MET Energia Italia and leading Italian metallurgy company Eredi Gnutti Metalli an-nounced a 10-year Power Purchase Agreement (PPA). Through this long-term energy supply contract, Eredi Gnutti Metalli commits to purchasing an annual quantity of elec-tricity at a fixed price for a period of ten years.

Swiss-based MET Group has decided not to proceed with the transaction to acquire 54.07% of shares in Achema Group, a leading producer of nitrogen fertilizer and chemicals in the Baltics. The legal disputes and the various uncertainties outweigh the potential benefits of continuing with the transaction.

“European industrial energy consumers’ gas contracts are almost entirely indexed to the Dutch TTF or other European gas exchanges, and continuing to stake their survival on a single benchmark would be a self-inflicted wound”, Gergely Szabó explained to Portfolio. The Regional Chairman of MET Central Europe argues that companies should index part of their gas procurement to the U.S. Henry Hub.