The Australian Energy Regulator (AER) has awarded Enova Community Energy a retail licence, allowing Australians to participate in the country’s first community-owned, renewable energy retailing and installation business by buying shares.
The approval means that once Enova succeeds in raising the necessary capital, it can get down to business in the Northern Rivers region of NSW, with a business plan to change the way energy is marketed and allow Australians to take the power back into their own hands.
Enova Chief Executive Steve Harris said the retail licence symbolises a once-in-a-lifetime opportunity for electricity users to “own their very own energy retailer”.
“As shareholders, they will reap the benefits from high feed-in tariffs, market leading renewable energy GreenPower products and [be able to] support local renewable energy generation.
“Because it is local, Enova will be able to focus completely on its local customers, providing a level of service unique in the energy supply sector,” Mr Harris said.
A retail licence enables Enova to enter into financial arrangements with all parties in the energy sector. In particular, it will enable Enova Energy to purchase energy from local renewable energy generators, such as that being proposed by COREM in Mullumbimby and the Lismore community solar initiative.
It also allows Enova to enter into arrangements with Essential Energy to transport that energy through the grid to customers who wish to purchase it and install their own electricity meters if they wish.
“We will make it simple to switch from your current energy retailer and we will look after our customers by giving them unbiased advice on the best solutions for their energy needs, whether that is the best energy plan, installing solar or going completely off the grid,” Mr Harris said.
However, Enova Chair Alison Crook said there is one hurdle standing in the way – the AER’s $3 million capital requirement.
“We’re well advanced, closing in on $1.5 million, but more people who share our vision need to step up and become shareholders.”
