Energy Risk/News
Energi E2 chooses KWI for multi-commodity trading
Danish energy production and trading company Energi E2 today signed up for K2, the integrated energy trading and risk management system from London-based KWI. Energi E2 will use the software for multi-commodity trading, with the aim of reducing its…
Mirant CFO Burns handed extra role of chief restructuring officer
Bankrupt Atlanta-based energy company Mirant has given chief financial officer Michele Burns the additional role of chief restructuring officer.
Banc of America Securities hires senior oil analyst
Banc of America Securities (BAS) yesterday hired Daniel Barcelo as a senior equity research analyst covering the global integrated oil sector. He joins the Bank of America subsidiary from rival bank Lehman Brothers and will be based in New York. He will…
IPE relaunches UK power futures, while LCH clears first OTC UK power trade
The International Petroleum Exchange (IPE), the London-based energy futures and options exchange, will relaunch UK baseload and peakload electricity futures contracts on September 14. Meanwhile, London-based clearing house LCH Clearnet yesterday cleared…
Tractebel opts for PowerCosts
Tractebel Energy Marketing, a subsidiary of energy company Tractebel, has signed up to use risk trading technology provided by PowerCosts Inc (PCI).
S&P raises Aquila rating
Standard & Poor's Ratings Services (S&P) has raised its corporate credit rating on energy provider Aquila to 'B-' from 'CCC+' and removed the rating from CreditWatch, where it was placed with developing implications on July 21, 2004. The outlook is…
Iberdrola moves to spread its influence in Europe
Spanish utility Iberdrola is taking steps to expand its trading and supply activities in Europe, particularly in Portugal, given that the joint Iberian power market is scheduled to open in March 2005.
Crosspoint Ventures bids $190 million for Anadarko Canada assets
Crosspoint Ventures, the US global private equity and venture capital firm, has submitted an offer of $190 million to buy one of Canada's largest oil and gas operations from Anadarko Canada Corp., a subsidiary of Houston-based Anadarko – the eighth…
LCH Clearnet launches OTC clearing for UK gas and power
London-based clearing house LCH Clearnet today launched its new clearing service for over-the-counter (OTC) contracts for UK national balancing point natural gas and UK peak and baseload power contracts.
ABN continues BNP raid
ABN Amro has hired five senior energy derivatives executives, two of whom join from BNP Paribas. The move comes just three months after the Dutch bank poached Wayne Harburn and Vincent Chevance from French rival BNP. The pair now serve as global head of…
User Choice winners revealed
Energy Risk's first User Choice Awards have been a tremendous success, with over 450 valid votes showing which vendors and data providers are the preferred suppliers to the energy industry in 2004.
EnergyCurves to market North American energy data
Four energy brokers have formed a Houston-based company called EnergyCurves to provide North American power and gas data services to the energy markets. The initial EnergyCurves products will be forward price curves for the North American gas and power…
Nymex and Shanghai Futures Exchange look to work together
The New York Mercantile Exchange (Nymex) and the Shanghai Futures Exchange (SHFE) have signed a memorandum of understanding to explore potential areas of cooperation which they say could mutually benefit the memberships of both exchanges.
Alliant to sell utility businesses
Wisconsin-based Alliant Energy Corp says it intends to sell its two utility businesses in Illinois because of the challenge of operating them in a cost-effective manner.
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.
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.
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…