Energy Risk
Found in translation
While risk managers have become focused on value-at-risk and similar risk metrics,these may not be the best way of communicating risk to stakeholders. BrettHumphreys discusses how to improve communications
Fabio Leoncini
Fabio Leoncini, head of the Italian association of energy suppliers and traders,outlines his efforts to get Italy’s energy market fully competitive. By Joe Marsh
Bilateral collateral
Until recently, there was little legal protection from foreign investment risk.But the past few years have seen the rise of the bilateral investment treaty(BIT). Matthew Saunders shows how BITs can benefit the energy sector
Pressure on Puhca
The US General Accounting Office is to investigate whether the SEC has been lax in its oversight of the Public Utility Holding Company Act. How will this affect firms subject to Puhca requirements? By Paul Lyon
A legal rollercoaster
US-based Polygon wants to see a better restructuring deal for British Energy’sshareholders. But the hedge fund faces a struggle to prevent the UK nuclear powergenerator from delisting. Joe Marsh reports
18 EU states urged to implement energy law
Most European Union countries have not transposed the internal-market electricity and natural gas directives into national law, according to the European Commission. The commission today sent formal letters to 18 of the 25 EU member states asking them to…
Nymex names head of new strategy department
John D’Agostino will head up a new department at the New York Mercantile Exchange, which will focus on strategic options for expansion and growth. The exchange has promoted D’Agostino to vice-president of strategy and business development from manager…
Nymex ends open-outcry trading of PJM monthly power futures
The New York Mercantile Exchange (Nymex) will move daytime trading of the PJM monthly electricity futures contract to ClearPort, its internet-based system, from the open-outcry trading floor on November 1.
Allegheny Energy makes $152m from share sale
Pennsylvania-based Allegheny Energy has sold 10 million shares for $151.5 million to four institutional investors. The company intends to use the proceeds to reduce debt as part of its plan to repay $1.5 billion in debt by the end of 2005.
Edison Mission Energy sells stake in NZ utility
California-based Edison Mission Energy has completed the sale of its 51.2% stake in New Zealand-based Contact Energy to Origin Energy New Zealand. Origin paid NZ$1.1 billion ($739 million) in cash and assumed NZ$535 million ($359 million) in debt to take…
Shell completes sale of refined products pipelines
Shell Oil Products US has sold its major refined oil products pipeline systems to asset acquisition companies for $1 billion. Oklahoma-based Magellan Midstream Partners has paid $490 million for the mid-continent system, while Pennsylvania-based Buckeye…
Evolution starts brokering US natural gas and power
US coal and emissions broker Evolution Markets has expanded its services to include over-the-counter (OTC) brokerage services for North American natural gas and power. Jeff Rosenzweig has joined as managing director of the new gas and power desk, and…
Pemex signs for OpenLink’s Endur
Mexican state-owned petroleum company Petroleos Mexicanos (Pemex) has licensed OpenLink’s Endur energy trading and risk management system for its natural gas division.
El Paso makes $198m from further asset sales
Houston-based energy company El Paso Corp has sold four more power plants to Northern Star Generation for $147 million, continuing its mass sell-off of assets. El Paso’s merchant energy subsidiary has also received a final instalment of $51 million on…
Pemex signs up to OpenLink’s Endur
Mexican state-owned petroleum company Petroleos Mexicanos (Pemex) has licensed OpenLink’s Endur energy trading and risk management system for its natural gas division.
Allegheny Energy to sell Illinois power plant
Pennsylvania-based Allegheny Energy is to sell a power plant in Manhattan, Illinois for $173 million to a private investment firm that specialises in energy assets. ArcLight Capital Partners has agreed to buy the 672-megawatt (MW) Lincoln Generating…
RBS offers freight derivatives
Royal Bank of Scotland (RBS) has started offering shipping derivatives, in the form of forward freight agreements (FFAs) linked to the transport costs of bulk commodities to its client base.
Oneok gets new $1bn financing and agrees to buy US gas co
Oklahoma-based energy company Oneok has obtained a five-year, $1 billion credit line from a group of banks to fund asset purchases. The company has also agreed to buy pipeline operator Northern Plains Natural Gas Company from asset acquisition company…
Ameren on course to buy Illinois Power Company
US energy company Ameren Corp has received Illinois Commerce Commission approval to buy Illinois Power Company (IP) from Houston energy company Dynegy. The $2.3 billion deal – which is scheduled to be completed in the fourth quarter – still requires…
Atmos Energy gets go-ahead to buy TXU gas ops for $1.9bn
Texas-based natural gas company Atmos Energy is set to buy the gas distribution and pipeline operations of TXU Gas, the largest gas utility in Texas, on October 1. TXU Gas will still exist as part of TXU Corp, a non-regulated retail electricity provider …
Aquila completes $330m refinancing and pays off $430m loan
Kansas City-based energy company Aquila has made further moves to reduce its debt with two new 364-day unsecured financings: a $110 million revolving credit facility and a $220 million term loan facility. The company borrowed the full amount under the…
Peabody promotes head of US coal and emissions trading
Missouri-based coal company Peabody Energy has promoted Raphael Pierce to vice-president of trading at its Peabody Coaltrade subsidiary. He will continue to head up US coal and emissions trading, but with added responsibilities.
Refco hires OTC energy broking team
The European arm of New York-based financial services firm Refco has hired two brokers to form an over-the-counter (OTC) energy derivatives team. Glen Ward and Andrew Riddell join Refco Overseas in London from US broker Amerex’s London office.