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Danish Trader Eyes U.S. Gas Market Amidst Earnings Slump
24 Jun
Summary
- InCommodities' 2025 earnings fell sharply to €2.95 million from €72.5 million.
- The company plans to expand into physical gas trading in North America.
- Expansion into Asia and investments in infrastructure also impacted earnings.
Danish energy trader InCommodities, with a 15% stake held by Goldman Sachs and other investors, is set to expand its operations into North American physical gas markets. This ambitious plan follows a substantial decrease in the company's 2025 earnings, which plummeted to €2.95 million, a significant drop from the €72.5 million recorded in 2024. The company's earnings fell far short of its forecast range of €85 million-€195 million.
Company founder Jesper Johanson attributed the earnings decline to reduced market volatility, tighter trading margins, and considerable investments made in its trading infrastructure and expansion initiatives in the United States and Asia. These expansion efforts are expected to continue. As of 2026, the geopolitical situation in the Middle East has introduced new risks and uncertainties, though it also presents opportunities for increased earnings.
Beyond its North American gas market ambitions, InCommodities is also focused on growing its power purchase agreement (PPA) offerings for renewable energy sources like wind, solar, and batteries in Europe. Furthermore, the Asia Pacific markets, including Australia, New Zealand, and Japan, are identified as key growth areas for the company's PPA business.
