"Think Energy is part of Engie" is the wrong sentence in 2026.
Open any 2024 or 2025 Texas electricity guide and you will read that Think Energy is "owned by global utility giant Engie". That stopped being true on 1 November 2022, when Energywell, LLC closed its purchase of the brand from Engie Retail. All of Think Energy's Texas residential customers were sold at the same time to a new PUCT-licensed entity, today operating as EE REP 2, LLC d/b/a Think Energy, under REP Certificate No. 10315.
That matters for two practical reasons. The first is balance-sheet: Engie was a publicly listed multinational utility with billions in generation assets. Energywell is a much smaller private holding majority-owned by funds managed by Oaktree Capital Management. Plans, billing and the call center kept running because the brand was preserved, but the company behind them changed shape.
The second reason is contractual. When a REP changes hands, your fixed contract continues on the same terms, but the renewal notice you receive 30 to 60 days before the end can land on different paper, with a different return address. If you ignore it, you roll onto a month-to-month variable rate from the new entity. That is the most common way Texas households quietly start overpaying.
Three lines. Every Think Energy bill. Always.
Whatever Think plan you sign, your monthly total assembles from the same three pieces. The marketing names change every year; the math does not.
Layer 1, Think sets it
Energy charge
The ¢/kWh price for the electricity itself. This is the line Think markets and the only one the brand actually controls. On Think Free Weekends, it splits into a weekday rate and a 0¢ weekend rate.
Layer 2, Fixed
Base monthly charge
A flat fee Think bills every month on most plans, commonly $9.95, on top of a smaller fixed line from your wires utility. You pay it whether you use 0 or 5,000 kWh.
Layer 3, Pass-through
TDU delivery
The wires charge from Oncor, CenterPoint, AEP Texas or TNMP. Think collects it for them and passes it through. Same rate at every REP in your area; switching brands does not change it.
A switch from Think Energy to another REP only changes Layer 1 and Layer 2. Layer 3 follows the meter, not the brand.
Every Think Energy plan family, mapped.
Think rotates plan names every few months. Underneath, four shapes do all the work. Match your usage profile to the shape, not the marketing.
| Plan family | When it wins | When it loses | Typical ETF |
|---|---|---|---|
| Think Smart (straight fixed) | Usage well below or well above 1,000 kWh, no surprises wanted | Never "loses" on math; just rarely the very cheapest at the headline 1,000 kWh test | $150 to $295 |
| Think Clean (fixed, 100% renewable) | You want RECs matched to your usage; price predictability | If you only care about lowest cents, REC premium is usually 0.3 to 0.8¢/kWh | $150 to $295 |
| Think Deal / bill-credit plans | Steady usage right in the credit window (commonly 1,000 to 2,000 kWh) | Snowbirds, students, empty-nesters whose monthly kWh drifts below the credit floor | $150 to $295 |
| Think Free Nights / Free Weekends | Night-shift workers, EV owners who charge overnight, weekend-only home occupancy | Office workers who run AC weekdays from noon to 6 pm pay the higher weekday rate on most kWh | $295 |
| Think Business / Commercial | Small business (single meter) wanting fixed term 12 to 36 months | Multi-meter or load-factor accounts where a custom quote beats the standard product | Liquidated damages, varies |
Numbers above reflect Think Energy EFLs and Terms of Service published on Power to Choose in May 2026. Each plan's real ETF and credit thresholds are on its own EFL.
A "9.9¢/kWh" headline can mean a 17¢ real rate.
Bill-credit plans are the most common shape on Texas comparison sites. A typical Think Deal plan advertises 9.9¢/kWh by computing the rate at exactly 1,000 kWh, including a $100 credit that only applies between 1,000 and 2,000 kWh.
Use 999 kWh in a mild month and the credit vanishes. Use 1,001 kWh and you get the full $100 back. Two kWh of swing become a $100 swing in your bill. The same plan can show an effective rate of 9.9¢ at 1,000 kWh and roughly 16.9¢ at 900 kWh, or about 70% higher, with no warning on the EFL beyond a footnote.
This is not unique to Think Energy. It is how the entire bill-credit product category works in Texas. The point is to test it at your usage, not the marketing usage.
Who actually owns Think Energy in 2026.
The corporate stack is short, but every level changes a small piece of how the brand behaves in front of customers.
2011 to 2017, born inside Direct Energy
Think Energy launched in 2011 as a digital-first retail brand inside Direct Energy. It was an early experiment in selling Texas electricity online with minimal call-center contact.
April 2017, sold to Engie Resources
Engie SA, the French multinational utility, acquired Think Energy from Direct Energy through its US arm Engie Resources. The brand was rebranded under Engie Retail LLC and run from Houston.
