South Norwalk electricity supplier North American Power has expanded its reach into all 50 states, including regulated markets, to sell renewable power.
“It is going to take off like a bottle rocket,” said Kerry Breitbart, North American Power CEO.
Since launching on Monday, 300 customers signed up for the American Wind product, which offers residential and business customers electricity made from 100 percent renewable resources.
Typically set up in deregulated markets such as Connecticut, competitive electricity suppliers offer alternatives to ratepayers who would otherwise be struck paying the default utility rates. Competitive electricity suppliers typically offer power that is cheaper than the utility rate, or attractive to a certain subset of ratepayers, such as those seeking renewable energy.
Most competitive electricity suppliers are smaller companies that operate in only one or a handful of deregulated states. They stay away from regulated states because ratepayers there are required to buy power directly from the utilities.
North American Power decided to launch its American Wind product nationwide, including regulated markets, because it is seeking out customers who want more environmentally friendly power.
The American Wind power technically doesn’t come directly from renewable resources, as all power generated from all resources is pooled and sent out as one product. However, in buying the American Wind product, customers are setting aside a portion of their payments for owners of renewable generating plants. The company works with the utilities in regulated and deregulated markets to make sure this power goes toward the proper facilities.
“It is critical to the owners of these various green plants,” Breitbart said.
North American Power has its eyes set on some big goals. If it sells the American Wind product to 225,000 customers, then it will become the largest corporate buyer of renewable energy in the United States.
If the company reaches 1.6 million American Wind customers, than North American Power will buy more renewable energy than everyone else in the country combined.
