Perigee Energy, LLC submitted an application at FERC requesting that the Commission authorize a previously reported (details here) transaction whereby 100% of the ownership interest in Perigee is disposed to National Gas & Electric, LLC

The transaction was consummated on February 3, 2017. Perigee Energy stated in its application that the value of the transaction was, "well below the $10 million threshold listed in Section 203 of the FPA."

"Applicant [Perigee] understood that Commission authorization under FPA Section 203 did not apply to it given the low value of the Transaction. In March 2017, Applicant (then owned by NG&E) was apprised by outside FERC counsel that when all of the voting interest in a public utility will be disposed of, as occurred with the Transaction, the $10 million threshold does not apply, which meant the Transaction was subject to FPA Section 203. Thereafter, Applicant directed that this Application be prepared," Perigee said

As previously reported, subsequent to being acquired by National Gas & Electric, LLC, Perigee underwent a further change in control (details here) effective April 1, under which Spark Energy, Inc., and its subsidiaries, purchased the outstanding membership interest in Perigee (Spark is an affiliate of National Gas & Electric)

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M&A   National Gas & Electric   Perigee Energy  

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