However, the liability was equally severe. Because the market was brand new, the regulatory rules were fluid. The Public Utility Commission of Texas (PUCT) was writing the rulebook in real-time. Gexa, along with other first-year REPs, had to adapt constantly to changes in credit requirements, switching protocols, and customer protection rules.
A defining moment in Gexa’s early history occurred just three years after its founding. In , Gexa Energy was acquired by FPL Group, Inc. (which is now known as NextEra Energy ). gexa energy founding year history
The official founding year of Gexa Energy is . However, its conceptual genesis lies two years earlier. In 1999, Texas Governor George W. Bush signed Senate Bill 7 into law, a landmark piece of legislation mandating the deregulation of the state’s electricity market. The law stipulated that by January 1, 2002, most of Texas (excluding municipal-owned utilities and cooperatives) would open its retail electric market to competition. However, the liability was equally severe
As part of a Fortune 200 company, Gexa gained the financial stability to weather market volatility that caused many of its competitors to fail. Gexa, along with other first-year REPs, had to
FPL Group, a massive energy conglomerate based in Florida, purchased Gexa Energy for approximately $81 million in cash and stock. At the time of the acquisition, Gexa served approximately 100,000 residential and commercial customers in Texas.
