More departures from EDF Trading’s emissions desk

Published 13:11 on April 13, 2016  /  Last updated at 22:32 on April 13, 2016  /  Bavardage, EMEA, EU ETS  /  No Comments

EDF Trading’s London-based manager of clean energy products has resigned and will leave the firm this week, sources told Carbon Pulse, the latest in a number of recent departures from the trading arm of the French state-owned utility.

(Updates throughout)

EDF Trading’s London-based manager of clean energy products has resigned and will leave the firm this week, sources told Carbon Pulse, the latest in a number of recent departures from the trading arm of the French state-owned utility.

Herve Gueguen, a senior executive at the firm focussing on carbon, renewables, and cleantech, is leaving to pursue other projects in the energy sector, one source close to the company said.

Gueguen’s departure will come less than a month after veteran emissions trader Hans Becker left the firm, another source said.

Attempts to reach both men were not successful.

An EDF Trading spokeswoman confirmed the departures, adding:

“Last year, we restructured our environmental products (EP) business to sit within our existing trading functions rather than having a dedicated desk.  We adjusted this business to reflect market conditions.  Our EP activities are now managed by Philipp Buessenschuett, Chief Commercial Officer, Origination and Business Development.  We remain active in the environmental products markets specifically green certificates and carbon trading in Europe, CDM portfolio management in China and RECs and carbon allowances in North America.”

Gueguen had been with the company since 2006, and Becker since 2007.

In addition, EDF Trading’s emissions portfolio manager Franck Chesse exited his role in January, according to his LinkedIn profile, while the firm’s global head of environmental products Francois Joubert left last summer to become CEO of fund manager and advisory firm NextEarth.

The sources said that although several members of EDF Trading’s carbon team remain, the departures reflect the markedly lower volumes being handled by the firm amid a sharp decline in its parent company’s CO2 unit requirements.

PVM

Separately, emissions trading veteran Ed Bratton left energy brokers PVM in December, where he worked as a cross commodity dealer since Nov. 2014.

Bratton was previously head of downstream clean energy at Gazprom Marketing & Trading between 2012 and 2014, and prior to that was an emissions trader for Gazprom and Bank of America Merrill Lynch.

At PVM, he worked alongside the firm’s director of environmental markets and fellow carbon trading veteran Cindy Dawes.

According to Bratton’s LinkedIn profile, he is “currently seeking new opportunities”.

By Mike Szabo – mike@carbon-pulse.com