BALTIMORE — Constellation, a subsidiary of Exelon Corporation (Nasdaq: EXC), has completed its acquisition of approximately 340 C&I gas customers from nTherm, a retail natural gas and electricity supplier, based in Denver, Colo.
The purchase provides an opportunity to grow Constellation’s gas business by entering into a new market in Colorado and offers a base for future C&I gas growth in Western states. The agreement strengthens the company’s position as the nation’s largest competitive energy supplier, with about 2 million residential and commercial and industrial customers across the continental United States.
nTherm will continue to serve its other gas and electricity customers that are primarily on the East Coast.
“By moving into thriving new markets such as the Denver, Colo. area, we’re taking another important step to grow our retail business in strategically attractive locations,” said Mark Huston, president of Constellation Retail. “Leveraging our significant retail platform allows us to operate more efficiently and provide better products, services and clean energy solutions to all our customers.”
This deal consists of commercial and industrial gas customers only. Customers acquired by Constellation will see the Constellation brand on their bills once enrolled by the company. C&I customer contracts assumed by Constellation will experience no disruption to service as a result of the transaction and the terms of all acquired customer contracts will be honored.
Vin Deshpande and Fernando Alvarez of Drexel Hamilton LLC, a service-disabled, veteran-owned investment bank, served as financial advisors to nTherm.
If you are a member of the media, please contact:
667-218-7700
Paul Adams
paul.adams@constellation.com
David Snyder
david.snyder@constellation.com
Apr 17, 2024
Apr 09, 2024
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