From Zero to 40 Markets: The Trading Strategy Nobody Talks About | Time2Talk #209: Lars Weber

Welcome to this episode of Time2Talk, where we talk about interesting developments in the energy industry. In today's episode, join Lars Weber from Yggdrasil and Eszter Pontenagel and Paul Pontenagel from Time2Market, as they discuss: 
 
👉 What 2.5 years of entering Japan really looks like
👉 Why successful algorithms start with physics, not markets
👉 How trading across continents becomes a natural hedge
👉 The biggest trap new trading entrants fall into
👉 Why 1 MW of manual trading is the secret to automation.
👉 The next wave: batteries, AI, and unexpected new players.
 
If you would like to be the next guest on Time2Talk, please do not hesitate to contact Time2Market. If you have an interesting guest in mind, leave their name in the comments, and we will get in touch. 

Do you want early access to watch all Time2Market episodes one week before they are published? Subscribe to Time2Market’s monthly newsletter here 👉 https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg 
 
𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬: 

00:00 – In today’s episode...
01:30 – Welcome to the Studio: Introducing Lars Weber
03:30 – Lars’ Early Career
06:00 – Entering the UK Market & Discovering PPAs
08:00 – Moving Back to Denmark & The Birth of Yggdrasil
10:00 – Scaling to All US ISOs with Just 10 People
12:30 – From Manual Trading to Full Automation
15:00 – Entering Europe: New Complexity, New Strategy
17:00 – Build or Buy? How Yggdrasil Built Everything In-House
18:30 – Choosing Not to Scale Too Fast
20:00 – The 2.5-Year Journey to Enter Japan
24:00 – Why Cultural Commitment Is Essential in Japan
26:00 – The Harsh Reality of Banking & KYC in Japan
28:00 – How Japan Became One of the Most Volatile Markets in the World
31:00 – Gas Shortages, LNG Price Shocks & The 2020 Crisis
33:00 – Spot Trading vs. Global Correlations
36:00 – Risk Diversification Through Geography
38:00 – Strategy Scaling Across Markets: Physics Over Geography
40:00 – Preventing Cross-Market Overexposure
44:00 – Assetless Trading, Regulation & “Significant Support” Requirements
46:00 – Learning Market Boundaries Through Practice
48:00 – Transparency, Mistakes & TSO Relationships
50:00 – Becoming an Asset Manager Without Losing Lean Structure
52:00 – Servicing Customers Without Becoming a Service Company
54:00 – Entering the US: ISO Expansion & Regulatory History
56:00 – The Challenge of US Entry: PJM, SPP & Strict Onboarding Rules
58:00 – Market Failures & Lessons Learned
01:00:00 – Physical vs. Financial: Clearing Up a Common Misconception
01:03:00 – Mistakes, Compliance & Why TSOs Value Self-Reporting
01:06:00 – Scheduling, IT Stacks & Building Operating Systems In-House
01:08:00 – The Hidden Complexity of Market Entry
01:10:00 – Entering 40 Markets in Seven Years
01:12:00 – The Future of Market Liberalization Worldwide
01:14:00 – What Yggdrasil Will Become in the Next 3-5 Years
01:16:00 – The Next Wave: Batteries, AI & New Entrants
01:17:30 – Advice to New Market Entrants
01:19:00 – Thank You For Today

Legal disclaimer: This podcast is intended for informational purposes only and should not be considered business or legal advice. Time2Market does not guarantee the completeness, accuracy, and actuality of the information provided. The energy industry is extremely dynamic and conditions and requirements change frequently. As a result, information discussed on this page is subject to change without notice.

Time2Market's website: www.time2market.net

Time2Market's LinkedIn: www.linkedin.com/company/time2market-market-management-services

Subscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg