Via Renewables is an independent retail energy services company (ESCO) that sells electricity and natural gas to residential and commercial customers in deregulated U.S. energy markets. Via Renewables does not generate energy — it buys electricity and natural gas from wholesale markets and resells to end customers, with physical delivery handled by local regulated utilities. Via Renewables operates across 106 utility service territories in 21 states and Washington D.C., serving approximately 421,000 RCEs (residential customer equivalents) under seven brands including Spark Energy, Verde Energy, and Major Energy. The customer base is roughly 59% residential and 41% commercial and industrial. Via Renewables makes money on the spread between wholesale supply costs and retail prices charged to customers. Key profit drivers are customer count, unit margin, commodity cost management, and customer attrition. Via Renewables hedges supply costs — particularly for fixed-price customers — to lock in margins at contract signing, though commodity price spikes can erode margins. Via Renewables grows its customer base through organic sales (door-to-door, web, and direct channels) and acquisitions of customer portfolios. The business also has an affiliate relationship with a company owned by its founder and CEO, which sources retail energy acquisitions that may be resold to Via Renewables. A key risk is regulatory change in deregulated states — Maryland's 2024 legislation restricting ESCO pricing and eliminating residential receivables programs is a potential model other states could follow.