Mercuria Joins Trader Push Into Japan's Spot Electricity Market [BNN Bloomberg (Canada)]
ITOCHU CORP UNSP/ADR (ITOCY)
NASDAQ:AMEX Investor Relations:
itochu.co.jp/en/ir/index.html
Company Research
Source: BNN Bloomberg
Mercuria hired Masayuki Kato, formerly one of Itochu Corp.'s top electricity traders, as it gears up to join the country's spot market, according to people with knowledge of the plans. That follows moves by other European energy companies, including BP Plc and Engie SA, to expand in one of the biggest power-consuming nations. Firms with a history of trading oil and gas are pushing into physical power markets, attracted by recent volatility and the opportunity to supply major utilities and manufacturers with coal, gas and carbon credits. Foreign players joining the Japanese market, liberalized in 2016, have typically started by trading derivatives — a business that can be conducted overseas and doesn't require a specific government license. Taking additional steps to begin physical trading offers access to what's currently a larger market, where volatility is being stoked by fluctuating prices for liquefied natural gas — among Japan's mainstay fuels — and moves to add more renew
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