Over a career spanning Enron, El Paso Energy, EDF Trading and PG&E, Karl Miller has found himself frustrated with the energy industry’s inability to dig itself out of the credibility and debt problems it now faces. Like many in the industry, he can see the problem, but the inaction of some of the worst-performing firms in the first two quarters of this year has led him to take action himself.

With partners Kevin McConville and Heinz-Dieter Waffel, he has set up a partnership designed to fund