Houston, TX (PRWEB) January 23, 2015
ERM Power Ltd today announced completion of the purchase of US electricity retailer, SPG Energy Group LLC, trading as Source Power and Gas (Source).
The transaction was announced to the market on December 11, 2014 and was subject to certain US regulatory approvals. Those approvals have now been granted.
As previously reported, the acquisition gives ERM Power an attractive, low risk entry point to the sizable US energy market, and the immediate priority is to grow the load and profitability of the business.
The core focus of ERM Business Energy is meeting the energy needs of businesses, and the Source acquisition provides further opportunity to expand that proven business model into the US.
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 by visiting 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. 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.