bp North America acquires EDF Energy Services
The purchase of the retail power and gas provider will help the oil company in its transformation to an integrated energy firm.
bp has announced the acquisition of EDF Energy Services, expanding its presence in the US commercial and industrial (C&I) retail power and gas business. Based in Houston, Texas, EDF ES is a supplier of power, natural gas and related services to C&I customers across the country with customers primarily consisting of large corporations and public entities.
EDF ES’s geographical reach and its set of diverse C&I customers will expand bp's capability to deliver energy solutions and additional services directly to large end-user customers in new and existing markets. The acquisition also brings new opportunities for enhanced lower carbon integrated energy solutions, integrating with other bp businesses and capabilities that can support decarbonization goals.
"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 US. 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," said Orlando Alvarez, Senior Vice President of Gas and Power Trading Americas at bp.
Subject to regulatory approvals, the deal is expected to close by the end of the year. The agreement includes the purchase of EDF ES's full retail operating capabilities.
"EDF ES is a leading retail power supplier in the US to C&I customers. 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," added Dave Lawler, Chairman and President of bp America.
