The British Gazprom Energy changes its name after the German group Bailout Steadies

One of the UK’s biggest energy suppliers has changed its name in a move further away from its former owner, Russian gas giant Gazprom PJSC.

Content of the article

(Bloomberg) – One of the UK’s biggest energy suppliers has changed its name in a move further away from its former owner, Russian gas giant Gazprom PJSC.

Content of the article

Gazprom Marketing & Trading Retail Ltd., which operated as Gazprom Energy, is now called SEFE Energy Ltd., reflecting the new name of its parent company, Securing Energy for Europe GmbH. The retail supplier supplied around a fifth of the UK’s industrial and commercial gas in 2020 but saw some customers attempt to sever ties after Russia invaded Ukraine.

“We have seen many clients, both public and private sector, comment very favorably on their desire to stay with us now that there is no longer any exposure to Russia,” said Julian Denee, Managing Director of SEFE Energy, in a statement to Bloomberg. The company has about 30,000 customers and has seen some big rollovers in recent weeks, he added.

The group was on the verge of collapse earlier this year as partners severed ties with its London-based trading house, which also changed its name. Boycotts, sanction risks and bank surveillance threatened to destabilize the group and even trigger a British government administration, until the German government took control in April and injected a loan of 9.8 billion euros. euros (10 billion dollars) guaranteed by the State.

Read more: Germany gives itself the opportunity to tighten its grip on the arm of ex-Gazprom

SEFE Energy, whose customers include the National Health Service and McDonald’s Corp., says it is offering short-term, flexible contracts to help business customers facing unpredictable energy costs ahead of what is expected to be a very costly winter as wholesale prices are skyrocketing. The company also has customers in France and the Netherlands and employs around 250 people.

Jennifer C. Burleigh