Griddy Energy, the first smart electricity company connecting Texans directly to the grid to enjoy wholesale electricity rates, has signed a strategic partnership with EDF Trading, a subsidiary of the EDF Group.
Through this partnership, EDF Trading (“EDF”) will provide a broad range of services, a wholesale supply facility and an equity investment to support Griddy’s ongoing growth and expansion. EDF is a major participant in the North American energy markets providing comprehensive coverage of financial and physical products in power, natural gas and NGLs, environmental products, congestion management, derivatives, and financial crude oil products. It provides customers with products and services that deliver access to markets, optimize energy portfolios, hedge risk and manage assets.
“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.” Greg Craig, CEO of Griddy, 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.”
Standing in contrast to other Retail Electricity Providers, Griddy has built a consumer-centric business model which seeks to create value through innovation, provide transparency for their members, and offer consumers freedom from the typical practices of other REPs – namely Griddy doesn’t have contracts, break fees, or markups. Instead, by giving consumers direct access to wholesale rates for a fixed $9.99/month, Griddy has been able to save its members millions of dollars, a total savings number that will continue to grow and accelerate. In addition to the potential $6 billion of annual savings that are available to Texas consumers, the partnership with EDF 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, says, “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.”
“Our purpose at EDF is to develop solutions that support companies like Griddy and help bring their innovative concepts to the energy world,” Mary Anne Brelinsky, President, remarked. “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.”
A partnership with a global company such as EDF validates Griddy’s movement towards increased transparency, customer centricity, and providing real-time data to inform consumers of their day-to-day energy behaviors. As an agent of positive change in the energy world, Griddy seeks to aggressively grow this movement both domestically and internationally.
Together, EDF and Griddy are excited to bring Griddy into more homes across the country and around the world. The Griddy app is available for iOS and Android systems, as well as via their web app.
Source: Company Press Release