Enterprise risk
CME offer for Nymex leaves ICE in the cold
The potential creation of the world’s largest exchange will strengthen rivals’ urge to merge, say analysts. David Watkins reports.
CME makes offer for Nymex
The Chicago Mercantile Exchange (CME) has confirmed that it has made an offer for the New York Mercantile Exchange (Nymex).
Bank of America closes London commodities desk
Bank of America has closed its London-based energy and commodities trading desk as part of a global “realignment” strategy of its investment banking division that will see a total of 650 employees made redundant.
Tready and tradable
Implementing a new energy trading and risk management system can be complicated, but the difficulty of preparing the entire business for change is often underestimated, say Michael Campbell, Cynthia Sepety and Dutch Holland of management consultancy…
Open outcry fading away as Nymex fends off rivals
New York Mercantile Exchange (Nymex) chairman Richard Schaeffer said today that 80% of the exchange’s business is now done electronically, as the open outcry trading floor becomes “less and less meaningful”. He also outlined ambitious plans for 2008, and…
Setting the stage for 2008
As 2007 draws to a close, the Energy Risk team asked market participants what they regard as the most influential events of 2007 and how these are likely to shape market behaviour in 2008. By Stella Farrington with additional reporting by David Watkins
New Year start for E.On Energy Trading
From January 2008, German utility EOn will combine all its European power, gas, coal, oil and carbon trading operations in the new business EOn Energy Trading (EET), headquartered in Düsseldorf.
Amaranth Sues JPMorgan for $1billion
The fall out from the collapse of energy hedge fund Amaranth Advisors took another twist after the fund launched legal action against investment bank JPMorgan Chase.
CNE innovates in energy risk management
Constellation NewEnergy (CNE), a subsidiary of US utility Constellation Energy, has completed a successful trial of a new risk management programme for large industrial users.
Oil & gas construction costs reach new high
Costs associated with constructing new oil & gas facilities have surged to a record high, says Cambridge Energy Research Associates (CERA).
Earnings grow 14% for energy risk professionals
Energy risk management professionals enjoyed an average 14% rise in pay during 2006, according to a survey conducted by Risk Talent Associates, a risk management executive search firm.
BP settles with CFTC
BP has agreed to pay a $303 million fine to the Commodity Futures Trading Commission (CFTC) and Department of Justice (DoJ) over alleged TET propane market manipulation in February 2004.
E.ON takes majority stake in Russia’s OGK-4
German utility E.ON has acquired a 69% stake in Russian power plant company OGK-4 for €4 billion. OGK-4 is one of six large-scale power plant operators in Russia being privatised by the state-run holding company RAO UES
BP restructures to “close performance gap”
Oil company BP has announced it will restructure its business as part of a global initiative to close a performance gap with its rivals.
Financial Objects updates op risk solution
Software provider Financial Objects has launched an updated and enhanced operational risk management solution.
Gaz de France and Suez agree merger
The boards of French utilities Gaz de France and Suez have reached an agreement to merge. The merger, in negotiation since February 2006, will create the world’s third largest utility company, GDF Suez, with market capitalisation of around €90 billion…
Managing climate change risk
Climate change poses two main risks to business – reputational risk and financial risk. Francis Hervé , non-executive director at Utilyx and former chief executive of EDF trading, provides some guidelines for managing both sets of risk
Yukos lawyers granted Chevron order
Lawyers for Mikhail Khodorkovsky, former CEO of Russian oil company Yukos, have announced that a US magistrate has granted them access to Yukos-related due diligence documents held by US oil company Chevron.
Nymex confirms sale talks
Following months of heightened speculation, Nymex Holdings, the parent company of the New York Mercantile Exchange (Nymex) has released a statement confirming it has been in “preliminary” talks to be purchased.