Dong Energy A/S hired a former executive at Gunvor International as head of market trading to develop and improve trading results at Denmark’s biggest power generator.
Fredrik Bodecker, 42, started yesterday at Dong Energy, company spokesman Andreas Krog said today by phone. The company’s trading department is based in Hoersholm, north of Copenhagen.
Bodecker, who has bought and sold energy for more than 15 years, was hired to “improve our competency and develop our trading,” Henrik Valgma, Dong’s head of portfolio management and trading, said in an interview. “We want to get even better at it,”
Bodecker, who reports to Valgma, was head of Nordic power at Gunvor in Geneva and also worked at RWE AG’s Essent International unit in the same city after founding Nordic Commodity Funds AB and leaving in May 2009.
In a year when there was less volatility in energy markets than normal, Dong’s trading department has “done well, and better than expected,” in oil and natural gas, Valgma said.
The next-year power contract in Germany, Europe’s biggest market, traded between 45.05 euros and 55.50 euros so far this year, compared with a range of 41.60 euros to 59.50 euros in 2009.
As head of market trading, Bodecker will be responsible for a team of 35 traders buying and selling standard commodity products for electricity, natural gas, oil, coal and emissions, with the main focus on northwest Europe. Dong bought and sold 110 terawatt-hours of electricity last year, more than three times Denmark’s annual demand of 34 terawatt hours, it said on its website.