Update: Integrated Retail Energy, DER Provider Acquires Retail Supplier

Catalyst Power REPCo LLC has taken ownership of AP Gas & Electric (NY), LLC as of August 1st, 2021

EnergyChoiceMatters.com had first reported in June that the companies had entered into an LOI for such transaction

AP Gas & Electric (NY), LLC had been specifically formed by AP Holdings, AP-NY's majority parent, in 2011 as a retail energy supplier, to operate primarily in the New York retail market.

The AP Gas & Electric (NY), LLC transaction, for which FERC approval was received, did not include any of the other AP Gas & Electric retail energy suppliers which operate in other states (such as AP Gas & Electric (PA), LLC, AP Gas & Electric (TX), LLC, etc). Notably, a separate entity, AP Gas & Electric (NJ) LLC, is also eligible as a New York ESCO, for large C&I customers. The AP Gas & Electric (NY), LLC transaction, for which FERC approval was received, did not include AP Gas & Electric (NJ) LLC.

In a FERC filing, AP-NY had stated that the value of the transaction is less than $10 million.

As previously reported, Catalyst Power REPCo, prior to the transaction, had two wholly-owned subsidiaries that operate as retail energy suppliers: (1) Catalyst Power & Gas LLC ('Catalyst P&G'), and (2) U.S. Energy Partners ('USEP'), the latter of which Catalyst acquired this year

Catalyst has two direct upstream owners: GP Energy Ventures LLC ('GP Energy Ventures') and BP-Catalyst Power Holdings LLC ('BP-Catalyst Holdings'). Ultimately, BP-Catalyst Power Holdings is a unit of BP Energy Partners LLC

As previously reported, Catalyst Power Holdings LLC, the parent of Catalyst Power REPCo, is a retail energy and distributed energy solutions provider founded in 2020, which received an initial equity backing of up to $60 million from the energy-focused private equity fund BP Energy Partners (BPEP) and Catalyst management. Catalyst Power Holdings LLC has previously stated that such funding would allow it to begin purchasing electric and gas retail energy providers (REPs) and fund the development of, "novel, difficult-to-access and highly repeatable energy supply options for underserved middle-market commercial and industrial end-use customers."

See more background on Catalyst here