The consolidation of business activities of Seven Energy enters the final phase
1 August 2018
The spin-off of trading activities of Seven Energy group to Sev.en Commodities AG was successfully concluded on 1. 8. 2018 when the new group trading company has commenced the commercial activities – trading power, coal and carbon allowances in Europe.
Sev.en Commodities AG’s headquarter is located in Liechtenstein, regional business activities are executed via its branch office in Prague. The branch office is also responsible for all business activities in the Czech Republic except the legacy long term transaction between Vršanská uhelná a.s. and ČEZ a.s.
As the branch office is incorporated in the Czech Republic and has taken over the existing power and coal contracts with the group customers, it will comply with all related regulation and will pay the taxes and duties in the Czech Republic. The branch office will also commence the sponsorship and support to the regions the Seven Energy group operates in.
Sev.en Commodities AG has already received all necessary licenses and approvals and the company transformation will be concluded this autumn. Sev.en Commodities AG has been accepted as a member of European Federation of Energy Traders (EFET) since June.