EON Energy Trading SE hired Kevin Watler as director of power and emissions, replacing Fredrik Ohrneman, the acting director appointed in June.
Watler joins from DTE Energy Co. (DTE:US)’s trading unit in Michigan, where he was vice president of energy trading since 2004, Dusseldorf-based EON SE said today in an e-mailed statement. He has more than 15 years of experience in North American and European energy commodity markets, EON said.
EON’s proprietary energy trading loss widened to 68 million euros ($89 million) in the first nine months of last year, from a loss of 2 million euros in the same period of 2011, on an earnings before interest and tax basis. The company’s power trading volumes fell 17 percent to 1,099 terawatt-hours and European Union emissions volumes dropped 35 percent to 319 million metric tons, the company said on Nov. 13.
Watler “will be responsible for identifying and leveraging opportunities on both sides of the Atlantic as we look to drive growth in Europe and throughout global markets,” Gareth Griffiths, chief commercial officer at EON Energy Trading, said in the statement.
Ohrneman was appointed acting director when Tom Sargent left after eight years at Germany’s biggest utility and will continue as EON’s head of business development for merchant trading.
The utility plans to fold its Ruhrgas natural-gas trading and energy trading businesses into one division in May, according to today’s statement. The new unit will be named EON Global Commodities.
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