TransCanada Announces Agreement to Sell Northeast Retail Power Book

EDF Energy Services, LLC, a subsidiary of the EDF Group, announced the signing of a definitive agreement with TransCanada Power Marketing. Ltd. (TCPM), a subsidiary of TransCanada Corporation, for EDF Energy Services to acquire TCPM’s outstanding Northeast retail power book comprising of commercial customer contracts and other assets.

"This acquisition accelerates EDF Energy Services’ growth plan into the Northeast retail power markets and significantly increases its regional market share. EDF Energy Services will focus on preserving the long-standing commercial customer base that TCPM has built over the years as well as retaining key talent to ensure a smooth transition to EDF Energy Services," EDF Energy Services said

"This is an important acquisition for us as it expands our customer footprint in the northeast and provides an additional vehicle for driving long-term, sustainable growth," said Mary Anne Brelinsky, President of EDF Energy Services. "We look forward to welcoming TCPM’s customers to EDF Energy Services. Our team will ensure that these customers get the benefits of our digital integrated platform and products which provide innovative solutions in a quickly evolving energy marketplace," she continued.

The announcement is part of the continued and previously reported wind down of TransCanada's Power Marketing Ltd. (TCPM) operations.

The transaction is expected to close in the first quarter of 2018 subject to certain regulatory and other approvals.

Financial details are not being disclosed.