Energy Trader ElectroRoute Targets UK Market

11 Apr 2017 | 03.19 pm

Energy Trader ElectroRoute Targets UK Market

London office will be headed by Tim Foster

11 Apr 2017 | 03.19 pm

Dublin-based energy trader ElectroRoute has opened an office in the UK and appointed Tim Foster as head of its UK operation.

ElectroRoute trades energy in nine European markets, including the UK, and was taken over by Mitsubishi Corporation last year when the Japanese company purchased a majority stake. Since the Mitsubishi announcement the company has grown its staff from 40 to more than 50 people. The new UK office, ElectroRoute’s first corporate base other than its Dublin headquarters, is in central London.

ElectroRoute said that Foster has more than 20 years’ experience in the energy sector and joins from Norwegian company Statkraft, where he was head of renewable energy origination.

Chief executive Ronan Doherty commented: “Renewables have brought fundamental change to the old order of centralised electricity markets, rewriting the top-down control of the traditional energy supply model. There has never been a better time for ElectroRoute to bring its curiosity and experience to the UK market and we look forward to Tim leading our expansion into this dynamic marketplace.”

There are a lot of smart guys in ElectroRoute, established in 2011. Among the founders, Doherty (pictured) has a PhD in power systems engineering, Alan Mullane has a PhD in electrical engineering, Eamonn O’Donoghue has an MBA from DCU while Alex Bryson has a degree in philosophy.

Its accounts to end-March 2016 showed a net profit of €3.2m and there was €11.1m cash in the balance sheet at year-end, while net worth after five years trading came to €7.4m. Six months later, Mitsubishi bought a controlling 60% stake. At the time of the Mitsubishi deal, the five founding executives had stakes of 6% to 11%. Also on board were Enterprise Ireland (4.6%) and venture capital investor Delta (8.0%).

ElectroRoute’s trading niche is the pan-European electricity market, where intermediaries match generator output with supplier demand. ElectroRoute deploys brainpower and algorithms to judge the right time to buy and sell, and the company is noted for its cautious approach.

 

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