Retail energy providers in New York can expect a fresh approach to the industry in the coming years thanks to the state's Reforming the Energy Vision plan.
Once the program is under way, the new relationship between ratepayer and retail provider this program supports will ensure New York's newer, greener energy system is both a wise commercial investment and exactly what consumers have been clamoring for.
"New York decided to take this opportunity to change how it plugs in and powers up."
What is the New York's REV program all about?
The heart of this complex alteration to New York's energy climate is decentralization and a commitment to modern infrastructure. According to the Alliance for a Green Economy, though nuclear energy, cold gas and hydroelectricity plants are the leading generators of power statewide, many homeowners have expressed interest in alternative energy, going so far as to installing their own photovoltaic solar panels themselves. With such a diverse energy portfolio emerging all around the state, the New York Public Service Commission sought to readjust its distribution model.
After all, the state's energy infrastructure - including power lines and the generation plants themselves - will require serious overhaul in order to function properly. The question is: Should the state invest in the old way of doing things? At this crossroads, the NYPSC decided to take this timely opportunity to begin a new phase in how New Yorkers plug in and power up. Not only with the machinery change, but the legislation and business model surrounding the state's energy will shift as well.
New York's burgeoning energy revolution will mean a more competitive retail energy market.
What can retail energy companies look forward to?
As CEO of Great Eastern Energy Matt Lanfear told Energy Choice Matters, in order to keep the market on its toes, the business needs to revitalize its efforts to reach ratepayers.
"The vision that I've set forth over the next five to 10 years for the company is getting away from just focusing on the price of the commodity," he said, "to instead actually teach the consumer how to reduce demand, and providing the consumer with different tools and software that they can use to not only lower their price, but their overall cost."
New York's REV has added options to the conversation about buying retail energy. No longer will price comparison by the only item energy providers bring to the table, but options like demand response and local generation alternatives. In turn, the customers will learn more about the energy they use and pay more attention to how they use it, saving money and the environment.
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