Cadogan Commodities - Energy Focus January 2024

CADOGAN COMMODITIES

Bespoke Energy Brokerage with Unshakeable Integrity

CADOGAN COMMODITIES

Bespoke Energy Brokerage with Unshakeable Integrity PRODUCTION: David Hill

Just 10 years young, Cadogan Commodities expertly blends bespoke energy brokerage and meticulous research to facilitate superior trading. In a very short space of time Cadogan has broadened its scope from coal to physical products across energies. An exhaustive list of contacts and networks, an excellent view of prices, and a keen focus on the green market give clients assurances of value obtained with the highest levels of integrity.

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INDUSTRY FOCUS: TRADING

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An energy commodities brokerage firm specialising in green products, biomass, LNG and coal, Cadogan Commodities has swiftly built a proven track record of reliability and flexibility, backed by constant innovation and evolution to meet needs and exploit opportunities.

“Time certainly flies,” grins entrepreneur CEO and Founder Thierry Rodier on the genesis of his proudly-crafted company.

“One key factor in Cadogan Commodities’ formation was the fact that I have always liked to be independent, and even when working for others I found that this mindset was unshakeable,” he explains, on the back a career consisting of origination and Mergers and Acquisitions (M&A) roles at the likes of EDF and Credit Agricole.

“After many years of learning and gathering experience at these industry giants, in 2014 I had the opportunity to set up Cadogan, leaving EDF Trading to do so and going in with the view that I

could apply the skills and expertise that I had accumulated to my own journey.

“I started completely from scratch, with absolutely nothing, and over the years we have grown and developed to where we are today. In everything we do, we challenge ourselves to find creative and innovative solutions that bring value to our clients.”

SPECIALISED SKILLS What Rodier identifies as the most important aspect of Cadogan’s offering is that it is a client business, he says. “We are very good at connecting people together; our main asset is our client base. Where we need to be skilled is in seeing a potential trade and finding the right fit for it, engineering the contract so that everybody is happy.

“Our clients are at the centre of everything we do; we partner with them, listen to them and treat them with honesty and respect, embracing their differences.”

Thierry Rodier, CEO and Oliver Stönner, Chief Analyst

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Having the requisite visibility of the market, and sufficient connections to find the right people to work in tandem, are both vital, Rodier assesses, as is the ability to structure transactions in a way that is workable all round. “We also need a strong view on prices,” he adds, “and this is where the synergy occurs with our extensive research activity. We are, typically, very good at predicting which way market prices will go, coupled with an excellent overview of the current state of affairs, which combines to enable us to structure convincing, good-value deals.

We also love to interact with clients about our research, either through one off discussions or more regular monthly or quarterly meetings/calls.

“We are full-on, very busy and we work unbelievably hard, which allows us to find deals which would otherwise be unavailable to our clients.”

Continues on page 56

TARGA TRADING

FAST DEVELOPING TRADING COMPANY PRESENT IN THE ENERGY SECTOR SINCE 2011 As the group of companies we have been operating since 2011. Our modern standards and flexible approach led us to becoming an important player in the fuels and biofuels supply in ARA as well as a trustful partner to the biggest entities and refineries.

OUR GOAL IS TO PROVIDE A COMPREHENSIVE SERVICE COVERING ALL ASPECTS OF MODERN TRADING Including physical products and logistics. We combine the proven track record and experience to enable our clients to receive best quality products, available in different locations.

+48 797 237 353 ehaidar@targa-trading.com

Proud to be supporting Cadogan Commodities

HYDRA HOLDING

INDUSTRY FOCUS: TRADING

Continued from page 54 Cadogan Commodities in its present form consists of, ‘two legs’, as Rodier puts it: research, which sees Chief Analyst Oliver Stönner produce four daily independent reports on energy, and the business side, which Rodier oversees.

“When we started,” Rodier recounts, “these reports consisted of just a few brief paragraphs and a selection of news; now we are putting

out these comprehensive documents covering an array of different energy categories and bringing together macroeconomic, fundamental, technical and volatility analysis, which is all down to Stönner’s incredible efforts.” Rodier’s entrepreneurial tendency lends itself perfectly to the commercial aspect. “I have always loved having to convince people of something,” he states, “and trying to find solutions and structures to deals to make it work for everyone involved.

// WE SEE, WITHOUT DOUBT, THE GREATEST POTENTIAL IN THE GREEN MARKET - POTENTIAL THAT IS SIMPLY NOT THERE IN COAL OR OTHER COMMODITIES. THIS IS WHERE WE ENVISAGE THE FUTURE OF THE MARKET, AND OF OUR ACTIVITY // 56 / www.energy-focus.net

“I started with a single commodity, and over the years we have put to use the research that we have been carrying out, and the skills acquired along the way, and branched out into trades involving many others.”

GREEN GUARANTEES It should come as no surprise that, having spent a good portion of his early career as Head of M&A for Renewable at EDF back in 2000, the green sector represents a top priority for Rodier.

“I was dealing with renewable and green energy when these were not hot topics - certainly to nowhere near the extent that they are now,” he unpacks.

“I then left the green sphere for many, many years, and focused on gas and power, which was where we began with Cadogan as our primary focus. Now, we have almost gone full circle, with Cadogan growing exponentially in the

CADOGAN COMMODITIES

green space; I would say that this now represents the majority of our turnover.

“We are extremely active in green electricity and green gas, both of which are, of course, right at the forefront of the thinking of both the industry and the public at this time.”

Guarantees of Origin (GOs) are designed to evidence to a final customer that a given share of energy was produced from renewable sources; Rodier also underlines their importance in Cadogan’s dealings, as well as renewable gas and the associated biomethane certificates, again allowing customers to ensure sustainable production. “We have just launched, at the close of 2023, a new business in France which is centrally focussed on what we call ‘white certificates’, which are awarded through energy efficiency walks,” Rodier reveals. Under the French program of

White Certificates Trading, suppliers of energy must meet governmentmandated targets for energy savings achieved through the supplier’s residential and tertiary customers.

“We have signed a partnership with a company in France to perform these energy walks, and have exclusivity to commercialise those certificates in France to energy providers in our sustained bid to go on being greener and greener.

“It is interesting, because we have not only been guided to this position by our own vision, exemplified by the establishment of our Cadogan Green branch; rather, in this instance, it is also the strengths and needs of our clients and the market that have helped to take us there.”

This is what Rodier views unequivocally as the future of Cadogan Commodities. “We see, without doubt,

the greatest potential in the green market - potential that is simply not there in coal or other commodities.

This is where we envisage the future of the market, and of our activity.”

Cautious, of course, but Cadogan Commodities is riding the crest of a wave and only views growth ahead.

“Being in the physical market, we have crafted a real niche with much less competition.,” Rodier concludes. “We are the only company to offer the sheer diversity in what we have established, and while there is competition there this does not scare us, it only inspires us.”

CADOGANCOMMODITIES.COM

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January 2024

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