European utility Vattenfall plans to close its trading desk in Amsterdam and centralize its trading activities in Hamburg by the first quarter of 2018, increasing its focus on renewable energy and customers while reducing the trading of coal and oil.
In a statement Thursday it said it will merge the Amsterdam and Hamburg offices over the next two years to one location to reduce costs, adding that its Stockholm trading office would continue as is.
The company said its Amsterdam trading floor employed 200 people and it aimed to move a considerable number of staff to Hamburg, although it said it would maintain a small department in Amsterdam to support customers and business in the Netherlands.
Vattenfall said it had submitted a request for advice from the Netherlands' Central Works Council (CWC) and had informed the unions.
"We understand that the proposed decision will lead to a large uncertain phase for the employees concerned. Vattenfall will give maximum support to its employees in finding a new job inside or outside Vattenfall," head of the trade floor Stefan Dohler said in the statement.
He added that centralization of trading activities in one location would help Vattenfall achieve significant cost savings.
Vattenfall acquired Dutch energy company Nuon in 2009, which became a subsidiary of the group, and later in the same year centralized its physical and financial coal and freight trading in Amsterdam as part of the reorganization following the takeover.
