ElectroRoute Expands Operations to the UK
Leading energy figure Tim Foster appointed Head of UK Services
12 April 2017- Leading energy trading and trading services firm ElectroRoute today announced the establishment of its UK office and the appointment of experienced energy sector figure Tim Foster as Head of UK Services. This is ElectroRoute’s first corporate base outside of its Dublin headquarters and follows its announcement in October 2016 that Mitsubishi Corporation had taken a majority stake in the company.
ElectroRoute trades energy across nine European markets, including the UK, and had stated its ambition to continue to scale its operations internationally. Since the Mitsubishi announcement it has grown its staff from 40 to more than 50. The new UK office is based in central London. Tim 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 and responsible for establishing it as the preeminent provider of Power Purchase Agreements (PPA) in the United Kingdom. Prior to that he was Head of Business Development with SmartestEnergy for more than six years. ElectroRoute’s Client Services division provides tailor-made energy trading services for clients and currently has over 600MW of assets under management.
At ElectroRoute, Tim will be responsible for working with clients in the UK to develop bespoke structures and contracts to enable these clients to gain independent and flexible routes to the wholesale energy markets. This will include tailored services focused on direct route to market, energy supply, PPAs, corporate PPAs, imbalance management and trading services in the power and gas sector.
“Renewables have brought fundamental change to the old order of centralised electricity markets, rewriting the top-down control of the traditional energy supply model. This new world means that Generation, Market Access and Consumer customers are now seeking new and innovative ways to access markets and manage risk”, said ElectroRoute CEO Ronan Doherty. “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”. Tim Foster said “The business model developed by ElectroRoute is truly unique and has been closely watched in the UK market for a number of years. I am very excited to be joining such an innovative organisation, now part of the Mitsubishi family, and looking forward to bringing our services to clients across the UK over the coming years”.
About ElectroRoute ElectroRoute is an innovative energy trading and services company headquartered in Dublin. It is majority owned by the Mitsubishi Corporation. ElectroRoute trades energy on a 24/7 basis across the entire spectrum with spot trading, futures trading, cross-border trading and green certificates trading. It also provides managed trading services to energy assets, giving them ready access to pan-European markets and currently has over 600MW of assets under management. It has a presence in energy markets in Ireland, UK, Netherlands, France, Italy, Germany and Spain. To learn more please contact us at clientservices@ElectroRoute.com