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Alert: Oil Major Sub. To Acquire MP2 Energy
Note: The story below was first posted at 4:40 p.m. on June 29
Shell Energy North America ("SENA") announced today that it has signed a purchase agreement for the acquisition of MP2 Energy LLC (MP2). Subject to regulatory approvals, the transaction is expected to be closed in the 3rd quarter of 2017.
MP2 operates as a retail supplier and also provides market based solutions to commercial and industrial customers for managing energy supply, load, and generation.
"We are proud to bring MP2 into the Shell Energy North America family," said Glenn Wright, VP, SENA. "MP2 has established itself as a significant player in the large end-user electricity market, and achieved its position by combining optimally designed energy solutions and exceptional customer service."
SENA manages a retail energy business targeting large commercial and industrial customers on the west coast of the U.S. With the acquisition of MP2, SENA expands those capabilities and gains capabilities in Texas and throughout the eastern U.S., as well as access to MP2's network of aggregators, brokers, and consultants.
When this acquisition closes, MP2 will continue to be managed by the existing MP2 management team as a wholly-owned subsidiary of Shell Energy North America.
SENA consistently ranks within the top three gas and power marketers in North America. Capabilities include marketing natural gas within the U.S. and Canada, with a sales volume of 10 billion cubic feet per day; marketing wholesale and retail power, with sales topping 270 million megawatt hours annually; and participating in nearly all organized power markets, with access to over 9,500 megawatts of generating capacity across North America.
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June 29, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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