bp Acquires GETEC ENERGIE GmbH, Expanding European Energy Footprint

BP has completed its acquisition of GETEC ENERGIE GmbH, a leading energy provider for commercial and industrial (C&I) customers in Germany. This strategic move, initially announced in January 2024, aims to enhance BP’s European gas and power market presence while opening doors to expand integrated lower-carbon energy solutions for C&I customers in Germany and other European nations.

With this acquisition, BP will now directly supply gas and power to C&I customers across Germany, the Netherlands, Austria, Belgium, and Poland, leveraging GETEC ENERGIE GmbH's established footprint. Currently, GETEC ENERGIE GmbH supplies approximately 40TWh of power and gas annually, serving around 400 C&I customers and managing over 100,000 gas and power meters.

By incorporating GETEC ENERGIE GmbH’s capabilities, systems, and highly skilled team, BP plans to broaden its array of integrated energy solutions. This acquisition is expected to bolster BP’s ability to optimize power and gas supplies to its assets in Germany and other European countries, as well as potential future power generation from planned offshore wind projects.

Elaine Skinner-Reid, BP’s Senior Vice President of Gas & Power Trading International, expressed enthusiasm about the acquisition: “Integrating GETEC ENERGIE GmbH into BP immediately expands our European C&I supply presence. The advanced technologies, capabilities, and expertise of the GETEC team will enhance our ability to offer comprehensive energy solutions to customers in Germany and across Europe. This acquisition aligns with BP’s strategy to become an integrated energy company and increase our value.”

Cord Wiesner, CEO of GETEC ENERGIE GmbH, also shared his optimism: “Joining forces with BP will elevate our strong growth of recent years to new heights. This integration will enable us to provide our customers with greater volumes and longer-duration contracts, and allow us to extend our energy solutions to more customers beyond Germany.”

The acquisition will transform GETEC ENERGIE GmbH’s Hanover headquarters into a new regional trading office for BP, complementing its existing European trading offices in London and Madrid. This expansion of BP’s European presence follows its 2022 acquisition of EDF Energy Services, which boosted BP’s C&I power and gas business in the US.

BP's acquisition of GETEC ENERGIE GmbH was completed within BP’s disciplined financial framework, as outlined in the original January announcement. This strategic acquisition is a significant step forward in BP’s ongoing efforts to strengthen its position in the European energy market and advance its integrated energy company ambitions.

Since its inception in 1908 with the discovery of oil in Persia, BP has consistently navigated transitions—from coal to oil, oil to gas, onshore to deep water, and now, towards a diverse mix of energy sources as the world embraces a lower-carbon future.