North American Energy Credit and Clearing (NECC) and Credit Suisse have partnered provide Credit Suisse’s clients with access to the USD1 trillion power and gas physical trading markets. In addition to taking a substantial equity position in NECC, Credit Suisse will be providing a sizable facility along with other best-in-class credit enhancement tools.
In recent months NECC has entered some 600 transactions valued at over USD100 million. NECC’s customer base includes traders, utilities, banks, merchant power plants and gas suppliers including most recently Deutsche Bank, Texla Energy Management and Hess Corporation.
“Credit Suisse continues to seek ways to meet the current and emerging needs of its client base,” says Philip Vasan, the Global Head of Prime Services at Credit Suisse. “We are therefore especially pleased to partner with NECC to give our Prime Services clients the ability to efficiently trade in the physical commodity markets.”
“We are very pleased with Credit Suisse’s increased support and believe this will enhance our Company’s ability to expand our reach in the physical energy markets,” adds George Sladoje, the Chairman of NECC. “We believe we offer solid benefits to all energy trading organisations in that we provide access to fully secured transactions and maximum collateral efficiency.”