BP Acquires GETEC ENERGIE to Bolster Its Position in Europe
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bp has completed its acquisition of GETEC ENERGIE, a leading supplier of energy to commercial and industrial (C&I) customers in Germany.
The agreement for this deal was announced in January 2024.
The acquisition of GETEC ENERGIE will accelerate the growth of bp’s European gas and power presence, as well as providing opportunities to grow integrated lower carbon energy solutions for C&I energy customers in Germany and elsewhere in Europe.
Building on its existing footprint, bp will now supply gas and power directly to C&I customers in the countries where GETEC ENERGIE is active — mostly in Germany, and additionally in the Netherlands, Austria, Belgium, and Poland.
Today, GETEC ENERGIE supplies around 40TWh of power and gas per year — serving about 400 C&I customers in Germany and supplying more than 100,000 gas and power meters directly.
Adding GETEC ENERGIE’s capabilities, systems, experience, and highly expert team, will allow bp to expand its offering of integrated solutions. It is also expected to enhance bp’s ability to optimize both the supply of power and gas to its own assets in Germany and other European countries and potential future power generation from planned offshore wind assets.
“Bringing GETEC ENERGIE into bp immediately grows our European C&I supply presence, and the team’s advanced technologies, capabilities and expertise will enhance and grow our ability to offer integrated energy solutions to customers in Germany and elsewhere in Europe. By integrating GETEC ENERGIE into our business, we are taking a further step in bp’s strategy to become an integrated energy company and grow the value of bp,” said Elaine Skinner-Reid, bp’s SVP gas & power trading international.
Led by Cord Wiesner, the chief executive officer of GETEC ENERGIE, the company will join bp trading & shipping, as part of the international gas & power trading business.
“In bp, we have found the ideal company to take our strong growth of recent years to the next level. This integration will support us in providing our customers greater volumes and longer duration contracts in the future and enable us to offer our energy solutions to even more customers outside Germany,” said Cord Wiesner.
With the completion, GETEC ENERGIE’s Hanover headquarters will become a new regional trading office for bp — alongside its other European trading offices in London and Madrid.
The acquisition of GETEC ENERGIE, expanding bp’s presence in Europe, follows bp’s expansion of its C&I power and gas business in the U.S. through the 2022 acquisition of EDF Energy Services.
bp is an energy company that explores and produces oil and natural gas, refines, markets, and supplies petroleum products, as well as generates solar energy, and manufactures and markets chemicals such as terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene. BP serves customers worldwide.
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