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.

“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,” said Jan Massmann, Vice Chairman of the Executive Board of MET Group.

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.