

• If Massachusetts had not allowed residential retail competition and residential prices had followed the same percentage changes as the monopoly states, Massachusetts consumers would have paid $5.4 billion more in the same time period.

"Two decades ago, both Massachusetts lawmakers and voters decided consumers should have the right to choose their electric providers so that they could have access to all the benefits retail suppliers offer," said Matt White, Retail Energy Supply Association President. "This research not only shows that the benefits are certainly there, most importantly, it shows that they are reaching the people they were designed to reach -- residential customers."

"While cost is an important factor, it is important to note that retail electric suppliers are offering even more than potential savings," said White. "Customers are also receiving greater value for their energy dollars. From renewable energy, to fixed price plans, even loyalty rewards -- from a customer standpoint, it’s a win-win."

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