(Bloomberg) -- InCommodities A/S, a Danish trading firm backed by Goldman Sachs Group Inc., completed its first Japanese power futures trade as part of its strategy to expand in Asia. 

The deal was done on Feb. 22, a spokeswoman said by email. After establishing a Japanese firm in 2022, InCommodities plans to open an office in Tokyo in the near future, she said. 

Power consumption in Japan is twice that of Germany, Europe’s biggest and most liquid energy market, and other firms have taken notice of its potential. BP Plc late last year received a permit to operate in Japan. RWE AG and Shell Plc have been active there for some time. 

Volumes on the European Energy Exchange AG’s Japanese futures market tripled last year. The unit of Deutsche Bourse AG began to offer contracts there in 2020. 

Danske Commodities A/S, another Danish firm, also completed its first few trades in Japan last month. 

InCommodities, founded in 2017 in the energy trading hub of Aarhus, has so far focused on Europe and the US markets. Chief Executive Officer Jesper Johanson said last year that it would tap some of its record 2022 profit to expand in Asia. 

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