August 8, 2019 / 7:00 AM / 14 days ago

Equinor's power and gas trading unit expands to the United States

OSLO, Aug 8 (Reuters) - Danske Commodities, a power and gas trading firm owned by oil major Equinor, has expanded its operations to the United States, completing its first trade on the PJM wholesale power market, it said on Thursday.

The trade, which Danske Commodities called a milestone, extended the company’s reach to 39 countries and was part of a strategy to expand globally, adding to the European and Australian markets that the firm is currently active in.

“The price drivers are very similar to those in our current core markets, and that also applies to risk and return characteristics, so there is a good fit with our business model and capabilities,” Danske’s Chief Executive Helle Oestergaard Kristiansen said.

The firm did not disclose the size of the initial trade.

Danske has taken over Equinor’s third-party gas trading, downstream gas storage positions and power trading activities including certificates trading as well as balancing and optimisation of Equinor’s growing portfolio of renewable assets.

PJM is the largest wholesale power market in the United States and is covering 13 states in the Eastern Interconnection, Danske added. (Reporting by Lefteris Karagiannopoulos, editing by Terje Solsvik)

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