• Natural Gas News

    EDF, Getec set up German energy supply joint venture

Summary

The new company will benefit major industries in Germany as well as its owners.

by: William Powell

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Corporate, Market News, News By Country, EU, Germany

EDF, Getec set up German energy supply joint venture

German major industrial energy supplier Getec Energie and French EDF Trading (EDFT) have set up a joint venture Getec Sales & Trading, they said September 6.

Based in Hanover, the company will position itself on the German market as a "dynamic and independent energy services company for Getec’s growing customer base," they said. Its creation had regulatory approval from the national anti-trust agency in April.

Owned 74.9% by Getec, the company will combine Getec's "highly scalable and extensively automated platform for supply, settlement and provision of energy-related services" with EDFT's "first-class trading access on the futures market and a wide range of products in wholesale power, natural gas, oil, LPG, environmental products and LNG."

Getec said the new joint venture "improves the framework conditions for all parties involved and we are looking forward to working with another strong partner."

EDFT, which also has a joint venture focused on LNG optimisation with Japanese trading house Jera, said the new company would also provide access to green solutions such as power purchase agreements and carbon offsets. Based in London, it is a wholly owned subsidiary of state-controlled nuclear generator Electricite de France.