The retail electricity market deals in the buying and selling of electricity between retailers, wholesalers, and consumers. The market consists of several retailers which provide customers with a range of options to choose from and drive the competition and innovation. An article by United States Environmental Protection Agency on Electricity Customers released in 2023, suggests that commercial customers consume more than one third of the electric power in U.S.
Recently, there have been attempts to make electricity more accessible to support the Sustainable Development Goals. However, due to the impact of COVID-19, the number of people without access to electricity has increased significantly across the world. According to an article by The World Bank, published in 2022, that number is still around 733 million.
Governments across the world are making efforts to increase people’s access to electricity as it is a crucial step to meet the Sustainable Development Goals. Hence, increasing energy demand from governments along with the introduction of strict regulations is driving the growth of the market. Additionally, a rise in the adoption of EVs is expected to significantly drive the power demand. According to an article by the International Energy Agency published in 2021, the sales of electric cars almost doubled to make it 6.6 million compared to the previous year. On the other hand, new sources of distributed electricity generation are entering which are proving to be a threat to the existing players.
An increasing trend in limited access to power is being witnessed within developing and under-developed countries. According to an article by UNCTAD released in 2023, the sub-Saharan Africa region has the least availability of electricity in the world. The organization has also called on the governments of these countries to increase their efforts which is expected to create significant opportunities in the retail electricity market in the region.
There are several key players in the market, engaged in innovation and collaborations to get an edge over competitors. For instance, in March 2022, multinational energy companies, PowerFlex and Hydro One entered into an agreement to develop Distributed Energy Resources Solutions to the Ontario market.
Hydro One, Inc
R&M Electrical Group Ltd.
Constellation Energy Resources, LLC
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