Enel North America has launched a new retail energy business in the US to provide commercial and industrial (C&I) customers with clean energy straight from the company’s renewable energy plants.
The new retail energy business will operate in selected deregulated US states, starting with Texas.
C&I organisations will be able to purchase competitively priced renewable energy directly from Enel’s generation assets, allowing them to advance their net zero and sustainability goals without having to make the long-term financial commitment of signing a power purchase agreement (PPA).
In Texas Enel has over 4GW of renewable projects operational or under construction.
The company plans to expand into other deregulated states including, but not limited to, Ohio, Illinois and Pennsylvania in 2023.
“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,” said Greg Rizzo, Head of PPA and Renewable Energy Solutions, Enel North America.
He added: “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 offering enables us to meet the needs of all our customers and support them through their entire decarbonisation journey.”
The new business is part of the company’s larger strategy communicated during Enel’s Capital Markets Day to invest $5bn in North America through 2025 to diversify and expand its business and its push to have 21GW of installed renewables capacity, globally, by 2025.
Enel’s new retail business line in North America follows several other business expansions announced in 2022.
Earlier this year, Enel North America announced the additions of Enel X Way, a new business line dedicated to electric mobility, Gridspertise, a grid modernisation subsidiary, and the intent to build domestic solar manufacturing in the US.