Town Square Energy to Acquire Community Power & Utility License, Contracts

Community Power & Utility LLC has petitioned the Connecticut PURA for approval to transfer its retail electric supplier license to Twin Cities Power, LLC d/b/a Town Square Energy.

Community Power & Utility's pending sale was previously reported by Matters.

Upon approval, existing customers under contract with Community Power & Utility will be notified of the license transfer, and will continue with their current contracts (which will be assigned to Town Square Energy) until their service term expires, at which time they will be offered a new contract with Town Square Energy.

All customers will be given the option to voluntarily switch from their current plans to a new one, which will effectively enable them to terminate their contract with Community Power & Utility early and initiate a new contract with Town Square Energy, with no penalty or cancellation fee.

The transfer would mark the first time Twin Cities Power, LLC has provided retail electric supply.

The major shareholders of Twin Cities Power, LLC have owned and operated private equity energy funds since 2005. These funds operate in all major deregulated markets in the US and Canada, including NEPOOL, and focus on the wholesale trading of electricity and natural gas. The various businesses also engage in electricity asset hedging and optimization, and real time trading and scheduling of electricity, including the dispatch of power plants and the physical movement of power over open-access transmission.

Community Power & Utility and Twin Cities Power, LLC requested expedited PURA approval of the license transfer.