Morten Tronsen, the senior power trader who left Norsk Hydro ASA (NHY) last month, will start buying and selling for his own account.
Tronsen formed Encatra AS, where he is the sole employee, and began trading Nordic power derivatives on Dec. 1, he said today by phone from Oslo. Encatra may trade German electricity in the future, Tronsen said.
“I trade the full curve of Nordic power derivatives for my own book, with no clients,” he said.
Tronsen is setting out on his own at a time when funds are pulling out of the Nordic power market amid a sputtering European economy and declining trade volumes. Adapto Advisors AB ceased trading in its two-year-old Adapto Energy Fund in June following investor withdrawals. NK Funds AS in Bergen, Norway, closed its Nordic Power trading fund in August after price volatility led to losses.
Alpiq Holding AG (ALPH), Switzerland’s biggest utility, may fire 12 Nordic power traders as it plans to pull out of the region after more than a decade, Managing Director Frode Berntsen said Nov. 19 by e-mail.
Norsk Hydro, Norway’s largest private electricity producer, will replace Tronsen in January with Kristian Hauglum through an internal transfer from the metal sourcing and trading division, Rune Bruoeygard, head of the five-person trading and hedging team, said today by e-mail from Oslo.
Pal Kildemo, senior energy trader, will leave the trading desk in February to take on other tasks within the company, Bruoeygard said.
The company hired Lars Stormo of Thomson Reuters Point Carbon AS, to start working as a power market analyst in late February, it said.
The utility produces an average 9.4 terawatt-hours from 17 hydroelectric power stations every year. It operates more generating capacity than it needs for making aluminum, and sells excess output to the market.
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