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Retail Supplier Expects More Market Exits, Says Seller Expectations Have Dropped
"We expect industry-wide increased customer attrition, new regulations, higher collateral costs, and financial performance to drive many retail suppliers to look for market exits through equity sales and customer book divestments," Crius Energy CEO Michael Fallquist said during an earnings call yesterday.
Fallquist was discussing the "significant growth prospects" for Crius resulting from the current wholesale market environment, including eventually higher default service rates, and increased customer churn among other suppliers.
"Acquisitions will continue to be viewed as an important component of our future growth. In the first quarter of this year, M&A activity increased significantly as a result of market conditions, and we've noted that seller expectations have dropped accordingly," Fallquist said
"There are many opportunities, and management are currently evaluating several of them at this time," Fallquist said
Fallquist also identified new markets for Crius as including the Illinois and California natural gas markets, and the Rhode Island electric market, starting in the second quarter of 2014.
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March 27, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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