Rating agencies raise the bar
Confidence in energy traders has never been lower, and the metrics the rating agencies apply to their business are changing. James Ockenden assesses the damage
On June 14, Janine McArdle was still confident that energy trading was simply too important for her company to ignore. The managing director of Aquila Europe was insisting Aquila was not going to follow El Paso and Dynegy and cut back its energy trading operations. “We’re in growth mode,” she told EPRM in an interview at Aquila’s London offices. “You can’t put the genie back in the bottle.”
But the genie was, in fact, being put back in the bottle even as she was speaking. In the
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