Galileo Weather Risk Management, a leading provider of weather risk management and customised weather protection products, has hired Ralph Renner, a veteran of the European energy markets, to help them push deeper into the sector and the growing area of weather protection for renewable energy producers. Renner, based out of Galileo’s London office, joins them from Macquarie Bank where he was Head of European Power Trading. Previously he held similar roles at Dresdner Kleinwort and Accord Energy.
Galileo’s product range includes customised and structured products designed to help companies hedge the risks arising from weather variables, energy demand and commodity prices. Much of their work involves customised weather derivative structures to hedge risks related to changes in weather variables such as temperature, rainfall, snowfall, river conditions, wind speed, and also solar irradiance. Recently they have added WindLockTM and SolarLockTM, which are site-specific renewable generation hedging products that can protect both seasonal and multi-year exposures.
“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.”
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.”