Regulation
The troubleshooter
After struggling for a year with a difficult Triple Point installation, US energycompany Cinergy brought in energy IT veteran Joel McKnight. Nine months on, implementationand integration is complete. By Joe Marsh
Faith in the figures
There are signs that price reporting will remain voluntary, despite the drop-offin reporting levels, but proposals are still being made on all sides. EricFishhaut looks at the progress being made to achieve greater price transparency
Nordic volumes heading south
Nordic region electricity trading volumes are falling fast, which is damagingprofits at Oslo-based power exchange Nord Pool. The company may face postinga loss for 2004 if it cannot reverse this trend. Joe Marsh reports
Bank of America settles Enron case
Bank of America (BoA) has agreed to pay $69 million as part of an agreement to settle a class action lawsuit brought on behalf of purchasers of Enron securities and led by the Regents of the University of California (UC).
EC fails emissions scheme, says E&Y director
The European Commission’s failure to challenge eight EU national allocation plans undermines Europe’s ability to meet its carbon dioxide emissions reduction targets agreed under the Kyoto Protocol according to Ernst & Young’s director of emissions…
Senators lambast CFTC for opposing OTC market regulation
US senators Dianne Feinstein (Democrat, California) and Maria Cantwell (Democrat, Wshnington) have attacked the US Commodity Futures Trading Commission (CFTC) for opposing their legislation that seeks to increase the regulatory oversight of the over-the…
TXU lines up $2.5 billion of new credit facilities
Three subsidiaries of Dallas-based energy company TXU have refinanced $2.25 billion of bank facilities scheduled to mature in 2005.
Fortis to enter energy trading with Xenon
Fortis Financial Services, the market trading affiliate of Fortis Bank, has selected Sakonnet Technology's Xenon trading and risk management application for its new energy trading activities in New York.
Merrill Lynch tipped to bid for EKT
Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week’s news that New Orleans-based Entergy Corporation and Wichita’s Koch Industries are considering selling their Houston-based energy trading business.
CFTC director resigns
Michael Gorham has resigned from his post at the US Commodity Futures Trading Commission (CFTC), effective June 30. Gorham was recruited by CFTC chairman James Newsome to become the first director of the Commission's Division of Market Oversight (DMO) in…
Natural gas storage swaps catch on
London-based GFI has brokered its first over-the-counter (OTC) swap based on US natural gas inventory data, between Houston-based hedge fund Centaurus and another unnamed hedge fund. Centaurus also traded a second such swap on the same day, with an…
Managing manipulation
Sharon Brown-Hruska, commissioner of the Washington, DC-based Commodity FuturesTrading Commission, talks to Paul Lyon about the need for sensible, rather thanover-bearing, energy derivatives regulation
Baltic Exchange forms asset derivatives advisory group
The London-based Baltic Exchange has formed an independent advisory group to enhance the emerging market for ship vessel asset derivatives. The group consists of key users, derivative brokers and physical panellists and will act as an information…
Nymex president to quit
Bo Collins, president of The New York Mercantile Exchange (Nymex), will leave the exchange at the end of this month. Nymex said the decision not to renew his contract was by made by "mutual agreement."
Mooney quits Trafigura to launch Merrill fund of funds
David Mooney, formerly head of power and gas trading at Trafigura in London, has left the Swiss commodity trading house to join Merrill Lynch. Mooney will join Merrill in mid-June as a managing director where he will be charged with evaluating commodity…
Price reporting is improving, says CCRO director
Confidence in the energy markets is returning partially thanks to an improvement in the price reporting practices of energy companies, according to Robert Anderson, executive director of the US-based Committee of Chief Risk Officers (CCRO).
SEC asked to defend Puhca policies
Two US Congressmen have expressed concern about the workings of the Public Utility Holding Company Act (Puhca) and the ability of the US Securities and Exchange Commission (SEC) to police Puhca-regulated energy companies.
Energy clearing in Catch 22 situation, says Fitch
Denise Furey, New York-based senior director of global power at rating agency Fitch believes that the clearing of OTC energy derivative contracts is in something of a ‘Catch 22’ predicament. “We need standardization of contract documentation to get to…
Fair weather future
Judging from the success of the weather risk market in the Asia-Pacific region,the Chicago Mercantile Exchange couldn’t have picked a more opportune timeto launch Japanese weather futures. By Paul Lyon
The waiting game
The Italian power market has finally opened to competition, but how long willenergy users have to wait until they can trade on the new electricity exchange? Joe Marsh reports
Isda raises Basel-linked concerns
Bankers have been preparing for the implementation of the Basel II Capital Accordfor a number of years. But Isda says that it is still concerned about the effectthe Accord may have on the commodities markets. By Paul Lyon
EU adopts linking directive...
The European parliament has given the thumbs-up to the so-called linking directiveallowing companies within member states to benefit from emissions projects outsideof the EU. By James Ockenden and Paul Lyon