Switzerland-based trader MET increased its traded volume of natural gas “significantly” in 2024, by 59% year over year to 140 Bcm, it said April 23.
Source: S&P Global
In a statement on its 2024 results, MET also said it imported 22 cargoes of LNG into Europe in 2024.
MET has a geographically diverse LNG import structure in Europe, with long-term regasification capacity bookings in Germany, Croatia and Spain, and has been looking to expand its LNG business.
In 2024, it entered into a 10-year LNG purchase agreement with Shell to supply its European customers with US LNG and also reached a partnership agreement with Celsius to build MET’s first LNG vessel, scheduled to be delivered in 2027.
MET said 2024 was its third most profitable year on the back of consolidated revenue of Eur17.9 billion ($20 billion).
But its revenue was down from Eur24.5 billion in 2023 reflecting the “normalization” of energy prices, it said.
Platts, part of S&P Global Commodity Insights, assessed the benchmark month-ahead TTF gas price at an average of Eur34.54/MWh in 2024 compared with Eur41.19/MWh in 2023.
MET is also active in the power sector and said the total traded volume of electricity in 2024 reached 76 TWh, up from 68 TWh in 2023.
Renewables expansion
As part of its strategy to support the energy transition, MET also continued its investment into renewables assets last year, it said.
The company has 414 MW of solar and onshore wind projects in operation, 112 MW under construction, and further projects in the pipeline, across eight European countries.
MET said that battery energy storage systems (BESS) also played a “crucial” role in its portfolio.
At the end of 2024, MET purchased a 100% shareholding in Comax France, an operator and developer of BESS projects.
“After the energy crisis in 2022, Europe last year finally decided to drive the energy transition in the right direction with a pragmatic approach,” MET Group Chair and CEO Benjamin Lakatos said.
“At MET, we will continue to play our role in resolving the energy trilemma of energy security, decarbonization and affordability,” Lakatos said.