Swiss-based European energy company MET Group has completed the acquisition of a gas storage business from Gas-Union. The storage assets will support the build-up of sales activities to end consumers.
Having actively traded with German counterparties for several years, MET – present in 14 European countries through local subsidiaries and active in 25 national gas markets – has now established a physical presence in Germany.
The Group completed the acquisition of Gas-Union’s gas storage activities at four sites (Reckrod, Etzel, TGE, KGE), with a total working gas capacity of 3.4 terawatt-hours (TWh). The storage assets provide an important addition to MET Group’s integrated energy portfolio, complementing its existing wholesale positions and supporting the build-up of its sales activities to end consumers through its 100 per cent subsidiary MET Germany.
MET Group considers it a long-overdue step to add physical assets and direct sales to end customers to its ongoing wholesale activities in the German market.