Swiss Axpo Buys Naturgy's German Customers

Swiss energy trader Axpo has bought Spanish Naturgy's portfolio of gas supply contracts with about a hundred medium to large German industrial gas buyers, it said September 26, not disclosing the price. The total volume of natural gas deliveries amounts to over 6bn kWh until end-2022. 

Gas Natural Europe, part of Naturgy, has withdrawn from its sales activities in Germany, while Axpo is hoping to sell its new customers electricity as well.

Axpo is already active in wholesale trading with natural gas in Germany and has its own, extensive natural gas portfolio for physical delivery to customers. Customers include municipal utilities and large industrial companies. Axpo said it offers them market access and structured trading products.

Axpo Germany's head of origination Christoph Bilshausen said the deal was "an important step to expand our industrial customer sales for natural gas in the German market. Furthermore, there is a possibility that these gas customers may also procure electricity from Axpo Deutschland in the future in order to use synergy potentials. We will continue to expand business activities at our locations in Leipzig and Dusseldorf."