OSLO: He built his fortune on dizzying forecasts but rain washed it all away: Einar Aas, one of Norway’s richest men, is now teetering on the verge of bankruptcy after betting the wrong way on the energy market.
A media-shy private trader, Aas made headlines on Friday in Norway and beyond, his misfortunes uncannily coinciding with the 10th anniversary of the collapse of US investment bank Lehman Brothers.
The 47-year-old power trader said in a statement late Thursday he was now risking "personal bankruptcy". Taking aggressive positions, Aas bet that the spread between energy prices on the Nordic and German electricity markets would narrow.
But, after an unusually dry summer, heavy rains earlier this week filled the reservoirs of hydroelectric dams that provide much of northern Europe’s electricity, sending prices tumbling.
At the same time, a rise in carbon prices pushed up the German cost of electricity, which is largely fossil fuel-based.
As a result, the spread between the two markets grew bigger than ever -- up to 17 times the normal spread, according to the Financial Times. Aas used his last remaining liquidity -- 350 million kroner (36 million euros, $42.5 million) -- to cover his positions, but still found himself in default of payment. It was a brutal fall from grace for the man born on a farm in the southern town of Grimstad and who has several times topped the list of Norway’s highest earners.
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