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AEP Retail Energy to Acquire BlueStar Energy Solutions
January 5, 2012
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Copyright 2010-
AEP Retail Energy announced this morning that the company has reached an agreement to acquire BlueStar Energy Holdings Inc. and its independent retail electric supplier BlueStar Energy Solutions.
The terms of the agreement are not being disclosed.
BlueStar, based in Chicago, provides electric supply for retail customers in Illinois, Pennsylvania, Delaware, Maryland, New Jersey, Ohio, and Washington, D.C. It also holds licenses in additional states, such as Massachusetts and Texas.
The company also provides energy solutions, including demand response and energy efficiency services, nationwide.
BlueStar has been in operation since 2002 and has approximately 21,000 customer accounts.
"Adding the dynamic, competitive culture and expertise of BlueStar to our team will give us a strong platform on which to grow our retail energy business and hedge the output of our soon-to-be unregulated Ohio generation," said Nicholas K. Akins, AEP president and chief executive officer.
"The retail customer acquisition and demand-side management expertise at BlueStar, including its proprietary information systems, will enhance our already successful wholesale business and diversify the product offerings available as we expand our retail customer base."
The transaction is expected to close by the end of March, pending regulatory approval from the Federal Energy Regulatory Commission and anti-trust review by the Department of Justice under Hart-Scott-Rodino.
BlueStar's operations will continue to be based in Chicago and will remain focused on providing retail electric service for residential, commercial and industrial customers in deregulated states, as well as demand response and energy efficiency services nationwide.
"Joining forces with an established company like AEP provides BlueStar with the resources and support necessary to build on our track record of profitable growth and expansion, and to continue our mission of helping customers use less electricity and pay less for it," said BlueStar Energy Chief Executive Officer Guy H. Morgan. "We are particularly pleased by the excellent cultural fit that exists between our companies."
Email This StoryCopyright 2010-
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