Griddy Energy Signs Partnership with EDF Trading
Texas’ first smart electricity company aims to expand access to
wholesale rates globally
HOUSTON–(BUSINESS WIRE)–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 Ltd, a subsidiary of the EDF
Group, a global leader in low-carbon energies. 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.
About Griddy
Griddy is the only smart electricity company connecting Texans to
wholesale electricity rates straight to their smartphone so that Texans
can shape their energy consumption and further increase savings. Griddy
bypasses the middleman, connecting you directly to the lowest available
energy prices. Griddy puts the ultimate in energy savings in your hands,
delivering real-time energy usage information and price alerts right to
your smartphone. Because better data means bigger savings.
You can find them at www.gogriddy.com.
1 Learn more about this at www.gogriddy.com/blog/uncategorized/6-billion/
EDF Trading North America
EDF Trading North America, LLC (“EDF”) is a major participant in the
North American energy markets.
EDF provides 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. One of the
leading wholesale natural gas marketers with extensive pipeline
agreements, EDF manages natural gas offtakes, deliveries, capacities and
supply anywhere across the continent. For power generation customers, it
provides energy management services that encompass fuel supply,
scheduling, dispatch, market analysis, and risk management all within a
single contract. Retail energy aggregators, with footprints across the
deregulated markets, receive wholesale market supply and ISO interface
services. EDF’s retail arm offers a complete suite of services to
commercial and industrial retail customers, from energy supply and
hedging to renewable solutions, on-site generation management, and
demand response.
EDF Trading North America, LLC is part of the EDF Group, a global leader
in low-carbon energies, with a diversified generation mix based on
nuclear power, hydropower, new renewable energies and thermal energy.
The EDF Group is involved in supplying energy and services to
approximately 40 million customers in France and across the world.
Contacts
Cristina Calderon, Integrate
cristina@integrateagency.com
(713)
225-0880