Fuelling Germany’s industrial heartland

Thyssengas, a portfolio company of Macquarie Asset Management, is fuelling Germany’s industrial heartland and supporting its ambitious decarbonisation objectives.

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Sector Utilities
Sub-sector Energy
Location Germany


Thyssengas is Germany’s third-largest gas transmission system operator, with a 4,400-kilometre pipeline network supplying gas to 20 per cent of Germany’s population and 160 industrial customers across North Rhine-Westphalia.1

Its network connects production, import and storage sites in the North Sea, Belgium and the Netherlands with municipal gas networks and businesses across western Germany.2 Annually, it transports around six billion cubic metres of gas, playing an important role in the region’s energy security.3

Thyssengas’ clients include corporates in energy intensive industrial sectors that have a strong reliance on gas, including the chemicals, steel and cement sectors. Together with the scale of its network and connectivity, this strategically positions Thyssengas as a long-term partner to help enable the decarbonisation of its customers through the distribution and storage of greener gases, such as low-carbon hydrogen and biogases.4


Macquarie Asset Management acquired Thyssengas via one of its managed funds in 2022, having previously been invested in the business through another of its managed funds between 2011 and 2016.

In 2011 Thyssengas was part of RWE – a listed, multinational, energy company headquartered in Germany. Macquarie supported its journey to become a stand-alone gas transmission system operator, separating Thyssengas and its operations from RWE to prepare the business for an independent future. During this time, Macquarie also helped Thyssengas improve its operations while navigating its transition to a new regulatory period.

While continuing to meet Germany’s energy needs through the provision of gas, Macquarie has been working with Thyssengas since reinvesting in the business in 2022 to expand and evolve its network while developing green energy alternatives. This includes adapting its infrastructure and network to enable the distribution of green hydrogen alongside other carbon-free gaseous fuels, while providing storage for excess renewable energy by converting wind and solar-generated electricity into synthetic methane, in a process known as ‘Power-to-Gas’.

Green hydrogen is produced through the electrolysis of water, using carbon-neutral electricity, and in its pure form can replace the hydrogen currently used in industrial processes and heating. It can be transported and stored using Thyssengas’ existing gas infrastructure, alongside the growing of electrification of the broader economy.5 Creating synthetic methane involves removing the hydrogen from water and combining it with carbon dioxide, using renewable energy, to create a gas that can be stored in the grid with adaptation or blended with natural gas and distributed.6


Thyssengas’ long-term role in providing a safe, secure and reliable source of energy to warm homes and fuel industry, combined with its expansive network in close proximity to clean energy production, means it is well positioned to support Germany’s energy security and net zero goals.

By combining the continued flow of natural gas today with the preparation for distributing and storing greener alternatives to natural gas in the future, Thyssengas’ network has the potential to become the backbone of the energy transition for Germany’s industrial heartland. 

4,400-kilometre transmission network

160 industrial customers across Germany’s industrial heartland

50 municipal gas networks served

Thyssengas is situated at the centre of Germany’s industrial region and services many hard-to-abate sectors. With a strong reliance on conventional energy, limited renewable energy resources, and strong gas network connectivity, greener gases such as low-carbon hydrogen present a strong energy alternative for local businesses seeking to decarbonise.”

Hilko Schomerus
Managing Director
Macquarie Asset Management