Swiss energy group MET takes over storage activities of Gas-Union
The Swiss-based European energy company MET Holding AG is to take over the storage activities of Gas-Union GmbH in Frankfurt am Main.
The Swiss-based European energy company MET Holding AG is to take over the storage activities of Gas-Union GmbH in Frankfurt am Main. The purchase agreement was signed on 19 November 2020. The transaction is still subject to conditions precedent, including the approval of the competition authorities. It is expected that the closing will take place this year.
Gas-Union has storage capacities at four sites with a total working gas volume of 3.42 terawatt hours (TWh). The sole shareholder of Gas-Union is VNG AG, which won the EU-wide bidding competition in July this year.
ABOUT THE MET GROUP
MET Group is an integrated European energy company headquartered in Switzerland and active in the natural gas, electricity and oil markets. MET operates in 14 countries with subsidiaries, in 25 national gas markets and 22 international trading hubs. In 2019, MET Group’s consolidated turnover was EUR 11.7 billion and the volume of natural gas traded was 50 billion cubic metres. MET is 80 per cent owned by its employees and 20 per cent is owned by Keppel Corporation.
