Source: Energie & Management Powernews End for a problem child: The Bayerngas owners have decided the end for the distribution and trading company Bayerngas Energy. Within three years should be end.
Abwicklung decided: Bayerngas Energy GmbH is expected to disappear from the commercial register within three years. This emerges from the annual report of the parent company Bayerngas for the year 2022. The bodies to be involved in the decision had agreed "by the beginning of 2023", it said.
With the abandonment of the sales and trading division, the municipal Bayerngas shareholders, led by Stadtwerke München, draw a line under the business that has become more difficult over the years. After giving up the Energy company, the Bayerngas company still includes the storage and transport network subsidiaries Bayernugs and Bayernets.
As a realignment of its business activities, Bayerngas describes its exit from wholesale and distribution. The concentration on gas transport and operation of the Wolfersberg underground storage facility southeast of Munich would have a "strategically high significance" for supply security and the transformation of the gas industry into a CO2-free hydrogen supply.
The "classic fossil business field" of Bayerngas Energy GmbH, on the other hand, is to be "phased out in the medium term." The final end expects Bayerngas within the next three years, if the existing contracts and obligations are fulfilled. It is an end with an announcement. Efforts to sell trading and distribution had led to no result in recent years.
Bayerngas as a whole turned into the plus
The 2022 financial year took a satisfactory course for Bayerngas as a whole. After a loss of around 56 million euros in the previous year, the company now returned to profit after taxes: a good 31 million euros. One factor in this turnaround was the sale of Bayerngas' shares in the British natural gas and oil production company Spirit Energy. Impairments had weighed heavily on the 2021 result with write-downs of almost 29 million euros. In mid-June 2022, Stadtwerke München's gas holding company took over the shares in the upstream holding at residual book value and relieved Bayerngas of the loss-maker.
Bayerngas Energy fell short of expectations in 2022, which was heavily influenced by the Ukraine war and subsequent state regulation. Although earnings improved by a good 4 million euros compared with 2021 (then minus 14 million euros), procurement, trading and sales remained in the red (9 million euros).
The transmission system subsidiary Bayernets increased its profit by almost 8 million euros to nearly 19 million euros in 2022. The storage company Bayernugs made an unexpected jump to plus 14 million euros (previously minus 26 million euros). Bayernugs benefited here from the fact that the market area manager Trading Hub Europe (THE) also took over injection in the case of the Wolfersberg storage facility in the middle of last year. This enabled Bayernugs to release provisions for impending losses, according to the annual report.
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