June 9 — Griddy’s demise underscores long-standing flaws in the deregulated market—a lack of consumer protection, poor public understanding of the market, and virtually no provisions to safeguard reliability. Yet while Griddy customers got steamrolled in the February crisis, they also enjoyed years of significantly lower bills and the ability to adjust their electricity spending on a real-time basis—the exact sort of benefits that deregulation was supposed to offer consumers. “[Griddy’s customers] were seeking a better deal on power,” Wood said. “That’s kind of what the whole point of the market was—to allow people to have options. They just didn’t appreciate the downside.”