ResCom Energy to Assign Maryland Customers to Public Power

ResCom Energy, LLC and its marketing partner Positive Energy Electricity Supply, LLC have entered into an agreement to assign all of ResCom's Maryland electric customers to Public Power, LLC, the parties jointly informed the Maryland PSC yesterday.

The transaction follows Public Power's acquisition of ResCom's Connecticut electric customers reported last week (Only in Matters, 11/23)

As was the case in Connecticut, Joseph Ventura, President of Positive Energy Electricity Supply, LLC, told Matters that the transaction was a strategic decision taken to monetize the investment made in Maryland by ResCom and Positive Energy.

Terms of the transaction could not be disclosed due to a confidentiality agreement among the parties

With the Maryland and Connecticut assignments, ResCom and Positive Energy will focus on growing their New Jersey customer book.

The Maryland transaction only includes the customer contracts. Public Power is not purchasing ResCom's electric supplier license, nor is it purchasing an equity interest in either ResCom or Positive Energy. Additionally, similar to the Connecticut transaction, the Maryland transaction includes a non-compete clause.