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Energy Trading

Energy trading, whether it be oil, gas or power derivatives or physical products, is central to the function of energy markets globally.

The volatility in energy markets makes energy products a valuable commodities to trade, and almost every power project or M&A deal in the sector will require a significant amount of advice in relation to trading and hedging.

Allen & Overy has capitalised on its energy sector knowledge and market leading trading and derivatives practice to provide its clients with the most sophisticated advice on this highly specialised subject in all jurisdictions of the world. These clients include NOCs (National Oil Companies), IOCs (International Oil Companies), Independent Oil & Gas Companies, and funders (debt and equity), power project developers, integrated power utilities, energy traders and governments.

Allen & Overy advises clients on issues such as physical commodity trading (short-term and long term); financial commodity trading contracts specifically relating to energy and emissions allowance markets (including hedging energy price risk and related counterparty credit risk); shipping and trading disputes. Allen & Overy also builds on its strong experience in trading and derivatives to advise clients on the set up of physical commodity trading platforms. Significantly we drafted the original form of Grid Trade Master Agreement which forms the basis of all bilateral electricity trades in the UK. We have subsequently advised several large and active market participants on contractual and regulatory issues in relation to gas and power trading.

We also have a market-leading financial regulatory practice, with lawyers who specialise in advising energy derivatives players on compliance, market abuse issues, and latest developments under EU Directives such as MIFID. 

News & insights

Large oil rig in the ocean at dusk

News: 17 FEBRUARY 2021

Allen & Overy has advised on PT Pertamina (Persero)’s latest global offering of USD1.9 billion bonds under the company’s USD20 billion Global MTN Programme

Allen & Overy has advised the arrangers and dealers on PT Pertamina (Persero)’s global offering of USD1billion 1.40% bonds due 2026 and USD900million 2.30% bonds due 2031 under the company’s USD20bn…

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Close up of industrial valves

News: 09 FEBRUARY 2021

ANOH midstream gas processing plant in Nigeria – A&O advising the lenders

Allen & Overy has advised a consortium of banks on the USD260 million limited recourse debt financing to fund ANOH Gas Processing Company’s (AGPC) Assa North-Ohaji South (ANOH) midstream gas…

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City, sun reflecting from the glass buildings

Publications: 19 JUNE 2020

European Commission targets foreign subsidies causing market distortions

As part of a broader effort to reshape the EU’s trade policy, the European Commission (EC) proposes to expand its toolbox to tackle foreign subsidies undermining the level playing field in the EU’s…

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Spiral of lights

Publications: 14 APRIL 2020

New developments for Vietnam renewable energy

The Government of Vietnam has issued its highly anticipated policy, Decision 13, providing for new feed-in-tariffs for solar power projects in Vietnam. The new solar FiTs will apply for projects which…

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