MET Closes German Storage Takeover
Swiss-based energy company MET has closed a deal to acquire the gas storage business of Frankfurt-headquartered Gas-Union, giving it a physical presence in Germany, the company announced on December 30.
MET now controls the Reckrod, Etzel, TGE and KGE sites with a combined storage capacity of 3.4 TWh. The acquisition complements its existing wholesale operations and will help expand sales to end consumers via its newly-formed 100% subsidiary MET Germany, it said.
The company has been trading with German counterparties for several years. It announced the deal with Gas-Union in November, saying it planned to initiate gas deliveries to industrial clients in Germany at the start of 2021, complemented with power sales at a later stage. It will launch household sales at the beginning of 2022.