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EON Hires Former Barclays Gas, Power Trading Head Barouki

EON SE’s trading arm hired Patrick Barouki, the former head of power and natural gas trading at Barclays Plc in London.

Barouki will join Germany’s biggest utility as head of market access and gas trading, Adrian Schaffranietz, a spokesman for EON Global Commodities in Dusseldorf, said today by e-mail. He declined to say when Barouki’s will start.

The trader, who also worked at Morgan Stanley, left Barclays after it said in January it was cutting commodities jobs. The U.K.’s second-biggest bank by assets closed its power-trading desks in the U.S. and Europe in February. The lender said April 23 it will withdraw from most of its commodities activities as revenue dropped.

EON also hired Statoil ASA’s Hans Jonasson as director of gas trading and optimization to start in July, the company said on April 15. Jonasson will report to Stephen Asplin, chief commercial officer of power and gas.

Earnings before interest, taxes, depreciation and amortization at the power and gas arm of EON Global Commodities fell to a 64 million-euro ($88 million) loss in the first quarter, compared with a profit of 197 million euros a year earlier. The utility’s gas trading volume fell 20 percent last year.

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