Deregulation is the opening of a market to competition in a previously regulated industry. Texas Senate Bill 7, on January 1, 2002, created a deregulated electricity industry in Texas, allowing many consumers the opportunity to buy electricity from any Retail Electricity Provider (REP) they choose. Many consumers no longer have only one option for electricity. They can shop around for the best plan and, in many cases, lower their electric bill. Not all of Texas was deregulated. Certain municipalities still have an entity that continues to provide their electric service, but approximately 75% of Texas is deregulated.