Economics
Phantom Trader Who Blew Hole in World's Oldest Power Market
- Einar Aas was Norway’s biggest individual taxpayer in 2016
- His positions were liquidated last week after trades soured
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For almost two decades, Einar Aas was the most successful trader on one of Europe’s largest power markets. He was also a phantom.
Every other trader knew his name, but hardly anyone had actually ever met him. The 47-year-old didn’t attend trader meetings, conferences or other industry gatherings. Instead, he spent most of his time at home, making huge bets on Nordic power from his house in Grimstad, a small seaside town three hours south of Oslo. There he amassed a fortune trading on his own account -- in 2016 it was enough to make him the single biggest taxpayer in Norway. This year, he made one big bet too many.