Verde Energy Acquires Customer Book from Another Retail Supplier

Verde Energy USA, Inc. has entered into an agreement to acquire another customer book from a retail supplier.

Specifically, Verde Energy USA, Inc. recently entered into an asset purchase agreement with ResCom Energy, LLC and Positive Energy Electricity Supply, LLC pursuant to which all of ResCom's retail electric commercial and residential customer accounts in Pennsylvania, active on January 25, 2013 and who did not decline assignment under a 30-day notice period, were to be assigned to Verde.

The companies informed the Pennsylvania PUC of the assignment on February 4, but the filing was only recently posted publicly. The 30-day notice period would have led to the transfers beginning in early March, and presumably such transfers proceeded as intended, with the length of time for completion of the process contingent on the customer's individual meter reading date.

Specifically, the agreement called for ResCom to assign to Verde approximately 29,000 contracts for the provision of electric generation services to Pennsylvania retail customers. Verde is supplying electric generation service to the customers under Verde's terms of service at the same or lower rates.

Verde did not purchase ResCom's electric generation supplier license, which is being retained by ResCom. Following the closing of the transaction, ResCom agreed not to solicit those accounts included in the transaction for a period of three years. ResCom, with Positive Energy's assistance, will continue, however, to operate in the competitive marketplace for the retail sale of electricity in Pennsylvania under ResCom's name and electric generation supplier license

Verde's acquisition of the customer book follows its acquisition of Reliable Power, LLC's Connecticut customer book in February, which had been first reported by Matters