HOUSTON, June 29, 2017 /PRNewsWire/
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.
Through self-developed proprietary systems and technology, MP2 provides market based solutions to commercial and industrial customers for managing energy supply, load, and generation. MP2 is unique in its skill set and at the front of the curve when it comes to developing fit for purpose solutions to its customers, which face ever more complicated energy choices.
"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 successful 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 top tier network of aggregators, brokers, and consultants. "As Shell continues to expand its energy focus, we will strive to bring customers ever more innovative commodity solutions, including the deployment of new energy management tools," said Wright.
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. From its offices in The Woodlands, Texas, MP2 will utilize the additional resources that Shell provides to further develop and enhance the leading-edge services and products MP2 is built upon.
SENA and its subsidiaries operate as an integral part of the global Shell Trading network. The company and its subsidiaries trade and market natural gas, wholesale power, environmental and risk management products with counterparties and customers throughout the region. Its customers include large commercial and industrial users, retail energy companies, local gas distribution companies, electric utilities, independent power producers, oil and gas producers, municipalities, and rural electric cooperatives. SENA consistently ranks within the top three gas and power marketers in North America according to Platts. 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.
MP2 Energy is a top-tier power company that manages power plants, delivers retail power to end-use customers, and masters all other aspects of the power markets like asset management, commodity hedging, solar installation and offtake, wind and distributed generation.
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SOURCE Shell Energy North America