NGI The Weekly Gas Market Report
Austin, TX-based Green Mountain Energy has received aninvestment of $53.5 million to fund its growth in marketing cleanerenergy sources in deregulated markets in the United States. Oddlyenough, the investment will come overseas from Nuon, the largestutility in the Netherlands and a leading provider of green energyin Europe.
The Nuon investment, plus a recent BP investment will help thecompany market its competitively priced energy from wind, hydro,solar and other cleaner and renewable resources. Green Mountaincurrently serves residential and commercial customers inCalifornia, Pennsylvania and New Jersey with plans of entering theConnecticut market next.
“Nuon has joined another global energy leader, BP, inrecognizing the tremendous opportunity for Green Mountain EnergyCompany to change the way power is made in the United States,” saidDennis Kelly, CEO of Green Mountain. “At the same time we arereconstituting our board and taking steps to enhance our financialfoundation and management team in order to strengthen the company’sability to grow the Green Mountain Energy brand.”
Under the agreement, the companies will also establish arelationship looking for ways to develop new renewable energygeneration facilities, while researching future opportunities toextend the Green Mountain Energy brand to European residentialenergy markets.
In a related action, Green Mountain’s current board Chairman SamWyly will be replaced by co-chairs, one elected by BP and one byNuon.
Earlier this year, Green Mountain named the former head of BP’sgas and power business in North America, Paul Thomas, as itspresident and COO.
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