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Two Connecticut retail energy providers recently announced they have merged to form Crius Energy, a company worth $315 million that says it will be able to continue expanding in a tough economy by taking control of costs.
According to the Connecticut Post, Danbury's Public Power and Norwalk-based Regional Energy Holdings are now working through the post-merger integration phase to form Crius, which will operate out of Norwalk. The merger, however, is still subject to approval from the Federal Energy Regulatory Commission.
"Combining the strengths of our two great organizations, Crius Energy enjoys all the right attributes to establish its leadership in the fast-growing retail energy sector," said Michael Fallquist, Regional Energy's chief executive officer and Crius' new CEO.
Regional Energy's subsidiaries currently provide power to residents in 10 states and the District of Columbia, some of which offer customers alternative energy options.
Connecticut's energy deregulation laws went into effect in 1998, giving energy customers the choice to shop around for electricity rates. This has created a highly competitive electric market that has prompted more retail energy providers to set up shop in the state.