SiEnergy Operating, LLC, a wholly owned subsidiary of Northwest Natural Holding Company, announced an agreement to acquire Hughes Gas Resources, Inc. (EPCOR Texas Gas) from EPCOR USA Inc. for $60 million. The transaction is expected to close in the second quarter of 2025 and is anticipated to be accretive in its first full year of operations.
Hughes serves approximately 6,900 residential and commercial customers in 12 communities northeast of Houston, with a contracted customer backlog of approximately 11,000. This acquisition further expands SiEnergy's regulated gas utility business in Texas, aligning with NW Natural Holdings' strategy to grow and diversify its utility portfolio in the state.
Hughes is expected to have a rate base of approximately $46 million by the end of 2025. Justin Palfreyman, CEO of NW Natural Holdings, stated that EPCOR Texas Gas is a good fit for the company's expansion strategy in Texas, leveraging a similar business model to SiEnergy by focusing on providing infrastructure to residential and commercial developments in high-growth areas.
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