Centrica Plc is significantly expanding its presence in the U.S. natural gas market by opening a new trading office in New York. This move by its subsidiary, Centrica Energy, marks its first U.S. commodity-trading office and is intended to bolster its physical gas business. CEO Chris O’Shea emphasized that trading physical gas is a lucrative venture and offers further opportunities, necessitating a local presence.
This expansion comes as Centrica seeks to capitalize on the surging consumption of liquefied natural gas, with the U.S. being the world's largest LNG exporter. The company has already secured supply agreements, including a $8.5 billion deal with Delfin Midstream Inc. for LNG from 2026, and a 15-year agreement to supply American LNG to Petroleo Brasileiro SA. Centrica also made a deal with Coterra Energy Inc. for more gas.
The new New York office will be led by Centrica Energy's managing director, Cassim Mangerah, and will comprise both new hires in the U.S. and transferred employees. O'Shea highlighted that Centrica focuses on liberalized, liquid, and physical trading markets. This expansion builds on previous "test and learn" short-term power trades executed by Centrica in the U.S. last year, signaling a broader strategy to integrate U.S. operations into its global LNG business. The company holds trading units in key locations such as the UK, Denmark, Germany, and Singapore, and O'Shea indicated potential for further North American market ventures.
