The electricity market in Ohio has been deregulated and we are curently in an open market for electricity. Because of temporary competitive forces electrical rates have not risen, but this could be short lived. In reality there is no competition in the electricity markets in Ohio. Rates have not risen because the economic slowdown has caused a temporary decline in electricity usage. Once the economy starts growing again not enough electricity will be available to create a true competitive market and rates will start going up.
To counter potentialy large rate increases Ohio should reregulate or establish a competitive energy authority which would research ways to attract new electrical energy generation companies to the State. Ideally these companies would be some of the new solar or wind energy companies that are emerging, but the primary objective would be to establish true competition for electricity.
A number states have deregulated their electrical energy providers thinking this would lead to lower rates. They found out the hard way that there is no competition in the electrical energy market and thus their citizens experieced exorbatant rate increases.
