Houston-based LS Power – an employee-owned, independent developer, owner, operator, and investor in power generation and electric transmission infrastructure – announced on March 16 that it plans to enter the North American competitive retail energy supply sector.
The company said it will launch an affiliate, LifeEnergy – to be led by former GDF Suez Energy North America CEO Zin Smati – which will deliver energy products and services directly to both residential and business customers nationwide, with plans eventually to expand into Mexico and Canada.
Until recently, at GDF Suez, Smati led all energy businesses throughout North America – including Power Generation, LNG, Gas Distribution and Midstream, Marketing and Trading, and Retail Energy. He also served as chairman of the North American Executive, Risk and Investment committees, and participated in international investment decisions as a member of the International Investment Committee of French multinational parent company ENGIE. Prior to joining GDF Suez in 2006, Zin served as CEO of BP Amoco Global Power from Houston, where he oversaw all gas to power generation developments worldwide.
“The North American energy industry is in a state of transition,” commented Smati, adding, “I believe strongly that there is a tremendous opportunity in the marketplace …. With its entrepreneurial culture and track record of success, LS Power is exactly the type of partner that can help build LifeEnergy into a company admired by customers, partners and employees.”
“Zin brings an enormous amount of energy sector knowledge and experience to the company and is widely known as an accomplished business builder and manager,” said LS Power CEO Paul Segal.
Since its inception in 1990, LS Power has developed, constructed, managed or acquired more than 30,000 MW of competitive power generation and over 500 miles of transmission infrastructure, for which it has raised over $30 billion in debt and equity financing. Life Energy, also to be operated out of Houston, will focus on focused on providing electricity, gas, mobile LNG, solar and distributed generation to residential, commercial, and industrial customers.