MET Group completes acquisition of gas storage business in Germany
Swiss-based European energy company MET Group has completed the acquisition of a gas storage business from Gas-Union GmbH. The storage assets will support the build-up of sales activities to end consumers.
MET Group is an independent management-owned company headquartered in Switzerland, with a substantial and expanding gas and power portfolio in Europe. 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.
On 29 December 2020, MET 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% subsidiary MET Germany GmbH.
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.
MET Group is an integrated European energy company, headquartered in Switzerland, with activities in natural gas, power and oil markets. MET is present in 14 countries through subsidiaries, 25 national gas markets and 22 international trading hubs. In 2019, MET Group’s consolidated sales revenue amounted to EUR 11.7 billion, the volume of natural gas traded was 50 BCM. MET is owned 80% by its employees and 20% by the Keppel Corporation.