VCTs to foot e-Gas & Power bills
- Added:
- Nov 30, 2000
According to MD Ignacio Hidalgo the company is looking to top up the financing with a further 1.3m in the next two months. The extra funds will be used to ramp-up its UK operations before rolling the service out into Germany, France, Benelux and Spain.
To date e-Gas & Power has been funded by European Energy Services (EES), a pioneering offline energy-trading outfit founded in 1992 by Hidalgo and Brian Hunt, now 100% owned by e-Gas & Power. According to Hidalgo the company decided to reverse EES into e-Gas & Power because “we realised its value was much greater”.
e-Gas & Power's web-based service egasandpower.com, aims to provide a trading facility used by industrial energy users rather than the bigger wholesale traders serviced by EES. Hidalgo said that transactions on the site could vary in size from 5,000 to 11m.
EES energy trading now handles wholesale transaction volumes of around 30bn a year, making it the fourth biggest company of its kind in Europe. Hidalgo said EES's energy knowledge and relationships would allow e-Gas & Power to provide news and pricing information currently lacking in the industrial sector.
Earlier this week buyingpower.com, a cooperative electricity-buying site, announced that it was on the lookout for EU10m in funding to expand into Europe. Hidalgo said that it did not pose a threat to e-Gas & Power because it operates in the SME market, where companies buy power on a smaller scale.