JERA, EDF Trading Finalize LNG Optimization and Trading Merger
Japanese energy company JERA and EDF Trading Limited (EDFT), a company operating in the international wholesale energy markets, have completed the transaction to merge their LNG optimization and trading activities.
As informed, the activities have been combined into JERA Global Markets (JERAGM), the new name for JERA Trading.
JERAGM is now the exclusive LNG optimiser for JERA and EDF, managing their collective short and medium-term LNG optimization activities in the wholesale markets.
The transaction follows the successful completion of the acquisition of EDFT’s coal business by JERAGM in April 2017.
“This is a great opportunity for EDFT which strengthens our partnership with one of the largest buyers of LNG and coal in the world. I look forward to building this business with JERA and developing future cooperation in the evolving energy markets,” John Rittenhouse, Chief Executive of EDF Trading, commented.
“As one of the largest utility-owned seaborne energy optimisers, JERAGM would significantly contribute to building and strengthening relationships with both current and new counterparties amid global expansion of the LNG market. I look forward to developing an even closer relationship with EDFT,” Sunao Nakamura, Managing Executive Officer of JERA and Chairman of JERAGM, said.
JERA holds 66.67% of the equity in JERAGM through its wholly-owned subsidiary JERA Trading International. In addition, EDFT holds 33.33% of the shares in JERAGM and is a wholly-owned subsidiary of EDF S.A. (EDF).
JERA and EDFT will now have joint responsibility and joint control in managing the new and expanded business.