NRG Acquires Texas Customer Book -- EnergyChoiceMatters.com

Update #2, Amount Of RCEs At Close Reported

NRG Acquires Texas Customer Book

August 17, 2023

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Update #2, 8/21

AEG Financial and Texpo provided further information concerning NRG Energy's acquisition of a book of Texas retail electric customers from Texpo Power, L.P.

AEG Financial confirmed that Texpo was serving roughly 150,000 RCEs in Texas at the time of its exit

Texpo and AEG Financial provided the following further statements

Texpo's entire commercial and legal team would also like to give a huge thanks to Shell Energy North America, its wholesale supplier since 2010, for 14 years of great service and support, and during which time Texpo Energy Group bought, and Shell Energy sold to Texpo, over $750,000,000 of wholesale power in Texas. "Shell has been with us and supportive since our early years and all the way through our investors' recent exit of the Texas retail energy markets. Any independent REP looking for a source of wholesale supply and financing should ensure they reach out to and consider Shell Energy's group," continued Texpo's commercial and legal team.
"Having served a total of roughly 150,000 RCEs in Texas at the time of its exit, Texpo Energy Group's market offerings and five star service will be missed by the market, but all customers will be in great hands with Discount Power," noted AEG Financial's Rob Potosky.
Inquiries regarding Texpo can be sent to AEG Financial, Texpo's exclusive investment banking team in Texpo's sale, at m-a@affiliatedenergy.com

Update, 8/17, 6:30 pm ET

AEG Financial said that it served as sole and exclusive advisor (to seller) in this transaction. No other advisors were involved, AEG Financial said

"Texpo has been an REP for over 16 years and is pleased to have achieved its exit strategy back in June 2023, and we transitioned all our customers to Discount Power during the first week of August, 2023, thanks to AEG Financial. Discount Power, a large REP with solid financials, has many great offerings and will be a great home for our customers," said Jane Thompson of Texpo's commercial team

Earlier:

NRG Energy has acquired a book of Texas retail electric customers from Texpo Power, L.P.

Based on the date listed below, the transaction is distinct from an earlier Texas book acquisition by NRG consisting of customers of Southwest Power & Light and YEP (both brands of Texpo) earlier this year (details here)

Texpo Power, L.P. filed the following disclosure with the Texas PUC today:

"On June 2, 2023, Texpo, US Retailers LLC ('USR'), a Delaware limited liability company, and Direct Energy Business, LLC, d/b/a NRG, a Delaware limited liability company ('DEB') entered into an asset purchase agreement, pursuant to which Texpo agreed to sell and assign its customer contracts to USR and DEB, and USR and DEB agreed to unconditionally accept the foregoing assignment. As a result of the recent customer transitions to USR and DEB, while Texpo will remain a licensed retail electricity provider, Texpo no longer meets the qualification under 16 Texas Administrative Code §25.43(h)(2)(C) to be eligible as an LSP capable of serving as a POLR, and kindly requests that the Commission remove Texpo from the LSP list for the remainder of the 2023- 2024 POLR term."

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