HOUSTON, Feb. 4, 2002 — Texas retail electric provider Gexa Energy Corp., announced a strategic alliance with Aquila, Inc., a wholesale energy merchant headquartered in Kansas City, Missouri.
The alliance, effective February 1, 2002, significantly increases the buying power of Gexa and provides a source of credit enhancement to electricity customers in Texas.
Gexa Energy Corp., headquartered in Houston, Texas, currently provides electricity and electric services to residential and small business consumers in Texas. The Company offers competitive energy prices, pricing choices, improved customer service and innovative products and services tailored to meet customer needs. Aquila’s financial strength and expertise in commodity and risk management services in the energy industry will enable Gexa Energy to make more economic purchases of electricity while providing the framework for further expansion into other deregulating electricity markets.
“Our alliance with such a powerful industry leader as Aquila will provide tremendous opportunity for us in terms of energy acquisition and market growth,” said Neil M. Leibman, Chairman and Chief Executive Officer of Gexa Energy Corp.
Aquila’s Wholesale Services business provides commodity and risk management services focusing on the energy industry. Aquila Wholesale Services also offers structured financial products to clients by combining financing with innovative commodity products and services.
“As the Texas market continues to evolve, Gexa, through its alliance with Aquila, is positioned to optimize its ability to attract customers while efficiently obtaining energy supply,” said Mike Young, Vice President of Origination at Aquila, Inc.
“Gexa Energy is moving ahead in the energy marketplace through a series of strategic business decisions, customer acquisition strategies, and through the addition of an experienced partner in electricity and natural gas services,” said Leibman. “We anticipate a long, healthy and prosperous relationship with Aquila.”
Additionally, on January 3, 2002, Gexa Energy received notice from the NASD that it had been cleared to trade on the Over The Counter Market under Symbol OTC: GEXC. Gexa Corp had previously traded as GEXC on the pink sheets.
About Gexa Energy: Gexa Energy was formed to prepare for electric competition, which began on a statewide basis in Texas on January 1, 2002. The Company offers consumers in restructured retail energy markets competitive energy prices, pricing choices, improved customer friendly service and innovative products, services and specials.
About Aquila, Inc.: Based in Kansas City, Aquila is a wholesaler of natural gas, power and coal in North America and provider of risk management services. Aquila also provides wholesale energy and risk management services in the United Kingdom, Germany and Scandinavia.
Aquila is wholly owned by Kansas City-based UtiliCorp United, Inc. an international energy company with 4 million customers across the U.S. and in Canada, the United Kingdom, New Zealand and Australia. Additional information is available at www.aquila.com.