The five-year deal will cover both gas and electricity and give Utilita access to competitively priced energy until at least 2021.
Utilita is the second independent to tie up a wholesale trading deal in 2016 following Spark Energy’s deal with Macquarie in January, protecting it from the volatility of wholesale markets.
Utilita Energy’s chief executive Bill Bullen said: “This agreement with BP means that we will continue to be able to offer our customers highly competitive prices and outstanding levels of service – I believe fuel bills should be as low as possible and working with BP can help to achieve that.
“I am absolutely delighted because this means we can now forge ahead with renewed confidence as our growth enters an exciting new phase.”
BP’s head of origination for gas and power Chris Schemers said: “We are pleased about the opportunity to supply a growing independent energy retailer.”