Citadel Buys Goldman Alum's Company to Trade Power in Japan [BNN Bloomberg (Canada)]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: BNN Bloomberg
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. Energy Grid was founded in 2021 by a former Goldman Sachs Group Inc. trader, and sells risk management products to help Japanese companies hedge pricing volatility in the electricity market. Commodity returns have been a boon for Citadel and a major profit driver. Last year, Citadel's commodity-trading business made more than $4 billion, Bloomberg reported in February. It's one of five core strategies
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