At Griddy, we simply pass through the cost of wholesale electricity to our customers and only make money from our $9.99/month membership rate, no matter the price of electricity that we pass through from ERCOT.
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Highly doubt that. That’s not a sustainable business plan.
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How many employees do you have? How many buildings do you own?
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How many active monthly users do you have?
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ABCNews said that you sent an email to ALL 29,00 of your customers to switch when the Texas Winter Storm hit. Assuming that number is correct, 29K X 9.99 = $289,710/month. Which is $3.4m/ year. The only Est. revenue I can find says 11M. Where does the other 8M revenue come from?
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You may only charge your customers the " whole sale price of electricity " but that's not what you pay for it. You may not be marking the cost up to a " retail " price point, but there has to be some mark up. I'm genuinely trying to figure out your business plan.
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After what seemed like hours, I have read enough information to determine that while what you say is true about providing wholesale pricing, this has left your customers extremely vulnerable. While customers like myself who use Energy Ogre were protected behind a low fixed rate.
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The question is, what are you going to do to rectify this for them? I don't see any normal person returning to such a volatile and vulnerable market. Is there some sort of government relief you can get to credit your customers back the thousands they spent?
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