bp expands its range of gas, electricity and integrated energy solutions in Europe with the acquisition of GETEC ENERGIE GmbH

The acquisition of GETEC ENERGIE will accelerate bp’s growth in the European gas and electricity market and offers the opportunity to develop integrated low-carbon energy solutions for commercial and industrial customers in Germany and other European countries.

Building on its existing presence, bp will now supply gas and electricity directly to commercial and industrial customers in the countries in which GETEC ENERGIE operates – mainly in Germany and additionally in the Netherlands, Austria, Belgium and Poland.

GETEC ENERGIE currently supplies around 40 TWh of electricity and gas per year. The company serves around 400 commercial and industrial customers in Germany and supplies more than 100,000 gas and electricity meters directly.

GETEC ENERGIE’s capabilities, systems, experience and highly skilled team will enable bp to expand its range of integrated solutions. It is expected that this will also enhance bp’s ability to optimize the electricity and gas supply of its own plants in Germany and other European countries, as well as potential future electricity generation from planned offshore wind farms.

Elaine Skinner Reid, SVP Gas & Power Trading International at bp, said: “The integration of GETEC ENERGIE into bp will immediately expand our presence in the European supply of gas to commercial and industrial customers, and the team’s advanced technologies, know-how and expertise will enhance and expand our ability to provide integrated energy solutions to customers in Germany and other European countries.”

Patrick Wendeler, CEO of BP Europa SE, said: “The investment in GETEC ENERGIE demonstrates bp’s commitment to Germany. It deepens our expertise in the power and gas value chain in Germany and other European countries and is a further step in our transformation from an international oil and gas company into an integrated energy company.”

The company will be integrated into bp trading & shipping as part of the international gas and electricity trading business under the management of Cord Wiesner, Managing Director of GETEC ENERGIE.

Cord Wiesner said: “With bp, we have found the ideal company to take our strong growth of recent years to the next level. This integration will help us to offer our customers larger volumes and longer contract terms in the future and to offer our energy solutions to even more customers outside Germany.”

With this deal, GETEC ENERGIE’s headquarters in Hanover will become a new regional trading office for bp – alongside the other European trading offices in London and Madrid.

The acquisition of GETEC ENERGIE, which expands bp’s presence in Europe, follows the expansion of bp’s electricity and gas business in the US through the acquisition of EDF Energy Services in 2022. As mentioned in the original announcement in January, the acquisition of GETEC ENERGIE was fully in line with bp’s financial framework.

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In order to take advantage of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (the “PSLRA”), bp provides the following cautionary statement. This press release contains certain forward-looking statements – i.e., statements that relate to future, not past, events and circumstances – that may relate to bp’s financial condition, results of operations and business and certain of bp’s plans and objectives with respect thereto. These statements are generally, but not always, characterized by the use of words such as “will”, “expects”, “should”, “may”, “objective”, “will likely”, “intends”, “believes”, “anticipates”, “plans”, “we see” or similar expressions. Actual results may differ from those expressed in such statements depending on a variety of factors, including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk Factors” and in all of our most recent public reports.

The current Annual Report and Form 20-F and other publications are available on the SEC’s website at www.bp.com or can be obtained by calling the SEC at 1-800-SEC-0330 or visiting its website at www.sec.gov.