The impacts of the recent, unprecedented Polar Vortex have highlighted the potential for improvements so that customers are better protected from extraordinarily high energy bills during short term market events.
Direct Energy Thursday announced effective April 1, the Company will add a price protection feature to its current residential electric variable rates in each Pennsylvania utility service area in which the Company serves. This will provide Direct Energy variable customers with the flexibility of a month-to-month plan with protection against extraordinary price spikes.
Other details include--
— The residential electric variable rate price protection does not include incremental services procured including but not limited to: green products, rewards, home services, or other non-energy related items.
— The residential electric variable price protection levels are the absolute highest rates pending any future regulatory or legislative changes that impose greater costs on retailers.
While these price protection levels are above Direct Energy's current residential electric rates, these price protection levels represent the maximum variable residential electric rates Direct Energy would charge in Pennsylvania in the event of another round of unforeseen and unexpected extreme market volatility.
After the initial six month variable price protection period ends, to the extent that Direct Energy determines it needs to adjust these price protection levels, Direct Energy will provide its residential customers with a minimum of 30 days advance notice of any proposed change to enable those customers to determine which plan is right for them.
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