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UGI Energy Services Acquires Book Of Retail Customers
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UGI Energy Services LLC (UGIES), a subsidiary of UGI Corporation, announced the purchase of South Jersey Energy Company’s (SJE) retail natural gas business including Open Flow Energy, effective December 1, 2018.
The purchase includes all of SJE’s 2,500 commercial and industrial natural gas customer contracts, which includes supply service to approximately 6,000 locations. Customers are located primarily in Pennsylvania and New Jersey.
South Jersey Industries (SJI) will continue serving its retail electric customers as part of the South Jersey Energy retail electric business.
"This acquisition continues the strategic buildout of UGIES’ growing retail natural gas business," UGI said
"This acquisition allows us to build upon our already strong commercial and industrial retail business in the mid-Atlantic region," said Joseph Hartz, president of UGIES.
"UGI views the acquisition of South Jersey Energy’s retail natural gas business as part of our strategy to grow through transactions that complement our core business and bring value to consumers and the company," said John Walsh, president and CEO of UGI Corporation.
UGI Energy Services LLC markets natural gas, electricity and liquid fuels to commercial, institutional and industrial customers at approximately 43,000 locations in 10 eastern states and Washington, D.C.
South Jersey Industries (SJI) said of the sale, "With the completion of this transaction, SJI has divested all its retail gas assets from South Jersey Energy and Open Flow Energy. Through these subsidiaries, the company previously operated as a licensed, deregulated natural gas provider with over 2,500 customers located primarily in New Jersey, Pennsylvania, and Ohio."
"The sale of these assets represents another step in our ongoing effort to transform our business by monetizing non-core, non-regulated assets and operations and refocusing our business to emphasize high-quality, regulated earnings growth," said Stephen H. Clark, President and Chief Operating Officer, South Jersey Energy Solutions.
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December 3, 2018
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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