Energy merchant companies in the US are rushing to sell assets in order to strengthen their balance sheets. But analysts say relatively few transactions have taken place, and the drop in value of assets is largely due to lower wholesale power prices.

Dunham Cobb, a senior manager in the trading and risk management group at consultants Cap Gemini Ernst & Young in Houston, says: “Some assets have been sold for less than they were acquired for, but the real question is: why? Are companies selling