Iselin-based Direct Energy Business, a subsidiary of Centrica plc, announced an agreement to purchase the retail electricity business of Source Power & Gas LLC, a wholly owned indirect U.S. subsidiary of Australian power company ERM Power Limited.
Source Power & Gas is a Sugar Land, Texas, based retail energy provider serving commercial and industrial customers in the ERCOT and PJM ISO markets. With an approximate annual load of 6.5 TWh, Source Power & Gas currently serves 4,000 customers across 16,000 service locations in Texas, Illinois, Ohio, New Jersey, Delaware, Maryland, Pennsylvania and the District of Columbia.
“The purchase of Source Power & Gas, LLC’s retail business is in line with our continued growth strategy in North America,” said John Schultz, President Centrica North America and Direct Energy Business. “This transaction will mark a significant step in continuing to expand our operations and customer footprint in existing markets.”
The sale is subject to usual completion conditions and adjustments and is expected to close on November 30, 2018, followed by a period of customer transition.
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