MET Group enters the German market with gas storage and sales activities
Swiss-based European energy company MET Group has entered the German market by offering products directly to end consumers in Germany through its 100% subsidiary MET Germany GmbH and by acquiring the gas storage business from Gas-Union GmbH.
MET Group is an independent management-owned company headquartered in Switzerland, with a substantial 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 decided to establish a physical presence in Germany.
On 19 November 2020, MET Group has executed 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 closing is expected to take place before the end of this year. 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.
Jan Massmann, Vice Chairman of the Executive Board of MET Group stated: “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. Customer relationships, as well as assets are an essential part of our integrated strategy focusing on gas, power and renewables.”
The new German subsidiary, officially established on 30 October 2020, aims to start natural gas deliveries to large industrial clients at the beginning of 2021, to be complemented by power at a later stage. The highly experienced team of MET Germany offers tailor-made products to a wide range of customers, including industrial consumers, utilities, as well as SMEs and (from the beginning of 2022) household customers.
MET Germany’s modern systems are directly linked to MET Group’s central trading hub in Switzerland. The company’s motivated team – headed by CEO Jörg Selbach-Röntgen and CFO Tobias Meyer – intends to establish long-term, stable cooperation with customers in delivering a comprehensive supply of energy.
Jörg Selbach-Röntgen, CEO of MET Germany commented: “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’. 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.”
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.