Ambit Northeast, LLC

About Ambit Northeast, LLC

Ambit Energy is a retail electricity and natural gas supplier that distributes through a network of independent consultants in deregulated energy markets across the United States. Founded in 2006 in the Dallas area, Ambit grew rapidly using a multi-level marketing model to serve approximately 1.1 million residential customer equivalents across 17 states. In November 2019, Ambit Energy Holdings, LLC was acquired by Vistra Corp., a Fortune 300 integrated power and retail electricity company.

Ownership timeline

Documented corporate events. Each entry links to a primary source.

1. 2006
   Ambit Energy Holdings, LLC founded in Addison, Texas (Dallas area) by Jere Thompson Jr. and Chris Chambless as an MLM-based retail electricity and natural gas supplier. [source]
2. August 20, 2019
   Vistra Corp. announced agreement to acquire Ambit Energy Holdings, LLC for approximately $475 million plus net working capital in an all-cash transaction. [source]
3. November 1, 2019
   Vistra Corp. completed the acquisition of Ambit Energy Holdings, LLC, making Ambit a wholly owned Vistra subsidiary. [source]

Track record

Documented regulatory actions, litigation outcomes, and major corporate events. Each entry is sourced. Pending matters and unresolved allegations are not listed.

• litigation
  June 28, 2018

  New York Supreme Court, Kings County granted final approval of a $26.5 million class action settlement in Simmons et al. v. Ambit Energy Holdings LLC (No. 503285/2015), resolving claims that Ambit rolled customers off a Guaranteed Savings Plan onto a higher-priced variable plan without authorization. [source]

• litigation
  August 16, 2018

  U.S. District Court for the Eastern District of Pennsylvania granted final approval of a $9.3 million class action settlement in Silvis v. Ambit Energy L.P. (No. 2:14-cv-05005), resolving claims that Ambit Northeast LLC varied electricity rates in ways not permitted under its Select Variable Plan disclosure agreement. [source]

• regulatory
  December 2018

  New York Attorney General Letitia James announced a settlement with Ambit Energy Holdings, LLC, Ambit Marketing, LLC, and Ambit New York, LLC requiring a $1.5 million penalty. The AG's investigation found Ambit misrepresented consumer savings, enrolled consumers without consent, switched consumers to more expensive plans without adequate notice, and made deceptive income claims to marketers. [source]

Rate history

Ambit Northeast, LLC's lowest fixed and variable rates over time, broken out by territory.