Swedish state-owned energy giant Vattenfall has set its sights firmly on the so-called Big Six’s market share with the purchase of its own consumer supplier.
Vattenfall today confirmed its purchase of Bournemouth-based iSupplyEnergy, which will become a wholly owned subsidiary of Vattenfall and form part of a major, multi-billion-pound investment in the UK’s energy market.
The deal builds on Vattenfall’s status as a major renewables development company – with its focus on wind, solar and most recently storage – and comes a month after it launched its business supply solution, dubbed FRESH.
ISupplyEnergy will bring with it more than 120,000 gas and electricity customers, while Vattenfall will begin to offer those customers clean electricity.
Magnus Hall, president and chief exec at Vattenfall, said the company continued to value the UK as a strategically important market despite its notoriously difficult conditions.
Martijn Hagens, senior VP for customers and solutions at Vattenfall, added: “We are convinced our acquisition of iSupplyEnergy will be good for our new customers, as we will combine our experience and increasingly smart and fossil-fuel free energy solutions with iSupplyEnergy’s strong, nimble, digitalised and transparent customer service.”
Vattenfall confirmed that no jobs would be lost at iSupplyEnergy, which will continue to be headquartered out of Bournemouth.
Rob Gildert, chief executive at iSupplyEnergy, said: “The backing and expertise of Vattenfall will allow the company to deliver climate smarter energy, market leading customer service and great products to customers to help them manage their energy better.”