Updated: EDF Trading Takes Equity Stake In Griddy Under Strategic Partnership

Griddy Energy has signed a strategic partnership with EDF Trading Ltd (EDF), a subsidiary of the EDF Group, which includes an equity investment by EDF into Griddy

Through this partnership, EDF will provide a broad range of services and a wholesale supply facility to support Griddy’s ongoing growth and expansion.

The partnership will allow Griddy to expand geographically beyond Texas, and help provide similar savings opportunities to a wider range of consumers, the company said. New York and PJM have been cited by the company as expansion targets

"This partnership means we can bring the power of wholesale to far more people," Greg Craig, CEO of Griddy, said

"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 year. 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," Craig said

"Griddy seeks to aggressively grow this movement both domestically and internationally," the company said

As previously reported, Griddy offers a subscription model under which customers are provided with pass-through wholesale prices for a $9.99/month subscription fee

See background on Griddy and its business model here