Enel North America has announced the opening of its retail energy business in the United States, delivering renewable energy to commercial and industrial (C&I) companies in deregulated markets.
This year, the product will be introduced in Texas, with ambitions to expand to other U.S. areas in 2023, including Ohio, Illinois, and Pennsylvania.
According to the firm, the move would enable C&I organizations to acquire competitively priced renewable energy directly from Enel as an alternative to financial or power-purchase agreements when pursuing net-zero and sustainability goals.
Enel North America's Head of PPA and Renewable Energy Solutions, Greg Rizzo, stated:
"Our clients are increasingly exploring alternatives to long-term financial commitments in order to obtain renewable energy in today's unpredictable and uncertain market. While we remain the industry leader in PPAs, this structure may not be ideal for every client."
The launch of Enel's retail energy service represents the company's fourth business growth this year, following Enel X Way and Gridspertise, two grid modernization subsidiaries.
Enel's expansion plans result from what the business describes as a "seized opportunity" under the Inflation Reduction Act, which encourages sustainable energy and domestic energy generation among other legislative changes.
Enel also announced plans to invest close to $5 billion in the North American market, with the objective of developing 5 GW of new utility-scale renewable and battery energy storage capacity by 2025, as well as adding 155 MW of distributed energy storage, 37 MW of demand response, and 475,000 charging ports by 2025.
"The introduction of Enel's retail energy offering allows us to satisfy the demands of all of our clients and assist them along their full decarbonization journey."