Danish trader InCommodities has appointed Gunvor's Brockmeyer as its U.S. expansion manager

Rich Brockmeyer, former Gunvor executive, was appointed as the new CEO of InCommodites for North America. The group plans to increase its penetration into the U.S. gas and power market.

Brockmeyer, who most recently served as the Executive Committee member of energy trader Gunvor and oversaw North American power and natural gas operations, will join InCommodities on September 2.

InCommodities, the trading firm, will establish a new office in Stamford, Connecticut and supervise the expansion of its U.S. Gas and Power Trading Desk.

Brockmeyer, in a press release, said: "This will not be a simple expansion - it will be a buildout aggressive to scale up and seize the opportunities in an ever-changing North American market."

The company began trading power in North America in 2020 and now has a Texas office and plans to expand into gas trading by 2024.

InCommodities expects the U.S. Energy Market to grow rapidly.

Brockmeyer explained that while the build-out of renewable energy will increase market volatility, the increased demand for data centres, artificial intelligence, and storage as well as an expansion in storage are also changing demand and flexibility.

InCommodities has an advantage over other firms because it already uses algorithmic trading and takes data-driven decisions.

Goldman Sachs, among other investors, owns a 15% stake in the company. It is one of Europe’s fastest-growing trading companies. The expansion was previously focused on Asia-Pacific and renewable energy markets. (Reporting and editing by Terje Solsvik, with Nora Buli)

(source: Reuters)