bp to expand European footprint with acquisition of GETEC ENERGIE GmbH

In a move that significantly expands its presence in the European power and gas commercial and industrial (C&I) supply market, bp has agreed to acquire GETEC ENERGIE GmbH, a leading independent energy supplier in Germany. This strategic acquisition is aligned with bp’s goal to become an integrated energy company focused on delivering comprehensive energy solutions to customers.

GETEC ENERGIE GmbH, boasting over two decades of experience, expertise, and customer relationships in the energy sector, will play a pivotal role in accelerating bp’s strategy. This move will enhance bp’s capabilities across both established energy markets like power and gas, and emerging ones including renewable power, biogas, and hydrogen.

Carol Howle, bp’s executive vice president of trading & shipping, highlighted the significance of this acquisition: “As we continue to deliver our strategy, it’s essential that we can connect and integrate the energy solutions we offer customers across bp. The addition of GETEC ENERGIE GmbH will expand and enhance our ability to do just that in Germany and ultimately in Europe.”

This development follows bp’s successful expansion in the U.S. through the acquisition of EDF Energy Services in 2022. Howle further stated, “It will help us bring new opportunities across energy value chains to C&I customers, providing them with secure, affordable and increasingly lower carbon energy solutions. We look forward to bringing GETEC ENERGIE GmbH’s advanced technologies, processes, and people into bp.”

Franziska Artz, Chairwoman of the Advisory Board of GETEC ENERGIE Holding GmbH, expressed satisfaction with the sale: “With our long-standing CEO and co-shareholder Bernward Peters, we have developed GETEC ENERGIE GmbH into a leading energy provider for commerce and industry in Germany. We are delighted to have now found the right opportunity with bp, with whom GETEC ENERGIE GmbH can continue and expand its successful course in the context of the energy transition both in Germany and beyond.”

Based in Hanover, Germany, and currently privately-owned, GETEC ENERGIE GmbH’s main activities span across Germany and other European countries including The Netherlands, Austria, Belgium, and Poland. The company supplies more than 40 TWh of power and gas annually, positioning it as one of Germany’s largest independent energy suppliers to C&I customers.

Upon completion, GETEC ENERGIE GmbH’s personnel will join bp, leveraging its extensive platform to meet global energy needs while supporting the transition to a lower carbon economy. bp plans to maintain GETEC ENERGIE GmbH’s headquarters in Hanover, which will become a new regional trading office for bp’s European trading business, complementing its existing offices in London and Madrid.

The financial details of this private transaction have not been disclosed. The acquisition, expected to be completed later this year pending regulatory approvals, aligns with bp’s disciplined financial framework and is anticipated to play a crucial role in managing and supplying bp’s demand for lower carbon power in Germany and Europe, building on GETEC ENERGIE GmbH’s existing power supply agreement with bp’s Aral forecourts in Germany.