Australia’s first community-owned energy retailer falls victim to market chaos | RenewEconomy

It was focused on a 100 per cent renewable energy future, and did not invest in coal, oil or gas, but rather focused on helping communities become energy independent using their own supplies, mostly via rooftop solar.

To this end, Enova reinvested 50% of its profits into community-owned renewable energy projects, energy efficiency, and energy education services via its not-for-profit arm, Enova Community – the company said on Tuesday that this part of the business would continue to operate.

The company also wrote a blog post that highlighted the bidding practices of generators and their gaming of the markets, which then – as it has to some degree now – caused wholesale prices to soar.

Australia’s first community-owned energy retailer falls victim to market chaos | RenewEconomy