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Identity Of Purchaser Of Retail Energy Book In Recent Sale Revealed
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A regulatory proceeding has revealed the purchaser of a retail electricity customer book in a recent book sale
Specifically, the Maine PUC recently made public a January 12, 2023 email alleged to be from Mega Energy of Maine, LLC in which the email is alleged to state that, "Mega Energy has sold our book of customers in Maine to Town Square [sic]."
As previously reported by EnergyChoiceMatters.com, a separate entity, Mega Energy New England, LLC, had previously disclosed in early 2023 that it was selling its Massachusetts commercial customer book, but a buyer was not identified at such time, and it is not clear if the ultimate buyer of the Mega Energy New England, LLC Massachusetts book is the same as the buyer of the Mega Energy of Maine, LLC book
Town Square Energy is a unit of Genie Energy
As previously reported, Genie Energy recently disclosed in reporting its annual financial results that, "During the quarter [ending December 31, 2022], our retail book grew modestly as we largely remain on the sidelines in terms of customer acquisition, excluding a small acquisition of book customers in the Midwest and Northeast." It was unclear if Genie's disclosure referred to any Mega book acquisition(s), such as that in Maine, or a wholly unrelated transaction (it was unclear if any Mega book acquisitions and customer transfers were completed before the close of the fourth quarter of 2022)
As to Mega Energy of Maine, LLC, the Maine PUC recently revoked the competitive electricity provider license of Mega Energy of Maine, LLC for Mega Energy of Maine, LLC's alleged failure to respond to a PUC procedural order which had sought information concerning a January 2023 email from Mega Energy of Maine, LLC, which the PUC termed "cryptic," and which the PUC said indicated that Mega Energy of Maine, LLC no longer
intended to serve customers in Maine.
Mega Energy of Maine, LLC was not serving customers in Maine at the time of the revocation. The Maine PUC said that Mega Energy of Maine, LLC did not respond to
a notice concerning the matter and did not request a hearing on the matter
The Maine PUC alleged that, "By email dated January 12, 2023, Mega Energy informally notified Commission
Staff that it 'sold [its] book of customers in Maine' to another CEP and that it does 'not
intend to serve customers in Maine.' It appeared to further note, however, that it
currently has some Maine customers whose contracts would expire in January, and
some Maine customers whose contracts would extend beyond January. It attached to
its email customer notices regarding transfers of service to another CEP. "
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April 10, 2023
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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