“Merrill Lynch’s power desks have been profitable and well established for 11 years and our plans to expand remain in place despite turmoil in the banking sector,” Tanna told Energy Risk today.

Merrill opened a commodities office in Oslo in August to trade primarily power, with coal, emission and gas trading executed from London. The bank has been present in the Nordic power markets since 2002, but this is the first time it has had a physical presence in Oslo. A team of three Scandinavians has