Closing of the transaction is expected to take place during winter 2020/21 subject to approval by the EU competition authorities
Ørsted has signed an agreement to divest its B2B-portfolio of natural gas and power customers in the UK to Total Gas & Power. The portfolio includes approximately 3,800 natural gas customers and 2,200 power customers with a contracted volume of 28 TWh.
Ørsted will keep a small number of B2B customers in the UK, e.g. strategic long-term partners and customers to whom Ørsted delivers risk management products.
Ashley Phillips, Managing Director of Ørsted Sales UK, says:
“We’re pleased to have signed this agreement and that Ørsted has found a new home for our B2B natural gas and power customers in the UK. The divestment is in line with Ørsted strategic plan, refocusing on key activities for the group in the future.”
Dave Cranfield, General Manager of Total Gas & Power says:
“We are delighted to have signed this agreement with Ørsted. It demonstrates our commitment to UK energy customers and the British energy market. We believe that by continuing to develop our product range as well as offer excellent service, we are well placed to supply all customers – large and small – with their current and future energy needs.”
Closing of the transaction is expected to take place during winter 2020/21 subject to approval by the EU competition authorities.
Ørsted entered the British gas and power markets in 2012 and has been growing its portfolio since then. With the company’s strategic focus over the last few years on building, owning and operating renewable generation assets, Ørsted has decided to significantly scale down its downstream operations.
Total Gas & Power has been providing UK businesses with energy since 1987. As part of Power & Gas Europe, their ambition is to supply 10 million business and domestic gas and electricity customer sites across Europe by 2025.
Source: Company Press Release