A true evolution of energy in France. Spanish energy supplier Iberdrola is to sell its entire portfolio of residential customers in France to operator Ekwateur in order to concentrate “on the business and industrial segment”, the French subsidiary of one of the world’s leading renewable energy companies announced on Monday.
Iberdrola sells its retail customer portfolio to boost energy development in France
“Iberdrola Energie France is selling its entire retail customer portfolio to French alternative operator Ekwateur, in order to offer its gas and electricity retail customers some of the most competitive deals on the market,” says a press release.
The transfer to Ekwater, France’s 5th largest energy supplier, will take effect in November.
and “does not imply any change in contractual conditions for the customers concerned”, said Iberdrola.
Through this operation, Iberdrola France intends to strengthen its positioning with industrial customers to support them in their decarbonization needs “through green electricity supply contracts tailored to their consumption profiles”, the company added.
Iberdrola France is also banking on self-consumption with a turnkey offer for photovoltaic installations. For businesses, Iberdrola, a leader in wind and onshore energy production, is banking on long-term PPA (Power Purchase Agrement) contracts, which, thanks to a pre-determined price, protect consumers from the effects of volatility and enable producers to secure their investments.
Iberdrola sells retail customers: a strategy to withdraw from the fast-growing market
The sale, the value of which was not disclosed, confirms a withdrawal from the retail market that began a year ago at the height of the energy price boom. Last summer, the operator invited 2% of its customers at the end of their contract – out of a total of 500,000 customers at the time – to go elsewhere, claiming that it was unable to supply electricity at a competitive price.
The Iberdrola Group points out that France nevertheless remains “one of the target countries of its growth strategy, alongside Germany and Australia”, according to its press release.
In early July, the company began generating electricity at the Saint-Brieuc wind farm, which it operates through its 100% subsidiary Ailes Marines.
Spanish renewable energy giant Iberdrola posted a 21% rise in first-half net profit to 2.52 billion euros, thanks to solid operating results, particularly in Spain and the UK, where it has stepped up its investments. The Group has invested 10.54 billion euros over the past 12 months, with a focus on offshore and onshore wind power, photovoltaics and decarbonization services for businesses.
