ArcLight Announces Launch of Energy Retailer, OnPoint Energy
ArcLight Capital Partners, LLC announced the formation of OnPoint Energy, LLC, a newly formed retail electric provider, focused on residential, commercial and industrial retail electricity solutions initially serving the ERCOT market. OnPoint is led by its Chief Executive Officer, Cullen Hay, and a seasoned management team of industry executives. The company is headquartered in Houston, Texas.
“ArcLight is excited to partner with the OnPoint team to enter the retail market,” said Carter Ward, Partner at ArcLight. “As one of the largest power generators in North America, the launch of this platform is an important step in maximizing the value of our fleet. ArcLight has committed $50 million to retail initiatives and look to expand into additional competitive markets in the coming year.”
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“We are excited to bring to market OnPoint Energy, a company that is focused on changing the relationship between electricity retailer and customer, by providing an excellent customer experience, while maintaining a focus on fair, cost effective electricity plans and pricing,” said OnPoint CEO Cullen Hay. “Our initial focus will be in ERCOT with expansion expected within the year to other competitive markets in the U.S., where we will work closely with residential and commercial and industrial customers to deliver on our promises of fairness and loyalty.”