ERM Power Limited
(ASX:EPW) has bought a Texas based electricity retailer called SPG Energy Group LLC for $US7.8 million.
ERM believes the acquisition gives it an attractive, low risk entry point to the US energy market which is between eight to ten times the size of Australia’s market.
Chairman Tony Bellas says the acquisition provides ERM with the right operational and cultural foundation for growth in the US.
While the transaction is still subject to US regulatory approvals it is expected to be tied up by the beginning of 2015.
ERM Power reported a net loss of $23.07 million in the 2014 financial year.
