Electricity

EFET rebrands as Energy Traders Europe on its 25th anniversary

EFET rebrands Energy Traders Europe 25th anniversary

Photo: Energy Traders Europe

Published

January 30, 2024

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Published:

January 30, 2024

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The European Federation of Energy Traders changed its name to Energy Traders Europe on the occasion of its 25th anniversary and presented the new logo. “We believe in large, competitive and cross-border markets,” Chair Giusi Squicciarini said. Chief Executive Officer Mark Copley highlighted the key significance of Europe’s internal energy market for the security of supply, keeping prices affordable and competitiveness high, and for decarbonization.

EFET, the European Federation of Energy Traders, marked its 25th anniversary and unveiled a new logo, saying it reflects energy traders, speed, adaptability, responsiveness, robustness and agility. The organization rebranded as Energy Traders Europe.

It has grown from seven member companies in 1999 to over 150. Energy Traders Europe has standardized contractual terms and data exchange standards, supported the development of the internal energy market and helped navigate the energy crisis, the newly appointed Chair, Giusi Squicciarini from Shell, noted.

Squicciarini: The electricity market design proposal and the gas and hydrogen markets package are essential to the future of the European energy market

“We believe in large, competitive and cross-border markets,” she stressed. The objectives align with those of the European Commission’s Directorate-General for Energy or ENER, the official said. The electricity market design proposal and the gas and hydrogen markets package are essential to the future of the European energy market, Squicciarini added.

Lubricating internal energy market’s engine

Separately, CEO Mark Copley outlined the concept of energy trading on the occasion of the association’s anniversary. “Energy policy is expected to do three things – to ensure security of supply, to keep prices affordable and competitiveness high, and to drive the decarbonisation we need to hit our climate targets,” he explained in an article published on LinkedIn.

The internal energy market is key to meeting the challenge, Copley underscored. In his view, it is the perfect illustration of the benefits of a simple, Europe-wide approach to tackling complex issues.

The internal energy market is is the perfect illustration of the benefits of a simple, Europe-wide approach to tackling complex issues

“At a basic level, the Internal Energy Market is a set of common rules and processes which allows resources to be shared across Europe by using network capacity efficiently. That means that energy is produced where it’s cheapest (or that additional energy is drawn to Europe when we need it); that energy flows to where it’s most needed – signalled by the price; and that the greater competition which a Europe-wide market creates leads to lower prices and more innovation,” Copley wrote.

The head of Energy Traders Europe compared energy trading to oil lubricating an engine, the European Union’s internal energy market, to reduce friction.

EFET Energy Traders Europe
Photo: CEO Mark Copley and Marianne Alfenaar, head of association management, coordination and accounting (Energy Traders Europe / LinkedIn)

Energy traders are willing, able to take on risks on behalf of other market players

Copley said prices in wholesale markets can change very frequently and argued that robust risk management strategies are vital.

“This need creates a demand for specialists – energy traders – who understand how markets operate and are able to manage risks on a company’s behalf. Trading is undertaken by all sorts of different companies. That might be electricity producers; large industrial customers; retail suppliers buying on behalf of domestic consumers; or intermediaries that are neither producers or consumers but who are willing and able to take on risks on behalf of another market player,” he pointed out.

Copley also highlighted the role of energy trading in hedging – saying it stabilizes prices. Additionally, it helps investments, given that traders are intermediaries in long-term power purchase agreements (PPAs), he added. Furthermore, they optimize the energy system almost in real time on spot markets.

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