NET4GAS new management to focus on modernisation, national strategic interests

Czech gas company NET4GAS announced new managerial appointments, based on proposals it received from its supervisory board and in line with what the company said was a new phase in its development. 

The company said its strategy will reflect not only the country’s economic interests but also national strategic considerations linked to modernisation of the energy sector and a safe exit from coal. 

Milan Váša will be appointed as Executive Director for Operations, working alongside Rastislav Jamrich, formerly appointed as Chief Financial Officer.

Current Executive Officers Andreas Rau and Radek Benčík will leave the management. 

“Thanks to the unwavering dedication of everyone involved, we have been succeeding in consolidating the company’s expenditures and in financially stabilising NET4GAS overall,” said NET4GAS Holdings Executive Svatopluk Vnouček, adding that Andreas Rau and Radek Benčík deserve to be thanked for a job well done and wished much success in their future professional endeavours.

“This effort has been underscored by the awarding of an improved rating by the Fitch international rating agency, following the acquisition of NET4GAS by the state,” he added. “Simultaneously, the company has prevailed in the first international arbitration within the framework of a dispute with Gazprom Export concerning its failure to make payments under a gas transmission agreement.” 

Petr Doškář, NET4GAS’s Chairman of the Supervisory Board, said: “NET4GAS has completed a transitional period, specifically the first stage of consolidation, during which the company was incorporated into the structure of public ownership.” 

“Results achieved thus far show that the government had made an economically sound decision by investing into the acquisition of NET4GAS,” Mr Doškář added. “The subsequent stage will follow in the successful steps taken up to now, focusing on the company’s strategic development under the new management.”

Andreas Rau and Radek Benčík will be replaced by Milan Váša, NET4GAS said, adding that he was an experienced executive who has up until now served as Chairman of the Board of Directors with ČEPS Invest. He also has extensive gas supply sector experience from holding upper management positions at the E.ON Group. 

Rastislav Jamrich has more than 25 years of experience working in the energy sector, the company said, adding that corporations that have relied on his financial and energy-related expertise include Slovakia’s transmission system operator EUSTREAM and ZSE from the E.ON Group. 

The new management will work together with NET4GAS’s team of seasoned professionals headed by Strategy Director Michal Slabý, who from now on will also serve as one of the company’s proxies.

“Our goal is to invest into the development of the gas infrastructure, which will include expanding the network to facilitate the connection of large heating plants,” said NET4GAS’s Executive Officer Rastislav Jamrich.

“These steps will make it easier to switch key energy facilities from coal to gas,” he added. “At the same time, we are preparing to make investments into the hydrogen infrastructure to enable hydrogen to be gradually introduced into the Czech gas network.” 

From now on, the company is to be headed by two executive officers, with the support of proxies. This arrangement will distribute responsibility for strategic decisions, enable mutual oversight, and ensure that decisions are taken in an impartial manner.