E.ON Energy Trading (EET) has today announced the launch of a new commercial structure designed to grow its global merchant trading activities, support the E.ON Group’s international growth strategy, and maximize the value of E.ON’s power and gas portfolio.

Effective immediately, EET will establish two new Board-level functions: Global Merchant Trading and Origination, and Asset Optimization.

Tony Cocker, CEO for E.ON Energy Trading, said: “In creating two distinct commercial functions, we have positioned ourselves to better develop our global commodity trading activities, while improving our ability to optimize our unique portfolio of assets and contracts across Europe.  We will also develop a more agile organization that can respond faster to changes in the dynamic markets in which we operate.”

Gareth Griffiths (46), currently Chief Commercial Officer for EET, will take up the new role of Chief Commercial Officer Global Merchant Trading and Origination. Gareth is tasked with managing and growing EET’s global commodity trading activities, including the development of coal, oil and carbon trading. He will be responsible for proprietary trading, origination, and all activities outside of Europe, including in the United States and Asia.

Egbert Laege (46) joins the EET Board as Chief Commercial Officer Asset Optimization. Egbert will be responsible for all hedging and optimization activities for EET’s power and gas asset portfolio, as well as the European dispatch operations. Prior to his appointment, Egbert served as Director of Dispatch & Prompt Trading for E.ON Energy Trading. He has also held a number of senior leadership roles in energy trading and portfolio management at E.ON Energie, E.ON Sales & Trading, E.ON AG, and Bayernwerk AG.

Tony said: “We have built a strong platform in our first three years as a trading organization. Now, by strengthening EET’s commercial capabilities, we will increase the focus of our business and concentrate our skills, knowledge, and tools around our key value drivers.

“I would also like to welcome Egbert to the Board. He brings with him a wealth of knowledge and experience as he spearheads our efforts to get the most value out of E.ON’s European power and gas portfolio.”

EET, backed by one of the broadest and most diverse power and gas asset bases in Europe, traded about 1,500 billon kWh of power, 2,000 billion kWh of gas, 650 million metric tons of carbon, and almost 300 million metric tons of coal in 2010. The company is active in over 40 countries and at all major exchanges and hubs throughout Europe.

For more information contact:
Jamee Majid on +49 (0) 211 73275 2307
Georg Oppermann on +49 (0) 211 4579 5532