US wholesale utility Griddy Energy has signed a strategic partnership with EDF Trading to expand its wholesale energy business.
Griddy Energy gives consumers direct access to wholesale rates for a fixed $9.99/month.
EDF Trading will provide Griddy Energy with an equity investment as well help the utility to provide its customers with a broad range of services.
Griddy Energy says the deal will help the utility to increase its transparency, customer centricity, as well as to upgrade its operations to provide real-time data to inform consumers of their day-to-day energy behaviors.
The partnership will also allow Griddy an opportunity to expand geographically and help provide similar savings opportunities to a wider range of consumers.
John Rittenhouse, CEO of EDF Trading, said: “This is an exciting opportunity for us. Griddy is an innovative digital platform which puts the customer in control of their energy consumption. I look forward to working with Greg Craig and the team as they build out their platform across North America.”
Mary Anne Brelinsky, President at EDF Trading, added:. “With a digital integrated platform, market know-how, and competitive energy supply, we provide the products that Griddy needs to grow their business and develop additional consumer saving technology. We are pleased to deepen our relationship with the Griddy team and look forward to being a part of their expansion.”
Greg Craig, CEO of Griddy Energy, added: “We’re thrilled to announce this deal because our focus has always been saving Texans money by connecting them directly to the grid for wholesale electricity rates. This partnership means we can bring the power of wholesale to far more people.”, continues.
“In 2018, Texans paid a combined $20 billion to REPs. Had Texans paid wholesale last year, they would have paid just $14 billion. That means Texans overpaid by a staggering $6 billion last year1. Our goal is to get as much of that money back into the hands of Texans in the form of savings – and this partnership with EDF will allow us to do just that.”
Griddy Energy claims consumers in Texas have the potential to save $6 billion annually.