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Spark Energy Acquires Book of 34,000 Customers

March 17, 2015

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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

Spark Energy, Inc. has entered into a purchase and sale agreement with Entrust Energy, Inc. for the purchase of approximately 33,500 customer contracts in the Pacific Gas and Electric (PG&E) natural gas market in Northern California.

The purchase price is $2.83 million, or approximately $85 per customer.

Closing of the transaction is expected in the first two weeks of April.

Spark has operated a retail natural gas business in Northern California since 2006.

"This acquisition is a strong complement to our existing customer base in the PG&E territory and evidences another successful execution of our retail energy acquisition strategy," said Nathan Kroeker, Spark Energy, Inc.'s President and Chief Executive Officer. "While we continue to see organic growth potential, I'm very excited about the breadth of M&A opportunities as we predicted back at the time of our IPO."

Entrust Energy provided the following statement:

"After a thorough evaluation of the acquired residential customers this past year in the Pacific Gas & Electric market of Northern California, Entrust Energy, Inc. has entered into a purchase and sale agreement with Spark Energy, LLC to sell approximately 33,500 residential customer contracts in that market. This mutually beneficial transaction will allow Entrust to focus its attention on expanding in markets where it finds the customers to be the most valuable including Texas, the Northeast, and in the commercial customer space in the PG&E market."

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