Regulation
European Commission blocks acquisition of Gás de Portugal
The European Commission has blocked the joint acquisition of Gás de Portugal (GDP), the country’s incumbent gas company, by Energias de Portugal (EDP) and Italian energy company Eni, because it would impede competition.
Mirant settles price-reporting charges
A subsidiary of Atlanta-based energy company Mirant has settled charges with the US Commodity Futures Trading Commission (CFTC) of false reporting of natural gas prices. The commission found that Mirant Americas Energy Marketing (MAEM) traders made false…
BITs in pieces
Argentina is launching a direct attack on the validity of investment treaties, and other countries may be about to follow its lead. How are investors responding to the challenge? Maria Kielmas reports
Oiling the wheels
Bribery and corruption is a hot topic, not least in the energy sector. Energy Risk this month looks at recent high-profile cases and what governments are doing to combat the problem. By Daren Allen and Kelly Williams
CFTC allows US firms to trade on EEX
The US Commodity Futures Trading Commission has permitted US companies to trade power derivatives on the European Energy Exchange with immediate effect, EEX said Thursday.
Energy users demand trading oversight
The debate continues over whether speculative traders are distorting energy prices, following a letter sent by the Industrial Energy Consumers of America (IECA) to Congress last week. “Energy markets have changed drastically, and regulatory oversight,…
BP pays $100,000 to settle wash trading charges
The energy round-trip trading scandal continues to rumble on, as BP America today paid $100,000 to the US Commodity Futures Trading Commission (CFTC) to settle charges of illegal wash trading. A wash or round-trip trade is one that produces neither a…
Nymex names head of new strategy department
John D’Agostino will head up a new department at the New York Mercantile Exchange, which will focus on strategic options for expansion and growth. The exchange has promoted D’Agostino to vice-president of strategy and business development from manager…
18 EU states urged to implement energy law
Most European Union countries have not transposed the internal-market electricity and natural gas directives into national law, according to the European Commission. The commission today sent formal letters to 18 of the 25 EU member states asking them to…
Pressure on Puhca
The US General Accounting Office is to investigate whether the SEC has been lax in its oversight of the Public Utility Holding Company Act. How will this affect firms subject to Puhca requirements? By Paul Lyon
Fabio Leoncini
Fabio Leoncini, head of the Italian association of energy suppliers and traders,outlines his efforts to get Italy’s energy market fully competitive. By Joe Marsh
James Newsome
James Newsome talks to James Ockenden about his position as Nymex’s newpresident, and how his previous chairmanship of the CFTC helps him in the role
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. …
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…
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…
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.
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.
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…
Faith in the figures
There are signs that price reporting will remain voluntary, despite the drop-offin reporting levels, but proposals are still being made on all sides. EricFishhaut looks at the progress being made to achieve greater price transparency
Bank of America settles Enron case
Bank of America (BoA) has agreed to pay $69 million as part of an agreement to settle a class action lawsuit brought on behalf of purchasers of Enron securities and led by the Regents of the University of California (UC).
Statoil penalised over Iranian scandal
Norwegian energy company Statoil could be fined 20 million Norwegian kroner ($2.92 million) in relation to a payment it made to a London investment firm for advice on conducting business in Iran.
Senators lambast CFTC for opposing OTC market regulation
US senators Dianne Feinstein (Democrat, California) and Maria Cantwell (Democrat, Wshnington) have attacked the US Commodity Futures Trading Commission (CFTC) for opposing their legislation that seeks to increase the regulatory oversight of the over-the…
CFTC director resigns
Michael Gorham has resigned from his post at the US Commodity Futures Trading Commission (CFTC), effective June 30. Gorham was recruited by CFTC chairman James Newsome to become the first director of the Commission's Division of Market Oversight (DMO) in…
Managing manipulation
Sharon Brown-Hruska, commissioner of the Washington, DC-based Commodity FuturesTrading Commission, talks to Paul Lyon about the need for sensible, rather thanover-bearing, energy derivatives regulation