Swiss trader MET buys Spanish CHP assets
Swiss-based energy trader MET Group has bought Spanish gas-fired power generator Cogen Energia from Norwegian Arendals Fossekompani, it said July 28. The deal, for an undisclosed sum, gives it access to five combined heat and power plants with a total installed capacity of 75 MW.
The deal also gives MET the right to provide electricity market services. The CHP assets are regulated and produce 600 GWh/yr of power and 400 GWh of heat.
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"Balancing and flexible energy production have become particularly important in the European power markets, as the increasing amount of intermittent renewable energy supply being fed into the grid makes matching power supply and demand ever more difficult," MET said.
CFO Johannes Niemetz said that flexible assets were "an essential part of MET Group’s integrated strategy to support the global energy transition. We are looking at assets that we believe we can operate efficiently, creating synergies with our existing positions in the gas and power markets. MET’s core growth in flexibility assets will be in Spain, Italy, and the newly entered German market.”