NRG Energy Buys Energy Plus for Retail Power
NRG Energy, Inc. is planning to expand the retail side of its diverse energy offerings with the acquisition of Philadelphia-based Energy Plus Holdings LLC. Serving primarily the Northeastern United States’ retail energy market for electricity and natural gas, Energy Plus has tapped into markets in New York, Connecticut, Pennsylvania, New Jersey, Maryland, Illinois, and even Texas.
NRG Energy has offered $190 million cash to buy Energy Plus Holdings. NRG believes the acquisition will add immediate scale to its already expanding retail customer base, with a particular focus on the Northeast U.S.
The deal is expected to close in October pending approvals from the Justice Department and Federal Energy Regulatory Commission.
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Energy Plus has been one of the fastest growing energy companies in the United States. It has successfully garnered partnerships with nearly 100 companies and associations throughout the industry.
"As we launch our retail expansion in the Northeast, Energy Plus adds a highly effective, absolutely unique and essentially non-replicable sales chain to our successful retail energy platform," said David Crane, NRG President and Chief Executive Officer. "Energy Plus' direct marketing expertise, exclusive loyalty program partnerships and marketing platform, leveraged with the resources of Reliant and Green Mountain and aligned with the wholesale support provided by NRG's generation assets, creates a potent retail combination that is well differentiated from the product and service offerings of our competitors."
Combining NRG Energy’s wholesale power generation business with Energy Plus’ retail market reach will undoubtedly catapult the company to new heights.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.