Auto pay and 9k per megawatt
 

I personally never sign up for auto payment of anything that could possibly vary from month to month or medical stuff. Friend was signed up for a monthly payment plan from a hospital and on last possible day they found an old charge they missed and literally drained 10k from his account and zip he could do. Missed his tax payments, insurance and electric that month as he'd been sving to pay them for 6 months.
The people on griddy who had auto withdrawal are getting aco****s drained, 9k a megawatt will do that. I feel for these people somewhat but griddy advised them to switch and why they had auto withdrawal is beyond me.

https://abc11.com/society/texan-files-$1-billion-class-action-lawsuit-over-$9000-electricity-bill/10372508/

I personally don't think they have grounds for a lawsuit against griddy, possibly the power supplier?

I may be old fashioned, but I want my control on what monies I'm paying out. A stamp and the cost of a check is cheap compared to what can happen.

Bingo, these people played the market and lost. IF we don't help wall street investors cover their daily losses, these folks trying to play the electrical market shouldn't be treated any differently.

Sorry not sorry, they should have known what they were doing before agreeing to a spot rate. $9.99 was the state mandated cap on pricing, and it hit that price last summer, so this wasn't a shock. As you pointed out Griddy TOLD their customers to leave. I hope there's zero write off's, zero state subsidies and zero help for these idiots.

The Dems are trying to change Texas to be in their camp. They will pass a Bill to bail them out to try buy Texas.

I pay a lot of bills if not all

Never, ever Autopay

I think people, especially older folks don't differentiate between paying bills online and auto withdrawal type setups.
I'm all for electronic bill paying but never an auto draft. Something about giving anyone a blank check just makes me cringe.

Those people should stay on the normal utility plan. We have the same thing here in MD. I can stay on PEPCO's nominal plan, or go on my own for a provider at my cost. The providers do an excellent sales job. Would rank them up with used car sales.

NOTHING gets access to my bank accounts for paying bills .... I pay online - but all under MY control ... not gonna let them EVER pull funds from me.

I have a $200 limit on my auto pays and emails before all withdrawals. If the bank doesn't have these options then it's time to change banks. This month's electric bill will kick out as a manual payment.

I heard about that, but other suppliers were not accepting new customers.

When I was 18, I learned to never let a utility do auto pay. I had signed up for cable and they wanted to do autopay. Ok, fine. When I found out I was going to move, I called the cable to cancel the service. For the next 3 months, they kept taking out "their" monthly fee. I ended up closing that account.

PA allows me to select my electrical provider. I go to the website and used FIX RATE, 12 month contract to see what my options are.

I would NEVER get anything on a variable price / interest rate. I want to KNOW what my costs will be :yesnod:

This! Absolutely this. Most all year, the Griddy people were smiling and laughing, generally paying about half what their neighbors were paying for electricity. But oh noes, now they have to pay more, and we should also care.

Let's just say I care as much about them, as they did about me when I was paying high prices for the rest of the year. No bail outs.

They all went into it eyes wide open. They gambled, they won most of the year, then they crapped out last week.

This just in......the state of Texas just put Griddy out of business. They are no longer allowed to sell power in Texas. Pretty screwed up that free market Texas is acting like NY or CA. They probably would have gone out of business after this anyway, but people should be able to buy whatever they want.

While i agree the govern,ent shouldnt pick losers and winners, unfortunately we've proven many griddy customers were too stupid to play that game, they'd become a nuisance unfortunately. Perhaps some sort of cap on the rates an REP can resell or something was necessary.

You been spying on me? hahaha

As long as the company was not gouging. It sounded like the "normal" electric companies bounced the rates. Did they do that only because they knew they had an outlet? Don't get me wrong, I agree that risk vs. reward is on the buyer, but I have a hard time believing that there aren't entities taking advantage of this.

I feel sorry for them the same way I feel sorry for someone that loses their house payment in Vegas.

Ercot would raise the spot rate in attempt to get more expensive generators online...at the higher rates a lot of our larger stores would start their back up generators and start selling power to the grid