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Catsimatidis Embarks on Green Movement

Gristedes supermarket king and political player John Catsimatidis has embarked on a new role in the eco-friendly green movement, according to reports.

In April, his United Metro Energy Corporation acquired New York City's Direct Energy Business' heating-oil stocks, granting Catsimatidis 700 residential and commercial agreements, for the supply of 8,000 venues. The agreement is stated to be worth over $500 million dollars.

Due to confidentiality agreements, the successful Greek businessmen wouldn't confirm the selling price. Catsimatidis stated, "I'm not leaving...We're investing more ... in energy and real estate. Just, unfortunately, not in supermarkets". Currently his Gristedes supermarket chain has declined to 32 stores, from its past peak of 100 locations.

Eco-friendly organizations such as the New York League of Conservation Voters, views the deals as an environmentally sound one. A larger use of biofuel will be administered, that generates less greenhouse gasses than conventional fuels.

National Biodiesel Board's Director of Governmental Relations Shelby Neal stated of the act, "New York City has a lot of feedstock, like used cooking oil from 10,000 restaurants...If you're going to have all that feedstock, it makes sense to take it across the street and turn it into biodiesel".

Catsimatidis had admitted his stance on green efforts, as he claimed,"I'm not a 100% green person...But I'm not against it". The Greek mogul aims to expand his energy holdings. As he stated, "People always refer to me as the supermarket so-and-so...But our two main businesses right now are energy and real estate".

(Source: www.crainsnewyork.com)