There were some highs and some lows in 2019. The US women’s soccer team dominated the World Cup, we were introduced to Baby Yoda and a Texas man stole $1.2 million worth of fajitas. Oh, and August broke records in the electricity market causing wholesale prices to soar.
Let’s take a look at what exactly happened at Griddy in 2019, how August affected prices and what we are planning for 2020.
Updated the Account screen to make adding funds easier.
An energy watchdog group, ROSE, named Griddy the REP with the fewest fees.
Our CEO, Greg Craig, sat down with Deborah Duncan of Great Day Houston to discuss how Griddy is the "smarter" way to pay for electricity.
Celebrated our 2-year anniversary since launching Griddy. We are grateful to all the members who trust us to power their homes and excited for the many more to come!
Welcomed our new VP of Product, Eric Shen, to the team – can't wait to see his vision for the Griddy app.
Then August hit, causing electricity prices to break records and hit the market cap for a couple of hours. It was tough, it was rough and we know our members struggled. But we mapped out what changes we needed to make to ensure our members aren't affected like this again.
Prices dropped and we launched our new solar program where members can now get credits for their excess solar generation.
Became the official halftime sponsor for the Thursday Night Showdown, supporting high school football in Houston.
Prices dropped some more and we updated our referral program so members now got $50 for each referral made.
Ended the year with a great rate and a new office dog, Murphy.
Hired a new CTO, Eduardo Fonseca, to take Griddy to the next level.
While 2019 tested the Griddy model, we came out stronger and more dedicated than ever before. August was the highest month on record for electricity usage and prices, but the wholesale price still persevered in the long run. Even with August, the Griddy rate for 2019 was 10.8¢/kWh and still beat out the Texas Average.
After 2019, we are taking the lessons we learned from August to bring more helpful insights, more automation and much more price protection to keep our members savings.
A brand new app experience that provides personalized forecasts and recommendations based on your specific goals and your homes’ specific set of appliances.
Boost our frequency of forecast updates to drive improved accuracy, as well as add weather data in the app since weather highly correlates to the price.
Improve the on-boarding experience so our members understand the market and what to do with all the information we provide.
Curious how much your washer/dryer costs you to run? Or what appliances you need to turn off during a price spike and how much that will save you if you do so? We’re going to put more actionable data in our app. Knowing the price is great, but letting you know what to do with that knowledge is what will impact your monthly bill.
Developing more home automation integrations so that we are no longer relying only on IFTTT. We will be putting more functionality into the app so you can control it all in one place, as well as expanding the tools we do integrate with.
We are evaluating a variety of price protection tools for the summer - while every single option has drawbacks, we’re working on developing the best options to make them available to you!