Commodity brokerage Snapper Creek Energy has built a power team focused on rising volatility in electricity markets as artificial intelligence and extreme weather upend grids.
Snapper Creek hired seven people to cover PJM Interconnection Inc., the electric system that stretches from New Jersey to Chicago, and the Electric Reliability Council of Texas. The hires include Dennis Bosworth of Greenlight Commodities, who will cover Ercot, and John Olsen of Marex, who will cover PJM.
Power has long been seen as an obscure corner of the commodities market. That’s changing with increased chances for outsized gains thanks to more frequent extreme weather events, surging electric demand from data centers and artificial intelligence as well as factories and shifting grid dynamics due to the intermittent nature of clean energy.
“As artificial intelligence continues to advance and become integrated in everyday workflows, global energy demand is increasing significantly,” Snapper Creek Chief Executive Officer Sid Perkins said in a statement. “The launch of our power desk is a strategic move designed to position us at the forefront of this shift.”
Perkins founded Miami-based Snapper Creek in 2023 to broker trades in natural gas and its liquid products as well as carbon credits. The firm has 27 employees. Perkins previously led Ion, the New York brokerage he started, for 15 years.
— With assistance from Naureen S Malik
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