bp to Acquire GETEC ENERGIE, Expands Power Portfolio

bp has announced the planned acquisition of GETEC ENERGIE GmbH, which supplies energy solutions for commercial and industrial customers in Germany. Upon finalizing the purchase, bp’s European power and gas supply presence will be expanded, allowing the company to deliver integrated energy solutions to new and existing customers in Germany and elsewhere on the European continent.

The acquisition of GETEC ENERGIE GmbH (GETEC) aligns with and accelerates the delivery of bp’s plan to become an integrated energy company focused on providing energy solutions to its customers. GETEC will boost bp’s capabilities and increase the interface with customers in both established and developing energy markets. The established markets consist of power and gas, while the developing markets consist of renewable power, biogas, and hydrogen.

“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,” said Carol Howle, bp Executive Vice President, Trading & Shipping. “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.”

GETEC is currently privately-owned and based in Hanover, Germany, with operations in The Netherlands, Austria, Belgium, and Poland. The company has a German commercial and industrial customer base, supplying power, gas, and renewable energy purchase agreements, as well as flexibility and balancing services. It currently produces more than 40 TWh of power and gas per year, and it will play a role in supplying bp’s demand for lower carbon power within Germany and beyond.

GETEC ENERGIE GmbH headquarters in Hanover, Germany; Image Credits: GETEC ENERGIE GmbH

"With our long-standing CEO and co-shareholder Bernward Peters, we have developed GETEC ENERGIE GmbH into a material and leading energy provider for commerce and industry in Germany,” said Franziska Artz, Chairwoman of the Advisory Board of GETEC ENERGIE Holding GmbH. “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.”

bp intends on maintaining the existing headquarters in Hanover, converting it to a new regional trading office for the company’s European trading business alongside London and Madrid locations. GETEC’s personnel will be merged with bp’s team once the acquisition has been finalized.