Vattenfall into UK energy retail with acquisition of iSupplyEnergy
iSupplyEnergy, a fast-growing UK supply company, has been acquired by Vattenfall, the Swedish energy group. After having recently entered the UK business customer market, Vattenfall will now start to sell electricity and natural gas for the first time also to private customers.
Magnus Hall, President and CEO of Vattenfall, said: “Vattenfall is in Britain to grow and the acquisition of iSupplyEnergy is in line with Vattenfall’s strategy to grow our customer base in Northern Europe. Together with iSupplyEnergy, we will be able to supply a wide range of energy solutions and services to private customers.”
iSupplyEnergy, which employs 170 people, will continue to supply its more than 120,000 gas and electricity customers as a wholly owned subsidiary of the state-owned utility. Since 2008, Vattenfall has invested more than £3bn building one of the UK’s leading wind energy businesses. It has recently branched out into solar PV, battery storage and business to business sales.
Vattenfall’s Sr. Vice President for Customers & Solutions, Martijn Hagens, said: “We are convinced this deal will be good for our new customers too, as we will combine our experience of customer focused and increasingly fossil-fuel free energy solutions in northern Europe with iSupplyEnergy’s strong, nimble, digitalised and transparent customer service.”
In early May, Vattenfall announced that it was starting to sell renewable power for the first time to British business customers with high demand to reduce their carbon footprint. Vattenfall started to invest significantly in the UK energy industry in 2008 after buying three wind businesses. From 2018, the company will operate over 1 gigawatt (GW) of installed wind capacity.
Vattenfall is a Swedish, state owned energy company with around 20,000 employees with operations in Sweden, Germany, the Netherlands, Denmark, UK and Finland. Vattenfall focuses on growth in business areas that drive the transition to a renewable energy system and has the objective to become leading in sustainable energy production and thereby secure a reliable and cost effective energy supply.