1 November 2022, sold to Energywell
Energywell, LLC closed its acquisition of Think Energy from Engie Retail. The Texas customer book transferred to MI Texas REP 2, LLC, holder of REP Cert No. 10315, since renamed EE REP 2, LLC d/b/a Think Energy.
Today, an Oaktree-backed retailer
Funds managed by Oaktree Capital Management indirectly hold roughly 89% of the voting equity in Energywell Parent, with Hartree Partners holding a minority stake. Think Energy is no longer a utility-affiliated brand; it is a financial-sponsor-owned retailer.
Different parent, same call-center number, same EFLs. Your contract follows the license (10315), not the parent. But the renewal letters, the dispute escalation path and the long-run product roadmap all flow from the new owner.
How Think Energy customers quietly overpay.
Five recurring patterns we see in customer bills. Each costs real money. Each is fixable.
TriEagle Energy and Think Energy are NOT sister brands.
Multiple online guides still claim that TriEagle Energy and Think Energy share the same parent. They do not. TriEagle has been owned by Vistra Corp (NYSE: VST), the same Texas-based holding company that owns TXU Energy and 4Change Energy, since the 2019 Crius / Vistra combination.
Think Energy, since November 2022, is owned by Energywell, LLC and majority-controlled by funds managed by Oaktree Capital Management.
Different parents, different generation portfolios, different renewal practices. The plans they sell can compete head-to-head on Power to Choose; the companies behind them are unrelated.
What to actually do before or after signing with Think Energy.
Pull 12 months of kWh history
Log into your TDU portal (Oncor, CenterPoint, AEP Texas, TNMP) and download the last year. The three lowest and three highest months matter more than the average.
Read the EFL, not the marketing
Every Think plan has an Electricity Facts Label. Look for the energy charge, the base charge and the bill-credit thresholds. Compute the bill at YOUR three highest and three lowest months.
Cross-check on Power to Choose
Run Power to Choose at your ZIP and exact kWh. Sort by total monthly bill, not the headline rate. Two or three plans usually beat Think at any specific usage.
Diary the contract end date
Set a reminder 30 days before the term ends. Texas law requires Think to send a renewal notice; ignoring it rolls you onto a month-to-month variable rate, often well above the fixed rate you had.
Use bill assistance if eligible
In Texas, federal LIHEAP funds flow through the state CEAP program, run by TDHCA. See our Texas bill assistance guide.
Escalate to the PUCT if needed
For unresolved billing or service disputes, file a complaint with the PUCT Customer Protection division. Reference Think Energy's REP Cert No. 10315.
Common questions about Think Energy in Texas.
No. Energywell, LLC, a US retail energy holding majority-owned by funds managed by Oaktree Capital Management, acquired Think Energy from Engie Retail effective 1 November 2022. The Texas customer book transferred to a new PUCT-licensed entity, today operating as EE REP 2, LLC d/b/a Think Energy, under REP Certificate No. 10315.
Think Energy customer care is reachable at 888-923-3633, Monday to Friday from 8 am to 8 pm Eastern Time. Email goes to [email protected]. Mail goes to 11807 Westheimer Road, Suite 550 PMB 808, Houston TX 77077.
Think Energy serves all four deregulated Texas TDU zones: Oncor (Dallas, Fort Worth, much of north and west Texas), CenterPoint (Houston and the Gulf Coast), AEP Texas (Corpus Christi, Abilene, much of south and west Texas) and Texas-New Mexico Power (small pockets around Lewisville, Texas City and the Permian Basin). Rates differ slightly by zone.
Think Clean plans match every kWh you use with one Renewable Energy Certificate (REC) bought on the open market. Each REC represents 1 MWh of generation from a wind, solar or other renewable facility. You are not putting panels on your roof; you are paying a small premium so that, in aggregate, the grid has more renewable generation than it would otherwise.
If you cancel a Think Energy fixed-rate contract before the end of its term, you owe an ETF shown on the plan's Terms of Service, typically $150 to $295 depending on the product. Texas law gives you a 3-day right of rescission from the date you receive the Terms of Service, and there is no ETF if you cancel because you move out of the service area and submit proof of move within the required window.
Think Energy's standard residential plans run a credit check and may require a deposit. The brand does not market a prepaid no-credit-check plan in the same way some Texas competitors do. If a deposit is required and you cannot pay it, ask whether a letter of credit from a previous utility, a co-signer or PUCT-approved alternatives apply.
More U.S. states with energy choice
Same playbook, different utility. Pick another deregulated state to compare utilities, suppliers and switching rules.
