Swiss-headquartered energy company MET Group announces its entry into the Czech market through its Prague-based subsidiary MET Česká Republika. As a first step, the company will focus on supporting Czech wholesale energy market participants, such as large energy-intensive industrial companies and utilities – with an aim of offering its services to smaller customers and households at a later stage.
The newly established MET subsidiary in the Czech Republic has already received the necessary licenses for power and gas trading. MET has been active in the country before: as part of its international operations, the Group has recently delivered regasified LNG to the Czech market on the basis of its import capacities booked in Germany.
In the Czech Republic, the coal-to-gas switch in particular will be of great importance in the coming years in order to reduce emissions. MET Group plays an active role in the European green transition and the diversification of energy sources, especially in the natural gas area.
The company recently secured long-term LNG supply agreements from the United States and has one of the most diversified LNG import structures from a geographical perspective in Europe. Natural gas and LNG will continue to play a role in securing energy supplies for Europe as it represents the fossil fuel with the lowest carbon footprint and – as a bridge fuel – it also backs up weather-dependent renewable energy sources.
MET Czech Republic CEO Pavel Balada commented: “We are entering the Czech market as a full-fledged partner – our aim is to bring security of supply and stability to the market, and support the country in its energy transition. Being part of an integrated energy company such as MET Group makes us a reliable partner for our Czech customers. With our expertise, we want to support the Czech Republic in the ongoing decarbonization of the economy.”
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 17 countries through subsidiaries, 30 national gas markets, and 39 international trading hubs. The company's 1,000+ employees represent close to 60 nationalities. MET has extensive experience 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.