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    MET Closes German Storage Takeover

Summary

The acquisition will complement MET's existing wholesale operations and help expand its sales to end consumers in Germany, the Swiss firm has said.

by: Joe Murphy

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, News By Country, Germany

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.