Riverway Power Electric Company

June 6th 2008 Riverway files for Bankruptcy! 4 Electric Providers Gone this Summer

Riverway over the last few months sold electric prices way below the market price most energy providers in Texas were pricing at. The prices looked a little too good to be true and sure enough all they were doing is buying their electricity on the MCPE market without hedging their investment and selling it as a fixed rate. Riverway was a provider just like National Power who tried to pass the loss in investment when rates went up to their fixed rate customers. The point to a fixed rate is that you are buying hedged energy that cannot go up. Riverway was selling unhedged energy and like rolling the dice that the market would not go upside down on them, they lost that bet. The PUCT would not let them pass on the cost to the customer and they had to eat that loss. Like 3 other electric companies that went out of business under similar circumstances, Riverway Power is another down by bad risk management.

Riverway Power is also known as Sure Electric, LLC and is a retail electric provider operating in Houston Texas. The electric company is managed by seasoned Texas electric company professionals who have been a part of the deregulation process in Texas since 2002. Riverway Power is working to expand beyond Texas to 17 other deregulated states throughout the United States.

Update on Riverway Power Electric Provider

James wrote in that Riverway Power recently canceled his 1 year fixed electric rate contract due to natural gas price increases. Many do not know this but most of the electricity in Texas is generated using natural gas. When a Texas electric company like Riverway Power buys your energy they buy the commodity natural gas. If they do not buy and hedge the commodities they sell as electricity carefully, they have to cancel their energy agreements or go bankrupt. If your energy contract was not honored with Riverway Power please feel free to let us know by commenting below so we can warn others.

Monty wrote on April 19th, 2008 at 11:47 am about Riverway Power, “They just canceled my contract. This was very upsetting as it is a pain in the rear to switch power providers and then they pull a bait and switch on you.”

What Should I Do, I No Longer Have an Electric Company?

If you were a Riverway Power customer you have been switched to the POLR company or the Provider of Last Resort. This is a back up plan where the Texas state government moves you to a new provider so you will not be without service. The POLR rate is very high, somewhere around 22 – 30 cents kWh depending on your location. You want to pick a competitive Texas electric provider ASAP! We have some discount 12 month fixed rate offers below. Bounce Energy has several different fixed rate plans in our comparison chart and Trieagle Energy follows close by and has several different fixed rate terms. Both of these Texas Power companies are reputable electric companies with no danger of going out of business. Bounce Energy has the cheapest available electric rates at this time.

Low Cost Texas Electric Providers

For Low Cost Residential Electricity with a solid reputable electric provider in Texas we recommend Bounce Energy. Sign up with Bounce on their discounted fixed electric rate in the chart above, that will not change for the entire term of the contract.

Bounce Sign up form is in the compare tool above. Start by entering your zip code

If you live in or around the Houston area you will find the best electric rate with Bounce Energy – Learn More Above!

Riverway Electric Company

Riverway Power boasts that their company is set a part from the other Texas electric providers because of their 360 degree customer focus approach. Lousy customer service is something Riverway Power works to avoid however many new electric providers get it wrong when it comes to billing their customers correctly and staying in business for the long term. As of recently they have put a huge ding on their reputation by not honoring low cost 12 month fixed electric rate contracts they were selling Texas consumers at around 11.1 cents kWh. A few more years will tell if Riverway Power will be here for the long haul or will be like many new comers that have come into Texas to do business only to leave due to a failed billing system and or unprofitable sales from bad energy trading and hedging policies within their risk management departments.

The most likely reason for Riverway Power raising their customers fixed rate electric contracts is because of not hedging their energy correctly. Most people who are familiar with Riverway Power from this incident will never trust that their fixed rate residential electric rate product is truly fixed. If I was in the shoes of James or Monty who had their fixed rate electric contract cancelled on them I would now consider any rate Riverway offers as a variable electric rate.

We sincerely hope Riverway Power will be a success story but with any new Texas electric provider these issues are always a worry and so it is good to take a cautious look when picking an energy company. If you are a commercial business or residential home and you lock in at a low rate you want to feel confident that they will not leave the state with a broken electric agreement. This would leave you with the new job of finding a different electric provider at a higher market rate. We are not saying stay away from Riverway Power but you do need to be careful with new electric providers.

Contact info for Riverway Power

You can reach Riverway Power electric company at this number: 866-321-1520. After the April 2008 incident of the adjustment in what was a fixed electric rate contract many people have called Electricity Bid explaining that they haven’t been able to reach Riverway Power.

How to File a Complaint

If you believe you have been sold a bait and switch as described in the Deceptive Trade Practices Act you may wish to file a formal complaint with the Texas attorney general Greg Abbott: Complaint Form

To file a complaint with the Public Utility Commission of Texas click here: PUCT Complaint Form

Other Electric Companies Following in Riverway’s Footsteps

Prebuy Electric and National Power Company have both had issue with not hedging their energy properly. Now that fuel costs are so high they are left eating their loss or passing this on as a higher electric rate to their customers. Prebuy Electric Company has filed for bankruptcy today and National Power Company attempted to raise their customers electric rates from around 11 cents kWh to 15 cents kWh even though the rate was supposed to be locked anywhere from 6 months to 18 months depending on the monthly term they signed up for. As of June 16th several customers of a well known provider, Dynowatt, have also been complaining that they too have had their fixed electric rate broken by Dynowatt Energy. After calling Dynowatt to confirm this is not actually true. These Dynowatt customers were on a variable electric rate or just coming off their fixed rate contract. The list of electric companies affected by the volatile summer energy market in Texas has grown to over 6 providers. Some are wondering if Dynowatt will go out of business like Riverway and National Power.

