Massachusetts petroleum marketer Gulf Oil LP will start selling retail electricity in March in Connecticut through new division Gulf Electricity.
Gulf Electricity will launch first in Connecticut and is offering up to 10 percent savings off the energy portion of electricity bills for customers still using the utility standard service rate.
In Connecticut – as in other deregulated states – ratepayers can choose between either the standard service utility rate or a rate agreed upon through a competitive retailers, such as Gulf Electricity. More than 50 competitive electric retailers operate in Connecticut, offering a suite of products including lower rates, electricity from renewable sources, and fixed-time pricing.
The market for competitive retailers blossomed in 2007 when they could start offering significantly lower rates because natural gas prices fell and utilities were locked into the same rates for three years.
However, the Connecticut standard service rate is lowering. In June, the state General Assembly passed legislation changing the utility buy period, given utilities better market response time; and created a procurement manager position, charged specifically with lowering the standard service rate.
Since Gulf has operated for more than 110 years, the company is relying on its brand recognition and expertise in distributing electricity to became a major market player, said Gulf Oil President Ron Sabia.
For information, visit www.gulfelectricity.com or call 855-485-3353.
