Building a leading energy supplier to UK businesses
Macquarie Commodities and Global Markets’ 20-year partnership with Corona Energy has supported its growth into the UK’s third-largest industrial and commercial gas supplier
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| Sector | Energy and climate solutions |
| Sub-sector | Commercial energy supply |
| Location | UK |
Opportunity
In the mid-2000s, the UK energy market was undergoing significant change, with rising dependence on imports, increased volatility and the growth of renewable energy creating new challenges for commercial and industrial users.1
Corona Energy had built a strong position as a specialist gas supplier to UK businesses, differentiated by its deep customer relationships and strong understanding of commercial energy needs. As customer needs evolved in response to changing market and policy conditions, Corona Energy saw an opportunity to scale its services and expand beyond gas into power.
Rising energy imports and greater market volatility meant commercial energy users were seeking more flexible supply contracts to support management of price exposures. At the same time, climate-related policy and clean energy targets were beginning to reshape energy demand, with renewables expected to play an increasing role.
For Corona Energy, capitalising on the opportunity would require additional capital, scale and energy market expertise
Approach
Macquarie Commodities and Global Markets acquired Corona Energy in 2006, beginning a long-term partnership to support its growth.
Macquarie recognised a strong strategic fit between its growing European gas and power trading business and Corona’s need for investment, customer relationships and market knowledge.
It supported Corona with access to gas and power markets, hedging capabilities, balance sheet strength, and market and credit risk expertise. This helped Corona strengthen its operating model and manage market complexity while continuing to serve its customers.
As customer demands changed, Macquarie’s investment enabled Corona to invest in new capabilities, including technology, broker networks and customer platforms, broadening its market reach and supporting its expansion into electricity supply.
Outcome
Today, Corona Energy is the UK’s third-largest industrial and commercial gas supplier2. It supports around 21,000 businesses across a customer base broadly split between gas and power.3
Its growth has been underpinned by Corona Energy’s deep understanding of business energy customers and Macquarie’s wholesale energy expertise, trading capability, risk management and long-term investment.
As UK businesses respond to changing energy demand, electrification and market volatility, Macquarie continues to support Corona Energy’s expansion in power while strengthening its position in the commercial gas market.
3rd
largest industrial and commercial gas supplier in the UK1,2
~21,000
customers across gas and power, spanning energy, local government, manufacturing, utilities and industrials3
115,000+
energy meters supplied to UK business3
Macquarie’s long-term partnership with Corona demonstrates how our Commodities and Global Markets business can combine its energy trading platform and market expertise with a utility business to support sustainable growth over time.”
Rishil Patel
Managing Director
Commodities and Global Markets
Over the past 20 years, our partnership with Macquarie has helped Corona grow from a specialist gas supplier into a broader business energy provider. Macquarie’s market expertise and long-term investment have supported our ability to scale and adapt our solutions as customer needs have changed.”
Neil Mitchell
CEO
Corona Energy
