Centrica to buy online US energy retailer for £30m

The owner of British Gas is buying a Texas-based electricity retailer for $46 million (£30m) in cash. Bounce Energy will give Centrica’s US subsidiary, Direct Energy, an online platform which […]

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By Priyanka Shrestha

The owner of British Gas is buying a Texas-based electricity retailer for $46 million (£30m) in cash.

Bounce Energy will give Centrica’s US subsidiary, Direct Energy, an online platform which it hopes will help grow its customer base from its current level of 5.5 million.

The online retailer has more than 80,000 residential customers and an internet-based platform for marketing products and servicing customer accounts.

Badar Khan, President and CEO of Direct Energy said the purchase marks a further step in the development of the firm’s North American residential energy business.

He added: “It will provide our customers with more innovative and efficient energy options and also gives Direct Energy a leading online platform as we look to grow our North American customer base.”

The deal is expected to close by the end of this month.

Earlier this year Centrica signed a 20-year import agreement with a US energy firm for liquefied natural gas (LNG).