News
Bank of Montreal reports heavy commodity trading losses
BMO Financial Group, formerly the Bank of Montreal, said today that it has incurred second-quarter mark-to-market commodity trading losses estimated at between C$350 million ($313 million) and C$450 million ($403 million), pre-tax.
Nuon goes live with Xenon platform
Dutch utility Nuon has rationalised all its trading and risk management on single platform by adopting Sakonnet’s Xenon software.
Nymex to offer uranium futures contracts
The New York Mercantile Exchange (Nymex) has signed a 10 year agreement with Ux Consulting Company, a uranium pricing index and information provider, to introduce on and off-exchange traded uranium futures products. The contracts will be listed on the…
Italians win Yukos auction – for Gazprom
EniNeftegaz , a Russian joint-venture between Italian companies Eni (with a 60% stake) and Enel (with a 40% stake) is the second winner in a round of auctions selling off the assets of Russian oil giant Yukos.
Coral to acquire Avista
Coral Energy, a subsidiary of Shell Trading, has agreed to acquire all operating assets of Avista Energy, the energy marketing and trading subsidiary of Avista Corporation.
E-On reaches asset agreement with Enel/Acciona over Endesa bid
German energy utility E.On has withdrawn its bid for Spanish utility Endesa. The decision was taken after E.On reached agreement with rival joint-bidders Enel, an Italian utility, and Acciona, a Spanish construction and services company, to acquire some…
UBS enters European power and gas
UBS has launched its European power and gas business with a trade in the UK gas market.
DME launch delayed
The Dubai Mercantile Exchange (DME) today announced that it has delayed its launch by one month until June 1, 2007, subject to regulatory approvals of its clearing arrangement.
ICE launches Middle East sour crude contract
IntercontinentalExchange will go head-to-head with the Dubai Mercantile Exchange (DME) by launching a sour crude futures contract based on Middle East production.
ISDA adds coal annex to its Master Agreement
The International Swaps and Derivatives Association (ISDA) today announced publication of the ISDA Global Physical Coal Annex to the ISDA Master Agreement.
Survey reveals major energy buyers’ views and strategies
A pan-European price forecasting survey of 100 major energy users has revealed that only two fifths of respondents had a risk management policy - seen as essential when developing an energy procurement strategy.
Swiss Re closes European Clean Energy Fund
Global reinsurer Swiss Re has announced the successful close of the European Clean Energy Fund, one of the largest funds of this type in Europe.
GM&T and Soteg sign power plant agreement
London-based Gazprom Marketing and Trading (GM&T), and Soteg, the main supplier of natural gas and electricity in Luxembourg, have signed a Memorandum of Understanding to form a joint venture for the construction of a combined cycle gas turbine plant in…
Storm Exchange launches electronic weather exchange
Storm Exchange, a financial technology company that helps corporations to reduce the financial impact of unplanned weather on earnings, has unveiled an electronic weather exchange based on 500 proprietary, industry-specific weather indices.
Macquarie Cook Power begins trading
The Macquarie Group, a global financial services firm, today announced the commencement of trading by Macquarie Cook Power, an electricity trading and marketing company servicing the US energy market.