Aquila cuts energy staff, seeks partner

US energy company Aquila, which announced plans to wind down its energy derivatives trading book yesterday, took a large step towards doing so today by letting go 44% of its Merchant Services energy risk management workforce worldwide, including 71 of its 182 London-based Merchant Services staff, a spokesman confirmed.

As a result of the cuts, brought about because of credit concerns, the company said it is looking for a partner to buy into the Merchant Services division. “We have retained the services of Blackstone Group [a New York-based private investment bank] and are currently trying to find a partner who may take significant interest in our trading operations. If we are successful in finding a partner company it would need to have a higher credit rating and larger balance sheet than we do,” an Aquila

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