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Direct Energy Completes Acquisition Of Hess' Energy Marketing Business









HOUSTON, Nov. 1, 2013 /PRNewswire/ -- Direct Energy Business, LLC, a North American subsidiary of Centrica plc, today announces the completion of its acquisition of the New Jersey-based Energy Marketing business of Hess Corporation.

(Logo: http://photos.prnewswire.com/prnh/20121004/MM87276LOGO)

The new organization, which also now combines Direct Energy's commercial and industrial retail business with the company's wholesale supply business, will be led by Maura Clark, who assumes the role of president of Direct Energy Business. Clark headed Direct Energy's commercial and industrial business prior to the acquisition. The combination of Hess' Energy Marketing business and Direct Energy Business creates an industry leading energy marketing organization serving commercial and industrial customers across deregulated markets in North America.

"By bringing together the expertise and capabilities of Hess Energy Marketing and Direct Energy Business we will be uniquely positioned to provide a full suite of energy and energy solutions to our customers," said Maura Clark, president of Direct Energy Business. "We now have leading positions in business gas and power supply and energy solutions, creating a stand out dual fuel business in the U.S. and a robust platform for future growth."

Badar Khan, president and CEO of Direct Energy,said: "We are building on a strong legacy of success in both organizations and bringing like-minded businesses together to drive value for our customers and shareholders. This transaction creates further momentum towards our growth strategy to double the profitability of our North American downstream business over the next three to five years."

About Direct Energy

Direct Energy is one of North America's largest energy and energy-related services providers with over six million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in 46 states plus DC and 10 provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.

Notes:

  • Further information summarizing the transaction is available at www.centrica.com

 

Stock quotes in this article: CNA 

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