News
RWE Trading names Senior replacement
Brian Senior, Swindon-based managing director and head of UK energy at RWE Trading, will step down at the end of the year, and Peter Kreuzberg, head of risk management at parent company RWE, will replace him.
Bright future for weather derivatives, finds survey
Energy Risk has completed its inaugural weather derivatives survey and the results show that traders appear to be confident about the state of their business, despite high profile exits from the industry in recent years.
Teco Energy joins Chicago Climate Exchange
Florida-based Teco Energy has become a member of the Chicago Climate Exchange (CCX), a voluntary market for reducing and trading greenhouse gas (GHG) emissions.
Oil price hits Asian currencies
Surging oil prices have put pressure on Asian currencies, but the impact has been magnified by other factors influencing the region, analysts told RiskNews’ sister publication, FX Week .
Bright future for weather derivatives, finds survey
RiskNews' sister publication, Energy Risk , has completed its inaugural weather derivatives survey and the results show that traders appear to be confident about the state of their business, despite high-profile exits from the industry in recent years.
Citigroup to acquire Knight’s derivatives markets business
Citigroup is set to acquire the derivatives markets business of New Jersey-based trade execution services firm Knight Trading in the fourth quarter.
Calpine sets up $250m credit facility
California power company Calpine has entered into a $250 million letter of credit facility with Deutsche Bank, which expires in October 2005. The San José-based company expects this new credit enhancement structure to widen its spark spreads and increase…
Former Enron executive pleads guilty
John Forney, a former Enron executive, yesterday pleaded guilty toone count of conspiracy to commit wire fraud for the purpose of manipulatingCalifornia's electricity market during the 2000-2001 Westernenergy crisis, the US Attorney's Office for the…
Allegheny sells West Virginia gas ops for $228m
Monongahela Power Company, a subsidiary of Pennsylvania-based Allegheny Energy, is to sell its natural gas operations in West Virginia for $141 million in cash and $87 million in assumed long-term debt to a private investment partnership.
PSEG sets up weather desk
New Jersey-based utility Public Service Enterprise Group (PSEG) has established a weather derivatives desk. The desk is headed by Roman Kosecki.
PSEG sets up weather desk
New Jersey-based utility Public Service Enterprise Group (PSEG) has established a weather derivatives desk. The desk is headed by Roman Kosecki.
Deutsche adds to US structuring team
Deutsche Bank has added three directors to its North American structuring team.
Energy swaps
Weather risk
APGA supports Ferc decision to fine three companies
The American Public Gas Association (APGA) has applauded the US Federal Energy Regulatory Commission (Ferc) for its decision to fine three energy companies $8.1 million for sharing natural gas storage inventory data with their customers and affiliates. …
US companies fined for sharing gas storage data
Three US energy companies are to pay penalties totalling $8.1 million for sharing natural gas storage inventory data with their customers and affiliates. This is the result of a settlement with US interstate energy regulator the Federal Energy Regulatory…
Oklahoma utility sells $140 million of 30-year senior notes
Oklahoma Gas and Electric Company (OG&E), the power utility subsidiary of OGE Energy Corp, has sold $140 million of 6.5% 30-year senior notes to help finance a power plant purchase.
Growing differences in US and European convertibles markets, says report
The influence of hedge funds is driving leverage levels in the US and European convertibles markets in different directions, according to research published by Greenwich Associates, the Connecticut-based consultancy.
Morgan Stanley quant joins Caspian Capital
Caspian Capital, a New York-based hedge fund specialising in fixed-income strategies, has hired Ali Hirsa from Morgan Stanley as head of analytical trading strategies.
Mark-it and eClerx provide joint risk benchmarking services
Mark-it Partners, the daily pricing service for credit derivatives, has teamed up with Mumbai-based eClerx, a provider of data and risk analysis services, to provide joint clients with risk benchmarking capabilities using Mark-it credit and reference…
S&P strengthens in risk solutions
Standard and Poor’s has made two appointments to its risk solutions team in New York.
Edison Mission sells off foreign power assets, posts Q2 loss
California-based Edison Mission Energy is to sell its remaining foreign generation assets to London-based generator International Power and Japanese trader Mitsui & Co for $2.3 billion. International Power will take a 70% stake and Mitsui a 30% stake of…
Big increase in portfolio trading, says report
The most active US institutional traders executed half their equity trading volume through portfolio trades last year, according to consultants Greenwich Associates.
ABN Amro launches life and pensions advisory group
Dutch bank ABN Amro has created a life and pensions advisory group as part of its wider financial markets advisory team.
Dollar volatility could be back
The global currency markets could be in for a bout of unseasonal volatility and trading activity if the US dollar breaks through its recent range against the euro, traders said last week, reports RiskNews’ sister publication FX Week .