General Light & Power, Inc. to Acquire Texas Retail Electric Provider

Prier Energy Inc., a Texas retail electric provider, and General Light & Power, Inc. have entered into a stock purchase agreement to transfer all of the Prier Energy Inc. stock to General Light & Power, Inc.

General Light & Power, Inc. filed a REP certificate application requesting PUCT approval of the change of ownership and control of Prier. The closing of the stock purchase agreement is contingent upon the Commission's approval of the change of ownership or control of Prier.

None of the current owners or executive management will remain with Prier.

The directors of General Light & Power, Inc. and its parent company, American GLP Corporation, are Scott Evans, Alejandro Mendez, and Enrique Parrilla. Upon closing of the transaction, each will become a director and officer of Prier Energy.

Evans will serve as President of Prier Energy upon close of the transaction. Most recently, Evans was Senior Vice President of Operations for retail provider Veteran Energy LLC, and prior to that was President of Retail Operations for retail provider Frontier Utilities, Inc. Evans, who has 10 years experience in the ERCOT retail market, previously held several positions at Spark Energy.

General Light & Power, Inc. requested that the REP certificate retain the Prier Energy Inc. name and the existing trade name General Power & Light. General Light & Power, Inc. sought to delete the trade names Today's Energy and Bubba Power from the certificate.

General Light & Power, Inc. said that, "[d]uring its review of the Prier operations, the applicant identified concerns about Today's Energy and asked the current owners to cease operating under the Today's Energy assumed name."

"Any customers associated with the Today's Energy assumed name were transferred to Summer Energy and no services are currently provided to customers under the Today's Energy assumed name. The applicant does not wish to continue any operations utilizing the Today's Energy assumed name and requests authorization to relinquish the Today's Energy assumed name," General Light & Power, Inc. said.

General Light & Power, Inc. also said that it is aware of a current PUCT Oversight and Enforcement Division investigation of Prier Energy, Inc, but that it is not aware of the specifics of the Oversight and Enforcement Division's concerns. As of the time of the filing of the REP certificate application, no formal action has been taken by the Oversight and Enforcement Division. General Light & Power, Inc. said that it will cooperate fully with the Oversight and Enforcement Division in its current investigation to attempt to resolve the Division's concerns about Prier Energy, Inc.

General Light & Power, Inc. said that, from the customer's perspective, there will not be a substantial change in the operation of the company, as, "services will continue to be provided to existing customers in the same manner as they are currently." General Light & Power, Inc. will maintain Prier's billing system and customer service staff in Brownwood, Texas.