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Update: Via Renewables Discloses More Info On Recent Book Purchase
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In a 10-Q, Via Renewables, Inc. ("Via Renewables" or the "Company") provided additional details concerning its agreement to acquire a book of retail natural gas customers consisting of approximately 18,700 RCEs in the Florida market, which had been first reported by EnergyChoiceMatters.com on Nov. 2
Concerning the agreement, Via stated in the 10-Q that, "In August 2022, we entered into an agreement to acquire up to approximately 18,700 RCEs and derivatives related to the customer load under a five-year contingent fee structure based on gas volumes billed and collected for the acquired customer contracts."
"These customers began transferring in the fourth quarter of 2022, and are located in our existing markets. Due to the contingent fee structure, the cost of the RCEs will be recognized when probable and reasonably estimable," Via said of the Florida book purchase
Given the stated date for the transfers, none of these RCEs were included in Via's September 30, 2022 RCE total which had been first reported yesterday.
Via's total RCE count was 336,000 as of September 30, 2022, down from 368,000 as of June 30, 2022
In the 10-Q Via stated, "During the three months ended September 30, 2022, we added approximately 10,000 RCEs primarily through our various organic sales channels. We expect to acquire customers organically in future periods but it will be slower in the near term, however we expect this number to increase on a monthly basis."
Gross attrition from June 30, 2022 to September 30, 2022 was 42,000
Average monthly customer attrition for the three months ended September 30, 2022 and 2021 was 4.0% and 2.4%, respectively, Via stated
"Our customer attrition was slightly higher than the prior year due to the sharp increase in commodity prices across the industry," Via stated
As noted, during the three months ended September 30, 2022, Via did not add any RCEs as a result of asset purchase agreements.
"We will continue to evaluate potential acquisitions during the remainder of 2022," Via said
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November 3, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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