The Geneva-based energy trader said it would open an office here in June with the hire of Kevin Woolsey, a former fuel oil and feedstocks trader at Koch Industries. Natural gas, power and refined products were part of the original portfolio.
Now the company is adding physical coal and freight trading to the existing coal futures business with the hiring of Matt Schicke, the former head of coal and emissions at Merrill Lynch (he was part of a wave of departures earlier this year following BofA taking over Merrill). Schicke will work out of the Houston office as a managing director.
The company now is taking up 9,500 square feet at 5 Greenway, which is right around the corner from Koch and Merrill/BofA’s trading operations.
Mercuria had trading turnover of about $46.9 billion last year, the company said, and overall physical sales of crude oil and other energy products of 81.7 million tons.
It’s worth noting they already are active in carbon trading (they took part in the most recent RGGI auction, an early carbon cap-and-trade system for power plants in the Northeast United States). Given Schicke’s emissions experience maybe the Houston office will be home to that business if/when a national carbon cap-and-trade system starts?