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News from Members Strong financials allow MET Group to pursue expansion strategy

Strong financials allow MET Group to pursue expansion strategy

by MET Romania Energy April 16, 2024

Swiss-based energy company MET Group continued its strong performance, recording the second-best financial results in its corporate history in 2023. The results demonstrate the Group’s ability to deliver results in a less volatile market environment. MET remains focused on its growth strategy and its role as a reliable partner within the energy industry.

Through 2023, MET Group was again able to leverage the strength of its integrated business model. The Group achieved its second most profitable year on the back of a consolidated revenue of EUR 24.5 billion. The company’s revenue was down from EUR 41.5 billion in 2022 reflecting the lower price environment.

MET Group managed to deepen and broaden its access to financial facilities, amongst them the launch of its new EUR 1.33 billion Borrowing Base Facility alongside multiple bilateral arrangements. MET views the commitment of its financial partners as a clear sign of confidence in the company’s integrated sales and trading business model, its growing asset positions as well as its risk management capability.

As part of its growth strategy and commitment to support the Energy Transition, MET brought three new solar parks online in Spain and Hungary, now operating a total generation capacity of 391 MW. It also deepened its renewable development funnel with new market entries into Switzerland, Germany and Poland.

Within its Sales & Trading segment, MET Group continued to expand its activities, most prominently by entering the French market. It also continued to grow its LNG business, having the most diversified LNG import structure from a geographical perspective in Europe. MET has long-term capacities in Germany, Spain and Croatia, having imported into 8 different countries – including the Mediterranean (Greece, Italy, Croatia, Spain), Northwest Europe (UK, Belgium, Germany) and the Nordic region (Finland). MET delivered about 2 mtpa (30-40 cargoes per year) over the last two years.

2023 also saw the opening of MET’s office in Singapore. MET Asia, a subsidiary owned 90% by MET Group and 10% by Keppel, will focus on developing the Group’s LNG portfolio while also actively pursuing local asset strategies.

Reflecting this growth, MET Group now employs close to 1.000 employees across 15 countries, representing more than 50 nationalities.

MET Group Chairman and CEO Benjamin Lakatos commented: “In 2022, MET showcased its ability to successfully navigate the most turbulent energy markets seen in decades. In 2023, the Group went on to demonstrate the inherent strength and profitability of its integrated business model in less volatile markets. Looking forward, we will continue to rely on our highly motivated, exceptional, truly international team, to thrive through the energy transition.”

MET Group

MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 15 countries through subsidiaries, 30 national gas markets, and 22 international trading hubs. MET has extensive experience in operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2023, MET Group’s consolidated sales revenue amounted to EUR 24.5 billion, with a total traded volume of natural gas amounting to 88 BCM and total traded electricity of 68 TWh.

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