bp is purchasing EDF Energy Services (EDF ES) to expand its presence in the U.S. commercial and industrial (C&I) retail power and gas business. Based in Texas, EDF ES is a supplier of power, natural gas and related services to C&I customers across the U.S. Its customers are primarily large corporations and public entities, including retailers, universities, manufacturers and producers, municipalities and power generators. It does not supply residential consumers.
EDF ES will integrate with other bp businesses and capabilities that can support decarbonization goals, including bp Wind Energy, bp pulse, and bp Launchpad.
“bp’s commitment to putting the customer first has helped make us the largest marketer of natural gas in North America for the last 20 years as well as a top power marketer in the U.S.,” says Orlando Alvarez, senior vice president gas and power trading for the Americas at bp. “This acquisition will give customers access to new opportunities across the energy value chain and allow bp to provide integrated solutions that assist them in decarbonizing, managing energy spend, and increasing reliability.”
The agreement includes the purchase of EDF ES’s full retail operating capabilities.
“EDF ES is a leading retail power supplier in the U.S. to C&I customers,” says Dave Lawler, chairman and president of bp America. “We are excited to welcome the team to bp. This is exactly the type of high calibre business that will help drive bp’s transformation, giving more customers the secure, affordable and lower carbon energy they want while creating value for our shareholders.”
Subject to regulatory approvals, the deal is expected to close by the end of the year.
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Author: Michael Bates