An additional bill was passed in 1999 that helped further establish a competitive electricity market by creating a price floor to prevent established energy providers from underselling emerging providers. In 2002, Texas finalized deregulation when the Public Utility Commission gave ERCOT the responsibility of managing and monitoring the Texas electricity market. The market opened up to around 6 million Texas power customers.
Even though customers in deregulated Texas markets routinely pay more for electricity, there is a bright spot. The gap between the average price paid for electricity between deregulated and regulated market has shrunk to 8.8 percent. In 2006, customers in deregulated cities were paying nearly 47 percent more for electricity than their counterparts in regulated cities.
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Although electricity had been known to be produced as a result of the chemical reactions that take place in an electrolytic cell since Alessandro Volta developed the voltaic pile in 1800, its production by this means was, and still is, expensive. In 1831, Michael Faraday devised a machine that generated electricity from rotary motion, but it took almost 50 years for the technology to reach a commercially viable stage. In 1878, in the United States, Thomas Edison developed and sold a commercially viable replacement for gas lighting and heating using locally generated and distributed direct current electricity.
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