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Indirect Ownership Stake In Retail Supplier By Goldman Sachs Acknowledged
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An application at FERC by Rhythm Ops, LLC, part of the Rhythm Energy family of companies, for electric market-based rate authority has revealed ownership information about the privately held retail supplier that generally has not previously been disclosed publicly, due to the unique nature of disclosure requirements (or lack thereof) of various other agencies at which the supplier has sought licensure
Rhythm Ops is a wholly-owned subsidiary of Rhythm Energy, Inc. ('Rhythm Energy'). Rhythm Energy is a wholly-owned subsidiary of Rhythm Holdings, LP ('Rhythm Holdings'). Rhythm Holdings is wholly owned by West Street Capital Partners VII – Parallel, L.P. ('West Street Capital Partners VII – Parallel'), West Street Capital Partners VII – Special Investments, L.P. ('West Street Capital Partners VII – Special Investments'), Rhythm Energy, G.P., LLC ('Rhythm Energy, G.P.') (Rhythm Holdings’ General Partner), and Rhythm Holdings’ employees. No employee owns 10 percent or greater voting interest in Rhythm Holdings.
West Street Capital Partners VII – Parallel and West Street Capital Partners VII – Special Investments are entities indirectly owned and managed by The Goldman Sachs Group, Inc. ('GS Group').
The GS Group also indirectly controls Rhythm Energy, G.P. As a result of the GS Group’s indirect control of Rhythm Holdings’ General Partner, which indirectly owns and controls Rhythm Ops, Rhythm Ops is affiliated with the GS Group.
Through Rhythm Energy, Rhythm Ops is affiliated with Rhythm Retail, LLC, "which was formed to market and sell electricity to end customers located in in regions and states that have not implemented organized markets."
Also notable is that Rhythm Ops, which is a retail electric provider currently operating in Texas, said that it is seeking to expand its business to engage in power marketing through various ISO/RTO markets, "as well as in regions and states that have not implemented organized markets."
Rhythm's expansion outside of Texas had been previously reported by EnergyChoiceMatters.com
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October 31, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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