bp expands European energy portfolio with GETEC acquisition
bp has announced the completion of its acquisition of GETEC ENERGIE GmbH, a leading energy supplier for commercial and industrial (C&I) customers in Germany. This strategic move enhances bp’s presence in the European gas and power market and supports its goal of offering integrated, low-carbon energy solutions across the continent.
The acquisition allows bp to directly supply gas and power to C&I customers in Germany, the Netherlands, Austria, Belgium, and Poland. By integrating GETEC ENERGIE’s advanced technologies and expertise, bp aims to expand its capabilities in delivering comprehensive energy solutions tailored to the needs of its European clients.
Elaine Skinner-Reid, bp’s senior vice president of Gas & Power Trading International, highlighted the benefits of this acquisition: “Bringing GETEC ENERGIE GmbH 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.”
Strategic and operational benefits
GETEC ENERGIE currently supplies around 40 terawatt-hour (TWh) of power and gas annually to approximately 400 C&I customers in Germany. This integration is expected to optimise bp’s supply chain and enhance its ability to manage future power generation, including planned offshore wind projects. The Hanover headquarters of GETEC ENERGIE will now serve as a regional trading office for bp, complementing its existing European offices in London, UK, and Madrid, Spain.
Cord Wiesner, CEO of GETEC ENERGIE GmbH, expressed enthusiasm about the partnership, stating that bp’s acquisition will support the company’s growth and enable it to offer more extensive energy solutions across Europe.
This acquisition follows bp’s 2022 expansion in the U.S. through the acquisition of EDF Energy Services, reflecting bp’s commitment to growing its C&I energy business globally. The deal aligns with bp’s strategy to become an integrated energy company and increase its market value.
