Australian Retail Supplier Sells Its U.S. Residential Retail Supply Business

Australia-based ERM Power Limited announced the sale of its Source Power & Gas residential electricity retailing business for approximately US$11 million, subject to usual completion adjustments.

ERM Power had previously initiated a process to divest its non-core U.S. residential book to allow the U.S. business to focus exclusively on growing the Commercial and Industrial customer base.

"The sale proceeds exceed the original purchase price of Source Power & Gas, acquired by ERM Power in early 2015. The divestment of the non-core residential retailing book ensures we direct our resources and efforts to our core area of expertise, the C&I market, which has been the hallmark of our success in Australia," said ERM Power CEO and Managing Director Jon Stretch