bp has announced its intent to increase its presence in the United States commercial and industrial (C&I) retail power and gas business by purchasing EDF Energy Services (ES).
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, producers, municipalities and power generators. It does not supply residential consumers.
“EDF ES is a leading retail power supplier in the U.S. to C&I customers. We are excited to welcome the team to bp,” said Dave Lawler, chairman and president of bp America. “This is exactly the type of high caliber 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.”
EDF ES has a wide geographical reach and a significant set of diverse C&I customers, expanding 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 for C&I customers, integrating with other bp businesses and capabilities that can support decarbonization goals. These could include 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.,” said Orlando Alvarez, senior vice president of Gas and Power Trading Americas, 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.”
bp’s Gas and Power Trading Americas works with partners to buy, sell and move energy to provide solutions to more than 3,500 customers in North America annually.
The deal is expected to close by the end of the year.
