BP completes acquisition of German utility Getec Energie

BP has finalised its acquisition of German gas and power utility Getec Energie, the company announced on August 1. The agreement was initially revealed in January 2024.

BP stated that the acquisition will accelerate the growth of its European gas and power presence and provide opportunities to develop integrated lower carbon energy solutions for commercial and industrial (C&I) customers in Germany and other parts of Europe. The value of the deal has not been disclosed.

Following the acquisition, BP will now supply gas and power directly to C&I customers in the countries where Getec Energie operates—primarily Germany, as well as the Netherlands, Austria, Belgium, and Poland.

“Bringing Getec Energie into BP immediately expands our European C&I supply presence. 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,” said Elaine Skinner-Reid, BP’s SVP of gas & power trading International.

Getec Energie currently supplies approximately 40TWh/year of power and gas, serving around 400 C&I customers in Germany and directly supplying over 100,000 gas and power meters.

With the completion of the acquisition, Getec Energie's Hanover headquarters will become a new regional trading office for BP, complementing its existing European trading offices in London and Madrid.

This acquisition follows BP’s expansion of its C&I power and gas business in the US through the 2022 acquisition of EDF Energy Services.