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Ethical rules needed to boost energy sector
Energy companies in the US and Europe should work together to establish rules for ethical behaviour to restore confidence in the energy sector and boost the liberalisation process, according to Janine McArdle, managing director of Aquila Europe.
Her comments came a day after the resignation of Chuck Watson, chairman and chief executive of energy marketer Dynegy. Watson stepped down following a calamitous drop in Dynegy's share price, from a year high of $57.50 to a low of $6.70 earlier in May.
Watson will be replaced by Glenn Tilton, vice-chairman of ChevronTexaco, who takes over as interim chairman. ChevronTexaco owns a 26.5% stake in Dynegy. Shares in the energy company rose as much as 8%, to $10, on the news.
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