Gazprom sells its electricity subsidiary in Germany

Four years after purchase, Gazprom has got rid of a subsidiary in Germany, selling electricity. According to analysts, because of changes on the market, the business was too low-margin for the monopoly. As for positions on the German gas market, Gazprom still retains them.

Gazprom has decided to sell one of its subsidiaries in Germany, which was engaged in the sale of electricity. The structure of the monopoly Gazprom Marketing & Trading (GM&T) sold its Gazprom Marketing & Trading Retail Germania (GM&TRG) to local company Verbundnetz Gas AG (VNG); the amount of the transaction is not disclosed. Closing of the transaction is expected in March after receiving approvals from regulator.