Macquarie agrees to acquire Energy Assets Limited

23 December 2008

Following its acquisition of Corona Energy (Corona) in 2006, the Macquarie Group* (Macquarie) is set to expand its presence in the commercial energy markets by entering an agreement to acquire Energy Assets Limited (Energy Assets), the Scottish based meter asset manager.  The agreement is subject to approval by the shareholders of Energy Assets Management Plc, the holding company of Energy Assets.

Corona recently launched Pulse 24 to lead the introduction of automated meter reading (AMR) to the UK gas market.  AMR provides round-the-clock monitoring of the user’s energy consumption by measuring the pulses emitted by their meters. The data captured brings the meter to life online to customers and becomes the starting point to guide improved energy performance.

Energy Assets’ metering and connections business has a UK-wide customer base and a range of metering expertise which complements Pulse 24’s services.  Under agreements with Corona, that form part of the acquisition terms, Energy Assets will provide meter replacement services to Corona’s customers through Pulse 24. 

Macquarie ownership will enhance Energy Assets ability to participate in the metering assets sector.  Macquarie will bring its wide-ranging financial and gas expertise to Energy Assets as the business develops a range of services for industrial and commercial gas customers.  Corona, Pulse 24 and EAL will work closely to provide an increasing range of services to the customers of each organisation.

Macquarie Executive Director Paul Plewman said: “The acquisition of Energy Assets will enhance Macquarie’s existing presence in the UK commercial gas market.  The metering expertise of Energy Assets is a strong complement to Corona and Pulse 24.  By these companies working together we will be able to provide even better service to a broad range of gas customers.”

About Macquarie
The Macquarie Group is a diversified international provider of specialist financial, investment and advisory services with more than 13,000 people in 27 countries. Our approach is driven by a deliberate focus on areas of business where our particular skills and expertise deliver a real advantage for clients. As a result we have established leading positions in a diverse range of market segments and regions internationally. 

Macquarie’s Energy Markets Division offers energy risk management and financing solutions to corporate clients spread across Europe, North America, Australia and Asia.

About Energy Assets
Energy Assets is the leading independent metering provider in UK. It undertakes the installation of a wide range of metering works and most importantly they are an Ofgem approved MAM (Meter Asset Manager).

Energy Assets has a wealth of experience in managing metering and connections. It also has a focus on the efficient management of data and has developed an in-house IT system tailored specifically to the gas market’s requirements and is experienced in AMR services.

About Corona Energy
Macquarie acquired Corona Energy in the UK in 2006. Based in London, Corona is a leading commercial energy supplier to British-based businesses servicing approximately 50,000 meter points.  It delivers approximately 7% of the UK’s gas supplied to the small and medium-sized enterprise and industrial and commercial sectors. Originally founded in 1994, Corona has an enviable reputation in the UK gas supply market.  The company employs around 150 people in the UK involved in Sales and Marketing, Customer Service, Finance and Credit Management and Administration. 

Corona is a complement to Macquarie’s energy trading and price risk management business, to which Corona and its customers have access.

About Pulse 24
A new division of Corona called Pulse 24 has led the introduction of automated meter reading (AMR) to the UK gas market.  AMR provides round-the-clock monitoring of the user’s energy consumption by measuring the pulses emitted by their meter(s). As such, it is the starting point for all energy efficiency solutions and opens up a whole range of improved billing and energy management opportunities, gathering metering data and converting it into valuable information that can help customers monitor and manage their energy usage more efficiently. The information is made available online in a range of useful management reports, bringing the meter to life to benefit of the customer’s business and guiding improved energy performance.

Pulse 24 also provides energy efficiency and technical services to Corona Energy customers

FOR FURTHER INFORMATION
Karen Smith
Corporate Communication
Macquarie Group
Phone: 0203 037 2420
Mobile: 07917 081 541
karen.smith@macquarie.com

* Macquarie Energy Assets Holdings Limited is a subsidiary of Macquarie Group Limited and will act as a holding company for Energy Assets following the acquisition of that entity.