Mega Energy Holdings LLC, a residential and commercial electric and natural gas supplier in North America, recently announced the extension of credit and supply arrangement with Pacific Summit Energy LLC (PSE), the North American marketing and trading subsidiary of Sumitomo Corporation and its largest U.S. affiliate, Sumitomo Corporation of Americas, to enable current market growth and strategically identify new market expansion. This growth will largely be driven by the attainment of existing retailers within both current and new markets.
With the support of PSE, Mega Energy plans to explore offering new commodities, expand dual service offering of electric and gas to clients in current Midwest and northeastern states, and grow its reach to additional deregulated states, including Pennsylvania and New Jersey.
“This year has been unexpected for many – more are staying at home, physically distancing themselves from loved ones, coupled with the economic outlook being uncertain at times. As a team, we have continually adapted the way we work to offer comprehensive, top tier service for all of our customers,” said Barend VanderHorst, Chief Operations Officer of Mega Energy.
The announcement of the exponential growth opportunities come soon after the recent sale of Mega Energy’s Texas book of business to NRG Energy earlier this year. Proceeds from the sale have enabled Mega Energy to shift focus and fuel growth in non-ERCOT territories, while also concentrating on its distinguished customer service and notable competitive pricing.
“Mega Energy has a lot of exciting growth opportunities that lie ahead,” said Javed Meghani, CEO and Chairman of Mega Energy. “Since May, the Texas book proceeds have allowed us to more purposefully seek out new business ventures that will ultimately enhance our service offerings and alleviate buying uncertainty.”
Through the well-established partnership with PSE, Mega Energy has the unique advantage of having support from Sumitomo’s financial resources, combined with PSE’s experienced team of energy specialists. Additionally, the partnership provides growth opportunities in various industry verticals including upstream and downstream energy sourcing.
“We’re committed to our partnership with Mega Energy,” said David Sharp, President of Pacific Summit Energy LLC. “Together, we have a unique opportunity to use our combined knowledge to provide new markets and existing customers with greater service opportunities.”
For more information on Mega Energy and its services, please visit megaenergyllc.com.
About Mega Energy
World Power & Gas Holdings, LLC dba Mega Energy is a minority-owned national retail electricity provider based in Houston, Texas. Since 2007, the company provides competitively priced electricity to homes and businesses in the deregulated energy market. Mega Energy is committed to providing simple, affordable services throughout Connecticut, Illinois, Maine, Massachusetts, Ohio, and New Hampshire. Mega Energy offers a variety of short- and long-term fixed-rate plans. For more information, visit megaenergyllc.com.
About Pacific Summit Energy LLC
Sumitomo Corporation and its subsidiary, Sumitomo Corporation of Americas (collectively, “Sumitomo”), formed Pacific Summit Energy LLC to expand their presence in the North American energy industry. Pacific Summit Energy combines the considerable financial resources of Sumitomo, a culture of strong business experience, a wealth of professional knowledge about natural gas, LNG, and electric power in conjunction with a global view of commodity finance, trading and transportation. Besides its role as world’s leading fully integrated trading enterprise, Sumitomo is an active investor in a diverse range of businesses that integrate with existing company operations or position the company in markets with long-term potential.