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Direct Energy Acquires Retail Customer Book

July 31, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Centrica, the parent of Direct Energy, reported that, in July, it acquired a portion of BP’s US retail marketing operation, which supplies around 100bcf of gas per year to customers in Indiana, Kentucky, Tennessee and Ohio.

Specifically, Centrica acquired a North American mid-continent retail business from BP Canada Energy Marketing Corporation for consideration of $39 million (£31 million).

Separately, Centrica reported that in early 2018, as first reported by EnergyChoiceMatters.com in April, it acquired NJR Retail Services company for cash consideration of $24 million (£17 million), of which $13 million (£10 million) was deferred. The provisional fair value of assets and liabilities acquired was $24 million. As previously reported, the purchase price had previously been described by NJR in a 10-Q

Centrica said that the acquired NJR retail natural gas business supplies around 45bcf of gas per year to customers in the US North East and Mid-Atlantic.

"We also continue to focus on building our strong gas position in the US North East, in addition to expanding our offer into new geographies and have completed two small bolt-on acquisitions in the year to date," Centrica said of the acquisitions.

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