EST. 2013
Lower Electricity Rates: Energy Ogre's Blend and Extend Method
Published on Nov 1, 2022
In this post, we explain our "blend and extend" savings tactic for your electricity plan. This innovative idea ensures members continue to pay the lowest rates available by capitalizing on an improving Texas energy market.
Please keep in mind that not all members are eligible for or will benefit from a blend and extend contract. This strategy is only used when the new contract's rate is lower than the current rate, effectively increasing a member’s long-term savings.
Energy Ogre Negotiates to Benefit Our Members
Thanks to an innovative idea, Energy Ogre's experts have implemented another solution that allows us to keep our members in the lowest possible plans for longer to maximize their savings. Taking advantage of an improving Texas energy market after months of historic, multi-year highs in electricity pricing, we've acted to "blend and extend" some members' contracts. What does that mean exactly?
Blend and Extend. verb
Definition: Restructuring a member's current contract (without paying any penalties or fees) and placing them in a new contract with a lower rate for a longer duration, maximizing and securing their savings for the foreseeable future
Each year, our team projects where market prices will be throughout the year based on historical data and current market trends. This data helps us select the best, lowest-priced plan for you when the time arises, whether you're a new or existing member.
Throughout the year, we constantly conduct market checks to ensure our members are paying the most cost-effective rates available. Recently, the results of those market checks led us to another series of wallet saving blend and extends.
Moving forward, we'll be looking for opportunities to restructure member's plans when we can guarantee even more savings than we initially thought possible. Please keep in mind this restructuring does NOT mean you'll have to pay an early termination fee (ETF).
If your plan ever gets restructured, then you will remain with your current provider for a little while longer, but you’ll receive a lower rate that is effective as soon as the new contract starts. Go ahead; it's okay to do a happy dance... we won't judge.
If your contract is adjusted in this way, then you'll receive an email from us with all of the details. Don't worry, the change switch will happen automatically, and you won't have to take any action.
So is it a Renewal or a Brand New Contract?
Technically, it is a new contract, but it’s based off of the plan you’re already in. We’re just able to lower the price you were paying by extending your contract for a few months.
Look at it this way--you get a better price for the rest of the original contract, plus a period after that, ensuring greater savings for the foreseeable future. Even better, you don’t have to negotiate any of this with your provider, because we do that for you!
To sweeten the pot even more, we could always blend and extend your contract again if the market prices continue to drop.
We all like to keep money in our pocket, right?!?!
Who's Eligible for a Blend and Extend?
In essence, most members could experience a blend and extend at some point. But that will only happen when Energy Ogre determines they will save money immediately and in the long-term.
As with all subsequent (or renewal) contracts, members do not need to approve these contracts because they've already entrusted Energy Ogre to manage their account. In fact, that is exactly what you pay us to do.
This blend and extend tactic is one of the many benefits of being an Energy Ogre member. These opportunities are not offered or advertised; they must be specifically requested from a provider who has no obligation to accept. Our data allows providers to see the benefit of accepting, which means we are able to save our members even more.
Happy Saving!
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