their predictable revenue streams and ensuring margins on fuel and service sales are consistent, sustainable and among the best in class. Service contracts, delivery fees( where permitted), monitoring fees and a majority percentage of automatic deliveries will catch the attention of buyers. Purchase prices remain fair but disciplined for heating oil and HVAC assets due to the pressure of the lingering high cost of capital on free cash flow. Companies generating more than $ 2 million of EBITDA are once again attracting a wider pool of potential buyers, as strategics, cross-town rivals and, in the case of sellers with a wider product offering, financial buyers such as private equity and other private capital buyers have expanded their search for platforms and tuck-in acquisitions. These larger sellers can expect the strongest multiples in the current market. By contrast, companies with EBITDA under $ 1 million that are unwilling to consider seller notes or earnouts may find 2026 a difficult year to transact.
Summary
While conditions are not optimal in the capital markets as of the time of this writing, you can take comfort in the fact that the trajectory is favorable and that deals continue to close in spite of less-than-ideal conditions. Sellers must recognize that tight credit conditions and rigorous underwriting are continuing features of the market for most players. As you explore options, it’ s best to hold conversations with both traditional lenders and private capital providers and plan to explore multiple deal structures. And, above all, remember that the single greatest motivator to capital providers and buyers is a demonstrated trend of repeatable earnings. l FON
ISO NEW ENGLAND’ S ROLLING ENERGY FORECASTS
As a key part of its winter operations, ISO New England closely monitors weather forecasts and energy supplies, expected consumer demand, and other variables to identify and communicate potential reliability issues. Each week from December through February, the ISO publishes the results of these analyses in the 21-Day Energy Assessment Forecast and Report— a rolling, three-week outlook of anticipated power system conditions.
According to ISO New England,“ The purpose of this sophisticated assessment is to identify potential energy shortfalls while there is time to prevent them or lessen their impact. With up to three weeks’ notice, the report gives resource owners time to evaluate the status of their fuel supplies and to arrange for replenishment, as needed, or to reschedule maintenance in order to maximize availability.
“ Such an early warning would also allow time for coordination among the ISO, the region’ s utilities, and government officials, especially if conservation is needed.”
WHAT’ S IN THE REPORT
The assessment examines whether the region’ s electricity supply could fall below anticipated consumer demand and required operating reserves during any hour in the upcoming three-week period. The report summarizes the bulk electric system’ s overall health and risk level, and lists any Energy Alerts or Energy Emergencies:
• An Energy Alert warns of an anticipated energy shortfall in days six to 21 of the forecast period
• An Energy Emergency warns of an anticipated energy shortfall in days one to five of the forecast period
The report includes information about when each alert or emergency was declared, and a projection of when it will end.
To see the latest report, visit: https:// www. iso-ne. com / isoexpress / web / reports / operations /- / tree / 21-Day-Energy-Assessment-Forecast-and-Report-Results l FON
20 JANUARY 2026 | FUEL OIL NEWS | www. fueloilnews. com