Mitsubishi Corp announced Oct 14, 2016, that it will invest in ElectroRoute, a company that engages in trading in power and a service business in Europe.
ElectroRoute was established in Ireland in 2011. Currently, it runs a trading business including spot trading, futures trading, cross-border trading and green certificates trading as well as a service business for comprehensively supporting power trading of power producers and utility customers.
In Europe, where a large amount of solar and wind electricity is being used, the number of power sources whose output fluctuates depending on weather conditions increased, increasing the importance of the power market, which can adjust supply and demand. By investing in ElectroRoute, Mitsubishi aims to strengthen its knowhow to make such adjustment and use it for its entire power business.
Specifically, Mitsubishi will acquire 60% of the shares of ElectroRoute through Diamond Generating Europe, Mitsubishi's wholly-owned subsidiary that runs an electricity business in Europe and the Middle East.