News
S&P to apply stress test to power firms
Standard & Poor’s (S&P) is to apply a stress test designed to measure how well power companies can stand price swings in volatile electricity markets. The move is part of the credit rating agency’s effort to combat criticism of rating agency failure to…
Mirant raises prospect of bankruptcy
Energy company Mirant asked its bank lenders to approve a pre-packaged bankruptcy plan in June, suggesting the Atlanta-based company could be forced to file for Chapter 11 bankruptcy.
Icap shuts London weather desk
Inter-dealer broker Icap exited the European weather and environmental derivatives market last month. It thereby joined the growing ranks of other market participants – including BNP Paribas, Aquila and Italian bank Intesa BCI – that have fled the…
LNG may not fix gas supply problem
Despite its long-term promise, liquified natural gas (LNG) will only have a minimal impact on a significant US gas storage shortfall in the winter of 2003/2004, says Energy Security Analysis Inc (Esai), a Boston-based research firm.
US pushes agreement on carbon storage research
The US government has launched an international research and development programme to reduce power plant emissions by pumping carbon dioxide (CO2) into deep storage.
Enron will not centralise risk management
Failed energy trader Enron plans to package together the majority of its internationalassets into a company known as InternationalCo, the shares of which will be distributedto its creditors.
...while AEP exits Nordic energy trading
Ohio-based American Electric Power (AEP) last month completed its exit from theNordic energy trading market. The management team responsible for AEP’sactivities in the Nordic region will assume AEP’s Nordic trading book,office leases and related…
US power sector decline slows, says Fitch
The US power sector has seen little more than a slowing in the rate of its declinein 2003, said Richard Hunter, managing director of rating agency Fitch’sglobal power group, in May.
Kiodex adds more energy forward curves
Kiodex, an energy risk management technology company based in New York, willadd five new forward curves to its global market data offering, it told delegatesat EPRM’s May congress in Houston.
Ferc calls for risk manager vigilance
The director of the office of market oversight and investigations (OMOI) at theUS Federal Energy Regulatory Commission (Ferc), has urged energy risk managersto alert his office to any suspicious market practices.
CROs seen as vital for restoring confidence
Chief risk officers (CROs) have a vital role in helping shape the future of thetroubled energy sector and should report directly to their company’s boardif investor confidence is to be rebuilt in the industry. Vincent Kaminski, seniorvice-president of…
People swaps
Chappel replaces McCarthy as Williams CFO US energy major Williams has hired Donald Chappel (pictured) as senior vice-presidentand chief financial officer (CFO). He succeeds Jack McCarthy, who retired atthe end of 2002 after 10 years as CFO. Before this…
Wanted: cash for new lines
Can Ferc’s standard market design encourage much-needed investment in the US power grid and develop a merchant model for transmission assets? By Kevin Foster
