EDF replaces head of trading division

Francis Hervé, chief executive of EDF Trading, the London-based trading arm of French electricity company EDF, was replaced by his former deputy director Michel Franconi on March 1.

The move is part of a restructuring by the parent company to integrate the trading arm with its marketing and production divisions, said an EDF insider.

EDF Trading’s electricity volumes increased by 60% last year, to 970 terawatt hours (TWh) from 604TWh in 2002. The company also reported record net trading income of €180 million for the first half of 2003, compared with €215 million for the whole of 2002.EDF president Francois Roussely sought to reassure staff that the trading arm will remain a core business.

The EDF insider told RiskNews' sister publication Energy Risk that Hervé had clashed with EDF general director Gerard Creuset over pay policy, among other things. Hervé could not be reached for comment.

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