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Stock impact report

Citadel Buys Goldman Alum's Company to Trade Power in Japan [Financial Post (Toronto, Ontario, Canada)]

BP p.l.c. (BP) 
Last bp p.l.c. earnings: 4/29 04:01 pm Check Earnings Report
Company Research Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Ken Griffin's Citadel is buying Energy Grid Corp., a company that trades and sells power products, as the hedge fund firm expands its commodities business in Japan. The acquisition of Tokyo-based Energy Grid is expected to close in the third quarter, the company said in a statement Friday. Pricing details of the deal weren't disclosed. Japan's power industry, which was liberalized in 2016, is attracting more overseas firms as volatility increases due to extreme weather, a transition away from fossil fuel, and the resumption of some nuclear reactors. Firms need to be onshore and licensed to begin physical power trading, which allows them access to a larger market. BP Plc and Engie SA both launched Japan power trading desks in Tokyo last year. Article content Energy Grid was founded in 2021 by a former Goldman Sachs Group Inc. trader, and sells ri Show less Read more
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