Crius Energy Signals Cost Reductions Will Exceed Targets
September 17, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Crius Energy Trust ("Crius Energy", the "Company" or the "Trust") announced that, "it is poised to exceed the high-end of its cost reduction guidance, with a run-rate in excess of $25 million in annualized cost reductions by the end of 2018."
All figures are in U.S. dollars unless otherwise noted.
"We continue to identify opportunities to reduce costs as we execute on our strategic decision to focus on our deregulated energy business," said Michael Fallquist, Chief Executive Officer of Crius Energy. "We are on-track to deliver approximately $35 million of improved run-rate profitability entering 2019 as a result of increasing our annual run-rate cost savings to more than $25 million, and eliminating the losses from our solar business. Our profitability going forward will be further enhanced by our focus on high-margin customer growth and our portfolio optimization initiatives."
Crius Energy previously announced in May that it was targeting incremental cost reductions to bring its total annualized general and administrative cost savings target from $10 million to $20-25 million. In addition, the company reported in August that it had already achieved cost-reductions of approximately $20 million and was on target to achieve annual savings of approximately $22 million by year-end. Through additional cost-reduction initiatives those projections have been enhanced and the Company now has plans to exceed the top end of the range before the end of 2018.
Crius provided a table listing details on the expected achievement by Crius Energy of $25 million in annualized run-rate cost reductions by the end of 2018, see the table here