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Retail Supplier Selling Customer Book
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Mega Energy New England, LLC is selling its Massachusetts commercial customer book, the company disclosed in a regulatory filing in Connecticut
No further information concerning the sale, including the buyer, was immediately available
As previously reported, Mega Energy New England, LLC is returning all of its Connecticut customers to default service, citing (in some instances) a Force Majeure provision in certain contracts, due to the expiration of the company's supply agreement and inability to secure an agreement with another wholesale supplier (see background here)
As reported earlier, Mega Energy had previously noted that it had engaged an advisor to gauge market interest in the Company’s book of customers, and Mega had reported (in explaining its drop of customers to default service in Connecticut) that the buyer under the sole "viable" offer it received was not interested in the Connecticut book
However, in such earlier filing, Mega Energy New England, LLC had not specifically stated whether it would proceed with the sale of its non-Connecticut book(s).
In a new Jan. 20 filing, Mega Energy New England, LLC has now confirmed that a sale of the Massachusetts commercial customer book is proceeding, as Mega Energy New England, LLC stated, "Although the Company will receive limited revenue from the sale of its Massachusetts commercial customer book, once it pays its secured creditor, the Company will not have any funds available."
Mega Energy New England, LLC made this statement as further support that it is not capable of continuing service to its Connecticut customers
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January 20, 2023
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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