Enel announces that its Global Trading business line is renamed as Global Energy and Commodity Management to reflect the changes that the business line implemented over the last few years to be aligned with the Enel Group’s business model and generation mix, centered around renewables, decarbonization and sustainability.
“The new name Global Energy and Commodity Management is the result of the long journey that our business line started a few years ago to mirror the evolution of the Enel Group’s mission,” said Claudio Machetti, Head of Global Energy and Commodity Management at Enel. “The strong focus on renewables, the Group’s decarbonization strategy and the increasing activity on the wholesale electricity markets reshaped the way we work, which is well represented in the new business line’s name.”
The strong and constant growth in renewable energy production, as well as the reduction in the incidence of thermal plants on the Group’s portfolio, has produced a profound change in the business line formerly called Global Trading. The activity of the business line is more focused today on electricity markets, wholesaling, optimization and hedging of production rather than fuel procurement activities. For example, since 2014, the Group’s coal purchases have decreased by about 95%, while hedging activity has been widely diversified, with a 150% increase in managed volumes, leading to a robust profitability enhancement as well as a more balanced and resilient integrated portfolio under management.
In addition, the new name reflects the business line’s structural changes resulting from the growing interaction between the central business line and the Energy Management units in the countries where the Group operates, due to the increasing activity on the different local wholesale electricity markets.
Finally, sustainability has been increasingly integrated in the activity of the business line, as shown by the evolution of its Global Fuels unit into Global Fuels, Logistic and Circular Management, which, by leveraging on the circular economy principles adopted by the Group, will focus on shipping and logistics, as well as on recycling while creating value from the Group’s secondary raw materials, end of life materials or used goods.