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Switzerland-based trader MET sees traded gas volumes dip in 2023 to 88 Bcm

Switzerland-based trader MET sees traded gas volumes dip in 2023 to 88 Bcm

April 16, 2024
Switzerland-based trader MET traded a total 88 Bcm of gas in 2023, down from traded volumes of 109 Bcm the previous year. Nonetheless, MET recorded its second-best ever financial results last year despite a less volatile market environment compared with 2022, it said.

Source: S&P Global

From small beginnings in 2007 and an initial focus on the Hungarian gas market, MET’s business has ballooned on the road to becoming a pan-European energy trader and infrastructure operator.

“MET remains focused on its growth strategy and its role as a reliable partner within the energy industry,” it said in a statement on its 2023 results.

MET achieved its second most profitable year on the back of a consolidated revenue of Eur24.5 billion, it said. The company’s revenue was down from Eur41.5 billion in 2022, reflecting the lower price environment.

Platts, part of S&P Global Commodity Insights, assessed the benchmark Dutch TTF month-ahead price last year at an average of Eur41.19/MWh compared with an average assessment of Eur132.31/MWh in 2022.

MET said it also continued to grow its LNG business in 2023, adding that it had “the most diversified LNG import structure from a geographical perspective in Europe.”

MET has long-term capacity positions in Germany, Spain and Croatia and imported into eight different countries last year: Greece, Italy, Croatia, Spain, the UK, Belgium, Germany and Finland.

“MET delivered about 2 million mt/year (30-40 cargoes per year) over the last two years,” it said.

MET founder and CEO Benjamin Lakatos said in an interview with S&P Global in May last year that it could look for additional LNG regasification positions in Europe.

“We are trying to put together the entire value chain around the LNG positions,” Lakatos said.

Power trade

Meanwhile, MET saw its power traded volumes amount to 68 TWh last year, compared with 67 TWh in 2022.

In renewables, the company also now operates solar plants and wind farms with a total generation capacity of 391 MW, it said.

MET brought three new solar parks online in Spain and Hungary and also deepened its renewable development funnel with new entries into Switzerland, Germany and Poland, it said.