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Partner Interview
Published February 23, 2026

DCC Energy: CleanEnergy Strategy, LPG Consolidation & Leadership Challenges

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Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

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What do you think of the prospects of the core LPG business? It's obviously a lot of different geographies. From what I can tell, there's maybe more growth in the UK, for example, than there is in France. But overall, to me as an investor, the urgency with which you need to move towards cleaner energy or power and better carbon—from a financial urgency perspective, it's very linked to how quickly that business might start to decline. Do you think in the current climate this is going to be a business that within a few years is unambiguously in secular decline? Or do you think this is the kind of business that can stay stable or grow slightly for the next 10 years?

If I take my sustainability hat off and if I was a purely financially driven person, my bet here would be LPG, without a doubt. There are markets where the market has found its way back to growth, the UK, and this is quite credible and it can keep going for quite a while. It is people switching from oil. It is people being frustrated with the lack of reliability in natural gas supply. It is people wanting to be more energy independent. So in the UK, Ireland, Scandinavia, you can grow. Even in France where the market is very mature and margins are extremely high—there's no other place with such high margins than France—you could consolidate. I spoke at the time with SHV, and you could do another transaction. The advice from lawyers was it would be feasible. Germany is a super interesting market where I bought probably the best asset, Progas. It's a quality asset. I was in touch with a competitor. You can consolidate and you could take Germany margins in the direction of France.

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