Commerce Energy Sells Texas Retail Electricity Service Contracts to Ambit
Posted on: Thursday, 30 October 2008, 09:00 CDT
The Commerce Energy Group has announced that its principal operating subsidiary, Commerce Energy, has sold all of its retail electricity service contracts in Texas to Ambit Energy for an estimated $14.8 million.
The purchase price includes $8.5 million in cash received on closing, a second payment of $2.7 million, reduced by customer deposits and adjusted for final customer count, to be received on or before November 24, 2008 and deferred payments over a 24-month period estimated to be $3.6 million.
Commerce Energy will retain its business providing retail electric power and natural gas in other markets in which it currently operates. Commerce was represented by the Affiliated Energy Group in connection with the transaction.
Michael Fallquist, COO of Commerce Energy, said: "This is a significant, positive step in both paying down debt as well as strengthening the core platform of the company. We found a buyer in Ambit that shares our commitment to great technology, products and customer service."
Source: Datamonitor
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The
Better Business Bureau (BBB) of Dallas/Northeast Texas has accepted
Ambit Energy’s application for membership. Ambit is a rapidly growing
retail electric provider serving residential consumers within the
deregulated electricity markets in Texas.
"Joining the
Better Business Bureau is a natural fit for our company," said Jere
Thompson, Jr., Ambit Energy Co-Founder and CEO. “Beyond our enthusiasm
for saving our fellow Texans money on their monthly electric bills, our
goal is to be the finest and most respected retail electric provider in
the country."
"Our senior management team is filled
with experienced veterans of rapid growth service companies." Mr.
Thompson continued, “They understand what it takes to train great
people and provide outstanding service."
"As more
consumers assert their right to choose a new electricity provider, an
attractive rate isn’t the only factor being considered," said Chris
Chambless, Ambit Co-Founder and Chief Marketing Officer. “More and
more, quality customer service and accurate billing are at the top of
the priority list for educated customers."
With a strong
online presence, Ambit Energy also participates in the BBBOnline
Reliability Seal program, which is designed to help businesses promote
trust and confidence on the Internet so consumers will view the
Internet as a safe place to shop. Ambit Energy can be found on the
Internet at www.ambitenergy.com.
"Having the BBBOnline
Reliability Seal on our website is important," said Mr. Chambless. "It
tells our customers and Independent Consultants that we are serious
about our commitment to provide exceptional service."
Ambit
Energy, a Retail Electricity Provider based in Dallas, announced today
that it has entered into a multi-year electric supplier agreement with
Coral Power, LLC ("Coral"), a member of the Royal Dutch Shell plc group
of companies.
Under the new multi-year contract, Coral
will supply electricity to Ambit Energy to serve residential customers
in Texas and New York.
"In line with our vision to become
the finest and most respected energy services provider in the country,
this agreement with Coral positions us for tremendous growth and
stability as we expand our business in Texas, New York and soon other
deregulated markets," said Ambit Co-founder and CEO Jere Thompson, Jr.
"Our business relationship with Coral is yet another step towards
realizing our corporate vision."
"Ambit is now strategically
positioned to provide our rapidly growing base of customers in Texas
and New York with competitive rates and incredible value for years to
come," said Chris Chambless, Ambit Co-founder and Chief Marketing
Officer. "We believe that by partnering with one of the largest
suppliers of electricity and natural gas in North America, we have
enhanced our ability to enter new markets, which in turn expands growth
opportunities for our Consultants as we continue to educate consumers
about the benefits of deregulation in the markets we serve."
About Ambit Energy:
Based in Dallas, Texas, Ambit Energy, L.P., is a Retail Electric
Provider (REP) in Texas, and an Energy Services Company (ESCO) in New
York. Ambit provides electricity services to residential customers in
deregulated Texas and New York markets. Ambit acquires customers
through a network of independent consultants.
About Coral:
Shell Trading is a global business network integrating the worldwide
energy trading activities of the Royal Dutch Shell group of companies,
of which Coral Energy Holding L.P. and its subsidiaries are an integral
part. With headquarters in Houston, Texas, and trading and marketing
offices located across North America, Coral Energy offers a
comprehensive portfolio of energy-related products and services
associated with natural gas and power marketing and trading. Coral
Energy markets and trades natural gas, wholesale power and risk
products with counterparties and customers across North America. Its
customers include commercial and industrial end users, utilities,
producers, generators and aggregators.
Here are the most frequently asked questions from consumers about their residential energy service.
What has changed in electric service with deregulation? You can now choose to buy residential energy from a different supplier than the original provider for your area. These companies are called Retail Electric Providers (REP) in Texas, Energy Service Companies (ESCO) in New York, and Alternative Gas Suppliers (AGS) in Illinois.
How does Ambit Energy reduce my monthly bills? Deregulation allows REPs, ESCOs, and AGSs - like Ambit Energy - to buy energy wholesale from competitive providers and pass the savings along to customers.
If I switch, where will my power come from? Your current electric utility or Local Wires Company will continue to deliver your electricity. Your power will come from a regional power pool that includes energy from traditional power plants and other sources like wind, water, sun and natural gas. Your Local Distribution Company will continue to deliver your natural gas.
Will the reliability of my residential energy service change with deregulation? No. No matter which retail supplier you choose, power will continue to be delivered safely and reliably by a company still regulated by the utility commission or agency of your state.
What happens if I have an emergency or power outage? Because your local utility is still responsible for maintenance and repair, you will call these regulated firms in the event of an emergency or outage at the number provided on your bill.
Does everyone have the power to choose their energy supplier? No. City-owned utilities and member-owned electric and/or natural gas cooperatives have the option of giving their customers a choice of providers, or keeping things the way they are today.
What happens if my retail energy company goes out of business? You will not be without energy. You should receive a notice from your retail provider giving you time to select a new provider. If not, your service will revert to your previous provider or a provider designated by the state utilities agency. Rest assured, Ambit Energy is financially solid and in no danger of going out of business.
How many people do you know right now that uses electricity or natural gas?
Now how many of those people do you know that would like to pay less every month? -with no cost to switch, no contracts, a $198 gift just for signing up, and travel points for kilowatts and therms they use, that they can turn in for free vacation and travel packages. And they get a free website that they can use to refer friends and family to, if they refer 5 friends, they get a free 5 day 4 night cruise.
If we could save people that kind of money while still providing the reliable service they’re used to, how much money do you think we could make?
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