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Parent of Retail Supplier Cuts Distribution by 30% Due to Extreme Weather, Pricing
Crius Energy Trust announced a February 2014 distribution of $0.0583 per unit, a 30% reduction from that paid in previous months.
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The Trust expects to maintain the monthly distribution level of $0.0583 per unit throughout 2014, which will be reviewed by the Board of Trustees at year-end. The distribution reduction applies to both unitholders of Crius Energy Trust and Crius Energy LLC.
"Reducing the distribution is a difficult choice but we feel that this action must be taken to strengthen our business for the long-term benefit of our unitholders," said Michael Fallquist, President and CEO of Crius Energy Trust. "Record-breaking energy prices and volatility in the first quarter, driven by historic cold temperatures and natural gas supply constraints, have made this decision necessary."
"The reduction will enable us to rebuild the capital required for the Trust's long-term success and manage through the temporary slowdown in net customer growth as the Company passes through higher variable rates to customers," said Fallquist. "Concurrently we will redouble our focus on controlling expenses and maintaining lean, efficient operations while continuing to diversify our business geographically and by expanding solar and natural gas sales. Furthermore, we will also consider ways to enhance unitholder value, including unit buybacks."
Crius Energy Trust has a 26.8% ownership interest in Crius Energy LLC, which serves approximately 610,000 residential customer equivalents through various retail energy brands, including Viridian, Public Power, Fairpoint Energy, Cincinnati Bell Energy, and FTR Energy.
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February 11, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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