Energy trading is often seen as opaque, controversial, or even unnecessary, yet it sits at the very heart of Europe’s energy system. As the continent grapples with war, price shocks, decarbonisation and rising political pressure over household bills, trading is no longer a niche activity: it’s the infrastructure that moves molecules and electrons to where they are needed most.

In this episode of AFRY on Strategy, we speak with Mark Copley, CEO of Energy Traders Europe (formerly EFET), about why trading is best understood as a circulatory system for energy, and what happens when policy starts to clog the arteries. Mark explains the role of standardised contracts, data and cross-border market coupling in creating consumer value, and explores the growing tension between Brussels-led market design and fast-moving national interventions.

From Romania’s 98% tax on cross-border trading to debates over REMA, zonal vs nodal pricing, and the massive build-out needed in the North Sea, we discuss why policy coherence, strong institutions and simple shared principles matter more than ever. Mark also reflects on Europe’s import dependence, the future of gas and biomethane, and why getting the basics right (generation, networks, flexibility, smart meters and clear rules for new certificates and hydrogen) is more important than chasing perfect but unimplementable market designs

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