SJI Announces Sale of Retail Gas Assets to UGI
FOLSOM, NJ, December 3, 2018 – On November 30, 2018, SJI (NYSE: SJI) completed the sale of its retail gas assets within South Jersey Energy and Open Flow Energy to UGI Energy Services, a subsidiary of UGI Corporation (NYSE: UGI).
With the completion of this transaction, SJI has divested all its retail gas assets from South Jersey Energy and Open Flow Energy. Through these subsidiaries, the company previously operated as a licensed, deregulated natural gas provider with over 2,500 customers located primarily in New Jersey, Pennsylvania, and Ohio.
“The sale of these assets represents another step in our ongoing effort to transform our business by monetizing non-core, non-regulated assets and operations and refocusing our business to emphasize high-quality, regulated earnings growth,” said Stephen H. Clark, President and Chief Operating Officer, South Jersey Energy Solutions. “We look forward to collaborating with UGI to successfully transition our customers to a new provider for their retail natural gas needs.”
SJI will continue serving its retail electric customers as part of the South Jersey Energy retail electric business.
SJI (NYSE: SJI), an energy services holding company based in Folsom, NJ, delivers energy services to its customers through three primary subsidiaries. SJI Utilities, SJI’s regulated natural gas utility business, delivers safe, reliable, affordable natural gas to approximately 681,000 South Jersey Gas, Elizabethtown Gas and Elkton Gas customers in New Jersey and Maryland. SJI’s non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; and developing, owning and operating on-site energy production facilities. SJI Midstream houses the company’s interest in the PennEast Pipeline Project. Visit sjindustries.com for more information about SJI and its subsidiaries.