ONEnergy Inc. announced that at a special meeting of shareholders held earlier today (the “Meeting”), ONEnergy’s shareholders approved the disposition of its Gas & Power business, representing all or substantially all of the Company’s assets (“Disposition”).

As previously announced on October 4, 2018, ONEnergy announced that it had entered into a definitive agreement (“Agreement”) with C Wave Power & Gas Inc. (“C Wave”) under which C Wave will acquire ONEnergy’s U.S. Gas & Power business (the “Transaction”). C Wave will acquire all the outstanding common shares of Sunwave USA Holdings Inc., which together with its subsidiaries, forms ONEnergy’s U.S. Gas & Power business. The U.S. Gas & Power business comprises the Company’s U.S. energy retailer business with electricity customers in Connecticut, Pennsylvania, Massachusetts and Ohio, under the brand name Sunwave Gas & Power

See EnergyChoiceMatters.com's prior story for the purchase price of the Sunwave retail sale

Completion of the transaction remains subject to a number of conditions, including the final approval of the TSX Venture Exchange (the “Exchange”) and other condition precedents such as any necessary regulatory approvals

ONEnergy also reported earnings for the period ending September 30, 2018. All amounts below are in Canadian dollars.

Results from ONEnergy's Gas & Power segment, which reflects its retail supply segment, were presented as discontinued operations due to the pending sale

Revenue for ONEnergy's Gas & Power retail supply segment for the three and nine months ended September 30, 2018 was $11,194,000 and $32,931,000 respectively, compared to $11,844,000 and $32,900,000 for the same periods in 2017.

Residential customer attrition and the impact of weather in 2018 resulted in lower KwH served. Revenue is derived from sales of natural gas and electricity to customers in Ontario and sales of electricity in Connecticut, Pennsylvania, Massachusetts and Ohio.

U.S. operations contributed $10,699,000 and $30,715,000 of revenues for the three and nine months ended September 30, 2018, respectively, compared to $11,198,000 and $30,343,000 for the same periods in 2017.

Gas & Power’s cost of sales is comprised of the cost of natural gas or electricity, along with costs to deliver to the LDCs. Cost of sales for the three and nine months ended September 30, 2018 was $11,549,000 and $34,522,000, respectively, compared to $12,134,000 and $31,910,000 for the same periods in 2017.

Gas & Power’s gross margin as $355,000 for the three months ended Sept. 30, 2018, versus $290,000 a year ago.

"The commercial customer segment has customized pricing typically with favourable pricing in the initial years of a multi-year contract resulting in compressed margins during that time. Margins were impacted in 2017 as a result of a mild winter. Increased competition in Gas & Power’s primary sales channel created further margin compression and higher customer attrition as selling prices decreased at various times," ONEnergy said

Gas & Power’s income from discontinued operations amounted to $328,000 for the three months ended September 30, 2018, or $0.01 per basic and diluted share. Loss from discontinued operations amounted to $2,799,000 for the nine months ended September 30, 2018, or $0.12 per basic and diluted share. Loss from discontinued operations amounted to $410,000 and $2,617,000 for the three and nine months ended September 30, 2017, respectively, or $0.01 and $0.10 per basic and diluted share, respectively.