Barclays Capital is looking to set up a U.S. power trading desk early next year, according to DW sister publication Power Finance & Risk. Market watchers say the business will be based in New York and headed by Joe Gold, managing director and head of the firm's continental European power and gas business. Calls to Gold and Benoit de Vitry, global head of commodities, were not returned. Kerry Goodwin, spokeswoman in London, was unable to ascertain details by press time.
Barclays already trades oil and gas derivatives out of New York and the move to add power contracts, both physical and financially settled, will strengthen its product mix as it looks to compete with the likes of Goldman Sachs and Morgan Stanley for client risk management business, explained an energy trader.
Barclays launched its European power business early last year with the hire of some 25 traders and marketers, including Gold, from Enron Europe.
