Direct Energy Acquires Retail Customer Book
July 31, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
The following story is brought free of charge to readers byEC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com
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.