EDF unveiled an agreement on Tuesday to sell its coal trading business to Japan’s Jera, as the French utility seeks to strengthen its strained balance sheet and burnish its low carbon credentials. The operations are poised to be subsumed into Jera Trading Singapore, a subsidiary of Jera, which is a joint venture between Tokyo Electric Power and Chubu Electric Power, two of Japan’s biggest utilities. EDF Trading is less well known than rivals such as Glencore and Vitol but is one of the world’s largest and most profitable commodity trading businesses, specialising in coal, gas and electricity. The company last year traded 845m tonnes of coal and related derivatives: a volume equivalent to the annual US consumption of the fossil fuel.
FT 11th Oct 2016 read more »