After 17 years of a deregulated electric market, Texas retail electric providers (REPs) have grown brand trust to an impressive average score of 716 on a 1,000-point scale.
These and other findings can be found in the syndicated research study, 2016 Texas REP Trusted Brand Study, released on October 12 by the Cogent Reports division of Michigan-based Market Strategies International (MSI).
Among the most-trusted REPs, according to the 2,958 Texas electric consumers polled, are StarTex Power (780 points), Bounce Energy (769), Ambit Energy (764), CPL Retail Energy (746), Amigo Energy (742), Reliant Energy (737), and Green Mountain Energy (736).
The pollsters did not release the names of the least-trusted providers.
“Electric providers that we have identified as most trusted brands are considered companies that customers have confidence in to do the right thing on their behalf, which translates to higher levels of loyalty,” commented MSI SVP Chris Oberle.
The consumer switching rate is high for the Texas REP market, with nearly half (44 percent) of customers saying they have used more than one REP at their current residences, and one in five (20 percent) have used three or more REPs at their current residences.
REPs with high brand trust are less likely to see frequent switching. For instance, when offered a modest $1 savings per month, 18 percent of customers with low brand trust said they “would switch providers,” while only 6 percent of those with high brand trust would.
Cogent Reports conducted surveys among residential electric customers in deregulated service areas in Texas. The sample design uses US census data and strict quotas to ensure a demographically balanced sample of Texas deregulated market customers based on age, gender, income, race and ethnicity. Market Strategies will supply the exact wording of any survey questions upon request.