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Via Renewables Reports Update On Recent Book Acquisitions, RCE Count
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In a recently filed 10-K, Via Renewables, Inc. provided an update on customers transferred under various previously reported recent book purchases
As previously reported, in October 2024, Via entered into two asset purchase agreements to acquire up to 100,600 RCEs for a cash purchase
price of up to a maximum $16.9 million
Via reported that, during the twelve months ended December 31, 2024,
approximately 72,700 RCEs were transferred to a Via brand under these transactions
In a new public disclosure, Via provided the RCE total and commodity types for each of these two October 2024 transactions
One of the October 2024 transactions included 42,100 electric and natural gas customers. While not confirmed by Via, this is believed to reference Via's acquisition of a book of electric and gas customers from Tomorrow Energy (details here)
A second, separate October 2024 transaction included 58,500 natural gas customers
In a separate transaction, in April 2024, Via had entered into an asset purchase agreement to acquire up to approximately 12,556 RCEs for a cash
purchase price of up to a maximum of $2.3 million. Via stated that, "As of December 31, 2024, we've completed this acquisition."
During the twelve months ended December 31, 2024, approximately 9,300 RCEs were
transferred to a Via retail supplier under this April 2024 transaction
Via reported that $0.4 million related to the April 2024 transaction, previously held in escrow, will be returned to Via in the first quarter of 2025
Although not confirmed by Via, the April 2024 transaction is believed to refer to Via's acquisition of a natural gas customer book from Inspire
Via reported that its RCE count as of December 31, 2024 was 388,000, up from 328,000 as of September 30, 2024 and 335,000 a year ago
During the year ended December 31, 2024, Via added approximately 127,000 gross RCEs through various organic
sales channels.
During the
year ended December 31, 2024, Via added 82,000 RCEs through acquisitions or asset purchase agreements.
Via experienced gross attrition of 156,000 RCEs during the 12 months ended December 31, 2024
Attrition during the 12 months ended December 31, 2024 was 3.9%, versus 3.4% a year ago
"Customer attrition for the year ended December 31, 2024 was higher than the year ended December 31, 2023 driven
primarily by proactive non-renewals in New York due to regulatory changes, along with increased attrition
attributed to the new customer book acquisitions in the fourth quarter," Via stated
Customer acquisition cost for the year ended December 31, 2024 was approximately
$9.5 million, an increase of approximately $2.8 million, or 41%, from approximately $6.7 million a year ago
At December 31, 2024, Via's customer base was 63% residential
and 37% C&I
As of December 31, 2024, approximately 59% of Via's RCEs were located in five states. Specifically, 24%, 9%, 9%,
9%, and 8% of Via's customers on an RCE basis were located in PA, TX, CO, NJ, and NY, respectively
For the year 2024, Via reported Adjusted EBITDA $58.6 million, versus $56.9 million a year ago
Retail Gross Margin was $142.0 million for the year 2024, versus $136.7 million a year ago
Electric Retail Gross Margin per MWh was $46.02 per MWh for the year 2024, versus $43.59 per MWh a year ago.
Natural gas Retail Gross Margin per MMBtu was $4.12 per MMBtu for the year 2024, versus $4.22 per MMBtu a year ago
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March 26, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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