Commerce Energy
From Wikipedia, the free encyclopedia
| Commerce Energy Group, Inc. | |
|---|---|
 |
|
| Type | Public (AMEX: EGR) |
| Founded | 1997 |
| Headquarters | Costa Mesa, CA, United States |
| Area served | California, Florida, Michigan, Georgia, Maryland, Nevada, New Jersey, New York, Ohio, Pennsylvania, Texas |
| Key people | Gregory L. Craig, CEO; Michael Fallquist, COO |
| Industry | Electric & Natural Gas Utilities |
| Website | www.commerceenergy.com |
Commerce Energy Group, Inc., based in Costa Mesa, California, is the parent company of a wholly-owned independent electricity and natural gas marketing company, Commerce Energy Inc. The company also houses significant operations in Irving, Texas.
As of April 31, 2008, Commerce had 165,000 customers. Revenue for fiscal year 2007, ending July 31, 2007, was $372 million. The company had 255 employees as of July 31, 2007.
On June 3, 2008, Commerce announced a staff reduction of 80 people, or 31 percent of its workforce. The company also announced a sale of its energy consulting firm, Skipping Stone Inc., to that company's former president and a closure of offices in Houston, Texas, and Boston, Massachusetts offices.
[edit] History
Commerce was founded in Farmington Hills, Michigan in 1997 as Commonwealth Energy Corporation. On April 1, 1998, Commerce began supplying electricity to customers in California.
Commerce's stature grew significantly with the acquisition of ACN Energy on February 9, 2005. This purchase boosted Commerce's customer count by 80,000.
On September 20, 2006, Commerce purchased a portfolio of about 300 commercial and industrial natural gas customers in five states from Houston Energy Services Company. This transaction tripled Commerce's natural gas sales volumes.
Gregory L. Craig was named CEO and Chairman of the Board on February 20, 2008, supplanting Steven S. Boss and Dennis R. Leibel in those positions, respectively.
