SiEnergy Operating, LLC, a wholly owned subsidiary of Northwest Natural Holding Company, completed the acquisition of 100% of the capital stock of Hughes Gas Resources, Inc. from EPCOR USA Inc. for $60 million. Hughes serves approximately 6,900 connections in 12 communities northeast of Houston and is expected to have a rate base of approximately $46 million by the end of 2025.
This acquisition further expands SiEnergy’s regulated gas utility business in Texas, adding a contracted customer backlog of over 11,000. The transaction is expected to be accretive in its first full year of operations, contributing positively to NW Natural Holdings' earnings. After closing, Hughes is expected to be rebranded as Pines Holdings, Inc.
Justin B. Palfreyman, President and CEO of NW Natural Holdings, stated that Hughes is a strategic fit that enhances the scale of SiEnergy and positions the company for further growth in the Texas market. This completion reinforces NW Natural Holdings' diversification strategy and commitment to high-growth regions.
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