ERM secures $20million NAB facility to fund growth

A $20million National Australia Bank (NAB) facility secured by ERM Power's growing retail business will help fund the company's next stage of expansion in the competitive electricity market.

The Brisbane-based company is the only energy retailer in the National Electricity Market exclusively servicing large corporate and industrial customers.

Since commencing billing in January 2008, ERM Power Retail's portfolio has grown to nearly 200 customers and almost $1 billion in contracted revenue.

ERM Power Retail CEO Mitch Anderson said the NAB facility would allow it increased flexibility and the capacity to continue to pursue large deals to expand the retailer's growing portfolio.

"In the current economic climate, it is a major boost for us that the NAB has confidence in our company," Mr Anderson said.

"As well as cementing our position in the market, this will be good for customers, because it means that there will be more, much-needed competition at the big end of the electricity market."

ERM Power Retail has a unique capability to tailor products and services to its customers.

"We recently launched a customer portal, allowing all customers to access further information and insight into the energy and electricity trading industries.

"We also initiated an early payment rebate scheme, giving our customers an increased incentive to partner with ERM Power Retail," Mr Anderson said.

"March saw the company achieve a record billing revenue of $21.5 million, with April yielding similar results," Mr. Anderson said.

"The company saw a 100 per cent re-contracting rate in December of last year, with an overall retention rate of more than 90 per cent."

"We are positioned well for growth into the next financial year, and are looking forward to further expanding ERM Retail," he said.

ENDS

For more information, please contact Cole Lawson Communications on (07) 3221 2220.