CPYYY - Direct Energy Business to Acquire Retail Business of Source Power & Gas LLC
ISELIN, N.J., Oct. 14, 2018 /PRNewswire/ -- Direct Energy Business, a subsidiary of Centrica plc, announced today an agreement to purchase the retail electricity business of Source Power & Gas LLC, a wholly owned indirect U.S. subsidiary of Australian power company ERM Power Limited [ASX: EPW].
Source Power & Gas is a Sugar Land, Texas, based retail energy provider serving commercial and industrial customers in the ERCOT and PJM ISO markets. With an approximate annual load of 6.5 TWh, Source Power & Gas currently serves 4,000 customers across 16,000 service locations in Texas, Illinois, Ohio, New Jersey, Delaware, Maryland, Pennsylvania and the District of Columbia.
"The purchase of Source Power & Gas, LLC's retail business is in line with our continued growth strategy in North America," said John Schultz, President Centrica North America and Direct Energy Business. "This transaction will mark a significant step in continuing to expand our operations and customer footprint in existing markets."
The sale is subject to usual completion conditions and adjustments and is expected to close on November 30, 2018, followed by a period of customer transition.
About Direct Energy
Direct Energy is one of North America's largest retail providers of electricity, natural gas, and home and business energy-related services with over four million customers. Direct Energy gives customers choice, simplicity, and innovation where energy, data, and technology meet. A subsidiary of Centrica plc (LSE: CNA), an international energy and services company, Direct Energy, its subsidiaries and/or affiliates, operate in 50 U.S. states plus the District of Columbia and eight provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.
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SOURCE Direct Energy Business