From CNBC:

Goldman Sachs has taken on a new investment in Rhythm Energy, a Houston-based electricity provider with plans to expand service to deregulated power markets across dozens of states providing electricity to 190 million people. Critics worry about relying on an industry tainted by consumer abuse, but Rhythm is marketing itself as a trustworthy player.

However, statistics show that Rhythm’s average rate of 18 cents per kilowatt hour in Texas in 2022 was higher than what customers of the state’s regulated providers paid. Some opponents argue that private equity firms hold great influence over retail energy sales, raising concerns about potential consumer abuse.

Rhythm CEO P.J. Popovic says his firm operates “autonomously” from Goldman Sachs, which has been involved with the company since its founding in 2020. Despite these claims, critics worry about the possibility of Goldman having hidden influence over Rhythm. Goldmans’ reliability will be dependent on their desire for future profitability through the investment.



Read more: Goldman Sachs-backed electricity firm to reach more Americans’ homes