RWE eyes Hungary gas expansion with Tigaz acquisition

RWE is acquiring the business and industrial customers of Hungarian gas company Tigaz, a subsidiary of Italian energy utility Eni.

The Tigaz business will be rolled into ELMU-àƒâ€°MàƒSZ Group, a subsidiary of RWE, which said today that it could see its share of the Hungarian competitive market for gas “rise to around ten per cent as a consequence”.RWE acquires Tigaz gas customers

Eastern Europe is a key growth market for RWE,” said the German group’s chief executive Peter Terium. “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.”

He said RWE’s share of the gas market in Hungary had progressed from “zero to ten per cent in just six months”.

RWE Hungàƒ¡ria chief executive Marie-Theres Thiell said: “With around 2600 further business and industrial customers and around 4000 points of consumption for gas throughout Hungary, this takes us a big step closer to achieving our goal of a 10-15 per cent market share in this segment in the next few years.”

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