Energy Risk/News
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.
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…
TXU sells Australian unit to Singapore Power, posts results
Energy company Singapore Power finalised the purchase of TXU Australia, part of Texas-based TXU Corp, on July 30 for $3.6 billion. TXU Corp’s 2004 second-quarter results reveal it has posted a $600 million loss, compared with $105 million net income in…
Shell agrees $150 million fine over reserves scandal, releases interim results
Royal Dutch/Shell Group looks set to pay $150 million in civil penalties and spend $5 million on developing an internal compliance programme, following its recent overstatement of reserves. The energy giant has agreed in principle with the UK Financial…
DrKW forms energy trading business
Investment bank Dresdner Kleinwort Wasserstein (DrKW) has formed a London-based energy trading business, headed by Neil Rothwell.
Evolution looks west with Unger
Evolution Markets is expanding to provide brokerage services to the California emissions trading markets. Leading the company’s efforts in San Francisco is Samantha Unger, one of the California emissions markets’ most experienced brokers.
BNP closes revolving credit facility for Sempra Energy Trading
French bank BNP Paribas has closed a $1 billion multicurrency secured revolving credit facility for four borrowers forming part of Sempra Energy Trading, the commodity-trading unit of San Diego-based Sempra Energy.
Brown-Hruska to serve as CFTC acting chairman
Sharon Brown-Hruska has been appointed by US president George Bush to serve as acting chairman of the Commodity Futures Trading Commission (CFTC). Brown-Hruska was previously a CFTC commissioner and will take over the duties of outgoing chairman, James…
BNZ enters energy trading
The Bank of New Zealand (BNZ) has launched an energy risk management desk. The plan is to target the bank’s corporate client base who need hedging solutions for their energy, base metals and agricultural commodities exposures, said Wayne Jolly, BNZ’s…
Nomura creates energy capital markets group
Japanese bank Nomura has created an energy capital markets group based in New York and London. The group will focus on the strategic acquisition of assets and financing of investments in energy and related infrastructure.
Nymex and Tiffe consider weather derivatives
Both the New York Mercantile Exchange (Nymex) and The Tokyo International Financial Futures Exchange (Tiffe) are considering launching weather contracts.
Wolverine to be market maker for Japanese weather futures
Wolverine Trading, the Chicago-based energy trading company, will be the lead market maker for Japanese weather futures soon to be offered by the Chicago Mercantile Exchange (CME).
US regulator doles out Enron fines
The US Commodity Futures Trading Commission (CFTC) has hit Enron and its former trader Hunter Shively with $35 million and $300,000 in civil fines respectively for gas price manipulation.
Trading master agreement updated for UK power
The London-based Futures and Options Association (FOA) has released new standardised power trading documentation for the UK.
Top energy software vendors to be revealed
Energy traders have just one day left to vote in the biggest ever poll of energy technology users, the Energy Risk User Choice Awards 2004.
CME appoints lead market maker for fertiliser futures
Chicago Mercantile Exchange (CME ) yesterday said that Agriliance will be the lead market maker for the exchange’s new fertiliser contracts traded on Globex, the exchange’s electronic trading platform. Minnesota-based Agriliance markets crop nutrients,…
Shell appoints governance advisers
Energy major Royal Dutch/Shell Group yesterday appointed investment banks Citigroup and Rothschild as financial advisers to the steering committee reviewing its structure and governance.
Edison needs "broad EDF shoulders" says exec
A senior executive at Italian utility Edison has said the company would benefit from a takeover by a larger European utility, possibly Electricité de France (EDF). “Edison is too small in the long run to always remain independent,” he says. “So we need…
Power financing up one third to $20 billion
Power was the best performing project finance sector in the first six months of 2004, up by a third compared with the same period last year, according to research by London based global banking analyst Dealogic. Power projects accounted for 39% of total…
Industrials lack price risk skills, says risk advisor
Outsourcing of price risk management will be a major growth area over the next few years, as industrial companies lack the skills required to manage their commodity risk, according to Chris Bowden, chief executive of price risk services firm Utilyx.
Pemex gains $1.25bn credit facility
Mexican oil company Pemex yesterday set up a credit facility of $1.25 billion, arranged by four firms, including French bank BNP Paribas.
Newsome leaves CFTC to head up Nymex
James Newsome has quit as chairman of the US Commodity Futures Trading Commission (CFTC) to head up the New York Mercantile Exchange (Nymex). Newsome’s resignation is effective from July 23, and he will be president of Nymex from August 2, replacing Bo…
APX restructures and hires senior staff
APX Group, which provides exchanges for natural gas and power trading across northwest Europe, will move London-based power exchange UKPX’s forwards market onto its own system on August 18. The group has also made several senior appointments following…
At ease with ethanol
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