News
Statoil and Alex Kvaerner swap chief executives
Helge Lund has joined Norwegian energy company Statoil as chief executive, replacing acting CEO Inge Hansen. Hansen replaces Lund as CEO of one of three divisions of newly restructured Norwegian industrial group Aker Kvaerner.
Nybot in Nymex sights, but IPE rumours are put on ice
Nymex is rumoured to be interested in acquiring Ice. Here, in an exclusive interviewwith Energy Risk, Nymex president Bo Collins suggests the exchange may also besetting its sights elsewhere. By James Ockenden
Bank of America settles for $17.85m in weather derivatives lawsuit
For four years, Bank of America has been seeking recompense for a weather derivatives deal written by the now-defunct CWWIA. Finally, the bank has settled its case. By Paul Lyon
Calpine scraps $2.3 billion loan and junk bond sale
San Jose-based Calpine last month cancelled a $2.3 billion secured term loan and secured notes offering. Its wholly owned subsidiary, Calpine Generating (CalGen) Company (formerly Calpine Construction Finance Company II ) cancelled its offerings due to…
Bush urges TVA to modify debt estimates
The Bush administration last month said it intends to propose legislation that will require the Tennessee Valley Authority (TVA), the largest public power producer in the US, to count its lease-leaseback deals as debt.
Canadian pension fund buys US plants
A new natural gas marketer, HydroWingas, received European Commission approval in early February to supply gas in the UK. The 50-50 joint venture between Norwegian energy, aluminium and chemicals group Norsk Hydro and German gas company Wingas says it…
New entrant set to supply gas in UK
A new natural gas marketer, HydroWingas, received European Commission approval in early February to supply gas in the UK. The 50-50 joint venture between Norwegian energy, aluminium and chemicals group Norsk Hydro and German gas company Wingas says it…
University of California adds four to Enron lawsuit
The University of California continues to add plaintiffs to its lawsuit against Enron. RBC, Goldman Sachs and two law firms are now facing the university’s wrath. By Paul Lyon
Ex-Merrill Lynch energy trader pleads guilty to fraud
At 24, Daniel Gordon headed Merrill Lynch’s energy trading business. He has now pleaded guilty to a $43 million fraud. Paul Lyon reports
El Paso to cut debt by a third, while gas trader pleads guilty
US natural gas company El Paso – which has recently survived a bid toreplace its board and seen one of its tradersindicted – has unveiled aplan to significantly reduce its debt. By Joe Marsh