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RWE expands natural gas business in Hungary
RWE subsidiary ELMŰ-ÉMÁSZ takes over customer portfolio of Hungarian company TIGÁZ
Share of gas market could reach around 10%
Further step in implementing growth strategy for Eastern Europe
RWE is acquiring the business and industrial customers of TIGÁZ, a subsidiary of Italian energy utility Eni. Hungary’s ELMŰ-ÉMÁSZ Group, a subsidiary of RWE, could see its share of the Hungarian competitive market for gas rise to around ten percent as a consequence. ELMŰ-ÉMÁSZ re-entered the Hungarian gas market as recently as July 2015.
“Eastern Europe is a key growth market for RWE. We are relying on a strategy of organic growth and modest acquisitions, which is paying off, since business in the region is enjoying very good development”, says Peter Terium, CEO at RWE AG. “The gas market in Hungary is an excellent example, progressing from a market share of zero to ten percent in just six months. Our customers, old and new, will benefit in the process from the decades of experience RWE has built up as one of the largest power and gas suppliers in Europe, measured by sales.”
Marie-Theres Thiell, CEO at RWE Hungária, adds: “With around 2,600 further business and industrial customers and around 4,000 points of consumption for gas throughout Hungary, this takes us a big step closer to achieving our goal of a 10-15% market share in this segment in the next few years.”
ELMŰ-ÉMÁSZ is expected to begin supplying its new customers with gas from 1 April 2016, subject to approval from the Hungarian competition authority GVH (Gazdasági Versenyhivatal). Individual approval by the customers will also be required.
RWE Hungária covers the entire value chain in the electricity business, from production through the operation of the distribution system to supply to customers. Says Thiell: “By making electricity and gas available at favourable rates we are supporting the country’s economic growth.” She adds that RWE subsidiary ELMŰ-ÉMÁSZ intends to be an active player on the Hungarian gas market for the long term.
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