German utility EON SE is setting up a new European trading business in an effort to tap opportunities in the region’s natural gas and electricity markets.
The business, called EON Energy Markets, aims to boost the group’s portfolio management, with focus on linking to and supporting retail companies, EON said in a statement. The utility will also build a trading function covering products such as green electricity and gas, power purchase agreements and long-term supply contracts.
The new function will help the company “create additional portfolio value whilst delivering green energy at affordable prices to our customers,” said Patrick Lammers, EON board member in charge of customer solutions.
EON has previously warned that Europe’s energy crisis isn’t over. The company in 2016 spun off its Uniper unit so that it could focus on renewables. Uniper SE took over EON’s fossil fuel plants and trading business. Germany last year nationalized Uniper amid market turmoil after Russia curtailed gas flows in the wake of its invasion of Ukraine.
(Updates with context in final paragraph.)
