HOUSTON, Jan. 8, 2016 /PRNewswire/ -- GDF SUEZ Energy Resources NA, Inc. – the third-largest non-residential electricity provider in the U.S. – and Guttman Energy Inc. announced today that they have entered into an agreement under which GDF SUEZ Energy Resources will acquire Guttman Energy's power customers. This move further reinforces GDF SUEZ Energy Resources' commitment to customers in Ohio and Pennsylvania and follows through on a strategic growth objective in those states.
"GDF SUEZ Energy Resources has been in business since 2002, and since opening our doors, we have taken great pride in building our business 100 percent organically," stated Graham Leith, VP of Sales. "Now – as one of the largest commercial and industrial electricity suppliers in the nation – we are shifting our focus to bring our customer service, risk management capabilities, and products and services to a broader range of customers."
Guttman Energy is one of the largest privately held organizations in Pennsylvania, marketing refined petroleum products in 16 states and providing natural gas and electricity to commercial and industrial customers in Ohio and Pennsylvania. Guttman Energy entered the retail natural gas and electricity market in 2013 and has grown considerably since then, establishing a reputation for building and sustaining long-term customer and partner relationships through transparency, competitive pricing, and ease of doing business.
Mike Senff, President of Guttman Energy, commented, "Through the efforts of a very dedicated and talented team, we've enjoyed much success in the sale of retail electricity. However, we've decided to redeploy capital into assets that are more closely related to our core operations, which continues to include natural gas marketing. We're confident that GDF SUEZ Energy Resources can continue to deliver on the commitments we've made to both customers and the broker community. We look forward to working closely together on a smooth transition for our power customers."
Leith added, "The transaction is a fivefold increase in the number of customers we serve in Ohio and Pennsylvania. GDF SUEZ Energy Resources will honor each and every customer and broker contract that Guttman Energy has in place. Guttman Energy and GDF SUEZ Energy Resources will work closely together to ensure the transition is as seamless as possible."
The transaction is expected to close by the end of February.
About Guttman Energy
Since 1931, Guttman Energy has been helping customers meet their energy needs. Guttman Energy provides a diverse array of energy solutions to wholesale, commercial, and industrial customers through two divisions. The Fuels Division, which operates in 16 states east of the Mississippi, distributes more than 1.4B gallons per year of petroleum products and offers programs designed to help customers most effectively purchase and manage these products. The Natural Gas Division helps businesses identify and obtain solutions to their natural gas commodity purchasing needs by providing the service that best addresses each customer's unique financial, operational, and risk considerations. For more information about Guttman Energy, visit www.guttmanenergy.com.
About GDF SUEZ Energy Resources
Soon to rebrand under the ENGIE name in 2016, GDF SUEZ Energy Resources is the third-largest non-residential retail electricity supplier in the United States and currently serves commercial, industrial, and institutional customers in 12 markets: Delaware, Texas, Massachusetts, Maine, Maryland, New York, New Jersey, Pennsylvania, Illinois, Connecticut, Ohio, and Washington, D.C. The company serves over 61,000 accounts for customers having a peak demand ranging from 50 KW to more than 200 MW, with an estimated peak load totaling nearly 10,000 MW. The company offers electricity service to residential and small business customers under the brand Think Energy®.
For more about GDF SUEZ Energy Resources, visit www.gdfsuezenergyresources.com or call 1-866-999-8374. Follow GDF SUEZ Energy Resources on LinkedIn, Twitter, and Facebook. GDF SUEZ Energy Resources is a subsidiary of GDF SUEZ Energy North America, which manages a range of energy businesses in the U.S., Mexico, and Canada, including electricity generation and cogeneration, natural gas and liquefied natural gas (LNG) distribution and sales, and retail energy sales and related services to commercial and industrial customers. GDF SUEZ Energy Resources is a part of the international energy group ENGIE. For more information, please visit www.gdfsuezna.com and @gdfsuezna.
SOURCE GDF SUEZ Energy Resources