Glencore Taps Morgan Stanley Trader to Start European Power Desk
(Bloomberg) -- Glencore Plc has hired a trader from Morgan Stanley to start an electricity desk in Europe, according to people familiar with the matter.
Nathaniel Jacob joined the world’s largest commodities trader about two months ago as head of European power, said the people, who asked not to be named because the move hasn’t been announced. He previously led the European power desk at Morgan Stanley.
At least two other traders also joined Glencore’s new desk, one person said. Glencore declined to comment. The company already trades gas and liquefied natural gas.
The company’s foray comes as Europe is facing an energy crunch, with power and gas prices breaking records day after day. Demand is rebounding as economies emerge from the pandemic, yet supply hasn’t kept up, with limited flows from Russia and Norway forcing Europe to fight for LNG cargoes.
Europe also has the world’s most ambitious plans to cut carbon emissions, planning to reach net zero by 2050. That will boost demand for electricity, with the European Commission already proposing measures such as phasing out new internal combustion engine cars from 2035.
©2021 Bloomberg L.P.