Galp weighs sale of residential client portfolio - report

Galp Energia SGPS SA is reportedly considering selling its residential customer portfolio, according to a Bloomberg report. The portfolio, which covers approximately 430,000 customers in Iberia, supplies natural gas, liquefied petroleum gas, and electricity to these customers. The report suggests that discussions about a potential sale are still in the early stages, and there is no guarantee that Galp will proceed with the sale.

This move comes as Galp is restructuring its corporate structure. The company is in the process of merging its refining and gas station operations with those of Moeve SA. Additionally, Galp is evaluating strategic options for its renewable energy assets. After the merger, Galp's remaining business will primarily focus on exploration and production, which makes up more than 60% of its profit.

The downstream segment accounts for about one-third of the company's operations, while the commercial division, including the residential portfolio, contributes around 9% of the company's revenue.