Select Energy Grows New England Gas Presence
Aurora Natural Gas of Dallas sold its New England retail
business to Select Energy of Berlin, CT, for $26 million. Select is
a wholly owned subsidiary of Northeast Utilities.
Select acquires Aurora's retail customer contracts and
associated natural gas supplies in New England, making it one of
the regions largest competitive retail gas providers in addition to
its already established position as the regions largest competitive
retail electric supplier.
The acquisition gives Select a substantial increase in its
natural gas presence. With contracted annual volumes exceeding 8
Bcf, it represents hundreds of large commercial and industrial
customers in four New England states.
As part of the deal, Select will be granted exclusive rights in
the Northeast to the AMNET System, a data collection and volume
management system developed by Aurora Technologies.
Aurora will continue marketing and trading activities in other
areas of the country and will use sale proceeds to expand its
trading, midstream, and technology activities. "Our AMNET
technology allowed us to create a highly profitable retail business
in a very difficult operational environment. We believe Select
Energy's acquisition of the business and technology will allow the
company to leverage the combined businesses," said Dennis G.
McLaughlin, CEO ANG Holdings.
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