16 July 2002 – Vattenfall’s drive towards creating a full-service energy group within Germany to rival RWE and E.ON received a boost today with the announcement of that its energy trading subsidiary had been granted a German broking licence.
The German company Nordic Powermanagement GmbH, a wholly-owned subsidiary of Nordic Powerhouse, which is part of the Vattenfall Group, has been awarded a license to sell financial services in the energy sector. The company is now one of the few in Germany that has a full license in this field, which means that it can sell financial services and act as a broker on behalf of customers.
Nordic Powermanagement was recently awarded a license by the German finance authority BAFin (Bundesanstalt f|r Finanzdienstleistungsaufsicht) to sell financial services in the energy sector. These services include brokering derivatives, portfolio management and trading in the company’s name on behalf of customers. As soon as the license has been registered in the Trade Register, the company can begin selling such services to external customers.
Nordic Powermanagement, a subsidiary of Nordic Powerhouse (which is planning to change its name to Vattenfall Europe Trading in the near future), is one of the few companies in Germany that has a full license to provide these services, which in Germany are regarded as banking operations.
Vattenfall AB Supply & Trading already holds such rights on the Scandinavian market for its wholly-owned subsidiary Vattenfall Power Management AB.