Enel starts renewables retail offering in some US markets
The Roadrunner solar farm in Texas. Source: Enel Green Power North America
November 24 (Renewables Now) - The North American arm of Italian utility group Enel SpA (BIT:ENEL) this week said it is launching a retail energy business in select deregulated markets in the US to supply commercial and industrial (C&I) companies with renewable energy directly from its assets.
Customers in this way will be able to source renewable energy to meet their sustainability goals without having to enter into long-term power purchase agreements (PPAs).
“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 at Enel North America. “While we continue to be a market leader in PPAs, that structure may not be the best fit for every customer,” added Rizzo.
The new retail offering will first start in Texas, where Enel has more than 4 GW of renewable projects in operation or under construction. The company plans to expand to Ohio, Illinois, Pennsylvania and other deregulated states in 2023.
The move is part of Enel’s growth strategy as it aims to take advantage of the opportunities created by the Inflation Reduction Act. Last week it unveiled plans to build a solar module factory in the US with an annual capacity of at least 3 GW. Outlining its 2023-2025 strategic plan on Tuesday, Enel said it will focus its activities on six core markets, one of which is the US.