Danish Energy Trader Files for Bankruptcy as Turmoil Bites

A Danish power trading company has filed for bankruptcy as the unprecedented rally in energy prices across Europe claimed yet another victim. Nordstrom Invest A/S filed a request on Sept. 7 to the Bankruptcy Court in Aarhus, according to the Government Gazette of Denmark, Bloomberg News reported. It comes just days after several energy suppliers in the U.K. ceased trading. The company “had different positions in the electricity market that have gone against them, and then the management has decided to stop the activity,” said Soren Christensen Volder, a partner at law firm Bech-Bruun who was appointed by the court to liquidate the company. Nordstrom Invest was founded by Stefan Barkholt Ovesen in 2016. He didn’t immediately respond to a message via Linkedin seeking comment. Before starting Nordstrom, he worked as a power trader at Neas Energy A/S, a Danish trader bought by Centrica Plc in 2016. The company is a non-clearing member of Nasdaq Inc.’s commodity market, which means it has direct access to the market, but has to clear its trades through another company. That limited any losses for Nasdaq, which were notified of the filing on Thursday, according to a spokesman in Stockholm. Nordstrom Invest has been banned from trading since Thursday and Nasdaq is in the process of canceling its membership, the spokesman said. Read more.
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