BP is planning to acquire Germany's largest independent energy company

Interface News Reporter | Hou Ruining

BP (BP) has once again laid a pawn in the field of electricity and gas.

1month17day，bpThe release saidwillacquisitionGerman energy companyGETEC ENERGIE GmbH (hereinafter referred to as GETEC)。After the completion of the acquisition, BP is inGermany as wellElectricity and gas supply business in Europe will be expanded.

bpCarol Howle, executive vice president for trade and shipping, said, the acquisitionWill helpfirmProvide customers with safe, affordable and increasingly low-carbon energy solutions.

Headquartered in Hannover, Germany, GETEC is a privately held company and one of the largest independent energy companies in Germany. In addition to its presence in Germany, it also has operations in European regions such as the Netherlands, Austria, Belgium and Poland. The company annuallyOKProviding more than 40 TWh of electricity and gas,Serving more than 100,000 electricity and gas meters in Germany.

bp expects that at GETEC withbpThe company will also manage and supply the existing power supply agreements signed on top of the existing power supply agreementsbpin Germany and EuropeOther countriesof low-carbon electricity demand.

Upon completion of the transaction, GETEC employees will join bp. bp will retain GETEC's existing headquarters in Hannover, which will serve as the new regional trading office for bp's European trading business.

Financial details of the deal were not disclosed. The acquisition will be fully integrated into bp's financial framework.bp expects thatThe acquisition is expected to close later in 2024, subject to regulatory approvals.

This is since 2022,bpSecond M&A in the power and gas sector。

In order tofurther diversify its energy supply to achieve its goal of net-zero carbon emissions by 2050,bp in 2022Acquired EDF Energy Services, a U.S.-based electricity and gas retailer.

The acquisition expands bp's gas and power trading business in the U.S. and will also help it pass throughbp The Pulse brand integrates an expanding portfolio of wind power and EV charging.

In the context of the energy transition，bpIt was the most aggressive of the Big Five.But in the Russian-Ukrainian conflict、Under the influence of multiple factors such as shareholders' interests，bpThe pace of low-carbon sectors has been slowed down。

2023year3month，bpThe company's energy transition strategy has been revised to increase its 2030 oil and gas production target.

BP raised its oil and gas production cut targets for 2025 and 2030 to 2.3 million b/d and 2 million b/d, respectively, an increase of 300,000 b/d and 500,000 b/d, respectively, from the previous year, mainly to increase production of unconventional oil and gas in North America and deepwater oil and gas in the Gulf of Mexico.

bp maintains its 2050 carbon neutrality target, but has lowered its 2025 Scope 3 target from 20% to 10%-15% below 2019 levels, and from 35%-40% to 20%-30% in 2030. Scope 3 refers to emissions from the use of oil and gas products by consumers.

1month17day，bpNew CEOAukinclusdenote，bpFrom international oil companies to integrated energy companiesstrategyWon't change。