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Agway Reports Customer Count, Financial Data

November 26, 2018

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

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Suburban Propane Partners, L.P. presented an update on its retail energy supply business, Agway Energy Services, LLC, in a 10-K filing.

Agway Energy Services serves approximately 64,000 natural gas and electricity customers in New York and Pennsylvania. This compares to approximately 73,000 as of September 30, 2017.

Suburban Propane Partners stated in the 10-K that, "As a result of the New York Public Service Commission’s ('NY PSC') Low Income Order ('Order') which became effective in 2018, we were required to return low income residential customers to local utility service. This Order, along with another NY PSC order to reregulate the retail natural gas and electricity markets, has impacted our ability to acquire new customers in New York."

Approximately 88% of Agway customers were residential households and the remainder were small commercial and industrial customers.

Agway has recently commenced marketing its products and services to residents in Maryland

During fiscal 2018, Agway sold approximately 2.8 million dekatherms of natural gas and 388.1 million kilowatt-hours of electricity. During fiscal 2017, Agway sold approximately 2.9 million dekatherms of natural gas and 435.2 million kilowatt-hours of electricity

Suburban's natural gas and electricity segment reported operating income of $12.3 million for fiscal 2018, versus $13.8 million a year ago

Revenues in the natural gas and electricity segment decreased $0.8 million, or 1.4%, to $54.3 million in fiscal 2018 compared to $55.1 million in the prior year as a result of lower electricity usage.

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