Though JCP&L has had a deregulated retail energy market for several years, electricity companies were slow to enter the market due to low JCP&L electric default rates. JCPL sets their default rates for their roughly 972,000 electric residential customers by holding an auction the previous year. Between 2004 and 2008 energy prices were in a consistent upswing. This made it difficult for competitive electric companies to offer discounted rates as they were always buying in a market where the price was higher than the default rates established in previous months.
With a general downturn in electricity prices in 2010, competitive electric companies are finally able to offer residential customers attractive electricity offers.
As competition has increased in the JCPL market some electricity companies have focused their marketing efforts on promotions and sign-up bonuses.
Fixed rate offers for terms as little as 4 months and as high as 24 months with a $75 gift card can be found here.
Variable month to month rates with a $50 cashback bonus can be found here.
Fixed electric rates will protect customers from JCPL electric rate increases that are expected to occur on June 1, 2011.