The parent company of Norwalk electricity supplier Viridian Energy announced on Wednesday its intention to merge with a Danbury company to create a new firm with a combined $315 million in revenue.
Regional Energy Holdings operates retail energy companies in 11 states under names such as Viridian, Cincinnati Bell Energy and FairPoint Energy. It will merge with Public Power, which operates as a retail energy company in 11 states.
The new company will be called Crius Energy. Michael Fallquist, current CEO of Regional Energy Holdings, will be CEO Crius Energy. Bob Gries, CEO of Public Power, will be Crius chairman.
As retail energy companies, Regional and Public provide ratepayers will electricity at a rate separate from what the utilities charge on the generation portion of their bill. The utilities still send the bill and charge for transmission and distribution, but the generation rate is set by the retail companies.
Regional and Public have a combined 400,000 commercial and residential customers with revenue approximately $315 million in 2011.