Goldman Sachs Group plans to set up a unit in Tokyo to start trading Japanese electricity derivatives, two people familiar with the matter told Reuters Wednesday.

More foreign energy companies and banks are seeking access to Japan’s electricity market, which was launched in 2016 after the Fukushima nuclear disaster in 2011, spurring trading activity by generators, consumers and distributors.

Interest in trading increased amid growing liquidity in electricity futures markets in Japan as volatility in electricity prices increased sharply after Russia’s invasion of Ukraine. The electricity crisis has increased the need for hedging among electricity suppliers and buyers, sources said.

Goldman Sachs has hired several traders in Tokyo, the sources said, asking for anonymity because the matter is still confidential.

Japanese electricity futures trading volume on the European Energy Exchange (EEX) in January-April nearly quadrupled from the same period last year to 6.3 terawatt hours (TWh), according to EEX.

EEX, a division of Deutsche Boerse, launched a clearing service for Japanese electricity futures in May 2020, and trading volume has steadily increased.