The biggest pure-play or prop-heavy electricity traders are concentrated in Denmark (Aarhus / Aalborg), often called the “Silicon Valley of energy trading”. Most do not own power plants — they trade price differences, provide liquidity and optimise positions.
| Company | Location | Specialisation | Notable numbers |
|---|---|---|---|
| InCommodities | Aarhus, Denmark | Power + gas, tech-driven, renewables asset management | 2022 pre-tax profit ~€1.4 bn; 2023 ~€136 m; 2024 EBT ~€72.5 m. Goldman Sachs owns ~15%. ~100+ employees. Founded ~7 years ago by a small group of traders. |
| Danske Commodities | Aarhus, Denmark (owned by Equinor) | Power + gas, global, large renewables portfolio | 2022 EBT ~€2.25 bn; 2023 ~€359 m; 2024 ~€186 m. 25 000+ trades/day. One of the largest. |
| MFT Energy, Norlys Energy Trading, Nitor Energy, Centrica Energy Trading | Denmark / Nordics | Proprietary + origination style trading | Part of the group that collectively made billions in 2022. Privately held, founder/executive heavy. |
| Alpiq | Switzerland | Assets + Trading + Origination | Large integrated player. Trading segment exists but is mixed with asset-backed activity. 2025 Trading result was weak/negative after strong prior years. |
| Vattenfall Energy Trading | Sweden / Hamburg / Amsterdam | Asset optimisation + proprietary trading | ~450 people. Mix of hedging own assets and prop within risk limits. |
| BD Energy | Aarhus, Denmark (acquired by Octopus Energy) | Fully algorithmic short-term power trading | Founded 2022 by two young founders (ex-students). 99% algo trades across 15 countries. Acquired 2026. |
| Vetti Energy | Norway | Intraday proprietary, ML-based | Two founders (IT/ML background). Small team, expanding from Nordics. |
No exact public match for a two-person Swedish/Swiss firm at precisely €55 m. Closest realistic cases:
The 2022 energy crisis created extreme outliers. Normalised years (2023–2025) show profits in the tens to low hundreds of millions for the successful mid-sized players, not billions.