There has been a lot of talk about Illinois electricity and business electricity rates. Some business owneres are simply unaware that deregulation should work for them. While some consider having a monopoly market for electricity is good, others are of the opinion that this would be devastating and that Illinois electric choice is the right direction for the economy. The monopoly company could and would raise the rates any time it feels like, whereas the open competition environment like we have now woudl set the market price based on competition and supply and demand. Most feel this will help lower energy cost in the state and help foster growth.
A lot of discussion around the table ensued about the positive side of a competitive Illinois electricity market towards the economy of the state. This transpired during an occasion at the 2010 Illinois Energy Jobs Forum which was attended as a
roundtable discussion by a number of energy, environment, labor and government leaders about existence of energy jobs in Illinois. At the end of the discussion, it emerged that the benefits were twofold.
For instance, having a competitive Illinois electricity market triggers cut throat competition amongst companies which is to the advantage of the consumers and business owners as it can drive down energy prices. This is owed to the fact that a competitive market brings structure and discipline around electricity costs. As a result, this avails the customers with possibilities to switch to a competing business energy supplier who can offer the best competitive supply services. Also, a consumer has all the options to choose a provider with alternatives of energy solutions such as green energy via wind. What essentially comes out of a competitive market is that competition has the force to drive down prices. This definitely has a direct impact on the local Illinois economy. It contributes to the health of businesses, universities, hospitals and the like with lower prices and higher net bottom-line revenues- thus allowing for more spend and/ or more employment opportunities.
Remember that as indicated above that the benefits are twofold? Job creation can be spurred by competition. The Illinois
marketplace has over more than 20 active competitive retail electric suppliers. The effect of this is that thousands of jobs have been created to support the Illinois electricity industry. The states’ retail suppliers have established themselves in the market whereby they have opened offices and engaged themselves in hiring of staff to participate in the competitive markets. In addition, businesses and institutions with energy choices have also increased their budget certainty and the ability to shop for lower energy costs. These forces make it easier for the creation of jobs.