Centrica subsidiary expands footprint in New York
Energy provider Centrica has agreed to acquire the New York-based energy retailers Energetix and NYSEG Solutions, which operate as a single retail organisation, in order to strengthen its position in north-east America.
Energy provider Centrica has agreed to acquire the New York-based energy retailers Energetix and NYSEG Solutions, which operate as a single retail organisation, in order to strengthen its position in north-east America.
The acquisition, made through Centrica's North American subsidiary Direct Energy, will cost the company $110m (£71m) in cash, plus additional working capital, and is expected to deliver economies of scale and significant cost savings through integration of the businesses with Direct Energy's existing operations.
Direct Energy President and Chief Executive Officer Chris Weston said: "This acquisition marks another step in the development of our North American business and supports Direct Energy's strategy to grow and add scale to its US Northeast downstream power and gas position, particularly in the New York market."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As a result of the acquisition the company will have nearly 500,000 customers in the state of New York.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published