Swiss-based European energy company MET Group has entered the German market by offering products directly to end consumers in Germany through its 100 per cent subsidiary MET Germany.
MET, already present in 14 European countries through local subsidiaries and active in 25 national gas markets, including in Central and Eastern Europe, has decided to establish a physical presence in Germany, through the acquisition of Gas-Union’s gas storage activities at four locations, with a total working gas capacity of 3.4 terawatt-hours (TWh).
The transaction is still subject to conditions precedent, including the approval of the antitrust authorities. The storage assets will provide an important addition to MET Group’s integrated energy portfolio, complementing its existing wholesale positions and supporting the build-up of MET Germany sales activities.
“It was a long overdue step to add physical assets and direct sales to end-consumers to MET’s already existing wholesale activities in the German market,” said Jan Massmann, Vice Chairman of the Executive Board of MET Group. “Customer relationships, as well as assets are an essential part of our integrated strategy focusing on gas, power and renewables.”
The new German subsidiary aims to start natural gas deliveries to large industrial clients at the beginning of 2021, to be complemented by power at a later stage.
“We look forward to bringing some change to the German energy industry, in accordance with MET Group’s slogan of Implementing innovation in traditional European energy markets”, added Jörg Selbach-Röntgen, CEO of MET Germany. “MET Germany has a dedicated team of energy experts with a long track record in the industry, striving to understand consumers’ needs and finding individual solutions in each business project.”