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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…
Canadian power utility selects SoftSmiths
Canadian utility Energie NB Power has signed up to use Houston-based SoftSmiths' Electronic Tagging Portal Suite (ETPS) and e-Link Integration solution to manage its energy delivery transactions.
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).
APX restructures, makes senior hires
Amsterdam-based APX Group, which provides exchanges for natural gas and power trading across northwest Europe, will move London-based power exchange UKPX’s forwards market onto its own system on August 18. The group has also made several senior…
Statoil penalised over Iranian scandal
Norwegian energy company Statoil could be fined 20 million Norwegian kroner ($2.92 million) in relation to a payment it made to a London investment firm for advice on conducting business in Iran.
Centrica sells AA, looks to acquire energy assets
British utility Centrica is to sell its Automobile Association (AA) motoring organisation for £1.75 billion to private equity firms CVC and Permira. The sale will raise cash to pay a higher dividend and buy back shares and Centrica will also use the…
Amerex to distribute market data on GlobalView
Energy broker Amerex is to distribute its power and natural gas market data through GlobalView Software, the Houston-based provider of data management solutions for the energy markets.
ABN to offer centralised power and gas clearing platform
Dutch bank ABN Amro today said it’s energy futures division is developing a platform to provide centralised over-the-counter (OTC) clearing for natural gas and power contracts at six European energy exchanges – UKPX, EEX, Endex, Powernext, IPE and…
KWI allies with Toshiba to tap Japanese market
KWI, the London-based risk technology company, has created the first Japanese-language energy trading and risk management (ETRM) application in conjunction with Toshiba Corporation, the Japanese developer and manufacturer of power generation systems.
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.
BNP hires in commodity derivatives, following departures
French bank BNP Paribas has made four hires in its commodity derivatives business, following the departure of two senior members of its team last month. In early May Dutch bank ABN Amro hired Wayne Harburn, BNP’s former head of European energy trading,…
Barclays Capital begins US power trading
Barclays Capital has completed its first US power swap, a trade which represents the start of its commodities business expansion into the Americas.
Voser returns to Shell from ABB
Troubled energy major Royal Dutch/Shell has appointed Peter Voser as director of its Shell Transport and Trading Company subsidiary and as group managing director and director of finance of the Royal Dutch/Shell group.
Options trading on EEX by year-end
Members of the European Energy Exchange (EEX) will be able to trade power options on the exchange by the end of 2004, with training and trading simulation for members beginning in July.
California grid operator names interim CEO
The California independent system operator (Cal ISO) has hired Marcie Edwards as interim chief executive, while it seeks a permanent replacement for Terry Winter who resigned on June 1.
APX to launch Zeebrugge gas exchange
APX – formerly known as the Amsterdam Power Exchange – today said it will launch a natural gas exchange for the Zeebrugge hub in January 2005. APX will develop the exchange in conjunction with Huberator, a subsidiary of Fluxys, the Belgian gas…
Dutch minister stakes career on energy liberalisation
The Dutch minister for economic affairs, Laurens Jan Brinkhorst is staking his political future on the success of electricity market liberalisation, claiming he will step down if security of electricity supply is threatened.
Ferc hires head of reliability division
US interstate energy regulator the Federal Energy Regulatory Commission (Ferc) has named Joseph McClelland as director of its Division of Reliability in the Office of Markets, Tariffs and Rates. McClelland will develop policies, programmes and strategies…
Sempra completes $1bn credit facility
Connecticut-based Sempra Energy Trading, the energy-trading unit of Sempra Energy, has completed a two-year committed credit facility for $1 billion to help finance the company’s global operations.
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.