Enel North America Launches New Retail Energy Business, Signals Growth Opportunities in the U.S.
Enel North America, a subsidiary of the world's largest retail energy provider, the Enel Group, announced the launch of its retail energy business in select deregulated US states, starting with Texas. The move enables commercial and industrial (C&I) organizations 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).
Enel is now ready to serve customers in Texas, where it has over 4 GW 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," says Greg Rizzo, Head of PPA and Renewable Energy Solutions, Enel North America. "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 decarbonization journey."
Enel's entrance into the US retail energy market complements its comprehensive suite of energy offerings. Enel has around 70 million retail energy customers globally and has supported the decarbonization efforts of major companies in North America, including Mondelēz International, Clorox, Danone, Home Depot, Lululemon and more. The company's expansive renewables portfolio and industry-leading advanced energy services offer customers the flexibility to bundle and customize services to meet their unique needs.
The launch of Enel's retail energy offering follows several other business expansions announced in 2022. Earlier this year, Enel announced the additions of Enel X Way, a new business line dedicated to electric mobility, and Gridspertise, a grid modernization subsidiary, in North America. Enel also revealed its intention to open a large-scale PV solar panel and cell manufacturing facility in the US. The expansions are part of a larger growth strategy as Enel looks to seize the opportunities and incentives brought about by the Inflation Reduction Act to meet market and customer demand.
As demand for clean energy rises, Enel continues to commit billions of dollars in new capital for the deployment of energy resources in North America. At the company's annual Capital Markets Day presentation to investors on November 22, Enel announced plans to invest around $5 billion in the North American market, with the aim to develop approximately 5 GW of new utility-scale renewable and battery energy storage capacity through 2025. Additionally, Enel intends to add 155 MW of distributed energy storage, 37 MW of demand response, and 475,000 charging ports by 2025.
Enel | enelnorthamerica.com/retail