Morgan Stanley secured physical power trading capability in Japan through the acquisition of an existing retailer, METI and National Tax Agency data suggest.
METI data shows that Morgan Stanley Capital Group, represented by Morgan Stanley MUFG Securities director Ken Merner, now holds power retail license No. A0710. Its original owner, Kyoraku Sangyo Holdings, secured the license in July 2020 and transferred it to Eagle Energy LLC, a company affiliated with consulting firm Skipping Stone based on its registered address and representative, at the end of April 2025.
According to National Tax Agency records, Eagle Energy’s registered address was changed from Skipping Stone’s to Morgan Stanley’s on September 22, 2025, indicating the retailer was acquired by one of the financial group’s units. The company was renamed Morgan Stanley Capital Group on December 1, 2025.
Morgan Stanley’s acquisition of a licensed power retailer highlights foreign companies’ growing interest in trading power in Japan as renewable development continues to shift away from the feed-in-tariff (FIT) scheme to market-based models including corporate PPAs. It follows Goldman Sachs’ registration as a licensed retailer in February 2025, as well as recent market entries of several international commodity trading specialists such as Mercuria, Vitol, and Gunvor.
