4 July 2002 – The first operating unit of Vattenfall’s German subsidiary Vattenfall Europe started on the 1 July.
The energy trading operations of Bewag, VEAG and Nordic Powerhouse have now been co-ordinated and consolidated into Nordic Powerhouse GmbH, which is thus the first operating business unit of Vattenfall Europe.
Located in Hamburg, the trading house will manage a portfolio measuring 150 TWh of electricity. As an “internal marketplace”, the company will be responsible for the sole access to the wholesale market.
“We want to offer our customers top-level access to the wholesale market and high quality trading services in order to strengthen their competitiveness,” said Erik Saether, CEO of Nordic Powerhouse. “Our joint competence is the best precondition for fulfilling this goal successfully.”
The company’s main services will include portfolio management and price risk hedging on the energy market. The company’s energy trading activities will, in the future, encompass coal trading in addition to its current activities in physical and derivative electricity and gas trading.
About 100 employees from Hamburg and Berlin will work at the trading house. The new trading unit will initially continue to act as Nordic Powerhouse GmbH. Later, it will operate under the name Vattenfall Europe Trading.