Weekly Price Recap: 5/26-6/1
What a wild week we had last week! We had five price spikes(including the mother of all price spikes on Thursday), and Griddy members STILL finished the week averaging 8.3₵/kWh vs. the Texas average of 11.5₵/kWh– 39% higher! In case you missed it, for only the second time in the whole history of the Universe, the wholesale electricity price hit the regulatory cap of $9/kWh. It turned out it was due to a data error, and it only lasted 2minutes, but it’s still a shocker to open your Griddy app and see $9/kWh! We sent out an email to cover all this, but in case you didn’t get it, this spike was nothing to worry about.
First of all, as scary as it sounds, a price spike like that is not going to break the bank. In fact, it would have cost the average Griddy member less than $3. But you don’t even have to worry about that because this particular spike was due to a power plant data error, and we at Griddy have decided that our members shouldn’t be held responsible for someone else’s data error. So we will be crediting all of our members whatever amount that price spike cost them. Stay tuned for an upcoming email with more details.