Russian state gas firm Gazprom announced today it has bought German electricity utility Envacom.
The deal gives Gazprom a “step into the German power market” said Jonathan Feingold, director of Gazprom Energy.
He told Dow Jones Energy Daily: “We will continue Envacom’s retail market business, but will change the brand name to Gazprom Energy in a week or two.”
Gazprom bought 100 per cent of Envacom, which was founded in 1999 and also supplies internet and mobile phone services. The value of the deal has not yet been disclosed.