Retail Power, Gas Supplier Agera Energy Files for Bankruptcy

A New York State-based retail power and natural gas company, Agera Energy, has declared bankruptcy and is selling assets to utility giant Exelon Corp.

• Agera, based in Westchester County, filed for Chapter 11 in the Southern District of New York.
• The asset sale to Exelon’s Constellation subsidiary is subject to bankruptcy court approval and would involve transferring the majority of Agera’s existing customers. The company estimated that the stalking horse binding bid is worth $24.8 million, plus liabilities.

Key Insights

• A bankruptcy of a retail power provider may come as a surprise to some considering how prized the retail business ...