BP has successfully completed the acquisition of GETEC ENERGIE GmbH, a prominent supplier of energy to commercial and industrial (C&I) customers in Germany. This strategic acquisition, initially announced in January 2024, is poised to accelerate BP’s growth in the European gas and power markets, enhancing its capacity to offer integrated lower-carbon energy solutions.
Elaine Skinner-Reid, BP’s Senior Vice President of Gas & Power Trading International, highlighted the immediate impact of the 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.”
GETEC ENERGIE GmbH currently supplies approximately 40 TWh of power and gas annually, serving around 400 C&I customers in Germany and managing over 100,000 gas and power meters directly. The integration of GETEC ENERGIE GmbH will significantly bolster BP’s ability to optimize power and gas supply to its assets across Germany and other European nations, as well as to future offshore wind projects.
Cord Wiesner, CEO of GETEC ENERGIE GmbH, expressed optimism about the acquisition: “In BP, we have found the ideal company to take our strong growth of recent years to the next level. This integration will support us in providing our customers greater volumes and longer duration contracts in the future and enable us to offer our energy solutions to even more customers outside Germany.”
GETEC ENERGIE GmbH’s Hanover headquarters will now serve as a new regional trading office for BP, joining the company’s existing European trading offices in London and Madrid. This acquisition follows BP’s strategic expansion of its C&I power and gas business in the US through the 2022 acquisition of EDF Energy Services.
The incorporation of GETEC ENERGIE GmbH into BP’s operations aligns with BP’s strategy to become a leading integrated energy company, enhancing its value proposition and expanding its footprint in the European energy market.
