Apple Seeks Regulators Permission to Sell its Surplus Renewable Energy at Retail Price
On Monday, Apple asked for permission from the Federal Energy Regulatory Commission to directly sell its surplus renewable energy at retail prices.
The company's move into energy markets appears to be a way; the company is making an effort to finally gain profits from its renewable power supply.
It does not seem that deliberately Apple is repositioning itself as a power utility but mostly the company is making an effort to pass on the unused energy in the market at favorable prices.
All the power that Apple generates needs to be used somewhere as generation from the renewable sources like wind, hydroelectric, solar other sources might not match the demand for electricity always.
In February this year, Apple floated a $1.5 billion green bond to propel the financing of some new environmental projects which included a huge expansion of its renewable energy assets.
The goal of the company is to utilize hundred percent renewable energy for its day to working in the future. For a while, the company has engaged in a spending spree to reach its goal. Apple has been building its own renewable power plants and is also buying clean power from the others.
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