London/Singapore/Tokyo, 27 March 2025 – JERA Co., Inc. (“JERA”), EDF Trading Limited (“EDFT”) and JERA Global Markets Pte. Ltd. (“JERAGM”) are pleased to announce the expansion of JERAGM’s remit by its shareholders to include Japanese power trading. The respective Japanese power trading businesses of JERA and EDFT will be merged to operate alongside JERAGM’s global trading and optimisation business. JERAGM is a joint venture between shareholders JERA (66.67%) and EDFT (33.33%) and the exclusive fuels optimiser for both shareholders. 

This integration strengthens the long-standing cooperation between JERA and EDFT which was established in 2008[1] and draws from the complementary roles of JERA, as a leading utility in Japan, and EDFT’s in-depth knowledge and experience of the power markets in Europe and North America.

This transaction will take effect from 1 April 2025. The integrated Japanese power trading activities are expected to benefit from JERAGM’s comprehensive trading platform, governance and risk management frameworks. The business will operate out of the Coredo Nihonbashi building in Tokyo with a team of over 50 diverse and experienced professionals driving and supporting the business.

“We have entered into a new chapter of this enduring and collaborative relationship with EDF Trading which commenced with coal and LNG trading,” said Kazunori Kasai, Chief Optimisation Officer of JERA and Chairman, JERA Global Markets, “This collaboration is a major step forward into the field of optimisation, which is one of the three operational capabilities of JERA’s 2035 growth strategy. Power trading is strategically aligned with the global trade of fuels and we are confident the synergies of these businesses will contribute to the revitalisation of the domestic power market in Japan.” 

“As a global multi-commodity utility-backed trader, with 25 years’ experience in optimising assets in the European and US power and gas markets, we are very pleased to expand our partnership with JERA to include Japanese power trading. We very much look forward to combining our complementary strengths to support JERA’s strategic ambitions in Japan,” said Béatrice Bigois, Chief Executive, EDF Trading.

“As a leading asset-backed trader with an active presence in global energy markets, Japanese power trading presents opportunities for greater optimisation and flexibility across the energy value chain,” said Justin Rowland, CEO of JERA Global Markets, “With the majority of our traded fuels being delivered into Japan, this market is important to us. We are committed to promoting greater liquidity in the Japanese power market, further supporting market efficiencies.”

[1] In 2008, EDFT and Chubu Electric Power Company commenced coal supply arrangements. JERA Co., Inc. is a joint venture between TEPCO and Chubu Electric Power Company.