Marubeni Incorporates Power Trading Unit, Bloomberg Reports 50:50 JV with UK’s SmartestEnergy
October 1, 2025
Marubeni Power Retail ranks among Japan’s top new retailers. (Image: Marubeni)
Marubeni Corporation has established Marubeni Power Trading, with corporate registration completed on August 15, 2025, according to National Tax Agency records. Bloomberg reported on September 30, 2025, that the unit is a 50:50 joint venture with UK-based energy trader SmartestEnergy.
The joint venture will trade physical electricity as well as power and fuel futures, leveraging Marubeni’s market presence and SmartestEnergy’s trading experience from other markets. Bloomberg also noted that Marubeni Power Trading is considering offering fixed-price products outside the Tokyo and Kansai TSO regions.
Background on Marubeni Power Retail
Marubeni entered the power retail market in 2000 when extra high-voltage retail was liberalized, expanding into the high-voltage segment in 2004–2005 as restrictions eased further. In 2011, it launched Marubeni Power Supply to support retail operations, rebranding to Marubeni Power Retail in November 2015. Following full liberalization in April 2016, the company began serving low-voltage customers as well.
As of May 2025, Marubeni Power Retail ranked third among new retailers by overall supplied volume, trailing only Tokyo Gas and Ennet, according to METI. It also held the third position in the extra high-voltage segment and was the second-largest high-voltage supplier, while its presence in the low-voltage market was limited (62nd).
Background on SmartestEnergy
SmartestEnergy was founded in 2000 to aggregate generation assets and entered the UK commercial and industrial power retail market in 2008. The company opened its first international office in the US in 2019 and expanded to Australia in 2020. It follows other foreign companies establishing physical power trading in Japan, including Goldman Sachs, Axpo, Vitol, and MFT Energy.
Market Context and Strategic Opportunity
Demand for power trading services in Japan is rising due to the transition from fixed-price feed-in-tariff schemes to market-based pricing, the growth of grid-scale battery storage projects, and retailers’ increasing interest in hedging tools, reflected by surging futures trading.
The Marubeni–SmartestEnergy partnership illustrates the opportunity for experienced European market players to enter Japan by partnering with established local companies, bypassing the need to independently build full local capabilities, including origination and market expertise.
