BarCap buys assets of power market analysis outfit PowerLytix

BarCap buys assets of power market analysis outfit PowerLytix

Barclays Capital has acquired the assets of PowerLytix, a market data analysis vendor focused on the US electricity and natural gas markets. Financial terms of the deal were not disclosed.

PowerLytix has been providing wholesale energy forecasts, market commentary and data aggregation services to North American customers since 2001.

The firm aggregates, models and simulates large volumes of electricity and natural gas data from distributed sources to provide insight and perspective on market relationships and behaviours.

BarCap says it will integrate PowerLytix's analysis tools into its global commodities business, strengthening its analysis of fundamental market behaviours. It also plans to invest in extending the platform's tools and delivery capabilities.

The firm's founders Mike Griswold and Jason Gu will join BarCap as directors in the US commodities group.

Scott Connelly, MD and head of US electricity trading, Barclays Capital, says: "Access to the skill-sets represented in the PowerLytix team will add significantly to our analytical capabilities and allow us to be better poised to provide first-class service to our clients."

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