Fortis enters US power market

Benelux-based Fortis Merchant Banking is to enter the US electricity market, with the acquisition of Duke Energy's commercial marketing and trading businesses.

Fortis says that the acquisition of Cinergy Marketing and Trading and Cinergy Canada will give the group access to new client accounts, enhance its service capabilities and expand its geographic reach.

"With energy trading being one of the strong growth drivers of Fortis Merchant Banking's strategy, and with the deep expertise and finan