bp acquires GETEC ENERGIE to grow European C&I energy business

bp has signed an agreement to fully acquire GETEC ENERGIE GmbH, an independent provider of power, natural gas and renewables to commercial and industrial (C&I) customers across Germany and parts of Europe.

The purchase significantly scales bp’s presence and capabilities in serving the C&I energy market regionally. GETEC currently supplies more than 40 terawatt-hours ((TWh) of electricity and gas per year in Germany through more than 100,000 metering points.

Bp anticipates GETEC’s personnel, expertise and customer relationships will enable delivery of integrated, low carbon energy solutions to existing and new European clients. Offerings can span natural gas, renewable power purchasing agreements, balancing services and more.

GETEC will additionally help meet bp’s own growing clean power demand in Germany, building on an existing electricity supply partnership with bp’s ARAL fuel retail network. The Hanover-based company becomes bp’s third European C&I-focused energy trading center alongside London, UK, and Madrid, Spain..

Carol Howle, bp executive vice president of trading and shipping, said GETEC will enhance connectivity across bp’s evolving energy value chain and help it bring new opportunities to European customers.

Financial terms were not disclosed. The acquisition is expected to complete later in 2024 after securing regulatory clearances.