Irish energy trading firm expands into Japanese market
6 November 2020 | 0
Irish energy trading and services firm ElectroRoute has confirmed its expansion into the emerging Japanese energy market, with founding director and director of trading Eamonn O’Donoghue seconded to Tokyo to lead the new business working through its major shareholder, Mitsubishi Corporation.
ElectroRoute has grown rapidly from a start-up in 2011 to employing more than 80 professionals throughout Ireland the UK and Europe, trading energy across the entire spectrum, including spot trading, futures trading, commodities, and green certificates trading.
In 2019, ElectroRoute traded energy related commodities in 10 different countries with a total turnover of €3 billion.
At the core of ElectroRoute’s business is a multi-billion euro technology platform based in Dublin which will be leveraged to support ElectroRoute’s trading activities for the Japanese market.
The enhancement of ElectroRoute’s trading business for the Japanese market in collaboration with Mitsubishi Corporation is particularly timely, as last week Japan’s prime minister, Yoshihide Suga, pledged reaching zero emissions of greenhouse gases and achieving a carbon-neutral society by 2050. With such significant reforms of the market continuing at pace, ElectroRoute will introduce a suite of services including specialist balancing and market access services for renewable generation assets, optimised trading services and bespoke financial or physical hedging solutions to energy retailers allowing them to grow their business while reducing risk of volatile price movements within the market.
Founding director and director of trading Eamonn O’Donoghue (pictured) said: “It is an incredibly exciting time for us to expand into the Japanese energy market, which currently resembles the state of European energy markets as they were ten years ago and offers us a wealth of opportunities. As experienced traders in Europe, we will contribute to the further maturation of this nascent market by guiding clients through the landscape and offsetting market volatility through our risk management tools.
“Being part of Mitsubishi Corporation, this offers us a range of opportunities while we bring a unique way of doing things, based on global experience, which is needed for a fast-changing market.”