News
Aquila completes $330m refinancing and pays off $430m loan
Kansas City-based energy company Aquila has made further moves to reduce its debt with two new 364-day unsecured financings: a $110 million revolving credit facility and a $220 million term loan facility. The company borrowed the full amount under the…
Williams to retain energy trading business
Oklahoma-based energy company Williams said late last week it will continue operating its energy trading business, having failed to sell the rest of the wholesale power division. The company is focusing on long-term supply contracts and doing only a very…
Refco hires OTC energy broking team
The European arm of New York-based financial services firm Refco has hired two brokers to form an over-the-counter (OTC) energy derivatives team. Glen Ward and Andrew Riddell join Refco Overseas in London from US broker Amerex’s London office.
Goldman Sachs buys more US power plants
Goldman Sachs has added to its portfolio of US physical energy assets by buying equity interests in 12 power plants and a natural gas pipeline for $656 million from bankrupt Maryland-based National Energy & Gas Transmission (NEGT). The investment bank…
NRG Energy to sell another power plant
Minnesota-based NRG Energy has agreed the sale of its 1,160 megawatt (MW) generating plant in Minooka, Illinois to an affiliate of asset acquisition company LS Power. NRG has the right to buy back a 40% interest in the project within a 10-year period,…
Energy users to join Italian power exchange by 2005
Energy consumers are now expected to start trading on the Italian wholesale power exchange by the start of 2005, said Paolo Ghislandi, secretary-general of Aiget, the Milan-based Italian association of energy traders and suppliers.
Offshore wind to be big business, says new Fitch MD
Offshore wind projects and the newly expanded European Union will both bring good opportunities to Fitch Ratings over the coming 18 to 24 months, according to the Fitch Energy Group’s new European, Middle East and Africa (EMEA) managing director Andrew…
DTE Energy Trading opts for Amerex STP solution
DTE Energy Trading, a subsidiary of Detroit-based DTE Energy, has implemented Amerex Energy’s straight-through processing (STP) product, Xcheck - a web-based trade confirmation system that replaces the manual process of generating, transmitting and…
Dominion forward-sells shares to obtain equity on demand
Virginia-based energy company Dominion has forward-sold 10 million shares of its common stock in a block trade to JP Morgan Securities. The deal was done in connection with a forward-sale agreement between Dominion and investment bank Merrill Lynch. It…
Weather Board of Trade's Parker joins NIF
Dan Parker, formerly chief executive of Atlanta-based Weather Board of Trade (WBOT), has joined NIF Weather Risk Management, a division of New York-based insurance holding company NIF Group. He plans to use a weather index originally developed for use by…
Dominion agrees price for USGen assets
Virginia-based energy producer Dominion looks set to acquire three power plants from Maryland-based USGen New England for $656 million. However, an auction process is due to take place before the deal closes to ensure no other bidders are willing to top…
SunGard acquires ASP pioneer Kiodex
SunGard has acquired New York based Kiodex, a supplier of web-based risk management, financial reporting, FAS 133 compliance and market data solutions for companies exposed to commodity price risk.
Wachovia expands Calypso use to energy
US financial group Wachovia Corp is to expand its use of the Calypso system to include energy derivatives. Wachovia began trading oil and gas in February.
CCX and IPE team up to offer EU emissions contracts
The Chicago Climate Exchange (CCX) and the International Petroleum Exchange (IPE) today signed an agreement to list cash and futures contracts in European Climate Exchange carbon financial instruments (ECX CFIs) on the IPE. Greenhouse gas emissions…
EnCana sells oil and gas assets for $395 million
Canadian exploration & production company EnCana Corp last Thursday sold oil and natural gas assets producing 16,800 barrels of oil equivalent a day (boe/d), to Harvest Energy Trust for US$395 million.
SG sets up $100m credit facility for Kazakh energy company
SG Corporate & Investment Banking (SGCIB) said earlier this week that it has arranged an unsecured 66-month $100 million loan and hedging facility for Canada-based PetroKazakhstan Kumkol Resources (PKKR). PKKR is a subsidiary of PetroKazakhstan Inc, an…
Merrill Lynch snaps up Entergy-Koch Trading
Investment bank Merrill Lynch is set to acquire the energy trading businesses of Entergy-Koch Trading (EKT), a joint venture between New Orleans-based Entergy Corp and Koch Industries in Kansas. Energy Risk reported in June that the bank was a top…
Alliant sells assets of gas marketing business
Wisconsin-based Alliant Energy Corp said yesterday that it has sold most of the assets of NG Energy Trading to BP Canada Energy Marketing Corp, but would not disclose the terms of the deal. The sale continues the trend for US energy companies to distance…
Southern Company promotes finance and risk execs
Atlanta-based energy company Southern Company has promoted Kim Greene to senior vice-president of finance and Mark Lantrip to vice-president of financial planning and enterprise risk management.
Cinergy to provide KGen with energy management services
Ohio-based energy company Cinergy yesterday said its marketing and trading affiliates will provide energy management services for power plants owned by KGen Power. Cinergy made the three-year agreement agreement with Kgen, a subsidiary of investment firm…
CMS Energy names new chief executive
Michigan-based power and natural gas utility CMS Energy yesterday promoted chief operating officer David Joos to chief executive.
Mirant CFO Burns handed extra role of chief restructuring officer
Bankrupt Atlanta-based energy company Mirant has given chief financial officer Michele Burns the additional role of chief restructuring officer.
Energi E2 chooses KWI for multi-commodity trading
Danish energy production and trading company Energi E2 today signed up for K2, the integrated energy trading and risk management system from London-based KWI. Energi E2 will use the software for multi-commodity trading, with the aim of reducing its…