Enel Enters US Renewable Energy Retail Market
Enel North America announced today the launch of its U.S. retail energy business, offering renewable energy to commercial and industrial (C&I) companies in deregulated markets.
The offering will be rolled out this year in Texas with plans to expand into other US markets, including Ohio, Illinois, and Pennsylvania in 2023.
The company said the move will enable C&I organizations to purchase competitively priced renewable energy directly from Enel as an alternative to financial or power-purchase agreements when looking to advance net zero and sustainability objectives.
Greg Rizzo, Head of PPA and Renewable Energy Solutions, Enel North America, said:
“Our customers are increasingly seeking alternative ways to purchase renewable energy without having to take a long-term financial position in today’s increasingly volatile and uncertain market. While we continue to be a market leader in PPAs, that structure may not be the best fit for every customer.”
The launch of Enel’s retail energy service is the company’s fourth business expansion this year, following an electric mobility initiative, Enel X Way, and another grid modernization subsidiary, Gridspertise.
Enel’s expansion plans are a result of what the company said is a “seized opportunity” under the Inflation Reduction Act, which amongst other regulatory shifts, promotes clean energy and domestic energy production.
Enel also unveiled plans to invest close to $5 billion in the North American market, aiming to develop 5 GW of new utility-scale renewable and battery energy storage capacity through 2025 and adding 155 MW of distributed energy storage, 37 MW of demand response, and 475,000 charging ports by 2025.
“The launch of Enel’s retail energy offering enables us to meet the needs of all our customers and support them through their entire decarbonization journey.”