rwilcox t1_ixacxhn wrote
Ok, but where’s the scam?
Obviously in providing a cheaper service they’re looking to make it up on the backside, or offering a less reliable or less longevity service, or are trying to take out the market leader or IDK sign me up for an ad network, to lock me into a higher rate at a later date, or me to somehow “be” the product.
Soooooooooooo…. Which is it? Why aren’t they just charging what Eversource is charging and pocketing the rest for profit (“oh this darn inflation!”)
mikemikemikeandike OP t1_ixadxfp wrote
I would imagine your rate skyrockets upon renewal (assuming you forget about the expiration date of the original contract). Suppliers that aren’t Eversource are typically more expensive, so this is one of the rare times where that’s not the case.
[deleted] t1_ixcjzgt wrote
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mdfromct t1_ixed92l wrote
The expiration date is on the Eversource bill. If you look at your bill you’ll see it’s Eversource right now, and how much you’re paying per kilowatt hour. It will also say that rate expires in the December meter reading. It’s so easy to keep track of with the information on the bill.
They also include the rate info and contact info for other suppliers.
My concern is they’ll raise the delivery fees with supplier costs down for consumers
mdfromct t1_ixec2uc wrote
No scam at all.
On the bill from Eversource, it tells you who your provider is, how much you’re paying per kilowatt hour, and it will tell you the month and year of the last meter reading with the provider.
They make it very easy.
Don’t forget, you can change electric providers at any time with no early cancellation fee. All you have to is call Eversource and they’ll switch you back within 72 hours.,
If you find a better rate with another company, just sign up with them and it switches automatically in about a month.
There’s no downside.
rwilcox t1_ixeeual wrote
Please at least read my analysis before telling me there’s not a scam (there is, at least 3)
mdfromct t1_ixejixb wrote
Your analysis may be correct. However I believe the scam is coming from eversource.
They’re doubling our supply rates 5 weeks before the fact just as a recession is underway. Think how much higher the delivery fee is going to be!
This is so their CEO and shareholders can increase their profits. This is BS!
So what do they do? They say we can offer help financially for the huge bills we send you. Give us all your financial information. W2’s, savings accounts, checking accounts, retirement accounts, housing costs and all assets you own. “We want to know everything!” Hmmm
People were having trouble paying for electricity BEFORE the increase of DOUBLE the rates! I guess enough of the CT population didn’t apply for assistance? WT everlasting F????
That’s the scam. Your information is just more complicated but certainly not irrelevant
enigma7x t1_ixdwxjw wrote
They are a company that serves a broader population. They supply energy in a wider region than eversource. Maybe they are getting enough profit elsewhere to undercut eversource in this region to gain new customers who will be lazy and not change their supplier after three years are up and they jack the rate.
coolducklingcool t1_ixaemcp wrote
🤷🏻♀️ To be competitive and steal everSource’s customers? Successfully, lol
rwilcox t1_ixaixsv wrote
If that’s all they’re doing then they are playing capitalism wrong and it’s likely an SEC violation. Or your’re the sucker at the table. LOL.
mikemikemikeandike OP t1_ixaq1pm wrote
Is it entirely possible your skepticism is misguided? Many of us here have chosen to switch to Constellation already. There is nothing in the contract that looks remotely close to a scam.
rwilcox t1_ixat68j wrote
It may be misguided. But there certainly is a scam.
mikemikemikeandike OP t1_ixat9jg wrote
So show everyone here the proof. The onus is on you.
CT518 t1_ixb2x37 wrote
Almost certainly they are making money by trading/selling Renewable Energy Certificates. But that doesn’t effect you the end customer.
rwilcox t1_ixaxnx0 wrote
For Constellation their scam seems to be growth of consumer demand that leads to them cornering a bunch of energy output from nuke plans coming online between now and 2040 (when a bunch of their licenses expire). And perhaps pivoting that growth into alternative energy sources (hydrogen?) when those plans come online. So the grow and monopolize play/scam.
This, coupled with money from the government from the Inflation Reduction Act (good scam, having the government pay for your growth) is likely their short term play. Their market fundamentals seem a bit shakey (they're giving dividends, even though they are small ones, WTF)... and who knows what their customer support story is, etc etc
Of course there's the ever present raise rates after the contract renewal scam.
I would love to see their distributed energy play ala solar, better use of capital in general which is likely to bite them, and I personally believe the future is distributed vs centralized and that's likely to get them over the next 3-30 years. I dislike not knowing their short term plan: how are they going to drive growth in Q1 2023... but global gas/oil energy markets may make that very easy to be nuke heavy (sit back, relax while people come to you).
But it's also not a reduction of bills - I'll probably pay a little bit more than I'm currently paying, but it will avoid me paying more when Eversource hikes its rates EOY. So it won't leave me money left over in my budget, but it will avoid (a majority of) a bill increase.
That's just from 15 minutes of analysis. It sounds like maybe a reasonable play, or a stopgap this winter until I can dump them (thanks no cancellation fee CT??!) for my own solar install????
Sources:
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