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Update #2: Update From AEG, Advisor To Seller
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Update #2, 11 am ET, May 5
AEG Affiliated Energy Group Financial said that it was the exclusive investment banking team on the transaction, having advised Southwest Power and Light and YEP Energy.
AEG confirmed that the transaction did not include customers from the brands Texpo Energy, Nova Electric Co., and Rio Power & Light . Those brands remain within the possession and ownership of Texpo Power, LP.
AEG confirmed that YEP and EnerPenn customers outside of Texas all remain within the possession and ownership of Texpo Power, LP and its subsidiary, EnerPenn.
Update, 6:30 pm ET, May 4
NRG provided the following statement concerning the matter:
"We can confirm NRG has acquired the customer accounts of Texpo Power. All residential customers were transitioned to service with Discount Power in February. The terms of all existing customer contracts have remained the same and all are located in Texas."
--- Statement from NRG
Earlier:
NRG Energy's Discount Power brand recently acquired a book of customers from the Texas retail electric provider brands Southwest Power & Light and YEP, both of which are brands of Texpo Power LP (REP Certificate 10126).
It was not clear if the book acquisition included customers from Texpo's other Texas brands, which include Texpo Energy, Nova Electric Co., and Rio Power & Light
It was not clear if the book acquisition included customers from any Texpo affiliates outside of Texas (namely EnerPenn USA and YEP Energy which operate in various other states)
It was not clear if the acquired customers were solely assigned to NRG Energy's Discount Power brand, or were split among various NRG brands
NRG in its 10-Q noted that, "growth investments for the three months ended March 31, 2023 include expenditures for a small book acquisition[,]" though NRG in the 10-Q did not appear to identify the owner of the small book
As EnergyChoiceMatters.com reported earlier today, in discussing its 2023 capital allocation as part of an earnings presentation, NRG listed $25 million for the acquisition of small books, in a change from its previously disclosed allocation of $15 million for small books, as listed in its full-year 2022 earnings presentation from February 2023. The change should not be read as indicative of the purchase price for any single or specific transaction.
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NRG Acquires Texas Customer Book
May 4, 2023
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Reporting by Paul Ring • ring@energychoicematters.com
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