ČEPS to pay over CZK 8 billion for operator of most gas storage facilities in Czechia

State-owned transmission system operator ČEPS will buy from German company RWE the operator of six gas storage facilities in Czechia for 360 million euros, or more than CZK 8.68 billion. The two companies signed the purchase agreement today. ČEPS informed the Czech News Agency (CTK) in a press release. The transaction still requires regulatory approval and is expected to be completed by the end of the year.

The government decided to buy the storage facilities on Wednesday. The underground storage facilities have a combined capacity of 2.7 billion cubic metres and should cover about 36 percent of annual consumption. According to Prime Minister Petr Fiala (ODS), the aim of the acquisition is to gain control over the handling of gas.

ČEPS will buy the entire company RWE Gas Storage CZ, which currently owns the storage facilities. It will also take over the company’s staffing structure, which includes 250 employees. According to the Ministry of Industry and Trade, this should help preserve the company’s current functionality and operational capability.