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Crius Energy Acquires Another U.S. Retail Book
Crius Energy has executed, through its affiliates, a purchase agreement to acquire the retail electricity customer portfolio of HOP Energy LLC, a provider of heating oil and petroleum products and related services, for an aggregate purchase price of approximately $1.3 million.
The acquisition includes 13,000 residential and small commercial customer accounts totaling approximately 15,000 residential customer equivalents (RCEs) across five states in the northeast U.S.
"This acquisition, our second since the beginning of April, demonstrates our ability to act on accretive opportunities arising from the retail energy market volatility in the first quarter of the year," said Michael Fallquist, Chief Executive Officer. In April, Crius acquired the U.S. retail energy book of Superior Plus
"Consistent with our strategy, this acquisition continues to diversify our portfolio, adding fixed-price contracts and commercial customers across five states. We welcome our new customers and can assure them of a seamless transition to the Crius Energy family," Fallquist said.
Customers added through the acquisition will not experience any change to their service and will be transitioned either to Public Power or Viridian Energy services, two of Crius Energy’s retail brands, based on location and service type.
In Connecticut, the HOP Energy customers will be acquired by Public Power, according to regulatory filings with PURA.
"We are actively pursuing other acquisition opportunities and will remain disciplined in our approach. We are confident that we have the financial capability to execute on other accretive transactions as they become available," Fallquist said.
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June 17, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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