- Mergers & Acquisitions
bp expands U.S. presence in C&I retail power and gas business
bp is expanding its presence in the U.S. commercial and industrial (C&I) retail power and gas business with its agreement announced on September 12 to acquire EDF Energy Services.
Based in Houston, Texas, U.S.A., EDF Energy Services is a leading supplier of power, natural gas and related services to C&I customers across the United States. 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 Energy Services 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.“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,” said Dave Lawler, chairman and president, bp America.
Subject to regulatory approvals, the deal is expected to close by the end of the year.
“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. 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 gas and power trading Americas, bp.
The agreement includes the purchase of EDF Energy Service’s full retail operating capabilities.
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 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.