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Spark Energy buys additional 60,000 RCEs, lifts 2017 adjusted EBITDA guidance

Spark Energy Inc. on April 3 said it is now targeting 2017 adjusted EBITDA of $110.0 million to $120.0 million, more than 20% higher than the midpoint of its initial guidance of $90.0 million to $100.0 million.

Concurrently, the company also announced that it has completed its purchase of 19,000 residential customer equivalents, or RCEs, from its subsidiary National Gas & Electric and bought an additional 41,000 RCEs from a third-party seller.

"We are having a very strong start to the year both in terms of RCE count and gross margin," Spark Energy President and CEO Nathan Kroeker said. "In addition, with our recently closed preferred offering, including the exercise of the underwriters' overallotment option, we believe that we are well positioned to continue our growth and finance additional M&A activity without the need for us to access the common equity markets."