Texas-based Retail Provider Acquired by Australian Supplier

Source Power & Gas has been acquired by Australian electricity retail specialist ERM Power Limited, the fourth largest electricity retailer in Australia.

Source CEO and President John Werner, said that Source, "will become the vehicle for ERM Power’s expansion in the US." Source said that it will leverage ERM Power's expertise to accelerate its growth in the U.S.

Source currently serves tens of thousands of commercial and residential customers across multiple states within ERCOT and PJM.

Mitch Anderson, CEO of ERM Power's retail business, said, "The acquisition of Source Power & Gas comes after a lengthy study of the US market over the past 12 months to find the right team to launch our business here."

According to Source, ERM Power, "has built a highly successful retailing business based on a differentiated service model incorporating superior customer service and proprietary IT systems."

The senior management of Source Power & Gas is remaining with the company. The transaction is expected to close in early 2015.

ERM Power is a diversified Australian energy company with interests in electricity sales, generation and metering, and gas production and exploration.

In Australia, ERM Power initially focused on serving larger businesses but now also offers services to small businesses. ERM Power has equity interests in 497 megawatts of gas fired peaking power stations in Western Australia and Queensland, and operates an electricity metering business that trades as Powermetric