MET Snaps up German Storage Assets
Swiss-based energy company MET is set to enter the German gas market, it said on November 20, having reached a deal to acquire the gas storage business of Frankfurt-headquartered Gas-Union.
Having traded with German counterparties for several years, MET has decided to establish a physical presence in Germany. Pending standard approvals, it will acquire Gas-Union's four storage sites, with a combined capacity of 3.4 TWh, by the end of the year.
"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," MET vice board chairman Jan Massmann said. "Customer relationships, as well as assets are an essential part of our integrated strategy focusing on gas, power and renewables."
MET's newly-formed German subsidiary, MET Germany, also aims 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.