The transaction is part of EDF’s €3bn disposal plan, announced in February, and is expected to close by the end of the year.
Based in Houston, Texas, EDF ES is a leading supplier of power, natural gas and related services to C&I customers across the US. Its customers are primarily large corporations and public entities, including retailers, universities, manufacturers and producers, municipalities and power generators.
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.
Orlando Alvarez, Senior Vice President Gas and Power Trading Americas, bp, said, “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 decarbonising, managing energy spend, and increasing reliability.”
The agreement includes the purchase of EDF ES’s full retail operating capabilities.
Dave Lawler, Chairman and President, bp America, said, “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.”