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Direct Energy agrees to acquire Texas retail power business

Direct Energy LP has agreed to purchase Source Power & Gas LLC, a Sugar Land, Texas-headquartered retail electricity company, according to an Oct. 14 news release.

Source Power & Gas is a subsidiary of Australian power company ERM Power Limited and provides retail energy to commercial and industrial customers in the Electric Reliability Council of Texas and PJM Interconnection markets.

The transaction is expected to close on Nov. 30, subject to customary conditions.

Direct Energy is a subsidiary of Centrica PLC.