JP Morgan exits power markets with Mercuria deal
Power generators mourn loss of another bank liquidity provider
JP Morgan's long-awaited deal to sell its physical commodities business to Switzerland-based trading house Mercuria, which was completed on October 3, had a little-noticed side effect: the bank's full exit from US and European power markets.
With the deal, JP Morgan completely severed its physical power business, while it is also in the process of winding down its financial power business, according to sources familiar with the situation.
Moreover, the bank's top power traders have left en masse
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