BP to buy EDF Energy Services in US

British oil and gas major BP Plc (LON:BP) has signed a deal to acquire US retail power and gas provider EDF Energy Services (EDF ES) in a move it said could allow for integration with other BP decarbonisation-focused operations such as its wind energy arm.

Houston, Texas-based EDF ES is a supplier of power, natural gas and related services to commercial and industrial (C&I) customers across the US. The company primarily serves large corporations and public entities.

The British company, which aims at becoming net-zero by 2050 or sooner, noted that this purchase offers new opportunities to enhance and deliver additional lower carbon integrated energy solutions. BP Wind Energy operates nine US onshore wind parks with a gross generation capacity of 1.7 GW, according to information available on its website.

"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," said Orlando Alvarez, senior vice president gas and power trading Americas at BP.

The agreed transaction includes the acquisition of EDF ES's full retail operating capabilities. Pending regulatory clearance, it is seen to wrap up by the end of 2022.

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