MET to take over Hungarian retail power portfolio of GDF Suez

Energy Trade

Energy trader MET Magyarország Energiakereskedő, a company 40% owned by Hungarian oil and gas company MOL, is reportedly planning to purchase the retail electricity business of GDF Suez Energia Holding Hungary, Hungarian business daily Napi Gazdaság reported today citing a merger request on the website of the Hungarian Competition Office GVH.

The Hungarian GDF unit would retain its gas business according to the daily. GDF sold the power plant Dunamenti Erőmű earlier this year; the buyer was also the MET group.

GDF Suez Energia Holding Hungary was reported to have posted losses in the past three years, including net losses of HUF 11.6 bln last year. Dunamenti Erőmű was near bankrupt at the time of the buyout and the company's retail gas distributor has been loss-making for several years, the daily reported.

Napi Gazdaság suggested that GDF Suez would probably withdraw from the retail gas business when the planned national utilities holding is established. Főgáz, formerly owned by Germany's RWE and the Budapest City Council, was bought out by the state in the past twelve months.

MET Group, which is involved in gas and electricity trading, is 40% owned by MOL, 50% by Cyprus-based WISD Holding Ltd. and 10% by Swiss-based MET ManCo AG. MET units are trading on 14 international gas markets, and the group opened towards electricity markets in 2013, Napi Gazdaság reported.

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