Direct Energy is one of North America biggest competitive energy suppliers. Centrica, the parent company is operating in the UK and Direct Energy is operating in North America.
Direct Energy is planning on doubling the size of its operation over the next 3 to 5 years in the US.
The gas and electricity prices continue to raise, what is the outlook in the natural gas and electricity market?
The US energy market is a fascinating place, we got expansion of Shell Gas, we got regulation, government changes, it is very complicated. It is a large and complicated but exceedingly exciting market.
Direct Energy Profile
- Energy & energy services provider
- Is a subsidiary company of Centrica
- Operates in 46 states in US
- Has apx. 6,000 employees
- Founded in 1988
Direct Energy has been operating in the US for about the past 10 years and have grown to about 11 billion dollars in revenue. With about 6 million customers, half of the customers are in energy and the other half in services.
The plan are for growth and doubling the gas and electricity businesses with two main areas Direct Energy is interested investing in is increasing scale down stream to build up the company’s customers base and the other is to invest up stream in both power generation where they have customers, but also in gas production. Direct Energy has some gas production in Alberta, Canada and looking to grow that in the next few years.
Direct Energy CEO, Chris Weston
- Join as President & CEO on July 1, 2009
- Held leadership roles within Centrica
- Was MD of British Gas Services
The issue is the commodity price of natural gas, which is currently low, but at the same time that open up opportunity. There are interesting assets that are coming up for sale. More of the conventional type assets that are coming up for sale that are well price where you can get good return. Even with the current depress natural gas prices.
Some of those conventional assets are extremely interesting because you can deploy the kind of technology like the horizontal drilling, that make them economically attractive.