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 Weber03:30 – Lars’ Early Career06:00 – Entering the UK Market & Discovering PPAs08:00 – Moving Back to Denmark & The Birth of Yggdrasil10:00 – Scaling to All US ISOs with Just 10 People12:30 – From Manual Trading to Full Automation15:00 – Entering Europe: New Complexity, New Strategy17:00 – Build or Buy? How Yggdrasil Built Everything In-House18:30 – Choosing Not to Scale Too Fast20:00 – The 2.5-Year Journey to Enter Japan24:00 – Why Cultural Commitment Is Essential in Japan26:00 – The Harsh Reality of Banking & KYC in Japan28:00 – How Japan Became One of the Most Volatile Markets in the World31:00 – Gas Shortages, LNG Price Shocks & The 2020 Crisis33:00 – Spot Trading vs. Global Correlations36:00 – Risk Diversification Through Geography38:00 – Strategy Scaling Across Markets: Physics Over Geography40:00 – Preventing Cross-Market Overexposure44:00 – Assetless Trading, Regulation & “Significant Support” Requirements46:00 – Learning Market Boundaries Through Practice48:00 – Transparency, Mistakes & TSO Relationships50:00 – Becoming an Asset Manager Without Losing Lean Structure52:00 – Servicing Customers Without Becoming a Service Company54:00 – Entering the US: ISO Expansion & Regulatory History56:00 – The Challenge of US Entry: PJM, SPP & Strict Onboarding Rules58:00 – Market Failures & Lessons Learned01:00:00 – Physical vs. Financial: Clearing Up a Common Misconception01:03:00 – Mistakes, Compliance & Why TSOs Value Self-Reporting01:06:00 – Scheduling, IT Stacks & Building Operating Systems In-House01:08:00 – The Hidden Complexity of Market Entry01:10:00 – Entering 40 Markets in Seven Years01:12:00 – The Future of Market Liberalization Worldwide01:14:00 – What Yggdrasil Will Become in the Next 3-5 Years01:16:00 – The Next Wave: Batteries, AI & New Entrants01:17:30 – Advice to New Market Entrants01:19:00 – 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-servicesSubscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg