HOUSTON, April 1, 2016 /PRNewswire/ -- CenterPoint Energy Services, Inc., (CES) an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc. (NYSE: CNP), has closed on a previously announced agreement to acquire the retail energy services business of Continuum Retail Energy Services, LLC, including its wholly-owned subsidiary Lakeshore Energy Services, LLC. The acquisition also includes the natural gas wholesale assets of Continuum Energy Services, LLC.
"With similar business models and a commitment to customer service, this transaction positions us to have access to more markets and efficiently grow our customer base by more than 30 percent across 26 states. Continuum has built an impressive business, and this acquisition complements our overall natural gas business strategy," said Joe Vortherms, vice president of CES. "Our complementary operational and geographic footprints provide us with the kind of scale, geographic reach, and expanded capabilities that will enable us to compete and grow, while maintaining a focus on customer service."
With the addition of these businesses, CES now operates in 26 states serving nearly 24,000 commercial and industrial customers, and more than 65,000 individual Choice customers. CES will be ranked as one of the nation's top 15 natural gas marketers based on volume.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 55.4 percent limited partner interest in Enable Midstream Partners, a publicly traded master limited partnership it jointly controls with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. With more than 7,400 employees, CenterPoint Energy and its predecessor companies have been in business for more than 140 years. For more information, visit the website at www.CenterPointEnergy.com.
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include, the ability of the CES to access markets and grow its footprint, future customer growth and customer count and future operations and performance are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future earnings, growth, performance, results of operations and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Factors that could affect actual results include (1) factors related to our business and the economy, including commodity prices, (2) financial and operational performance, (3) competitive conditions in the industry, (4) state and federal legislative and regulatory actions or developments affecting various aspects of the businesses, and (5) other factors discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2015.
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SOURCE CenterPoint Energy, Inc.