Residents in Massachusetts got zapped with over $577 million in excess electrical costs in the past eight years, a new state report charges. Attorney General Andrea Joy Campbell released a report revealing that those who switched to competitive electric suppliers got burned with higher bills compared to sticking with their utility's basic service—piling up $51.8 million in losses in the last two years alone.
According to the shocking figures obtained by the Attorney General's Office, during a time when energy markets saw unprecedented volatility, some utility basic service rates more than doubled, yet competitive suppliers still failed to bring the promised savings home. The report did note a slim $30.4 million in net savings during the most recent year, but this was but a drop in the bucket compared to consistent losses.
The report particularly highlighted how these competitive electric supply companies are bleeding low-income communities and communities of color dry, with individuals in these demographic groups suffering continual net losses. "The harms caused by these companies significantly outweigh any benefits to consumers," AG Campbell said in a statement obtained by the Attorney General's Office.
As the push for legislative change heats up, AG Campbell, alongside Senator Brendan Crighton and Representative Frank Moran, have filed a bill looking to pull the plug on these predatory practices by banning competitive suppliers from enlisting new individual residential customers. Pointedly, during the only year where some consumers saw savings, the report underscored that low-income households still lost money to these suppliers.
The office of the AG is handling this high-voltage issue with Elizabeth Anderson, Benny Meshoulam, and William Rose leading the charge. Meanwhile, Massachusetts residents left reeling from these losses are encouraged to file a complaint with the AG's Office or ring the consumer hotline. With the damning evidence piling up, the report provides critical support to those aiming to dismantle an industry marked by financial shock and disappointment for the Bay State's residents.
