American Electric Power to Purchase BlueStar Energy
American Electric Power (AEP) has agreed to aquire retail electric provider BlueStar Energy Solutions, expanding its reach into the deregulated electricity market.
If the sale is approved by federal regulators, BlueStar Energy Solutions and its parent company BlueStar Energy Holdings Inc. will join AEP's unregulated subsidiary AEP Retail Energy.
Chicago-based BlueStar Energy, which has been in business since 2002, serves a customer base of 21,000 in Illinois and Ohio. The company offers its services to residential, small business and commercial customers.
With the addition of BlueStar, AEP Retail Energy, which already serves a customer base in Ohio, will dip into the growing deregulated market in Illinois. BlueStar also expands AEP Retail Energy's offerings, specifically a renewable energy option.
BlueStar customers are given a choice to use renewable energy through the company's Renewable Energy American plan. This plan uses renewable energy credits (RECs) purchased from wind energy generators to offset electricity usage.
The financial details of the agreement were not released, but AEP anticipates the acquisition to be close in March.
Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.
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