HOUSTON, Oct. 19 /PRNewswire/ -- EDF Trading, a wholly owned subsidiary of EDF S.A., and Champion Energy Services, LLC (www.championenergyservices.com) today jointly announced an expansion to their existing relationship through EDF Trading North America, LLC, purchasing a minority interest in Champion Energy and an expansion of their existing supply arrangement.
"Champion Energy has had a long working relationship with EDF Trading, and this arrangement will allow it to expand throughout the deregulated North American markets," said James R. Crane, chairman and CEO of Crane Capital.
"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.
"Champion Energy is a well-managed organization with a recognized award-winning customer service platform," said Cody Moore, head of North American Power for EDF Trading.
"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.
The transaction is expected to close before year end, subject to regulatory and customary closing conditions.
About Champion Energy Services
Houston-based Champion Energy Services ranks among the top retail electric providers in the United States. The company also ranks "Highest in Residential Customer Satisfaction with Retail Electric Services," according to the J.D. Power and Associates 2010 Texas Residential Retail Electric Provider Customer Satisfaction Study™ released August 2010, as detailed at jdpower.com. Champion Energy currently serves residential, commercial and industrial customers in deregulated electric energy markets in Texas, Illinois, Pennsylvania and Ohio and is slated to enter the New Jersey market in the fourth quarter of 2010. Backed by the financial strength of Texas-based Crane Capital, the company serves 550,000 residential customer equivalents, with a peak load near 1,600 Megawatts. PUCT No. 10098, PA PUC license A-2009-2124113, Ohio PUC certificate 09-166E(1), Illinois (ICC) docket 10-0168, New Jersey BPU license ESL-0082.
About EDF Trading
EDF Trading is a leader in international wholesale energy markets. Its own portfolio of assets, combined with EDF Group businesses, give it the ability to source, supply, transport, store, blend and convert physical commodities across wholesale energy markets. In North America, EDF Trading transacts physical power, natural gas and coal with a strong focus on its physical client base. EDF Trading also provides logistics through its large power generation, gas storage and transport portfolios, and hedging. In addition, EDF Trading is a leader in North American environmental products. In Europe, it is one of the largest participants in the power and gas markets and was one of the first entrants into the global market for liquefied natural gas. EDF Trading was also one of the first entrants in the European emissions trading market and is now one of the top three market participants in European emission allowances (EUA) and certified emission reduction (CER) credits. It is also active in the renewable energy credit (REC) market in the United States. The global coal and freight business is the largest importer of coal into Europe. EDF Trading is also a pioneer in the biomass market. EDF Trading is a 100 percent owned subsidiary of EDF Group, Europe's leading electricity producer, a major player in renewable energies, a significant participant in the worldwide revival of nuclear energy with a growing presence in the natural gas industry.
SOURCE Champion Energy Services