BP agrees to buy EDF Energy Services. EDF ES provides electricity, natural gas and related services to homes and businesses throughout the United States. Its activities are mainly directed towards large companies and public entities such as universities, municipalities and retailers.
BP strengthens its presence in the United States
With this acquisition, BP strengthens its presence in the US market. In fact, EDF ES is well established in the country. It has a wide geographical coverage but also a large number of customers. BP will therefore be able to provide additional solutions.
In addition, this acquisition opens up new opportunities for the company. It will be able to improve integrated low-carbon energy solutions. By integrating EDF ES’s activities with its own, it will be better able to support the country’s decarbonization.
Orlando Alvarez, vice president of Gas & Power Trading Americas for BP, explains:
“BP’s commitment to putting the customer first has helped make us the largest natural gas distributor in North America over the past 20 years, as well as one of the largest electricity distributors in the United States. This acquisition will give customers access to new opportunities across the energy value chain and allow BP to provide integrated solutions that help them decarbonize, manage energy expenses and increase reliability.”
In addition, the acquisition also includes the retail operating capabilities of EDF Energy Services.
Dave Lawler, president of BP America, is pleased with the acquisition. According to him, it contributes to the transformation of the company. In addition to creating shareholder value, this provides more customers with safe, reliable, affordable and low-carbon energy.
BP’s Gas & Power Trading Americas business currently provides solutions to approximately 3,500 customers per year in North America. To do this, it works with many partners to buy, sell and move energy.
Regulatory approvals are required. However, the transaction is expected to close by the end of the year.
