Danish trader InCommodities appoints Gunvor's Brockmeyer to head up U.S. expansion

By Nora Buli

OSLO, Aug 20 (Reuters) - Danish energy trader InCommodites, backed by Goldman Sachs GS.N, has appointed former Gunvor executive Rich Brockmeyer as its new CEO for North America as it plans to accelerate its push into the U.S. power and gas market, the group said on Wednesday.

Brockmeyer most recently oversaw North American natural gas and power operations at energy trader Gunvor, where he also served on the executive committee, and will join InCommodities from September 2, the company said.

He will work from Stamford, Connecticut, where InCommodities will set up a new office and oversee the expansion of the trading firm's U.S. gas and power trading desk.

"We are not just expanding - this will be an aggressive buildout to scale and seize opportunities in a quickly changing North American market," Brockmeyer said in a statement.

The company has traded power in North America since 2020, and already has an office in Austin, Texas, and has expended into gas trading in 2024.

Its North American business currently consists of around 30 people, a number expected to at least double in the coming years, InCommodities said, expecting the U.S. energy market to grow rapidly.

While the renewable energy build-out will create more market volatility, increased demand from data centres and artificial intelligence applications as well as the expansion of storage, are also reshaping demand and flexibility, Brockmeyer said.

This creates a clear need for faster, tech-driven approaches to trading, giving an edge to InCommodities, which already takes a data-driven decision making process and utilises algorithmic trading, he added.

The company, in which Goldman Sachs and some other investors own a 15% stake, is one of Europe's fastest-growing energy trading companies, with expansion previously focused on new renewable energy offerings and Asia-Pacific power markets.