AEP to Buy Efficiency Firm BlueStar
American Electric Power has reached an agreement to acquire BlueStar Energy Holdings, a utility and provider of energy efficiency services â€“ just eight weeks after BlueStar announced an acquisition of its own.
As well as providing electric supply for retail customers in Ohio, Illinois and other deregulated electricity markets, BlueStar also provides energy efficiency and demand response services nationwide through BlueStar Energy Solutions, which in November bought TruBrite Energy Management. Financial terms have not been disclosed for either deal.
BlueStar has been in operation since 2002 and has about 21,000 customer accounts.Â AEP president and CEO Nicholas K. Akins said BlueStarâ€™s demand-side management expertise, including proprietary information systems,wil enhance AEPâ€™s wholesale business and diversify product offerings for an expanding 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. BlueStar’s operations will continue to be based in Chicago.
AEP is one of the nationâ€™s largest utilities, with more than five million customers in 11 states,Â and owns the nation’s largest electricity transmission system.
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