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CN Energy Co. Makes Inroads into USA Market

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CN Energy Co. Makes Inroads into USA Market

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Toronto-based ONEnergy’s gas and power business which operates under the brand name of Sunwave Gas & Power currently sells electricity to residential and commercial customers in Connecticut, Pennsylvania, Massachusetts and Ohio and the sale of electricity and natural gas to residential and commercial customers in Ontario under long term and variable priced contracts. It operates in two electric distribution service territories in Connecticut, three electric distribution service territories in Pennsylvania and two in Massachusetts. Sunwave Gas & Power launched its service in Ohio in July 2016 and currently operates in 3 electric distribution service territories.
Sunwave Gas & Power reaches its customers through an online presence directly through its own website as well as via a link to the respective state-operated energy choice websites. By fixing the price of natural gas or electricity under its fixed price program for a period of up to five years, Sunwave’s customers eliminate their exposure to volatile prices. Sunwave also gives their customers the option of purchasing environmentally-friendly green energy in addition to conventionally produced energy.
Sunwave sells its energy to its customers through third party energy brokers as well as telemarketing firms. These selling agents are compensated through hourly wages and commissions. In Ontario the natural gas volumes from wholesalers remain constant throughout the year. This policy results in excess or short supply positions. Excess supply is sold through the spot market. When demand exceeds supply Sunwave purchases additional supply in the spot market.
Revenue rose in 2016 as a result of continued organic growth in the gas and power business in the United States. Sunwave added the Pennsylvania and Ohio markets, while expanding service territories in Connecticut and Massachusetts. Sunwave Gas & Power’s revenue for the year ended December 31, 2016 was $34 million compared to $21 million for the year ended December 31, 2015. The increase is a result of a higher average number of electricity customers due to new customer additions, particularly in the Pennsylvania market. Revenue is derived from sales of natural gas and electricity to customers in Ontario and sales of electricity in Connecticut, Pennsylvania, Massachusetts and Ohio. U.S. operations contributed $31 million in revenues for 2016 compared to $18 million for 2015.
To reduce its exposure to short-term and long-term movements in commodity prices arising from the procurement of electricity or natural gas at floating prices, Sunwave uses derivative financial and physical contracts to secure fixed price commodity supply to cover its estimated fixed price delivery.
Sunwave’s main competitive advantage is its approved applications to sell electricity and natural gas in the northeastern U.S. where power demand based on natural gas is growing rapidly. In the New England states electricity based on natural gas has risen from 15 percent of all electricity generated annually in 2000 to 49 percent in 2015 and is continuing to grow because of low prices for natural gas.
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