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CenterPoint Sub. Acquires Retail Energy Supplier
CenterPoint Energy Services, Inc. (CES), an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc., announced that it has signed an agreement under which CES will acquire Atmos Energy's retail energy services business, Atmos Energy Marketing, LLC (AEM).
The purchase price for the acquisition is $40 million plus working capital subject to customary post-closing purchase price adjustments.
These assets will be combined with CenterPoint Energy's non-regulated Energy Services business, which when finalized, will operate in six additional states for a total of 32 states, and deliver in excess of one trillion cubic feet of natural gas to approximately 100,000 customers (33,000 metered commercial and industrial customers and 65,000 individual Choice retail customers).
AEM is a full-service natural gas marketing company that provides natural gas supply and asset management services to utilities, local distribution companies, and industrial and commercial facilities as well as municipals, power plants and natural gas producers.
The acquisition of AEM consists of:
• Gas supply, which includes a diverse supplier portfolio of large and small gas producers and marketers,
• Gas supply management (nominations, scheduling, balancing),
• Contract management and
• Storage options and services.
AEM adds approximately 400 Bcf of additional natural gas throughput and 800 delivered gas customers to CES. Pro forma, CES will deliver in excess of one trillion cubic feet of natural gas to approximately 100,000 customers in 32 states.
The transaction, financed from internally generated cash flow or borrowings under CenterPoint Energy's commercial paper programs, is expected to close in early 2017, subject to customary closing conditions, the expiration of any Hart-Scott-Rodino waiting period and receipt of certain third-party consents. The transaction has been approved by the board of directors of both companies.
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October 31, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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