UBS launches power and gas trading desk

UBS is due to launch a European power and gas-trading desk in the first quarter of 2007.

The new desk will be similar to its established North American business, and will take advantage of the potential of Europe's liberalising gas and power markets. A UBS report stated that European consumption of gas and power is 80% of the level in the US, suggesting much scope for expansion.

The bank plans to expand its staff for oil, power and gas, and its commodities structured derivatives businesses, in