Dynegy ceases online energy trading

Houston-based energy company Dynegy has halted trading on Dynegy Direct, its online trading platform.

A Dynegy spokesman said the move is due to market conditions and the current credit environment in the energy sector.

“We will continue to trade with customers by phone, and our goal is to re-activate Dynegy Direct when the market stabilises and trading demand picks up to an extent that justifies doing so,” the spokesman said.

Dynegy Direct offers 750 energy products. The platform had more than 2,000 users.

The move comes days after Dynegy announced staff cuts of 6% - or 340 employees - from its worldwide operations. The figure includes 300 staff from the company’s Houston headquarters, 50 of whom worked in Dynegy’s trading business.

Dynegy’s chief executive officer Dan Dienstbier said in a statement: “The new business environment in the merchant energy sector requires that we pare down certain businesses, such as power trading." He added that the job cuts are expected to result in annual savings of more than $35 million.

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