Spark Energy CEO Says Winter Storm Opened Potential Acquisition Opportunities, Reduced Competitive Environment -- EnergyChoiceMatters.com

Spark Energy CEO Says Winter Storm Opened Potential Acquisition Opportunities, Reduced Competitive Environment

Spark Working On Projects In Renewable Space, ESG Strategies

May 12, 2021

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Reporting by Paul Ring • ring@energychoicematters.com

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During a recent earnings call covering first quarter results (see prior story for results), Spark Energy CEO Keith Maxwell said that the February winter weather event has opened up a number of potential acquisition opportunities, and has reduced the current competitive environment

"Looking forward to the remainder of 2021, we believe the storm had negligible impact on our future ambitions, and has already opened up a number of potential acquisition opportunities, as well as reduced the current competitive environment. Spark will continue to execute on all our initiatives of ramping up organic sales along with several acquisition opportunities," Maxwell said

Maxwell also noted Spark's previously reported increase to its working capital facility, with total liquidity of $141.0 million as of March 31, 2021. Such liquidity allows Spark to fund ongoing operations, "and potential tuck-in transactions and future endeavors," Maxwell said

"[W]e believe this liquidity puts us in an advantageous position in regard to new opportunities that we're currently working on, with a number of projects in the renewable space. Stay tuned as we expect to make several announcements in the coming months regarding our focus on ESG strategies, transforming the company into new areas of," supply and markets, Maxwell said

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