Houston, TX (PRWEB) December 11, 2014
Retail electricity provider, Source Power & Gas has been acquired by an Australian electricity retail specialist, ERM Power Limited.
Source CEO and President, John Werner, said, “This is great news for Source as our business will become the vehicle for ERM Power’s expansion in the US. Our businesses are highly aligned, philosophically and strategically, and the Source team looks forward to leveraging ERM Power’s expertise to accelerate our growth in the US.”
ERM Power, the fourth largest electricity retailer in Australia, has built a highly successful retailing business based on a differentiated service model incorporating superior customer service and proprietary IT systems.
CEO of the retail business of ERM Power, Mitch Anderson, said, “The acquisition of Source Power & Gas comes after a lengthy study of the US market over the past 12 months to find the right team to launch our business here.”
“Source Power & Gas has built an impressive business in a very short period of time and we look forward to helping them continue their growth in the US markets,” said Mr Anderson.
COO of Source, Qadir Khan, said, “Source Power & Gas and ERM Power have a shared commitment to service excellence and operational perfection and we are very pleased to be working with the ERM Power team to continue to enhance our offerings in the US markets.”
The senior management of Source Power & Gas is remaining with the company and it will be business as usual during the transition period for Source’s customers, employees, channel partners and suppliers. The transaction is expected close in early 2015.
Source Power & Gas is an independent retail energy provider founded by one of the industry’s most experienced executive teams. Source currently serves tens of thousands of commercial and residential customers across multiple states within ERCOT and PJM. It is uniquely positioned to provide customers in these markets with innovative products and services matched with competitive energy rates and unsurpassed customer service. Learn more about Source spgenergy.com.
About ERM Power
ERM Power is a diversified Australian energy company with interests in electricity sales, generation and metering, and gas production and exploration. Trading as ERM Business Energy and founded in 1980, we have grown to become the 4th largest electricity retailer in Australia with operations in every state and the Australian Capital Territory. We initially focused on larger businesses but now offer our industry leading services to small businesses. We have equity interests in 497 megawatts of low emission, gas fired peaking power stations in Western Australia and Queensland, operate an electricity metering business that trades as Powermetric, sell conventional gas and condensate from onshore discoveries in Western Australia, and have gas exploration operations in Western Australia and New South Wales. Learn more about ERM Power at ermpower.com.au.