bp Expands European C&I Energy Presence with Acquisition of GETEC ENERGIE GmbH

bp Expands European C&I Energy Presence with Acquisition of GETEC ENERGIE GmbH

(IN BRIEF) bp, the global energy company, is set to expand its presence in the European commercial and industrial (C&I) energy supply sector with the acquisition of GETEC ENERGIE GmbH, a prominent energy supplier in Germany. This acquisition will strengthen bp’s European power and gas C&I supply capabilities, allowing the company to offer integrated energy solutions to existing and new customers across Europe. GETEC ENERGIE GmbH, with over two decades of experience, will enhance bp’s capabilities in power, gas, renewable energy, biogas, and hydrogen markets. The move follows bp’s successful expansion in the C&I power and gas sector in the United States with the acquisition of EDF Energy Services in 2022.

(PRESS RELEASE) LONDON, 17-Jan-2024 — /EuropaWire/ —  bp (LON: BP), a British multinational oil and gas company, has announced its acquisition of GETEC ENERGIE GmbH, a leading energy supplier for commercial and industrial (C&I) customers in Germany. This strategic move will significantly strengthen bp’s presence in the European power and gas C&I supply sector, allowing the company to provide integrated energy solutions to its customers in Germany and across Europe. GETEC ENERGIE GmbH, with over two decades of experience and customer relationships, will play a pivotal role in enhancing bp’s capabilities in both established (power and gas) and emerging (renewable power, biogas, and hydrogen) energy markets. The acquisition follows bp’s successful expansion of its C&I power and gas business in the US through the acquisition of EDF Energy Services in 2022.

Carol Howle, bp Executive Vice President of Trading & Shipping, emphasized the importance of connecting and integrating energy solutions for customers, stating “As we continue to deliver our strategy, it’s essential that we can connect and integrate the energy solutions we offer customers across bp. The addition of GETEC ENERGIE GmbH will expand and enhance our ability to do just that in Germany and ultimately in Europe.

“It will help us bring new opportunities across energy value chains to C&I customers, providing them with secure, affordable and increasingly lower carbon energy solutions. We look forward to bringing GETEC ENERGIE GmbH’s advanced technologies, processes and people into bp. “

GETEC ENERGIE GmbH, headquartered in Hanover, Germany, and with operations in several European countries, holds a substantial C&I customer base, supplying power and gas, as well as renewable power purchase agreements and flexibility and balancing services. The company currently provides over 40 TWh of power and gas annually to more than 100,000 meters across Germany. bp anticipates that this acquisition will help manage and supply its demand for lower carbon power in Germany and Europe, building on GETEC ENERGIE GmbH’s existing power supply agreement with bp’s Aral forecourts in Germany.

The transaction will see GETEC ENERGIE GmbH’s personnel join bp, with the company maintaining its headquarters in Hanover, which will become a new regional trading office alongside bp’s existing locations in London and Madrid. The acquisition is expected to be finalized later this year, subject to regulatory approvals.

Financial details of the private transaction have not been disclosed, but it will be fully accommodated within bp’s financial framework. The acquisition marks a strategic step toward bp’s commitment to delivering secure, affordable, and low-carbon energy solutions to its customers, in line with the energy transition.

Franziska Artz, Chairwoman of the Advisory Board of GETEC ENERGIE Holding GmbH, expressed enthusiasm about the sale to bp, highlighting the alignment of both companies’ visions in navigating the energy transition in Germany and beyond, commented “With our long-standing CEO and co-shareholder Bernward Peters, we have developed GETEC ENERGIE GmbH into a material and leading energy provider for commerce and industry in Germany. We are delighted to have now found the right opportunity with bp, with whom GETEC ENERGIE GmbH can continue and expand its successful course in the context of the energy transition both in Germany and beyond.”

This acquisition is part of bp’s ongoing efforts to evolve into a more integrated and customer-centric energy company, focusing on sustainability and innovation.

SOURCE: BP p.l.c.