U.S.-Based Retail Supplier Sells U.K. Energy Marketing Business
October 25, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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UGI Corporation announced today that it has entered into an agreement to divest of its energy marketing business in the United Kingdom to British Gas, for an undisclosed amount, effective on October 21, 2022.
At the date of the agreement, this business, which was operated as AvantiGas ON, supplied natural gas to approximately 13,000 business meter points on the gas grid in the U.K.
Beth Reid, Vice President – Growth & Transformation, UGI International said, "In conjunction with UGI’s strategic review of its European energy marketing business, we were pleased to reach an agreement to divest of our natural gas marketing operations in the UK. The strategic review of the remaining energy marketing businesses in France, Belgium and the Netherlands is ongoing. With the sale of the UK energy marketing business and the natural roll-off of existing contracts, we expect a 20 – 25% reduction in volumes in Fiscal 2023 as we continue to progress the strategic review of the remaining energy marketing activities."