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October 18, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Marathon Energy announced that it has purchased certain energy customer contracts from BlueRock Energy Inc.
Marathon Energy said that, "the purchased book of customers includes all utilities served by BlueRock in New York, and one utility in each of New Jersey and Pennsylvania."
In conjunction with the purchase, Marathon’s President Jerry Drenis issued the following statement: "The purchase of BlueRock’s book was timed perfectly to coincide with Marathon’s expansion into additional utility markets this year and enables us to quickly reach volumetric economies of scale. We were attracted to this opportunity because we have the greatest respect for BlueRock and its team, the target market it serves, and our shared values of high levels of customer service and industry leading low churn levels. We expect the transaction to be accretive to earnings."
Terms of the transaction were not disclosed.
Marathon Energy is currently active in 33 utilities in New York, New Jersey, Pennsylvania, and Maryland with 5 additional utilities opening soon in Massachusetts.