SJI Announces Sale of Retail Gas Assets to UGI

Source Press Release
Company South Jersey IndustriesUGI Corporation 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date December 03, 2018

On November 30, 2018, SJI (NYSE: SJI) completed the sale of its retail gas assets within South Jersey Energy and Open Flow Energy to UGI Energy Services, a subsidiary of UGI Corporation (NYSE: UGI).

With the completion of this transaction, SJI has divested all its retail gas assets from South Jersey Energy and Open Flow Energy. Through these subsidiaries, the company previously operated as a licensed, deregulated natural gas provider with over 2,500 customers located primarily in New Jersey, Pennsylvania, and Ohio.

“The sale of these assets represents another step in our ongoing effort to transform our business by monetizing non-core, non-regulated assets and operations and refocusing our business to emphasize high-quality, regulated earnings growth,” said Stephen H. Clark, President and Chief Operating Officer, South Jersey Energy Solutions. “We look forward to collaborating with UGI to successfully transition our customers to a new provider for their retail natural gas needs.”

SJI will continue serving its retail electric customers as part of the South Jersey Energy retail electric business.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd