Friday, June 21, 2024
HomeLNGMET Group secures regasification capacity at Deutsche Ostsee LNG terminal in Lubmin

MET Group secures regasification capacity at Deutsche Ostsee LNG terminal in Lubmin

Swiss-based MET Group has secured binding long-term LNG capacities at Deutsche ReGas’ floating LNG terminal in Lubmin, Mecklenburg-Vorpommern, Germany. The Floating Storage Regasification Unit (FSRU) on the German Baltic Sea coast will be officially inaugurated tomorrow in the presence of German Chancellor Olaf Scholz and Minister for Economic Affairs and Climate Protection Robert Habeck.

MET Group is an established and active player in the German natural gas and electricity market, which has always been a key hub in MET’s gas and power portfolio. In recent years, MET Group has acquired 3.4 terawatt-hours (TWh) of underground gas storage facilities, opened a local supply subsidiary and is rapidly growing its sales activities to municipal utilities, industrial and commercial customers and, most recently, households. MET says the capability to import LNG through the Deutsche Ostsee LNG Terminal in Lubmin will significantly complement its offer to all customers and increase the security of energy supply for the region.

“Contracting capacities in Germany is an immensely important puzzle piece for our integrated European energy market strategy, building bridges across physical imports into and across different regions, between trading competencies and sales expertise, between asset operations and economic optimisation,” said György Domokos Vargha, CEO of MET International, adding that increased LNG import capacity contributes largely to physical energy security next to the group’s renewables portfolio, the gas-fired power generation asset park and the underground gas storage capacity investments.

Jörg Selbach-Röntgen, CEO of MET Germany noted that since the beginning of 2022, MET has been in intensive talks with various official stakeholders as well as customers and emphasised that the group would like to further expand its commitment to secure the supply of natural gas for Germany.

“In order to be able to implement the deliveries from preliminary agreements with major municipal utilities and large industrial companies in Germany reliably and on schedule, we have now secured binding capacity at the floating terminal in Lubmin. This will significantly strengthen our position in the German market,” underlined the CEO of MET Germany.

Across Europe, MET Group currently supplies natural gas and electricity to various customer groups, from large consumers to private households, in 13 countries. As part of its procurement of natural gas volumes, MET is actively increasing its participation in the LNG market.

Last year, MET has imported over 30 TWh of LNG cargoes to Croatia, Greece, Spain, Belgium and the UK. With the German regasification capacities, MET Group becomes one of the most diverse LNG importers in Europe having mid-term capacities in 4 countries and full capabilities for further spot deliveries into additional terminals across the continent.

German company Deutsche ReGas has kicked off the construction of the Deutsche Ostsee LNG terminal in Lubmin in September. The FSRU-based terminal is expected to start commercial operations in January feeding up to 4.5 billion cubic metres (bcm) of gas annually into the German transmission network.

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