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January jobs report: Unemployment rate falls to 4%, wages rise more than forecast; Trump signs order imposing sanctions on International Criminal Court over investigations of Israel; Ten Commandments in public schools debate reaches South Dakota; Virginia ranks among worst states for wage theft; Mexican long-nosed bat makes appearance in Arizona.

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Attorney General Pam Bondi strikes a Trump tone at the Justice Department, federal workers get more time to consider buyouts, and an unclassified email request from the White House worries CIA vets.

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During Black History Month, a new book shares how a unique partnership built 5,000 schools for Black students, anti-hunger advocates say ag communities would benefit from an expanded SNAP program, and Americans have $90 billion in unpaid medical bills.

Study reveals market failures in Ohio electricity

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Tuesday, January 28, 2025   

Ohioans have long had the ability to choose their electricity providers but new research highlighted the financial consequences of such decisions.

A study examined how competitive retail electricity service options stack up against standard utility rates.

Noah Dormady, associate professor of public policy at Ohio State University and the study's lead author, said an analysis of nearly 3 million records over a 10-year period revealed approximately three-quarters of offers were more expensive than the utility's default service rate.

"Consumers in these markets are oftentimes unaware of the options available to them," Dormady observed. "They're oftentimes unaware that most competitive offers have prices far exceeding the default standard service offer rate historically."

While consumers may expect to save money through retail choice, Dormady's study found median price increases often exceeded 25% to 35%, compared with potential savings of just 5% to 10%.

Dormady's research found the same general effects across service territories, including AEP Ohio, Duke Energy, DPL of AES and FirstEnergy regions, which raises questions about market efficiency and the persistence of high prices.

"As an economist, I can tell you, if this market were efficient, you would not see the prevalence and persistence of above-market rates," Dormady asserted. "We're seeing offers that are 400%, 500%, 600% above the default service rate and they continue to be posted every day for well over a 10-year period."

Dormady's findings emphasized the need for increased consumer awareness and potential policy reforms, including the creation of an Independent Market Monitor to oversee pricing practices. While retail choice provides flexibility, the data underscored the importance of Ohioans understanding their options to make informed decisions about their electricity costs.

Disclosure: Ohio State University contributes to our fund for reporting on Arts and Culture, Environment, and Social Justice. If you would like to help support news in the public interest, click here.


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