|
Current News Article.
|
Natsource, Tullett & Tokyo, and CBF Energy Brokers Combine to Create European Energy Brokerage
|
|
Article Summary: |
“Powerhouse” Brokerage Brings Depth, Expertise to Emerging Market
|
Natsource, Tullett & Tokyo, and CBF Energy Brokers Combine to Create European Energy Brokerage
“Powerhouse” Brokerage Brings Depth, Expertise to Emerging Market
London, England: November 10, 1999: Natsource LLC, a leading North American institutional energy broker, announced today that it has reached an agreement to acquire CBF Energy Brokers Ltd. based in Sandefjord, Norway. In combination with Natsource’s global partner, the London, England-based Tullett & Tokyo Plc, the venture will create a global brokerage powerhouse geared toward European energy trading markets.
The as-yet unnamed joint venture will utilize Tullett’s international reach and financial product knowledge, Natsource’s expertise in North American natural gas and power markets and new product categories, such as environmental brokerage and weather derivatives, and CBF’s extensive experience in Nordpool, Scandinavia’s most highly developed power trading marketplace. This potent combination will position the venture as the leading energy broker in the emerging competitive European power markets.
“European power markets are just now developing, but they hold massive potential” said Jack Cogen, president of Natsource. “The key players to emerge in this market must have international reach, a deep global market expertise, and new product capabilities. Our venture with Tullett and CBF brings to the table all of these essential elements.”
CBF has grown into one of the largest brokers in Scandinavian power markets since its inception in 1997. The company is a leading broker of both financial and physical contracts in the Scandinavian market. As an added service to its customers, CBF has developed extensive analytical capabilities providing direct support for market action.
“All of Europe will eventually be deregulated, and there is a strong indication that European power markets will closely mirror that which has developed in Scandinavia,” said Per-Otto Wold, Managing Director of CBF. “CBF has been at the forefront of the Scandinavian market’s evolution. Supported by our highly developed analysis products we should be able to provide our clients with a strategic advantage in emerging European power markets.”
Natsource, too, was on the leading edge of energy markets in North America, the most robust energy trading market in the world. In addition, Natsource brings to the European marketplace new products in emissions trading, coal trading and weather derivatives, which the company pioneered in America. In March of this year, Natsource announced a partnership with Tullett designed to leverage these capabilities on a global scale using Tullett’s international expertise and infrastructure. The acquisition of CBF is a step toward realizing the benefits of this partnership in the European marketplace.
“Tullett, with its physical presence throughout Europe and nearly 30 years of financial markets experience in the region, is the mortar that brings the bricks of Natsource and CBF together,” said Ian Goldsmith, Managing Director of Tullett & Tokyo. “However, we also hope to bring to this venture our specialization in bringing new financial products and technology to the market. The power trading products currently available in Europe have left considerable room for additional development. We hope to facilitate the introduction of new products and derivatives, further driving market growth.”
Initially, the principal office of the venture will be in London. Satellite offices are being considered in emerging European power markets, including Germany. In addition, CBF will retain its existing brokerage service in Norway and Natsource will continue to run its North American brokerage operations from New York.
|
|
|