Champion Energy Retail Electric Provider

Saving Money On Electricity In Houston

Champion Energy has a very low cost electric rate in the Houston area but current rates now available may be even better so be sure to compare their prices with the many providers and rates listed in our chart. You can find our compare tool at the top right of this page. Back in Jan 8 of 2008 Champion’s price was lower than any of the other electric companies I had seen so far except for Startex Power. Currently there are new providers out there that may beat them both.

As of Jan 8 2008 they only offer one term at 12 months but this is the most popular term for most people so it usually works for most peoples needs. The rate for January is at 11.1 cents a kWh with a $4.95 monthly service fee but Champion’s electric rate has gone up since then. If you add in the service fee into the rate goes up about .004 cents kWh which is still a lower rate then the most competitive providers offering residential electric service in Houston. For a more competitive electric rate then Champion Energy with no monthly service fee we recommend Startex Power. Depending on your area in Texas their rate will be higher or lower.

If you live in Dallas Texas, Tyler Texas, Alpine, Fort Worth or other cities on the other side of the state there are cheaper providers then Champion. You can find out more here. Learn more about Texas Residential Electricity.

North Texas like Dallas and the cities around Dallas have some of the lowest electric rates in the state in comparison to Houston. We have a comparison chart for commercial customers and a more straightforward comparison for residential customers. If you go to the page for your county or city you will see an advertisement with the lowest cost energy providers for that city on the top left.

Learn more about Texas electricity

Learn more about Champion Energy


Champion Electric Company

Champion Energy

Champion Energy’s promotional code is built into the links below. Sign up with the cheapest electric provider below. Champion, Startex Power, Texas Power, and all the providers in the comparison chart are strong reputable electric providers without hidden fees and charges. These electricity companies have several fixed electricity prices and choices. Click on the “continue” link below to check rates in your area for your preferred electric provider. If you live outside Dallas or Houston or a different area you just need to enter your zip code for your area and click on the “compare” button. Once you click on the “compare” button a list of companies and rates will appear in the order of cheapest to most expensive. We explain all fees and charges so it will be clear what you are signing up for. Electricity prices based on your area will display and you can make a quick comparison from there.

Champion Energy offers a low cost residential electric rate in Houston Texas that is quite a bit lower then most of the other Retail Energy Providers out there. They have only one term to choose from at 12 months but for those wondering about signing up for a longer term it is like buying insurance in case energy rates were to go up. Rates are fairly low right now (As of the posting of this article on January 2007) so you can lock in for 12 months and forget about what rates will do until next year. The rate Champion is offering (as of Jan 2007, when this article was written) is at 11.1 cents a kWh with a $4.95 monthly service fee (champion electric rates may be higher or lower then this now depending on what the market has done since the posting of this). If you are like most households you can add in the $4.95 monthly fee and the rate is still at about 11.3 cents a kWh (as of Jan 2007) total which if you were to look around is one of the lowest 12 month terms I have been able to find out there. We have the current Champion Energy electric rate listed in the blue box above. Click on the box above to sign up with Champion.

Cheapest Electric Provider in Houston

Champion Energy is one of the cheapest electric provider in Houston for the 12 month term I have found. The only other provider that has been cheaper then Champion is with Startex Power. If you would like to sign up with them you can sign up here with this promotional code link. The promo coupon code is built into the link so you will not have to worry about entering it into the coupon code field.

Coupon Code With Champion Electric Company

The coupon code with Champion Energy has expired. You can sign up with Startex Power which is currently the cheapest electric provider.

Sign up with Startex Power

or click here to continue and learn more

Learn more about Texas Electricity

Choosing a Houston Electric Utility Company in Texas

How to pick a Houston electric utility

You may use the comparison chart on the left to compare several Houston electricity compainies. We pride ourselves in going a few steps further than some Texas electricity providers by disclosing every charge in the advertised electric rate and averaging those charges together so you no exactly what you will be paying. We offer no tricks or gimmicks just a clear easy to understand comparison. You will need to enter your zip code in the box to the left to get started.

Picking a Houston Retail Electric Provider

Texas Retail electric providers must be certified by the Public Utility Commission of Texas. There are several energy providers in Houston Texas but only a few offer truly competitive rates. There are literally about 200 different electricity rate plans out there but your best bet is to stay on a fixed electricity rate for a term of atleast 12 months.

Learn more about the deregulation of electricity in Texas, shop electricity rates and compare offers from Houston electricity providers by visitng Power to Choose.

Follow these instructions, and save money buy picking a cheaper provider:

  1. Go to the Texas government website PowertoChoose.org
  2. Compare the Offers on the site
  3. Put your zipcode in the Zipcode box
  4. Verify the quoted electricity rate by reading the facts label carefully.
  5. If you are still uncertain there are a couple we know of that offer a low electricity rate and the best way to find out is to use our compare chart at the top right.

Electricity Bid helps you find an electric rate and provider to save you money and keep life simple.

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