BP Completes Acquisition of GETEC ENERGIE GmbH to Enhance European Energy Presence

BP Completes Acquisition of GETEC ENERGIE GmbH to Enhance European Energy Presence

(IN BRIEF) BP has finalized the acquisition of GETEC ENERGIE GmbH, an energy supplier to commercial and industrial customers in Germany. This acquisition, announced in January 2024, enhances BP’s European gas and power operations and expands its reach to Germany, the Netherlands, Austria, Belgium, and Poland.

GETEC ENERGIE GmbH, which supplies 40TWh of power and gas annually, will integrate into BP’s trading and shipping division. This move is expected to improve BP’s ability to offer integrated energy solutions and optimize its power and gas supply across Europe.

GETEC ENERGIE GmbH’s Hanover headquarters will become a new regional trading office for BP, complementing offices in London and Madrid. This acquisition aligns with BP’s strategy to grow its C&I power and gas business in Europe and the US.

(PRESS RELEASE) LONDON, 2-Aug-2024 — /EuropaWire/ — bp (LON: BP), a British multinational oil and gas company, has finalized its acquisition of GETEC ENERGIE GmbH, a prominent energy supplier to commercial and industrial (C&I) customers in Germany, following the initial agreement announced in January 2024.

This acquisition will bolster BP’s European gas and power operations, facilitating the growth of integrated lower carbon energy solutions for C&I customers in Germany and across Europe. BP will now directly supply gas and power to C&I customers in Germany, the Netherlands, Austria, Belgium, and Poland.

Elaine Skinner-Reid, BP’s Senior Vice President of Gas & Power Trading International, highlighted that the addition of GETEC ENERGIE GmbH enhances BP’s capabilities to offer integrated energy solutions, leveraging the company’s advanced technologies and expertise.

GETEC ENERGIE GmbH, which supplies around 40TWh of power and gas annually to about 400 C&I customers and over 100,000 gas and power meters, will join BP’s trading and shipping division. This integration is expected to optimize BP’s power and gas supply across Europe and support future offshore wind projects.

Cord Wiesner, CEO of GETEC ENERGIE GmbH, expressed enthusiasm for the integration, noting it will enable the company to expand its offerings and support customer growth outside Germany.

GETEC ENERGIE GmbH’s Hanover headquarters will become a new regional trading office for BP, complementing its existing offices in London and Madrid. This acquisition is part of BP’s broader strategy to expand its C&I power and gas business, following its 2022 acquisition of EDF Energy Services in the US. The deal was completed within BP’s financial framework as initially planned.

Cautionary statement

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, ‎or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.‎

Media Contact:

bp press office, London: +44 (0) 20 7496 4076, bppress@bp.com

bp press office, Germany: +49 (0) 234 4366 3991, presse@de.bp.com

SOURCE: BP p.l.c.