For Sale: One slightly used electric company

auctioneer
Going once, going twice… (Nick de la Torre / Chronicle )

One un-heralded casualty of the recent Texas electric turmoil (until now) has been the shut-down of a small retailer in Spring called Reach Energy.
The firm provided pre-paid service to some 2,000 customers but it appears it did so under another name. It defaulted on its obligations to the grid operator, the Electric Reliability Council of Texas, on June 3 to the tune of $31,381.54, according to filings. But Reach, which is also affiliated with Leach Energy Trading, was able to move its customers to another provider.
Turns out there may still some value in the company, though. According to an auction notice beginning Aug. 1 the firm is entitled to a $15 per customer, per month royalty for up to two years from the new retail provider. If all 2,000 customers are still with that provider that could mean $720,000 in total.
That’s a whole lot of “ifs,” so buyer beware. Bids are being accepted until 5 p.m. June 30 at Tranzon VenueBid in Cypress.

Comments

comments

SHOW MORE