A wholly owned subsidiary of Potomac Electric Power Co. (Pepco)has purchased the assets and operations of a Maryland-based gasretail marketing firm for an undisclosed amount. The transactiongives Pepco through its subsidiary, Pepco Services, the capabilityto offer for the first time natural gas to its commercial,institutional and industrial customers.
Gaslantic Corp., which is located in Forest Hill, MD, providesstrategic fuel management to large gas users in the eastern half ofthe United States, helping customers to obtain the best fuelsource, transportation and prices. The company, which had revenuesof $50 million in 1997, will operate as a new division of PepcoServices.
“This acquisition strengthens our product and servicecapabilities, particularly as we plan to open an office soon inPennsylvania to sell both gas and electricity,” said Pepco ServicesPresident Ed Mayberry.
With the purchase of Gaslantic, Pepco Services will add fuelsupply management and retail sales of natural gas to its integratedenergy solutions. The acquisition, the utility said, will build onPepco’s investment in the Cove Point liquefied natural gasfacilities, a joint venture with Columbia Energy Group.
©Copyright 1998 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press,Inc.
© 2021 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |