Shell Energy North America signs agreement to buy MP2 Energy
Shell Energy North America (SENA) has signed an agreement to purchase MP2 Energy, a company that manages power plants and delivers retail power to end-use customers.
Following receipt of regulatory approvals, the deal is expected to be completed in the third quarter of this year.
MP2 offers market-based solutions to commercial and industrial customers.
SENA VP Glenn Wright said: "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's retail energy business targets large commercial and industrial customers on the west coast of the US.
Following the acquisition of MP2, SENA will be able to expand in Texas and throughout the eastern US, as well as have access to MP2's network of brokers, and consultants.
Wright added: "As Shell continues to expand its energy focus, we will strive to bring customers even more innovative commodity solutions, including the deployment of new energy management tools."
Following the completion of this acquisition, MP2 will continue to be managed by the existing MP2 management team but will become a wholly owned unit of Shell Energy North America. It will have an office in Woodlands, Texas.