Energy Risk Asia Awards 2025: The winners

Geopolitical upheaval, global supply constraints and economic uncertainty created challenging conditions for energy and commodity firms in Asia over the past 12 months.

This was especially true in the liquefied natural gas (LNG) markets where so many moving parts impact supply, demand and pricing. LNG trade expanded globally last year with Asia-Pacific remaining the dominant LNG-exporting region, increasing output by 4.1 tonnes (t) to 138.91t – out of a global 411.24t – according to the 2025 World LNG Report issued by the International Gas Union.

Asia also led the way when it came to gas demand growth, with China registering demand growth of 7% and India’s demand growth hitting 10% in 2024 compared to a global average of 2.4%, as reported by the International Energy Agency.

Meanwhile, prices for Asia’s Platts Japan Korea Marker (JKM) LNG benchmark contract fell during 2024, dropping as low as $8.30 per million British thermal units (/MMBtu) in early March but recovering mid-year to reach over $14/MMBtu by late November as demand from China and India ramped up. The overall trend for the year was lower, with JKM averaging $11.91/MMBtu – a significant decrease from the previous two years of $13.78/MMBtu in 2023 and $33.98/MMBtu in 2022.

Oil prices also remained fairly range-bound in 2024 with a slight downward trajectory, while base metals prices, especially copper and aluminium, saw volatility and price dislocations in Asia from the US. 

In this era of increased uncertainty, risk management skills are more important than ever. This year’s Energy Risk Asia award-winners have all demonstrated best practices in risk management, whether that be through execution services, advisory, research and analysis or technology. With commodities markets at the intersection of many trends, including increased geopolitical risk, long-term climate risk and advancing technology, award-winners need to demonstrate not only optimal risk mitigation skills but also creativity and innovation in adapting to change and grasping new opportunities.

Taken together, our winners showcase some of the very best in innovative thinking that is not only helping firms protect their revenues from the vagaries of market prices but also shaping energy markets across Asia.

Base metals house of the year
Macquarie Group

Climate risk advisory firm of the year
S&P Global Market Intelligence

Coal house of the year
PLN Nusantara Power

Commodities tech product of the year
Topaz Technology

Commodities technology house of the year
Topaz Technology

Commodity broker of the year
Marex

Commodity exchange of the year
SGX Group

Commodity trade finance house of the year
Macquarie Group

CTRM software house of the year
Orchestrade

Data and analytics firm of the year
RepuTex Energy

Deal of the year
CTBC Bank

Derivatives house of the year
Macquarie Group

Electricity house of the year
Provincial Electricity Authority (PEA)

Enterprise risk software of the year
Scila

Environmental products house of the year
ENGIE

Freight derivatives house of the year
Theme International Trading

Innovation of the year
Shanghai Futures Exchange & Shanghai International Energy Exchange

Iron ore house of the year
Theme International Trading

Market-maker of the year
Theme International Trading

Natural gas/LNG house of the year
Macquarie Group

Newcomer of the year
Marex

Oil and products house of the year
Macquarie Group

OTC trading platform of the year
Marex

Renewables firm of the year
PLN Nusantara Power

Technology advisory firm of the year
KWA Analytics

Voluntary carbon markets house of the year
Marex

Weather house of the year
ICAP Energy & Commodities