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EDF Trading Purchases Minority Stake in Champion Energy Services

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October 20, 2010

EDF Trading has purchased a minority interest in Champion Energy Services, LLC and has expanded its existing supply arrangement with Champion.

Terms were not disclosed, and Champion would not disclose the size of the minority interest.

"[T]his arrangement will allow [Champion] to expand throughout the deregulated North American markets," said James R. Crane, chairman and CEO of Crane Capital, majority owner of Champion.

"EDF Trading's sophisticated product capabilities and operating knowledge will significantly accelerate the market expansion of the Champion Energy platform," added Scott Fordham, president and CEO of Champion Energy Services.

Fordham declined to be more specific about expansion markets at this point, but said that Champion is evaluating all deregulated markets in North America.

"This is a significant transaction for EDF Trading in North America, and it is aligned with our strategy to further expand our wholesale market activity," said John Rittenhouse, chief executive of EDF Trading.

The transaction is expected to close before year end, subject to regulatory and customary closing conditions.

Champion Energy currently serves load in Texas, Illinois, Pennsylvania, and Ohio and is slated to enter the New Jersey market in the fourth quarter of 2010. Champion serves 550,000 residential customer equivalents, with a peak load near 1,600 MW.

As only noted by Matters, Champion Energy entered the PECO residential market in the past week.

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