Galileo, a pioneer and global leader in selling customized weather protection has added Ralph Renner, an energy market veteran, to its team. Renner, who will be based in Galileo’s London office, joins from Macquarie Bank where he was Head of European Power Trading. Renner held similar roles in the past at Dresdner Kleinwort and Accord Energy.
“Ralph brings deep experience in the European energy markets which will allow Galileo to more effectively offer its next generation of weather-driven protection products to both existing and new customers,” said Martin Malinow, CEO and co-founder of Galileo . “His understanding of the energy value chain across the EU will allow Galileo to address not only operational and efficiency risks but also financing and refinancing risks which we believe will be valuable given the currently tight credit markets.”
“Due to the strong increase in weather-driven renewable power generation, European energy market participants today face a far more complex set of inter-related risks which require innovative solutions,” said Renner . “I am very excited to join the Galileo team and contribute to the continued development and distribution of pioneering products to meet these new challenges.”
Galileo has recently expanded its product line to include WindLockTM and SolarLockTM, site-specific renewable generation hedging products that can protect both seasonal and multi-year exposures. The company also sells structured protection designed to address risks arising from the correlated effects of a broad range of weather variables, energy demand and commodity prices. Renner added, “We are looking forward to broadening the conversation with our customers and working with them to enhance their ability to meet customer reliability requirements as well as manage capital.”
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Offshore WIND staff, March 16, 2012