News in brief

New members for CCE
Rolls Royce America and the University of Oklahoma last month became members of the Chicago Climate Exchange, a multinational market for reducing and trading greenhouse gas emissions. There are now 39 members of the exchange, which actively began trading emissions at the end of last year.

Both the university and Rolls Royce have pledged to reduce their emissions of greenhouse gases to 4% below the average of their 1998–2001 levels by 2006. The CCX uses an electronic trading platform designed by the Atlanta-based IntercontinentalExchange.

Utility secures debt deal
US power utility Southern California Edison, a subsidiary of Edison International, sold $975 million in a three-part first mortgage debt in early January.

The lead managers for the deal were investment banks JP Morgan, Lehman Brothers and Citigroup.

CFTC ups fraud presence
The US Commodity Futures Trading Commission (CFTC) last month added enforcement attorneys to the staff of its regional office in Kansas City, Missouri. The office now will include a team of experienced attorneys working to detect and prevent fraudulent and other illegal conduct relating to the commodity markets.

The CFTC said it is upping its enforcement presence because increased agency resources are being devoted to investigating and prosecuting commodity wrongdoing in the central and southern regions of the US.

EDF and Enel cooperate
French state-run electricity group électricité de France (EDF) and Italian utility Enel have signed a ‘memorandum of understanding’ over cooperation in each other’s markets, although they still remain at odds over some of the details.

The memorandum would allow Enel to sell 15 terawatt hours on the French power market through a joint venture and make available to the Italian company 4,000 megawatts in France. The deal still requires the go-ahead from the European Commission and the Italian government. Italy is resisting expansion of EDF’s influence in the Italian energy sector until the French government privatises and lists EDF. And EDF is seeking the removal of a legislated 2% freeze on voting rights in Italian energy group Edison, in which it has a 20% stake.

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